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Amounts","page_number":8,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"21bce438-13ae-4f16-80e5-d73541dbd1cc","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":8,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"aa9d6773-538a-456c-b4fb-7633935c00c6","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":8,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"9ba5f28b-0296-4c8c-b974-922f6382849a","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":8,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"c14084c1-1856-46a8-87c3-d6b9e40586f1","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":8,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"3803eef3-e542-4814-83f6-7fefc7dda5b2","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":8,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"3e9fcbc7-7968-4ec0-868e-bc6de8f66c22","block_type":"box","text":"extraordinary expenses.","page_number":8,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"09b2b23d-69bf-4473-97ec-744ced5a665e","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":8,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"6051bec5-2433-4a2a-91fb-788981d6bf95","block_type":"box","text":"reflected in the table and example below.","page_number":8,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"e0cf5f17-c0a7-41e9-b594-708aa8e43224","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":8,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"86adf20f-1b42-421d-ab74-07034b904996","block_type":"box","text":"1","page_number":8,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"306e079c-5e0b-4dcd-a4d8-78a14dee9371","block_type":"box","text":"Management Fee","page_number":8,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"0757ac5a-03e7-4e11-856d-c911269148f2","block_type":"box","text":"0.37%","page_number":8,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"fceaec13-ef72-4a6e-8663-e8dc2da77861","block_type":"box","text":"Other Expenses","page_number":8,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"df68bb4a-97f9-49e6-8e84-1a20855b5359","block_type":"box","text":"0.00%","page_number":8,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"f754d724-7ce9-4c99-88f5-d7e087f7d2c8","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":8,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"e072723d-d9e5-42c7-889e-2696b7ff955b","block_type":"box","text":"0.37%","page_number":8,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"153572a7-7bd4-4ec9-89b7-323fb9b356ef","block_type":"box","text":"1","page_number":8,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"dbd5293f-8d92-4036-b271-9675ac183ec7","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":8,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"212f9e6d-3760-450b-808d-7c45ffbb1973","block_type":"box","text":"Example.","page_number":8,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"17b27d8a-4ae4-4fcd-a7ce-7cc0e579b0d8","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":8,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"9f472262-aecf-41f9-a150-56038daf88aa","block_type":"box","text":"other funds. 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Although your actual costs may be higher or lower, based on these assumptions,","page_number":8,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"35ac1154-9b7c-4872-9e85-8fe3f8a54611","block_type":"box","text":"your costs would be:","page_number":8,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"97b95ad8-1919-4c8c-812f-1e780feb8c9a","block_type":"box","text":"Expense Example","page_number":8,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"c4391d99-2acf-4793-b304-db5fc443676f","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":8,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"24ff2734-81de-451d-ad0f-2334b1dc2963","block_type":"box","text":"Example Fund Costs","page_number":8,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"f0c3147a-346c-428f-9b1f-3a7a0068158d","block_type":"box","text":"$38 $119 $208 $468","page_number":8,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"8b4bf42a-e3cb-40ed-b792-acd1197f3135","block_type":"box","text":"Portfolio Turnover.","page_number":8,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"73a5bcfb-2096-49b4-a713-05a9891b8718","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":8,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"508ecd56-a1ed-4d06-80cd-917b5092b027","block_type":"box","text":"over” its portfolio). 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During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of","page_number":8,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"216dd8a0-6b4a-49d6-8b3e-1217e2d4d20c","block_type":"box","text":"the average value of its portfolio.","page_number":8,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"cc58975c-2b1e-454b-8cd6-6f35940875d5","block_type":"box","text":"Principal Investment Strategies","page_number":8,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"61d4bc08-5e5a-4c8e-bb13-830e6b0d8364","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Aerospace & Defense Index (the “Underlying","page_number":8,"box":{"x":52,"y":682,"width":850,"height":11}},{"id":"ffc81c8b-ad1c-452e-a80f-eabae989f091","block_type":"box","text":"Index”), which measures the performance of the aerospace and defense sector of the U.S. equity market, as defined by S&P","page_number":8,"box":{"x":53,"y":697,"width":867,"height":11}},{"id":"d207a638-15bc-4b64-8e9c-846094787297","block_type":"box","text":"Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). 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As of March 31, 2026, a significant portion","page_number":8,"box":{"x":52,"y":754,"width":884,"height":10}},{"id":"fd0be38d-aa88-4874-bbf7-33a75d117602","block_type":"box","text":"of the Underlying Index was represented by securities of companies in the aerospace and defense and industrials industries","page_number":8,"box":{"x":53,"y":768,"width":875,"height":11}},{"id":"34cb0c83-e402-49f8-8ba0-abf6753613cc","block_type":"box","text":"or sectors. The components of the Underlying Index are likely to change over time.","page_number":8,"box":{"x":53,"y":782,"width":578,"height":11}},{"id":"0fac6f4c-60a2-4127-9da7-2eae53b0a501","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":8,"box":{"x":52,"y":805,"width":853,"height":11}},{"id":"e9c25d60-8a6a-4924-ac72-8f4d30c79d57","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":8,"box":{"x":53,"y":819,"width":839,"height":11}},{"id":"8cfc3627-add2-467e-8399-57aba8db9426","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":8,"box":{"x":53,"y":833,"width":868,"height":11}},{"id":"1beb552f-21d7-46d0-b6e3-e9bbc3cf0972","block_type":"box","text":"profile similar to that of an applicable underlying index. 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The Fund may use derivatives to gain or reduce","page_number":8,"box":{"x":52,"y":890,"width":884,"height":11}},{"id":"dd3517a7-1af8-4f60-8967-d2a1d5fca68e","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":8,"box":{"x":53,"y":904,"width":852,"height":11}},{"id":"46853a1c-42af-4e6f-ac15-4a970a9d2cc3","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":8,"box":{"x":53,"y":919,"width":867,"height":10}},{"id":"fcde427e-c523-4b8b-9bf7-a4e85b52c9eb","block_type":"box","text":"S-1","page_number":8,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"ffa1609a-4dee-421c-ab69-77e657134e63","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":9,"box":{"x":52,"y":46,"width":869,"height":11}},{"id":"05d42d7b-6d24-4a00-91eb-e45dbf939886","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":9,"box":{"x":52,"y":61,"width":863,"height":10}},{"id":"f556f0e7-c432-4d41-bd24-3c4cb2e628f7","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":9,"box":{"x":53,"y":75,"width":826,"height":11}},{"id":"2315ce53-c4b0-488d-b275-f5163624c8f0","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":9,"box":{"x":53,"y":89,"width":405,"height":11}},{"id":"f858c9f9-b6fb-4398-ae64-8f49ada13e54","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":9,"box":{"x":53,"y":112,"width":844,"height":11}},{"id":"be3c1d3a-b3a4-4f86-b43f-79b7fef4dff0","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":9,"box":{"x":53,"y":126,"width":860,"height":11}},{"id":"7191fe00-95b5-4062-b51d-a396b108f59f","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":9,"box":{"x":53,"y":141,"width":831,"height":10}},{"id":"4793da63-d4f9-4471-b47d-145c9992c082","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":9,"box":{"x":53,"y":155,"width":817,"height":11}},{"id":"2c8fcf98-d624-4207-bca0-4f2e964d5abd","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":9,"box":{"x":53,"y":169,"width":818,"height":11}},{"id":"5fcbb62e-e4c9-488c-b54d-bfb07b190273","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":9,"box":{"x":53,"y":183,"width":835,"height":11}},{"id":"e0626514-4ef4-45db-8300-3c7672dc50dc","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":9,"box":{"x":52,"y":206,"width":873,"height":11}},{"id":"8595b1bb-cc79-44c7-aaa3-a61b62020658","block_type":"box","text":"collateral received).","page_number":9,"box":{"x":53,"y":220,"width":136,"height":10}},{"id":"c80c2907-ec92-43d9-8fff-b52d802b1e53","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":9,"box":{"x":52,"y":244,"width":870,"height":10}},{"id":"becce9c1-4ef2-4905-9a7e-178e58a03b5d","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":9,"box":{"x":53,"y":258,"width":856,"height":11}},{"id":"2c8fc49c-7f0a-4d4c-a78f-eb41c819e502","block_type":"box","text":"market value of the Underlying Index.","page_number":9,"box":{"x":53,"y":272,"width":263,"height":11}},{"id":"ffbe3d02-239b-4884-b531-42787bca2419","block_type":"box","text":"Industry Concentration Policy.","page_number":9,"box":{"x":53,"y":295,"width":224,"height":11}},{"id":"fe7aa1b3-cdaa-434a-b041-eb268384c314","block_type":"box","text":"The Fund will concentrate its investments (","page_number":9,"box":{"x":281,"y":295,"width":304,"height":9}},{"id":"012190ae-1993-4b55-ac24-bdff5bdc49fa","block_type":"box","text":"i.e.","page_number":9,"box":{"x":587,"y":295,"width":17,"height":9}},{"id":"a52585db-33c5-40e9-ba47-4188edcd63ed","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":9,"box":{"x":606,"y":295,"width":292,"height":10}},{"id":"9d32bb9b-87f0-43f9-b8d0-40fbf728c743","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":9,"box":{"x":53,"y":309,"width":858,"height":11}},{"id":"bd6a0ff6-9f7a-4059-948d-a17b55a46b33","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":9,"box":{"x":53,"y":323,"width":868,"height":11}},{"id":"9d1d65bb-72a4-42f6-97e7-62d29b31bcc8","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":9,"box":{"x":53,"y":338,"width":826,"height":11}},{"id":"b0e38068-b5d8-41d8-9fb1-1e8d6f91b81f","block_type":"box","text":"Summary of Principal Risks","page_number":9,"box":{"x":52,"y":367,"width":248,"height":13}},{"id":"bfe1fca7-651f-4e84-b3bf-fa44e0e4d249","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":9,"box":{"x":52,"y":392,"width":881,"height":11}},{"id":"9b2383ea-043c-48bb-8b73-342d122bc3de","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":9,"box":{"x":53,"y":406,"width":824,"height":11}},{"id":"254fff79-b1f9-4cfa-b843-dc9562fc8bee","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":9,"box":{"x":53,"y":420,"width":807,"height":11}},{"id":"d56ed60c-ca57-4df8-8cc7-5ee5f1f73053","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":9,"box":{"x":53,"y":434,"width":844,"height":11}},{"id":"3049f025-5f80-42b0-9422-89f2ebb41c60","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":9,"box":{"x":52,"y":449,"width":815,"height":10}},{"id":"43c5adb6-fead-476e-9081-bdeedadf5ff1","block_type":"box","text":"Risk of Investing in the U.S.","page_number":9,"box":{"x":53,"y":472,"width":200,"height":11}},{"id":"2b342330-ecb8-4c67-b115-9990765897e1","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":9,"box":{"x":259,"y":472,"width":663,"height":11}},{"id":"b9640e6d-a314-48bf-a409-e6bf358bf5b0","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":9,"box":{"x":53,"y":486,"width":877,"height":11}},{"id":"6728c27c-01d5-41e6-8249-4de5bb4d40c8","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":9,"box":{"x":53,"y":500,"width":470,"height":11}},{"id":"b5e7e159-d9d3-42ca-8ffe-1f9eed13d136","block_type":"box","text":"Aerospace and Defense Companies Risk.","page_number":9,"box":{"x":52,"y":523,"width":299,"height":11}},{"id":"46f28ca7-1f7a-4412-8b9c-6b8508f55c16","block_type":"box","text":"Aerospace and defense companies may be adversely affected by changes in","page_number":9,"box":{"x":355,"y":523,"width":536,"height":11}},{"id":"2dd67b27-5059-4967-bb8c-2e172b49d54a","block_type":"box","text":"government spending policies and regulations. These companies also face risks related to supply chain issues, cybersecurity","page_number":9,"box":{"x":53,"y":538,"width":882,"height":10}},{"id":"5d24a121-afaa-4313-9b63-c9ee1e7e49ee","block_type":"box","text":"incidents, technological developments, government contracting processes and geopolitical instability, among other things.","page_number":9,"box":{"x":53,"y":552,"width":870,"height":11}},{"id":"e1766844-e2a3-4678-b7cd-055f043d282c","block_type":"box","text":"Equity Securities Risk.","page_number":9,"box":{"x":53,"y":575,"width":164,"height":11}},{"id":"e9ad7e99-d386-4060-9e0d-7ca72bda000f","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":9,"box":{"x":223,"y":575,"width":709,"height":11}},{"id":"0c54895e-0355-4ab9-9c42-cf6f82baf1fb","block_type":"box","text":"other asset classes. 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Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":9,"box":{"x":53,"y":618,"width":867,"height":10}},{"id":"c00af3dd-1088-473a-ab73-84a0971d0839","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":9,"box":{"x":53,"y":632,"width":339,"height":11}},{"id":"3ad25115-f102-498a-9e1d-f0d2f580780a","block_type":"box","text":"Market Risk.","page_number":9,"box":{"x":53,"y":655,"width":91,"height":8}},{"id":"5e8c61ae-acb7-4867-8628-6497a1ff0439","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":9,"box":{"x":148,"y":655,"width":768,"height":11}},{"id":"277f716f-10a7-42af-8305-cd2a435f9ccb","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":9,"box":{"x":53,"y":669,"width":882,"height":11}},{"id":"de5a0b41-de2a-4540-b95f-174670565839","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":9,"box":{"x":53,"y":683,"width":858,"height":11}},{"id":"1ad83386-1eca-4c3f-8e6e-69a1368f301e","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":9,"box":{"x":53,"y":697,"width":875,"height":11}},{"id":"694c8e35-0927-4586-9a65-6e97e3702933","block_type":"box","text":"Fund’s NAV.","page_number":9,"box":{"x":53,"y":712,"width":82,"height":8}},{"id":"38a135d9-e435-4853-8db8-346cc9329141","block_type":"box","text":"Index-Related Risk.","page_number":9,"box":{"x":53,"y":735,"width":143,"height":8}},{"id":"e132b4c9-ecde-44ee-b9bd-c25f6843fc92","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":9,"box":{"x":201,"y":735,"width":742,"height":11}},{"id":"ffd3dd1e-c298-478e-b780-934f114ee0f3","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":9,"box":{"x":53,"y":749,"width":856,"height":11}},{"id":"b24d50d4-d347-479e-9ac7-d6659e5060ad","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":9,"box":{"x":53,"y":763,"width":852,"height":11}},{"id":"f4b30fd2-047a-4d4e-9eea-52953251cc50","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":9,"box":{"x":53,"y":778,"width":876,"height":10}},{"id":"472997bc-d152-429c-aaa8-ebc9f229567c","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":9,"box":{"x":52,"y":792,"width":849,"height":10}},{"id":"809cb9eb-e850-4d93-bd43-6ec5bd0b47fd","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":9,"box":{"x":53,"y":806,"width":849,"height":11}},{"id":"686d4839-e9e6-4bf9-b5a9-0656135cda1c","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":9,"box":{"x":53,"y":820,"width":890,"height":11}},{"id":"140d0a14-3ad5-43af-9980-2839e8c5c9c0","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":9,"box":{"x":53,"y":834,"width":853,"height":11}},{"id":"42e2f54d-7188-4052-83a9-af7e73387022","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":9,"box":{"x":53,"y":848,"width":539,"height":11}},{"id":"2526d639-a107-4bee-a4c3-89710a96d8a2","block_type":"box","text":"Asset Class Risk.","page_number":9,"box":{"x":52,"y":871,"width":122,"height":9}},{"id":"4b773b1b-8fea-4cb6-9629-823ef74155a4","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":9,"box":{"x":179,"y":871,"width":721,"height":11}},{"id":"99be5718-7e0a-40ec-b936-471c40c558c7","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":9,"box":{"x":53,"y":886,"width":774,"height":10}},{"id":"2ca6555d-4fba-4fca-9fd0-f6dc564c2de8","block_type":"box","text":"S-2","page_number":9,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"8b517f45-3d3f-4728-aeed-9fcd509a79ae","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":10,"box":{"x":52,"y":46,"width":318,"height":11}},{"id":"84a14ef5-c9eb-44db-8926-89596ca6d40c","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":10,"box":{"x":374,"y":46,"width":531,"height":11}},{"id":"e374dfcb-dca2-4a5e-b053-d2c3867e9b18","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":10,"box":{"x":53,"y":61,"width":810,"height":10}},{"id":"09a2b0a1-e346-46b3-a651-46cc12062611","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":10,"box":{"x":52,"y":75,"width":816,"height":11}},{"id":"49b05b4f-e1a2-4e73-921d-12d53ef1ab70","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":10,"box":{"x":52,"y":89,"width":884,"height":11}},{"id":"fd11dc5b-3f38-4930-be21-8f948f274a78","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":10,"box":{"x":53,"y":103,"width":871,"height":11}},{"id":"1e4cdaa2-184c-45ef-9f55-4d353318c90b","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":10,"box":{"x":53,"y":118,"width":846,"height":10}},{"id":"2560f76c-180d-40fe-a2a2-4d5a089852ab","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":10,"box":{"x":52,"y":131,"width":881,"height":11}},{"id":"efc770a5-6381-4c56-a2a7-5fcb56c2dac1","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":10,"box":{"x":53,"y":146,"width":853,"height":11}},{"id":"5c80b610-5a75-4ded-9dfb-2f5c7655d30a","block_type":"box","text":"halts or delisting.","page_number":10,"box":{"x":53,"y":160,"width":121,"height":11}},{"id":"fa9132cc-e2d9-4f67-b634-cf6228a93f0d","block_type":"box","text":"Concentration Risk.","page_number":10,"box":{"x":53,"y":183,"width":145,"height":9}},{"id":"4162820e-972b-43e3-aa56-5f08b6ab256f","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":10,"box":{"x":202,"y":183,"width":711,"height":11}},{"id":"fa9a9992-0209-4a6e-9211-251248a7a0de","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":10,"box":{"x":53,"y":197,"width":884,"height":10}},{"id":"ff6238f5-7352-420f-89c2-c4ab48672152","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":10,"box":{"x":52,"y":211,"width":887,"height":11}},{"id":"18157582-0e31-4e15-9526-9c291919b405","block_type":"box","text":"asset classes.","page_number":10,"box":{"x":53,"y":226,"width":95,"height":8}},{"id":"58000452-a2a0-4300-8330-5929785bc665","block_type":"box","text":"Industrial Companies Risk.","page_number":10,"box":{"x":53,"y":249,"width":197,"height":10}},{"id":"2c00633e-6470-42e4-bbbc-71872f310fa5","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":10,"box":{"x":255,"y":249,"width":685,"height":11}},{"id":"0d956293-05b6-4c0c-8f2a-fb2d20bf1345","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":10,"box":{"x":53,"y":263,"width":881,"height":11}},{"id":"b3035bfd-ad3d-4b16-bc9a-8d6167ecaa29","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":10,"box":{"x":53,"y":277,"width":867,"height":11}},{"id":"d2606814-a805-4fed-9b94-1de23f7c3407","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":10,"box":{"x":53,"y":291,"width":860,"height":11}},{"id":"e773e7e2-24b1-4a32-bad1-1060e76e422c","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":10,"box":{"x":53,"y":306,"width":862,"height":10}},{"id":"c177211a-8465-48e1-bd06-0c6573695742","block_type":"box","text":"Issuer Risk.","page_number":10,"box":{"x":53,"y":329,"width":83,"height":8}},{"id":"808aff3c-ea34-40e0-9553-3fd8f13ac1cd","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":10,"box":{"x":140,"y":329,"width":780,"height":10}},{"id":"8eaeb2e8-5c3b-44e0-ab81-c328287bcddb","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":10,"box":{"x":53,"y":343,"width":886,"height":11}},{"id":"2ba96e27-510e-481f-8440-d20ba4fc6d3a","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":10,"box":{"x":52,"y":357,"width":576,"height":11}},{"id":"e1b82ca8-2728-408c-aa39-40ba58e74c25","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":10,"box":{"x":53,"y":380,"width":278,"height":11}},{"id":"2df15bc6-368b-4b61-ad9b-f99a477f9893","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":10,"box":{"x":337,"y":381,"width":540,"height":10}},{"id":"b0b2ce1e-a45c-4b8e-98d7-5ca8c5058c85","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":10,"box":{"x":53,"y":395,"width":890,"height":10}},{"id":"5256c54c-e4ca-4db5-a995-2d0772c791e3","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":10,"box":{"x":53,"y":409,"width":868,"height":10}},{"id":"41a6962b-2073-45e1-9ee7-ff23f35209fd","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":10,"box":{"x":53,"y":423,"width":709,"height":11}},{"id":"5a9e730b-c048-466e-84de-9e6fbccefa82","block_type":"box","text":"Management Risk.","page_number":10,"box":{"x":53,"y":446,"width":137,"height":11}},{"id":"cac839fa-0138-4fd3-b5b9-21b823f8f8e2","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":10,"box":{"x":194,"y":446,"width":711,"height":11}},{"id":"4eb53009-878d-42b7-9272-240484275b0f","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":10,"box":{"x":53,"y":460,"width":877,"height":11}},{"id":"7ae4d88d-df0a-4127-85f2-6e2261ffd7db","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":10,"box":{"x":53,"y":474,"width":859,"height":11}},{"id":"e28977ef-fb4d-4184-b405-3ef737982edc","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":10,"box":{"x":52,"y":489,"width":848,"height":10}},{"id":"d10a8ec2-98d2-4e1f-86a5-b59982c38d2f","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":10,"box":{"x":53,"y":503,"width":756,"height":11}},{"id":"cb8c0d00-0cce-4d45-8d64-67786f034bd7","block_type":"box","text":"Market Trading Risk.","page_number":10,"box":{"x":53,"y":526,"width":152,"height":11}},{"id":"8f150d7f-fa23-465a-835f-ce15ecc79bab","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":10,"box":{"x":209,"y":526,"width":694,"height":11}},{"id":"1fb08bc1-05f4-444d-81ba-d1c966d7d2e3","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":10,"box":{"x":53,"y":540,"width":841,"height":11}},{"id":"7d268994-2824-423c-a7e9-d1bc2b4ed1db","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":10,"box":{"x":53,"y":554,"width":887,"height":11}},{"id":"19155335-9700-4476-88d1-1d92173b4e62","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":10,"box":{"x":52,"y":568,"width":839,"height":11}},{"id":"ecab47fc-d405-4629-9655-d1eb608f7bbf","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":10,"box":{"x":53,"y":583,"width":866,"height":11}},{"id":"8486c3fd-2aa6-4496-8253-92db652e9d49","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":10,"box":{"x":52,"y":597,"width":885,"height":11}},{"id":"a8ebbd49-237f-44d8-8d71-431cbb1d4cfb","block_type":"box","text":"of the Fund shares.","page_number":10,"box":{"x":53,"y":611,"width":134,"height":9}},{"id":"b7d26e64-7b95-4729-8a69-716d199a018d","block_type":"box","text":"Non-Diversification Risk.","page_number":10,"box":{"x":53,"y":634,"width":184,"height":9}},{"id":"72a3cc48-64b0-44f5-a383-67ca85d29b84","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":10,"box":{"x":242,"y":634,"width":633,"height":11}},{"id":"66a3bfe1-7eca-4579-872d-2e08b4e4d9e8","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":10,"box":{"x":53,"y":648,"width":802,"height":11}},{"id":"382b4654-7bc3-4455-9b87-5e2b4d0e1df6","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":10,"box":{"x":53,"y":663,"width":888,"height":10}},{"id":"8fe4174e-05e8-43f5-8311-82cf2d591947","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":10,"box":{"x":53,"y":677,"width":876,"height":11}},{"id":"25df7e86-658c-4e66-b082-68e1470b79d5","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":10,"box":{"x":53,"y":691,"width":696,"height":11}},{"id":"61d9ed4a-7bf6-4d43-ad91-f6329d5554a9","block_type":"box","text":"Operational and Technology Risks.","page_number":10,"box":{"x":53,"y":714,"width":254,"height":11}},{"id":"11e0258a-0a09-45c4-8b5e-2c96fd492d2b","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":10,"box":{"x":312,"y":714,"width":581,"height":11}},{"id":"a8bef6e8-09e3-4d47-befa-b222b1fba2fd","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":10,"box":{"x":53,"y":728,"width":876,"height":11}},{"id":"91115840-1a20-4fd5-8e89-3453c23d07f4","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":10,"box":{"x":53,"y":742,"width":879,"height":11}},{"id":"5ccf8c11-dcae-499e-82a5-0d877bd9d76c","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":10,"box":{"x":53,"y":757,"width":825,"height":11}},{"id":"832539cc-31a9-472f-9467-170f5bd1bd72","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":10,"box":{"x":53,"y":771,"width":862,"height":11}},{"id":"0e35db69-6312-413c-91cd-5f966defe4d2","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":10,"box":{"x":53,"y":785,"width":872,"height":11}},{"id":"be7b4d98-68e8-4bee-b21c-0b8c179a3683","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":10,"box":{"x":53,"y":799,"width":824,"height":11}},{"id":"01045935-c525-4aa0-8f0b-a8c02b0c06c3","block_type":"box","text":"Securities Lending Risk.","page_number":10,"box":{"x":52,"y":822,"width":178,"height":11}},{"id":"ae66bd50-7d2a-4fe7-9f8e-bb7df397bbbb","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":10,"box":{"x":234,"y":823,"width":692,"height":10}},{"id":"d038b0bf-b48d-4ca4-8fb7-450367485258","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":10,"box":{"x":53,"y":837,"width":870,"height":10}},{"id":"9117ac82-73d3-4f01-acd7-0f6bb748e9af","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":10,"box":{"x":53,"y":851,"width":886,"height":11}},{"id":"d524a495-38ee-4614-8070-d33f3cc34440","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":10,"box":{"x":53,"y":865,"width":831,"height":11}},{"id":"276f8b6a-fe72-42c2-9c00-ed1e4c3efe9b","block_type":"box","text":"Tracking Error Risk.","page_number":10,"box":{"x":52,"y":888,"width":145,"height":11}},{"id":"1281f62d-02b1-4d5e-9d41-61ecfa99cea7","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":10,"box":{"x":201,"y":888,"width":741,"height":11}},{"id":"46eed784-56fa-490f-928d-58b3a32fbcf7","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":10,"box":{"x":53,"y":902,"width":861,"height":11}},{"id":"d5af1b69-f0c6-4f8d-9e46-105c0f1ed4fe","block_type":"box","text":"S-3","page_number":10,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"d6d2d142-5eb9-45c2-8a91-023bd9548c3c","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":11,"box":{"x":53,"y":46,"width":832,"height":11}},{"id":"3872b3a2-5a94-4a29-88c6-d576e81fcd45","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":11,"box":{"x":53,"y":61,"width":880,"height":10}},{"id":"52f1b89c-6659-49e5-ac16-e85f7f41c15d","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":11,"box":{"x":53,"y":75,"width":831,"height":11}},{"id":"e0f84e31-241f-466b-beb5-c396f3fbef60","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":11,"box":{"x":52,"y":89,"width":828,"height":11}},{"id":"a57d726b-81f8-4f6a-93ac-ce8bc70b1797","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":11,"box":{"x":53,"y":103,"width":873,"height":11}},{"id":"37d0fd14-90fe-4952-8be2-e687b748fb4d","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":11,"box":{"x":53,"y":117,"width":889,"height":11}},{"id":"cc387a2e-5330-4063-b018-88b479e067f2","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":11,"box":{"x":53,"y":131,"width":852,"height":11}},{"id":"9b7e0c66-0ef7-4ba7-9d3c-fc90685ceede","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":11,"box":{"x":53,"y":146,"width":886,"height":11}},{"id":"512da783-d721-49ae-ae14-5414db0f9c08","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":11,"box":{"x":53,"y":160,"width":873,"height":11}},{"id":"139a23cd-acfc-43bb-8e49-6a0836f76ea9","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":11,"box":{"x":53,"y":174,"width":724,"height":11}},{"id":"a1b8e165-f465-43dd-8240-b2290e699e32","block_type":"box","text":"Performance Information","page_number":11,"box":{"x":54,"y":203,"width":228,"height":10}},{"id":"8c81f6be-3e47-423c-80a6-d198b153d5bd","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":11,"box":{"x":52,"y":228,"width":864,"height":11}},{"id":"63787730-22f0-4326-bb6d-fbb99d706d0e","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":11,"box":{"x":52,"y":242,"width":872,"height":11}},{"id":"9a08261f-52ba-4048-b964-eccd0edb26ea","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":11,"box":{"x":53,"y":256,"width":868,"height":11}},{"id":"02359e3d-5345-4545-9a0a-07b89f5ec846","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":11,"box":{"x":53,"y":271,"width":838,"height":11}},{"id":"04f11c10-56d6-4bc5-bd2f-0b91b427dfab","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":11,"box":{"x":53,"y":285,"width":868,"height":11}},{"id":"2037b262-81c5-44de-9691-44028a7f7484","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":11,"box":{"x":53,"y":299,"width":832,"height":11}},{"id":"57e34f51-b4cd-49e3-9b2b-617b9162c18c","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":11,"box":{"x":53,"y":313,"width":842,"height":11}},{"id":"3562e4ca-6dc5-48f4-8cef-38edead060b3","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":11,"box":{"x":52,"y":327,"width":531,"height":11}},{"id":"3efc42a8-4e20-4dac-9808-378527855caa","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":11,"box":{"x":135,"y":352,"width":260,"height":11}},{"id":"fa0edd05-b12a-443f-abcf-18f400ff22c5","block_type":"box","text":"20.40","page_number":11,"box":{"x":85,"y":429,"width":27,"height":6}},{"id":"872c8add-70a9-493e-b583-59ba166ee5b5","block_type":"box","text":"35.17","page_number":11,"box":{"x":122,"y":412,"width":27,"height":6}},{"id":"374520f7-2ef8-4257-bd55-0270b03ec010","block_type":"box","text":"-7.16","page_number":11,"box":{"x":161,"y":477,"width":23,"height":6}},{"id":"ad407069-5355-42fd-ab23-a56790927810","block_type":"box","text":"30.47","page_number":11,"box":{"x":196,"y":417,"width":27,"height":6}},{"id":"fd1b6cdd-e81a-4127-b834-b303ff00d367","block_type":"box","text":"-13.58","page_number":11,"box":{"x":232,"y":485,"width":29,"height":6}},{"id":"868d509b-a085-453f-bc64-913a60f1f6a7","block_type":"box","text":"9.35","page_number":11,"box":{"x":274,"y":442,"width":20,"height":6}},{"id":"6a4f7896-cc47-4369-911d-8145ad541043","block_type":"box","text":"9.95","page_number":11,"box":{"x":311,"y":442,"width":20,"height":6}},{"id":"acb9a44f-a878-4c13-ab2c-551cf49fee83","block_type":"box","text":"14.27","page_number":11,"box":{"x":346,"y":437,"width":25,"height":6}},{"id":"cee3035d-b16c-441e-9fa0-8050e85efb90","block_type":"box","text":"15.80","page_number":11,"box":{"x":383,"y":435,"width":25,"height":6}},{"id":"5a206db0-92dd-4956-8144-9fd476e112e7","block_type":"box","text":"48.66","page_number":11,"box":{"x":418,"y":396,"width":27,"height":6}},{"id":"e9461f07-d57f-40fa-8b9f-6f6b88590da4","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":11,"box":{"x":87,"y":506,"width":356,"height":6}},{"id":"f3c81354-8fd9-4b3c-ba61-a3d4d3dde598","block_type":"box","text":"Return (%) Period Ended","page_number":11,"box":{"x":760,"y":367,"width":176,"height":9}},{"id":"0dfbfcc6-604f-48ee-8cd3-9643f20a5d3d","block_type":"box","text":"Calendar Year-to-Date Return","page_number":11,"box":{"x":520,"y":385,"width":197,"height":8}},{"id":"82247d4c-6338-41d6-a013-7afbd87f6626","block_type":"box","text":"13.18% June 30, 2026","page_number":11,"box":{"x":774,"y":385,"width":168,"height":9}},{"id":"f930f675-95d6-4f12-8c26-7ec60c57aa1c","block_type":"box","text":"During the periods shown in the chart:","page_number":11,"box":{"x":520,"y":398,"width":250,"height":10}},{"id":"38ffaa97-1d95-42cc-bde0-705a9262b043","block_type":"box","text":"Best Quarter 23.24% June 30, 2025","page_number":11,"box":{"x":534,"y":411,"width":408,"height":9}},{"id":"c70ae71a-2ad5-4605-812e-4afb8f1c2f36","block_type":"box","text":"Worst Quarter -34.88% March 31, 2020","page_number":11,"box":{"x":533,"y":424,"width":409,"height":9}},{"id":"febb4218-40d8-4bb0-97f7-5caf693f8664","block_type":"box","text":"Average Annual Total Returns (%)","page_number":11,"box":{"x":372,"y":536,"width":251,"height":11}},{"id":"d21d113a-c848-4ece-b160-3d915ec27d5e","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":11,"box":{"x":340,"y":550,"width":315,"height":11}},{"id":"98be186b-af2e-4d37-aa3c-db8967bb752b","block_type":"box","text":"One Year Five Years Ten Years","page_number":11,"box":{"x":670,"y":567,"width":268,"height":7}},{"id":"b5422ebf-fb0d-467b-8ad6-fa56afd83bc5","block_type":"box","text":"Fund Inception: 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Index","page_number":11,"box":{"x":57,"y":629,"width":155,"height":7}},{"id":"015d9dd7-270b-4f42-beb2-72a726abb76e","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":11,"box":{"x":215,"y":629,"width":724,"height":9}},{"id":"873d6e8e-f2b4-4a52-8400-d0dcbddd7396","block_type":"box","text":"Dow Jones U.S. Select Aerospace & Defense Index","page_number":11,"box":{"x":58,"y":640,"width":324,"height":10}},{"id":"da1ee0ae-8e63-46ce-9093-23e4124dca1b","block_type":"box","text":"(Returns do not reflect deductions for","page_number":11,"box":{"x":386,"y":640,"width":236,"height":9}},{"id":"7c64ffe4-b82e-4522-b908-4a71101e1fa5","block_type":"box","text":"fees, expenses or taxes)","page_number":11,"box":{"x":71,"y":653,"width":148,"height":10}},{"id":"cd1ece29-1b0c-4154-8bbe-5ddee34f718a","block_type":"box","text":"49.26% 19.25% 15.43%","page_number":11,"box":{"x":681,"y":653,"width":258,"height":8}},{"id":"81bf3022-eebe-480e-9772-27aa8a3c6569","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":11,"box":{"x":52,"y":683,"width":857,"height":10}},{"id":"d45ee856-bca7-4ed1-99b6-2d495747931b","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":11,"box":{"x":53,"y":697,"width":865,"height":10}},{"id":"2775fd20-3fc4-4f56-bde1-347a0d824533","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":11,"box":{"x":53,"y":711,"width":847,"height":11}},{"id":"8b5cd1c3-ac85-4117-92f0-5453338e7986","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":11,"box":{"x":52,"y":725,"width":857,"height":11}},{"id":"04971618-c517-4db4-9308-4b0a7cf597a5","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":11,"box":{"x":53,"y":739,"width":877,"height":11}},{"id":"06ad3133-a2b4-4a2b-9ebc-806f9f817e2e","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":11,"box":{"x":52,"y":754,"width":836,"height":10}},{"id":"6226536c-9cf0-40e3-b4d1-b434f29291d9","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":11,"box":{"x":53,"y":768,"width":886,"height":11}},{"id":"1fd69811-178c-4345-ab3e-ecdf57e351ab","block_type":"box","text":"on distributions.","page_number":11,"box":{"x":53,"y":782,"width":114,"height":8}},{"id":"ba8bafa9-9a5c-4017-b3d1-4353a4a74a7b","block_type":"box","text":"Management","page_number":11,"box":{"x":54,"y":811,"width":119,"height":13}},{"id":"fbf9a33e-d682-4006-8a04-0742a08ab147","block_type":"box","text":"Investment Adviser.","page_number":11,"box":{"x":53,"y":836,"width":145,"height":8}},{"id":"9b0d706e-7b9e-4aef-86e7-c7be8970fd7d","block_type":"box","text":"BlackRock Fund Advisors.","page_number":11,"box":{"x":204,"y":836,"width":180,"height":8}},{"id":"52ebd1e4-8e39-4538-b15a-429ee55dcf9e","block_type":"box","text":"S-4","page_number":11,"box":{"x":493,"y":944,"width":25,"height":8}},{"id":"5528722d-84af-4468-84cd-ef7082f95e9c","block_type":"box","text":"Portfolio Managers.","page_number":12,"box":{"x":53,"y":46,"width":146,"height":11}},{"id":"8940c059-966f-4b78-892f-a5885c9d1714","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":12,"box":{"x":203,"y":46,"width":679,"height":11}},{"id":"4d81f920-5f97-4950-82b1-a92b75189be4","block_type":"box","text":"management of the Fund:","page_number":12,"box":{"x":53,"y":61,"width":182,"height":10}},{"id":"aaa676c5-da57-495e-a8f1-300901ca5dfc","block_type":"box","text":"Portfolio Manager","page_number":12,"box":{"x":58,"y":96,"width":119,"height":10}},{"id":"0dd7f29f-a944-4e85-a344-3dccc8994d68","block_type":"box","text":"Portfolio Manager of the","page_number":12,"box":{"x":411,"y":83,"width":160,"height":10}},{"id":"c6543b40-53c8-4852-ac54-cfee46216306","block_type":"box","text":"Fund Since","page_number":12,"box":{"x":455,"y":96,"width":72,"height":8}},{"id":"064bedd6-33b1-494d-9e9d-e54b475d4ccd","block_type":"box","text":"Title with Investment","page_number":12,"box":{"x":804,"y":83,"width":140,"height":8}},{"id":"312fa7c9-7f84-4b03-8901-3fa3ba9e3867","block_type":"box","text":"Adviser","page_number":12,"box":{"x":849,"y":96,"width":49,"height":8}},{"id":"8bd37736-452a-4233-8cb2-239c93e2d6e5","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":12,"box":{"x":57,"y":112,"width":876,"height":9}},{"id":"f7bfe292-ab0f-4476-a0d3-7bcbf006f265","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":12,"box":{"x":58,"y":127,"width":875,"height":10}},{"id":"f02ee05b-fcac-40d6-b076-cf6deff9c1cc","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":12,"box":{"x":58,"y":143,"width":875,"height":9}},{"id":"547a98ec-85f4-489e-ac68-53778966c82b","block_type":"box","text":"Steven White 2025 Managing Director","page_number":12,"box":{"x":57,"y":158,"width":876,"height":10}},{"id":"82880eea-ab6d-4763-bc9d-e1bc8cf902e1","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":12,"box":{"x":54,"y":193,"width":304,"height":11}},{"id":"1c0b7e51-c97d-48e3-a01a-0a4a38bf8a3f","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":12,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"5a752b72-7753-4c36-acf0-4a5ed88e22cf","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":12,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"2890aaca-1852-44e8-abe1-b4813b07e357","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":12,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"6674d3e0-afc8-4944-bd77-aa5432158649","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":12,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"b455140a-6447-49bf-a35a-275a41ffa818","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":12,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"0be4f5c3-1cf9-42ba-889d-7012569cf913","block_type":"box","text":"(the “bid-ask spread”).","page_number":12,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"435e26d4-52a7-4191-8b2a-ba0f829d5f35","block_type":"box","text":"Tax Information","page_number":12,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"1c9dd315-c51f-4fd9-8bb9-6f5877114a74","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":12,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"08154b4b-cb3e-4d5b-95f6-67f780f738b2","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":12,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"b2b34734-3661-493d-993d-5f0f52a1506c","block_type":"box","text":"be taxed when withdrawn.","page_number":12,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"c612b572-01c5-4b07-8e4a-77955e4eec22","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":12,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"41a24db1-a562-470b-8e60-1cd3d8d67f5e","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":12,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"b36c94b2-edd5-40ee-8f4b-3f563fa8a7ef","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":12,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"b34e8504-42fb-421d-bcd3-160cee1b6dba","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":12,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"4d923b4b-0954-4ad9-a87c-2b63777a4a26","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":12,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"e8ef0c78-5beb-4da5-becd-2fba9dfda616","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":12,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"46777468-47a4-4ddc-898d-6d72596f8c67","block_type":"box","text":"financial intermediary’s website for more information.","page_number":12,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"5c4f3943-5579-4ad1-875e-c45e9909b3f5","block_type":"box","text":"S-5","page_number":12,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"4cfbd963-f066-4b4e-9167-2797da1032c4","block_type":"box","text":"iShares U.S. Broker-Dealers & Securities Exchanges","page_number":13,"box":{"x":53,"y":47,"width":717,"height":20}},{"id":"ad4fa973-96c5-462e-97b6-359d7d06d13c","block_type":"box","text":"ETF","page_number":13,"box":{"x":54,"y":70,"width":53,"height":16}},{"id":"8785b729-d530-420f-975a-8a016ef90db0","block_type":"box","text":"IAI | NYSE Arca","page_number":13,"box":{"x":54,"y":93,"width":208,"height":19}},{"id":"cc01f3c8-46f4-4fe7-a108-0cc37bd877c2","block_type":"box","text":"Investment Objective","page_number":13,"box":{"x":54,"y":132,"width":191,"height":14}},{"id":"448626b9-7f3a-44ac-ad8b-ee07f2ee7585","block_type":"box","text":"The iShares U.S. Broker-Dealers & Securities Exchanges ETF (the “Fund”) seeks to track the investment results of an index","page_number":13,"box":{"x":52,"y":157,"width":863,"height":11}},{"id":"a42d4539-9169-413b-9519-474f236e520e","block_type":"box","text":"composed of U.S. equities in the investment services sector.","page_number":13,"box":{"x":53,"y":171,"width":421,"height":11}},{"id":"844a4e2d-963d-4e81-ab03-98e89325b6a5","block_type":"box","text":"Fees and Expenses","page_number":13,"box":{"x":54,"y":201,"width":168,"height":12}},{"id":"ea4a1cea-9928-45ce-b0f6-1a4294658ff6","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":13,"box":{"x":52,"y":226,"width":874,"height":10}},{"id":"28c23084-4e60-469b-b221-5ffe347f79bc","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":13,"box":{"x":53,"y":240,"width":871,"height":11}},{"id":"9769b4e5-a22d-499f-86a6-facbc2a3101f","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":13,"box":{"x":53,"y":254,"width":888,"height":11}},{"id":"eb9ed236-cb9d-4353-a3f2-891306295c66","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":13,"box":{"x":53,"y":268,"width":795,"height":11}},{"id":"35fdedee-f4c7-4534-bc29-8cc1ea8a3924","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":13,"box":{"x":53,"y":282,"width":854,"height":11}},{"id":"aa55dbfb-d689-45a8-a887-57641e458fcf","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":13,"box":{"x":52,"y":296,"width":829,"height":11}},{"id":"c999b058-3772-4f10-ac8e-8db39fb12741","block_type":"box","text":"extraordinary expenses.","page_number":13,"box":{"x":53,"y":311,"width":167,"height":11}},{"id":"42947bc2-6aa9-44bf-b047-ed47da7f7e0f","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":13,"box":{"x":52,"y":334,"width":830,"height":11}},{"id":"b3735991-903e-4c6b-84aa-6099e59a63e6","block_type":"box","text":"reflected in the table and example below.","page_number":13,"box":{"x":53,"y":348,"width":300,"height":11}},{"id":"a4a85cab-359c-49c2-808a-519545c95cb1","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":13,"box":{"x":57,"y":371,"width":761,"height":10}},{"id":"593c2751-8828-4cfe-a1c6-e7818b1c1175","block_type":"box","text":"1","page_number":13,"box":{"x":819,"y":370,"width":5,"height":4}},{"id":"495fbdd3-0948-4f2c-9cdc-3ddf78eea7db","block_type":"box","text":"Management Fee","page_number":13,"box":{"x":58,"y":391,"width":109,"height":10}},{"id":"740dcbc6-c4b3-43be-9836-98c64ec084d0","block_type":"box","text":"0.37%","page_number":13,"box":{"x":890,"y":391,"width":41,"height":7}},{"id":"3b662122-0ebb-477b-8a99-24b1723cbae6","block_type":"box","text":"Other Expenses","page_number":13,"box":{"x":58,"y":406,"width":98,"height":10}},{"id":"c55a459b-661c-4200-96bd-c026a542c01e","block_type":"box","text":"0.00%","page_number":13,"box":{"x":890,"y":406,"width":41,"height":8}},{"id":"f0fabafe-b0fd-4386-baa1-3f2628fd617d","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":13,"box":{"x":57,"y":422,"width":246,"height":9}},{"id":"a05dd2ab-bb3e-4fb7-bbf2-d748788b584f","block_type":"box","text":"0.37%","page_number":13,"box":{"x":890,"y":422,"width":41,"height":7}},{"id":"d68d9e1d-2559-4014-8be0-86d47eef0f96","block_type":"box","text":"1","page_number":13,"box":{"x":80,"y":450,"width":5,"height":4}},{"id":"9aef0950-42b6-4f44-b035-ec98594acb53","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":13,"box":{"x":93,"y":451,"width":779,"height":9}},{"id":"0e1128ef-05fc-4905-87e0-89b40b4dda40","block_type":"box","text":"Example.","page_number":13,"box":{"x":53,"y":471,"width":67,"height":10}},{"id":"178e0fcf-8f4a-424c-8f8c-7face08f3181","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":13,"box":{"x":124,"y":471,"width":795,"height":10}},{"id":"0b49a004-a1ba-4840-90ba-b7412d5e9220","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":13,"box":{"x":53,"y":484,"width":885,"height":12}},{"id":"5bd24e34-c5f2-4b2d-b61d-ad3aa0635949","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":13,"box":{"x":52,"y":499,"width":871,"height":11}},{"id":"17fe1b89-f79b-4795-bc61-30bd5e8a87ab","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":13,"box":{"x":53,"y":513,"width":887,"height":11}},{"id":"f196d905-f97f-4938-8730-b9a96c7954a7","block_type":"box","text":"your costs would be:","page_number":13,"box":{"x":52,"y":527,"width":143,"height":11}},{"id":"265363f0-0e2f-41e6-966d-bd449ab2312c","block_type":"box","text":"Expense Example","page_number":13,"box":{"x":58,"y":550,"width":115,"height":9}},{"id":"c6228c8d-e4f9-4e80-a157-b3a8fa45d5f0","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":13,"box":{"x":663,"y":550,"width":280,"height":8}},{"id":"d4be6ce6-01c6-404c-88c1-d758235404f4","block_type":"box","text":"Example Fund Costs","page_number":13,"box":{"x":58,"y":566,"width":128,"height":9}},{"id":"195fe491-2d9b-417a-910b-e291b9bebac6","block_type":"box","text":"$38 $119 $208 $468","page_number":13,"box":{"x":671,"y":565,"width":261,"height":9}},{"id":"e9406e48-90cd-4b04-b5b0-73b8dcfd8f25","block_type":"box","text":"Portfolio Turnover.","page_number":13,"box":{"x":53,"y":595,"width":137,"height":8}},{"id":"729bd962-86fe-4158-928e-24272e7020ab","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":13,"box":{"x":194,"y":595,"width":722,"height":11}},{"id":"2963eb93-3fb6-49b5-9873-0d286652562e","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":13,"box":{"x":53,"y":609,"width":883,"height":11}},{"id":"123e0f3a-3349-45fd-81e7-70de4208a129","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":13,"box":{"x":53,"y":623,"width":876,"height":11}},{"id":"ee112533-479c-438c-b743-b90bdb17f6f6","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of","page_number":13,"box":{"x":52,"y":637,"width":886,"height":11}},{"id":"82389f8e-b648-4cd3-a1b8-c411b51b9732","block_type":"box","text":"the average value of its portfolio.","page_number":13,"box":{"x":52,"y":652,"width":231,"height":10}},{"id":"bd31f3bd-a0c0-46ab-8083-b1d93b49367e","block_type":"box","text":"Principal Investment Strategies","page_number":13,"box":{"x":54,"y":681,"width":284,"height":13}},{"id":"b286c21a-bf8c-4e05-b46f-3c494bfc88bd","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Investment Services Index (the “Underlying","page_number":13,"box":{"x":52,"y":706,"width":843,"height":11}},{"id":"2d97bc59-1550-40f2-9a90-eacba11897fa","block_type":"box","text":"Index”), which measures the performance of the investment services sector of the U.S. equity market, as defined by S&P Dow","page_number":13,"box":{"x":53,"y":720,"width":879,"height":11}},{"id":"62830e7c-bf94-4fda-a851-96d86b91e03c","block_type":"box","text":"Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index includes companies providing a range of","page_number":13,"box":{"x":52,"y":734,"width":813,"height":11}},{"id":"bfd53522-5fe9-479f-a85f-1d330056865f","block_type":"box","text":"specialized financial services, including securities brokers and dealers, online brokers, and securities or commodities","page_number":13,"box":{"x":52,"y":748,"width":827,"height":11}},{"id":"300f8aab-1a30-477a-b245-0cf98cac85d7","block_type":"box","text":"exchanges. The Underlying Index may include large-, mid- or small-capitalization companies. As of March 31, 2026, a","page_number":13,"box":{"x":53,"y":763,"width":831,"height":10}},{"id":"fcab7b0c-1556-41ba-9fa8-51aca7757dcc","block_type":"box","text":"significant portion of the Underlying Index was represented by securities of companies in the financials industry or sector.","page_number":13,"box":{"x":52,"y":777,"width":863,"height":11}},{"id":"0902706f-42ea-43c2-b9aa-c5b363dfc153","block_type":"box","text":"The components of the Underlying Index are likely to change over time.","page_number":13,"box":{"x":52,"y":791,"width":502,"height":11}},{"id":"369c5914-9151-4587-85d8-6326f40df371","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":13,"box":{"x":52,"y":814,"width":853,"height":11}},{"id":"e4c98342-cf04-4ced-8577-397c04d0fb9a","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":13,"box":{"x":53,"y":828,"width":839,"height":11}},{"id":"e23d03e5-eabb-4741-b381-69cd70089cc4","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":13,"box":{"x":53,"y":842,"width":868,"height":11}},{"id":"7fa71ec8-293a-4b48-b926-05d983590c2e","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":13,"box":{"x":53,"y":857,"width":851,"height":10}},{"id":"fa80f51d-f29b-48f6-9100-2df13c533290","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":13,"box":{"x":53,"y":871,"width":806,"height":11}},{"id":"be3c157f-7ec5-440a-95b4-4a5b90dba756","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":13,"box":{"x":53,"y":885,"width":884,"height":11}},{"id":"d7125bc0-790f-42b3-812a-bc1de490de95","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":13,"box":{"x":52,"y":899,"width":884,"height":11}},{"id":"67804151-03d2-4729-a70b-3ec3dce472d4","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":13,"box":{"x":53,"y":913,"width":852,"height":11}},{"id":"4d856d9a-6b23-417d-ba10-4476a9d2bce9","block_type":"box","text":"S-6","page_number":13,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"119af52a-3843-4f37-8501-c9d49635c976","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":14,"box":{"x":53,"y":46,"width":867,"height":11}},{"id":"3f786429-4e4d-469a-9e98-b010bb52c086","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":14,"box":{"x":52,"y":61,"width":869,"height":10}},{"id":"6fb105f8-1e1b-485a-8536-dec47b406d36","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":14,"box":{"x":52,"y":75,"width":863,"height":11}},{"id":"bf4781a9-b376-4868-a6cc-24f06395cc4e","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":14,"box":{"x":53,"y":89,"width":826,"height":11}},{"id":"65578ad2-cc1f-4a89-8b61-a253b13c8a7b","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":14,"box":{"x":53,"y":103,"width":405,"height":11}},{"id":"184aa4a4-e7f9-48fb-8d02-d48e2f647425","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":14,"box":{"x":53,"y":126,"width":844,"height":11}},{"id":"4dc4eab5-7a5d-4688-a15f-6afd8ed16e87","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":14,"box":{"x":53,"y":141,"width":860,"height":10}},{"id":"8b6756c3-6945-47ac-a91a-a2c96b19fc89","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":14,"box":{"x":53,"y":155,"width":831,"height":11}},{"id":"bfc2245b-e1fa-4ee0-8bda-2328d26609e6","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":14,"box":{"x":53,"y":169,"width":817,"height":11}},{"id":"2ab766f5-f63a-489f-9e72-70dd35b910ce","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":14,"box":{"x":53,"y":183,"width":818,"height":11}},{"id":"8ebd249c-17b4-49c4-b7cb-b01d95eec325","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":14,"box":{"x":53,"y":197,"width":835,"height":11}},{"id":"3dbae290-8f0b-4562-986b-6483b718c501","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":14,"box":{"x":52,"y":220,"width":873,"height":11}},{"id":"4cdf1cf8-49e1-4a04-ad0b-44a34985e6d6","block_type":"box","text":"collateral received).","page_number":14,"box":{"x":53,"y":235,"width":136,"height":9}},{"id":"5f2c37a1-4116-418a-98cd-be4ef1496e8e","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":14,"box":{"x":52,"y":258,"width":870,"height":11}},{"id":"ae5ea681-520a-42d3-ba7c-2ecbd6e98add","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":14,"box":{"x":53,"y":272,"width":856,"height":11}},{"id":"4d5a5a29-f687-43f0-9cbb-4ad947354965","block_type":"box","text":"market value of the Underlying Index.","page_number":14,"box":{"x":53,"y":286,"width":263,"height":11}},{"id":"a77b4965-4d80-416b-89a1-3fc78ed5d091","block_type":"box","text":"Industry Concentration Policy.","page_number":14,"box":{"x":53,"y":309,"width":224,"height":11}},{"id":"b28b3e19-275b-4e9c-a205-2a41067bcdcd","block_type":"box","text":"The Fund will concentrate its investments (","page_number":14,"box":{"x":281,"y":309,"width":304,"height":10}},{"id":"2d4e7256-d266-4b29-9d69-c62206ef10b1","block_type":"box","text":"i.e.","page_number":14,"box":{"x":587,"y":310,"width":17,"height":8}},{"id":"73496cad-2176-4fa1-b389-ffc5558bce34","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":14,"box":{"x":606,"y":309,"width":292,"height":10}},{"id":"8014c700-61cc-44dd-8ba7-1068cc580b44","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":14,"box":{"x":53,"y":324,"width":858,"height":10}},{"id":"ff69b840-4c88-4320-8165-c1e2024392e8","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":14,"box":{"x":53,"y":338,"width":868,"height":11}},{"id":"35e26d5d-ee49-4a63-ba98-bb7afe1df2da","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":14,"box":{"x":53,"y":352,"width":826,"height":11}},{"id":"addfe7f5-6284-4a8c-b9db-9ed2db64c1c0","block_type":"box","text":"Summary of Principal Risks","page_number":14,"box":{"x":52,"y":381,"width":248,"height":13}},{"id":"16e1b66f-844c-4cd3-89df-37ca6b0422e7","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":14,"box":{"x":52,"y":406,"width":881,"height":11}},{"id":"3266e086-1ade-47e0-ba57-045a39fef5aa","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":14,"box":{"x":53,"y":420,"width":824,"height":11}},{"id":"aa16227e-d4d6-44b9-8c29-8771fc9cb197","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":14,"box":{"x":53,"y":434,"width":807,"height":11}},{"id":"ccab7f74-8c17-4638-be45-b1101932392f","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":14,"box":{"x":53,"y":449,"width":844,"height":10}},{"id":"8d83f5bc-1cf6-4aaa-bc83-fd047d86dbf8","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":14,"box":{"x":52,"y":463,"width":815,"height":11}},{"id":"0fb0e983-daf5-42f0-b86a-dede72f7638f","block_type":"box","text":"Risk of Investing in the U.S.","page_number":14,"box":{"x":53,"y":486,"width":200,"height":11}},{"id":"4b7d51ac-5212-4559-a8e0-102a4f0689ca","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":14,"box":{"x":259,"y":486,"width":663,"height":11}},{"id":"b69f3b44-3ef4-4ec9-af94-42448891ddc6","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":14,"box":{"x":53,"y":500,"width":877,"height":11}},{"id":"96756da1-76df-48d2-aac6-8145b4b5cafe","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":14,"box":{"x":53,"y":514,"width":470,"height":11}},{"id":"4e35576f-a56c-4c79-950d-5fd627e03556","block_type":"box","text":"Financial Companies Risk.","page_number":14,"box":{"x":53,"y":537,"width":193,"height":11}},{"id":"059c4fcf-fecc-426c-aaf3-aa27f57e4dbb","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":14,"box":{"x":251,"y":538,"width":683,"height":10}},{"id":"7e96d253-48e6-4233-8330-08f369a3b6e2","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":14,"box":{"x":52,"y":552,"width":864,"height":11}},{"id":"cb36a7e1-5a23-4e86-8516-34e1dc73222a","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":14,"box":{"x":53,"y":566,"width":812,"height":11}},{"id":"aeab1f7a-5bc3-4679-b755-610eab0ab8ab","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":14,"box":{"x":52,"y":580,"width":880,"height":11}},{"id":"9cf33ae8-c681-4c5e-a9b6-233fd424a157","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":14,"box":{"x":53,"y":595,"width":612,"height":10}},{"id":"a34436e2-d758-4a93-8132-d9c8beaee3f1","block_type":"box","text":"Equity Securities Risk.","page_number":14,"box":{"x":53,"y":617,"width":164,"height":11}},{"id":"284186f0-a346-4056-9f0b-622c17b2fa44","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":14,"box":{"x":223,"y":618,"width":709,"height":10}},{"id":"031a123e-78ba-4b09-ae60-898ee76b645b","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":14,"box":{"x":53,"y":632,"width":889,"height":11}},{"id":"2d3586b6-337d-47be-a47b-5392e8f78ea5","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":14,"box":{"x":53,"y":646,"width":880,"height":11}},{"id":"734cc7eb-777d-44e5-ab69-28fd46b1787e","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":14,"box":{"x":53,"y":660,"width":867,"height":11}},{"id":"37b00e09-8c04-4435-9652-4b98accc0ed1","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":14,"box":{"x":53,"y":674,"width":339,"height":11}},{"id":"db4a110d-931e-4b45-863b-0415ab55465a","block_type":"box","text":"Market Risk.","page_number":14,"box":{"x":53,"y":697,"width":91,"height":9}},{"id":"19e1498a-e8e8-4c6f-9f6c-0367afd9c3d2","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":14,"box":{"x":148,"y":698,"width":768,"height":10}},{"id":"e0a516df-6380-41ae-9dd8-ff28dbf90d30","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":14,"box":{"x":53,"y":712,"width":882,"height":10}},{"id":"5d366306-1081-48a2-bb0f-b5e2997ede59","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":14,"box":{"x":53,"y":726,"width":858,"height":11}},{"id":"c41769e4-3e65-453f-969a-ed959786a4e3","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":14,"box":{"x":53,"y":740,"width":875,"height":11}},{"id":"60606955-a441-481e-90c6-815693c49082","block_type":"box","text":"Fund’s NAV.","page_number":14,"box":{"x":53,"y":754,"width":82,"height":9}},{"id":"8efac429-0159-4569-8678-f6d8da41a276","block_type":"box","text":"Index-Related Risk.","page_number":14,"box":{"x":53,"y":777,"width":143,"height":9}},{"id":"03276327-c598-4096-a9b5-28d99a1c7682","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":14,"box":{"x":201,"y":777,"width":742,"height":11}},{"id":"79eca23d-a848-4f32-857a-a98f1ae3793c","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":14,"box":{"x":53,"y":792,"width":856,"height":10}},{"id":"a8a564c7-22e3-4385-8ce1-76e4e0829746","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":14,"box":{"x":53,"y":806,"width":852,"height":11}},{"id":"fd722587-ddde-471a-85ba-05db666fcefa","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":14,"box":{"x":53,"y":820,"width":876,"height":11}},{"id":"30a94f5c-317f-477b-8904-ede835ab66d7","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":14,"box":{"x":52,"y":834,"width":849,"height":11}},{"id":"a3c82519-283e-4aef-b047-03791b10d111","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":14,"box":{"x":53,"y":848,"width":849,"height":11}},{"id":"b6d32d2d-25c2-4236-8169-06e6587067ca","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":14,"box":{"x":53,"y":862,"width":890,"height":11}},{"id":"0d864aec-8f4d-4c50-9459-fa561bbd42a3","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":14,"box":{"x":53,"y":877,"width":853,"height":10}},{"id":"b7b582d2-b142-4da4-8da8-1f063fccbc63","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":14,"box":{"x":53,"y":891,"width":539,"height":11}},{"id":"996d4770-7f49-41bf-a497-2379b5fa7f27","block_type":"box","text":"S-7","page_number":14,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"903719ea-5288-49b0-b639-69b4be2b3193","block_type":"box","text":"Asset Class Risk.","page_number":15,"box":{"x":52,"y":46,"width":122,"height":9}},{"id":"39e2ca50-b09d-43fb-9fe3-c9811ff7db1d","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":15,"box":{"x":179,"y":46,"width":721,"height":11}},{"id":"15b12b05-c10b-4edf-b2b1-fcd7b9797d4f","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":15,"box":{"x":53,"y":61,"width":774,"height":10}},{"id":"957f6499-ec4e-44b6-8ca3-2c0ba1c9ffa4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":15,"box":{"x":52,"y":84,"width":318,"height":10}},{"id":"4e1c5985-89a5-4ebb-80c9-86c974904726","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":15,"box":{"x":374,"y":84,"width":531,"height":11}},{"id":"44755da8-8989-482e-ae3b-833ef484bac9","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":15,"box":{"x":53,"y":98,"width":810,"height":11}},{"id":"f11f3816-e933-4c0d-9acc-0abecb0d7adc","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":15,"box":{"x":52,"y":112,"width":816,"height":11}},{"id":"a0d41537-b7fd-48e7-9396-d8506a228fad","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":15,"box":{"x":52,"y":127,"width":884,"height":10}},{"id":"c616bfa3-6868-4523-bd7b-3770d17bccf0","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":15,"box":{"x":53,"y":141,"width":871,"height":10}},{"id":"378b6c77-6516-49a2-a761-4ef0b9eff68a","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":15,"box":{"x":53,"y":155,"width":846,"height":11}},{"id":"cbe30e9d-eef2-484e-95cc-7b9036d7b274","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":15,"box":{"x":52,"y":169,"width":881,"height":10}},{"id":"c8b6032c-89db-4120-9fcf-a78a11b37d57","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":15,"box":{"x":53,"y":183,"width":853,"height":11}},{"id":"e1519fb8-ac2b-4f02-a1d7-abcfba2c9e92","block_type":"box","text":"halts or delisting.","page_number":15,"box":{"x":53,"y":197,"width":121,"height":11}},{"id":"be9cca49-781a-4694-8a34-c25b99674f84","block_type":"box","text":"Concentration Risk.","page_number":15,"box":{"x":53,"y":220,"width":145,"height":9}},{"id":"0a3f634a-76b7-4687-8ca2-f5439882e903","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":15,"box":{"x":202,"y":220,"width":711,"height":11}},{"id":"fdebd749-d4e0-4002-b7ea-0cf810a14e0d","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":15,"box":{"x":53,"y":235,"width":884,"height":9}},{"id":"27b358dc-808c-4b08-b299-dfcda4487329","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":15,"box":{"x":52,"y":249,"width":887,"height":11}},{"id":"92312444-a522-4574-9bf0-744963ed9508","block_type":"box","text":"asset classes.","page_number":15,"box":{"x":53,"y":263,"width":95,"height":8}},{"id":"e1088913-101a-4c53-a11e-757835742e0d","block_type":"box","text":"Issuer Risk.","page_number":15,"box":{"x":53,"y":286,"width":83,"height":9}},{"id":"8a356726-32c8-40c7-ade2-071d3e873f5a","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":15,"box":{"x":140,"y":286,"width":780,"height":11}},{"id":"f7c28eb3-7360-4195-84c1-8d5a38df7da6","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":15,"box":{"x":53,"y":300,"width":886,"height":11}},{"id":"ad9da6f6-5393-4845-beb7-c46b660f7585","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":15,"box":{"x":52,"y":315,"width":576,"height":10}},{"id":"707934af-06f5-4c75-98a6-48a23df8ac71","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":15,"box":{"x":53,"y":338,"width":278,"height":11}},{"id":"72a41b16-02f8-4a39-8e63-99702e0f0748","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":15,"box":{"x":337,"y":338,"width":540,"height":11}},{"id":"342e50f8-efae-41e8-9483-404fe0abd9fd","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":15,"box":{"x":53,"y":352,"width":890,"height":11}},{"id":"c6626369-69f2-40f2-a038-adedcf78e4d3","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":15,"box":{"x":53,"y":366,"width":868,"height":11}},{"id":"897d28a2-dfa9-48bf-a58d-47388ad8829c","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":15,"box":{"x":53,"y":380,"width":709,"height":11}},{"id":"cd06bdcc-9436-4559-86cf-b7fd72cd107a","block_type":"box","text":"Management Risk.","page_number":15,"box":{"x":53,"y":403,"width":137,"height":11}},{"id":"ed4ab10a-c149-4a93-af1b-60cc8d83e4cd","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":15,"box":{"x":194,"y":403,"width":711,"height":11}},{"id":"c6d2605c-a0ab-4031-bc53-f4a39e5f7c79","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":15,"box":{"x":53,"y":418,"width":877,"height":11}},{"id":"cb0d198f-dcd1-464a-a50d-2851e72f65a0","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":15,"box":{"x":53,"y":432,"width":859,"height":11}},{"id":"50977307-faa0-442e-8771-4478567e77ab","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":15,"box":{"x":52,"y":446,"width":848,"height":11}},{"id":"0d92e5fb-09f7-4082-83d8-5701cd374407","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":15,"box":{"x":53,"y":460,"width":756,"height":11}},{"id":"37cd6fe5-5c50-4352-9e1f-b71373a8b14b","block_type":"box","text":"Market Trading Risk.","page_number":15,"box":{"x":53,"y":483,"width":152,"height":11}},{"id":"3003e70b-f738-48e0-be5b-0acf73c2ff3e","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":15,"box":{"x":209,"y":483,"width":694,"height":11}},{"id":"0ca6f40c-9470-458e-9e79-9dd04f46b895","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":15,"box":{"x":53,"y":498,"width":841,"height":10}},{"id":"29681c05-a770-43b6-a5f8-09b79dd9b7a6","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":15,"box":{"x":53,"y":512,"width":887,"height":11}},{"id":"b2392c5d-39e8-434b-812b-df55ea3b420d","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":15,"box":{"x":52,"y":526,"width":839,"height":11}},{"id":"be4a4b37-145c-4bd3-920a-7b744c5c6f4c","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":15,"box":{"x":53,"y":540,"width":866,"height":11}},{"id":"c1ca8b8a-fe92-4453-b7ea-763428c5d269","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":15,"box":{"x":52,"y":554,"width":885,"height":11}},{"id":"79af7d15-4511-4a3a-bfb2-31a7fe07d4f2","block_type":"box","text":"of the Fund shares.","page_number":15,"box":{"x":53,"y":569,"width":134,"height":8}},{"id":"66ba6922-76e1-4df3-92c1-ebd82907ed47","block_type":"box","text":"Non-Diversification Risk.","page_number":15,"box":{"x":53,"y":592,"width":184,"height":8}},{"id":"9b36c153-8f3f-45a9-af25-779578515ee3","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":15,"box":{"x":242,"y":592,"width":633,"height":10}},{"id":"9dd9232f-d92f-48f8-a44b-fcfb2af7b4b0","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":15,"box":{"x":53,"y":606,"width":802,"height":11}},{"id":"cae84322-7de3-43ee-872c-e73c5280cebb","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":15,"box":{"x":53,"y":620,"width":888,"height":11}},{"id":"3d94398d-3b3d-4a85-959c-f40637ccf5f0","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":15,"box":{"x":53,"y":634,"width":876,"height":11}},{"id":"4aa013fa-ab66-4226-ba65-9bca68b64490","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":15,"box":{"x":53,"y":648,"width":696,"height":11}},{"id":"d73de364-e098-4b9b-95e5-e91efd852a54","block_type":"box","text":"Operational and Technology Risks.","page_number":15,"box":{"x":53,"y":672,"width":254,"height":11}},{"id":"300d997a-0d46-4b06-a7f4-8fecd89a8c88","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":15,"box":{"x":312,"y":672,"width":581,"height":10}},{"id":"08f324a9-e81a-44d6-8be8-95988cc181b7","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":15,"box":{"x":53,"y":686,"width":876,"height":11}},{"id":"7ac6d33a-cca3-4061-8de3-ec74e3366d79","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":15,"box":{"x":53,"y":700,"width":879,"height":11}},{"id":"36a5f14b-769c-43ac-8995-f8e53dcaafee","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":15,"box":{"x":53,"y":714,"width":825,"height":11}},{"id":"9918400a-1b65-4b1d-a5c4-9df6449c52da","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":15,"box":{"x":53,"y":728,"width":862,"height":11}},{"id":"abf27473-a029-46a4-9d19-805fccc5a896","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":15,"box":{"x":53,"y":743,"width":872,"height":10}},{"id":"04d2367a-f982-4c9d-a875-7b72389474aa","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":15,"box":{"x":53,"y":757,"width":824,"height":11}},{"id":"c7b1a16c-b355-4e6a-9e14-c69914520846","block_type":"box","text":"Securities Lending Risk.","page_number":15,"box":{"x":52,"y":780,"width":178,"height":11}},{"id":"f192ca54-2086-4904-853f-b08006258ebb","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":15,"box":{"x":234,"y":780,"width":692,"height":11}},{"id":"6103a2a0-4ce1-4cb0-a15d-2c149b94c7f4","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":15,"box":{"x":53,"y":794,"width":870,"height":11}},{"id":"4bdd5898-d5f9-4164-a3d8-723bd488dbb8","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":15,"box":{"x":53,"y":808,"width":886,"height":11}},{"id":"5007606a-cb76-4dc0-80a5-575138a5601f","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":15,"box":{"x":53,"y":822,"width":831,"height":11}},{"id":"19fa3d08-7140-42bd-847a-9490fe41a7d5","block_type":"box","text":"Tracking Error Risk.","page_number":15,"box":{"x":52,"y":846,"width":145,"height":11}},{"id":"a7881f0a-a13b-42fe-8855-89a9403861a6","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":15,"box":{"x":201,"y":845,"width":741,"height":12}},{"id":"9c7e0a3d-b99c-4921-9227-539233947f63","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":15,"box":{"x":53,"y":860,"width":861,"height":11}},{"id":"69d0626a-ed5c-4f7a-84a1-65bf3445f121","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":15,"box":{"x":53,"y":874,"width":832,"height":11}},{"id":"42ccdf06-4b95-4cf9-99ee-1a4f0f69c657","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":15,"box":{"x":53,"y":888,"width":880,"height":11}},{"id":"e20449e7-b869-40f3-8f99-10963868eede","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":15,"box":{"x":53,"y":902,"width":831,"height":11}},{"id":"7d2b33f0-7d47-444b-b8f2-5ff57a8e1c19","block_type":"box","text":"S-8","page_number":15,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"7f07c1de-7941-421e-aa00-07f51026eb06","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":16,"box":{"x":52,"y":46,"width":828,"height":11}},{"id":"204cffd5-40f4-47b7-aa79-533353888dce","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":16,"box":{"x":53,"y":61,"width":873,"height":10}},{"id":"5e6aab58-656a-4161-917f-fcba37547ead","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":16,"box":{"x":53,"y":75,"width":889,"height":11}},{"id":"f7f47881-d07f-45fc-a299-23583cdc927e","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":16,"box":{"x":53,"y":89,"width":852,"height":11}},{"id":"1e382bd8-9225-4e85-9866-a512c2cb93d6","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":16,"box":{"x":53,"y":103,"width":886,"height":11}},{"id":"1d2c86cd-2c6d-43f6-8c2b-78e5fca54d67","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":16,"box":{"x":53,"y":117,"width":873,"height":11}},{"id":"a2b29c3d-05a5-4a29-8bc9-17b9a1368d37","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":16,"box":{"x":53,"y":131,"width":724,"height":11}},{"id":"acfea1be-2522-4ab3-9c4f-59d1729b000e","block_type":"box","text":"Performance Information","page_number":16,"box":{"x":54,"y":160,"width":228,"height":11}},{"id":"dd13de5e-02de-47df-83a7-10b0497ccc70","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":16,"box":{"x":52,"y":186,"width":864,"height":10}},{"id":"94279258-1a6f-4b05-9a24-d08eb2a1da03","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":16,"box":{"x":52,"y":200,"width":872,"height":11}},{"id":"41dad332-67f1-4972-bbf2-e399bebad004","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":16,"box":{"x":53,"y":214,"width":868,"height":11}},{"id":"fb6e5d39-b29c-418e-a53b-4269bbb04da9","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":16,"box":{"x":53,"y":228,"width":838,"height":11}},{"id":"b5909145-7167-465b-b7da-cd8ab64f8837","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":16,"box":{"x":53,"y":242,"width":868,"height":11}},{"id":"1fa390e0-b027-4b99-b087-f62a342ce88e","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":16,"box":{"x":53,"y":256,"width":832,"height":11}},{"id":"4b489131-3ae1-46e2-8a63-97ddf787f65b","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":16,"box":{"x":53,"y":271,"width":842,"height":11}},{"id":"c46b1227-1894-4b9e-8f90-72b297c8e2ed","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":16,"box":{"x":52,"y":285,"width":531,"height":11}},{"id":"186408ec-3d30-4ca3-9686-56ebb80880e7","block_type":"box","text":"Calendar Year-by-Year Returns 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2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":16,"box":{"x":87,"y":464,"width":356,"height":6}},{"id":"4934cf0e-4eff-45ca-9c6a-2038cdc87a93","block_type":"box","text":"Return (%) Period Ended","page_number":16,"box":{"x":736,"y":324,"width":188,"height":9}},{"id":"a3a340e8-1666-483e-823e-51c6a1501e78","block_type":"box","text":"Calendar Year-to-Date Return","page_number":16,"box":{"x":520,"y":343,"width":197,"height":7}},{"id":"7766485b-fb83-423c-95a4-1115e3c49262","block_type":"box","text":"-1.55% June 30, 2026","page_number":16,"box":{"x":752,"y":343,"width":190,"height":8}},{"id":"2e8b8bd9-5e46-407d-9aac-a0807259a280","block_type":"box","text":"During the periods shown in the chart:","page_number":16,"box":{"x":520,"y":355,"width":250,"height":10}},{"id":"3751872a-66b3-4b97-9f04-e0cf36774ea2","block_type":"box","text":"Best Quarter 28.98% December 31, 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18.16%","page_number":16,"box":{"x":682,"y":611,"width":257,"height":7}},{"id":"7593b13f-fc95-4409-8cdf-0a625d4429d8","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":16,"box":{"x":52,"y":640,"width":857,"height":11}},{"id":"f3986fd1-d3db-491c-8db4-abc765704822","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":16,"box":{"x":53,"y":654,"width":865,"height":11}},{"id":"c7e15fed-ce5a-4a6b-8cbe-bb20a778d171","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":16,"box":{"x":53,"y":668,"width":847,"height":11}},{"id":"f80cfc78-a3c4-4d27-9720-47c77a5f968a","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":16,"box":{"x":52,"y":682,"width":857,"height":11}},{"id":"a451abdb-a43c-4bc4-b4b9-1e7b5d562122","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":16,"box":{"x":53,"y":697,"width":877,"height":11}},{"id":"758d7cb3-54b5-4bcc-b6a9-a6c451e53290","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":16,"box":{"x":52,"y":711,"width":836,"height":11}},{"id":"f341ee25-4dd3-4a5f-8cb8-09c3c02565bb","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":16,"box":{"x":53,"y":725,"width":886,"height":11}},{"id":"f2cdef80-ca30-429e-b2cc-ba1ab9c975b4","block_type":"box","text":"on distributions.","page_number":16,"box":{"x":53,"y":740,"width":114,"height":8}},{"id":"7797ead7-e54c-408e-8af3-760f6cad181b","block_type":"box","text":"Management","page_number":16,"box":{"x":54,"y":769,"width":119,"height":13}},{"id":"b47294f0-6aba-448c-aa9a-1b2552404475","block_type":"box","text":"Investment Adviser.","page_number":16,"box":{"x":53,"y":793,"width":145,"height":9}},{"id":"dddd8453-232c-4ad0-b108-a6a5f47a5159","block_type":"box","text":"BlackRock Fund Advisors.","page_number":16,"box":{"x":204,"y":794,"width":180,"height":8}},{"id":"bad351a1-0b32-4a43-9eab-ca7e81789f1e","block_type":"box","text":"S-9","page_number":16,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"22216481-b646-4045-be1f-bb17ed9c0d19","block_type":"box","text":"Portfolio Managers.","page_number":17,"box":{"x":53,"y":46,"width":146,"height":11}},{"id":"01f72e78-c701-4043-9941-bfffeb43005f","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":17,"box":{"x":203,"y":46,"width":679,"height":11}},{"id":"580127d6-e548-44f6-afaa-0579f1180086","block_type":"box","text":"management of the Fund:","page_number":17,"box":{"x":53,"y":61,"width":182,"height":10}},{"id":"1385e6f2-46c0-4b19-99ac-d4a3422c02a2","block_type":"box","text":"Portfolio Manager","page_number":17,"box":{"x":58,"y":96,"width":119,"height":10}},{"id":"ae1238d0-dcce-4d52-a3d4-f1e1fc4f2029","block_type":"box","text":"Portfolio Manager of the","page_number":17,"box":{"x":411,"y":83,"width":160,"height":10}},{"id":"399b167a-709a-4422-badc-7b932c69c23b","block_type":"box","text":"Fund Since","page_number":17,"box":{"x":455,"y":96,"width":72,"height":8}},{"id":"ccd9008b-d51d-41eb-95a3-fd1feddd47d3","block_type":"box","text":"Title with Investment","page_number":17,"box":{"x":804,"y":83,"width":140,"height":8}},{"id":"cb118f57-5c5a-467a-afe9-c18c1fb671d4","block_type":"box","text":"Adviser","page_number":17,"box":{"x":849,"y":96,"width":49,"height":8}},{"id":"25c429a9-5b97-4d70-ac64-0561abb5057d","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":17,"box":{"x":57,"y":112,"width":876,"height":9}},{"id":"7ea1b336-669c-412a-a423-656be06fa82d","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":17,"box":{"x":58,"y":127,"width":875,"height":10}},{"id":"d1558338-3421-49f0-960a-1a6331737a43","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":17,"box":{"x":58,"y":143,"width":875,"height":9}},{"id":"28e8d287-dae0-4377-862a-5f8c2a3ef1cf","block_type":"box","text":"Steven White 2025 Managing Director","page_number":17,"box":{"x":57,"y":158,"width":876,"height":10}},{"id":"2b349b09-7bec-4c93-a1c1-ea05f0161caf","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":17,"box":{"x":54,"y":193,"width":304,"height":11}},{"id":"48194a49-a37a-4c1a-873b-a23f9a61ad5d","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":17,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"ef5856b5-2688-4812-9228-a191a29c34a5","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":17,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"4f970c63-87f6-43b4-9d3e-a5f12a8ee61f","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":17,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"3cb7450f-c4bd-40d9-9be2-1274108ef731","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":17,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"2fefb9cc-f9fd-4c50-a029-79c8bdaec8e9","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":17,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"d9a80374-162e-4d1e-bb46-4684a1ee9d2b","block_type":"box","text":"(the “bid-ask spread”).","page_number":17,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"21fbc7cd-1e9d-4c53-a45c-8401240b97e2","block_type":"box","text":"Tax Information","page_number":17,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"fd3cf726-178e-4221-bdc8-4d3495c7731e","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":17,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"977efdea-52f1-4b51-adf4-ffc790c86904","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":17,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"1ac41034-5797-4e26-a4dd-e9fa486b0c0b","block_type":"box","text":"be taxed when withdrawn.","page_number":17,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"bb33835e-602c-404a-baaf-9174da2178cb","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":17,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"f663bf44-7dd5-49a3-914a-84e191362148","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":17,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"082573f9-cbbc-4d28-bc48-c66546b3c11d","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":17,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"5c30415e-310b-4dfa-9564-64a8c18885d6","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":17,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"4d802119-7070-434f-8a2d-444554e25903","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":17,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"fe43c645-4d94-4fb5-b059-319119805a3d","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":17,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"e096517b-8a3c-4bcc-9c5d-9148967ce0f9","block_type":"box","text":"financial intermediary’s website for more information.","page_number":17,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"3b861bf9-cafd-4ee4-9d32-f549e5fa58c8","block_type":"box","text":"S-10","page_number":17,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"1d74b317-5de1-46c1-b8e6-e8fc3fa82c9e","block_type":"box","text":"iShares U.S. Healthcare Providers ETF","page_number":18,"box":{"x":53,"y":47,"width":529,"height":16}},{"id":"facaed01-2def-4e8d-a9d3-fa8ba84eb3bc","block_type":"box","text":"IHF | NYSE Arca","page_number":18,"box":{"x":54,"y":70,"width":220,"height":18}},{"id":"2d21655e-506e-4afd-b986-79174d0bb27a","block_type":"box","text":"Investment Objective","page_number":18,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"cf68573b-997a-4727-b762-879d7cb409c7","block_type":"box","text":"The iShares U.S. Healthcare Providers ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":18,"box":{"x":52,"y":134,"width":859,"height":11}},{"id":"a6b33dac-d691-4653-bd47-bc4ff3133a93","block_type":"box","text":"equities in the healthcare providers sector.","page_number":18,"box":{"x":53,"y":148,"width":299,"height":11}},{"id":"26d5923b-8504-45c0-a166-79daf137561f","block_type":"box","text":"Fees and Expenses","page_number":18,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"8fed11f4-813e-43a4-b682-08a4bfdd929e","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":18,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"7db380f8-85da-4476-8e4e-53d6995972f2","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":18,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"ba3bf795-1f34-4da0-bc2b-df51f6ae0ec6","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":18,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"74e34bfb-5f7c-4910-9d4c-bc81ff69e52c","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":18,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"0821ba5a-325e-4df5-bcc0-8349e7ff37d9","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":18,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"0c836c51-c5d5-4b24-b4d7-a7235c3840b5","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":18,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"bddaf2e7-cd22-443f-8695-59415592b323","block_type":"box","text":"extraordinary expenses.","page_number":18,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"ac7c5d61-09ce-4d25-add0-4d0ccabe8743","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":18,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"c0265e52-aa81-4ec1-8e14-076ac8ed659e","block_type":"box","text":"reflected in the table and example below.","page_number":18,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"e01bc552-6ad0-4fa3-a9c6-7008ff93c235","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":18,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"82bc59f7-99fe-4d7b-a3ed-4e2adf2bb0fe","block_type":"box","text":"1","page_number":18,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"d9abf7fa-ba1a-42ba-8392-5981789ead35","block_type":"box","text":"Management Fee","page_number":18,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"b91187b9-806c-4d33-ae6f-09e7c3ccbbde","block_type":"box","text":"0.37%","page_number":18,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"a2417add-3d5f-47cd-9f99-d49b9cce1f63","block_type":"box","text":"Other Expenses","page_number":18,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"aff14704-a2ed-4b92-8486-5c077a9109d5","block_type":"box","text":"0.00%","page_number":18,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"88f00614-449f-45a9-8d2f-cd8d5216fea7","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":18,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"018bb0c7-4711-4c29-afe4-f98bfab34388","block_type":"box","text":"0.37%","page_number":18,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"e80e9696-e458-4be4-86fb-6d46e0de5238","block_type":"box","text":"1","page_number":18,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"78cf9ad1-158a-4f70-a432-a9f7978b653a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":18,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"4fe82b93-ece8-4662-9fad-297a062aa424","block_type":"box","text":"Example.","page_number":18,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"288d6f6a-ab0c-4e12-9c29-1b29a74c21dd","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":18,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"72e47f9d-9bcf-4512-a381-4b695123b472","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":18,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"bda87d49-d88e-4707-963c-f12db2979827","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":18,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"5553e1fd-84af-44fa-8c88-ddf7472e3554","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":18,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"3ea169f1-9549-494b-8a0b-0f3e46f8a4f6","block_type":"box","text":"your costs would be:","page_number":18,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"15d2523f-8b0a-4d90-aded-7b2fc3ce729d","block_type":"box","text":"Expense Example","page_number":18,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"013ffafa-c2ad-49d0-9ce7-b5106a2e103f","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":18,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"89f729e4-3cfe-4393-b226-0c3c8d8ffa94","block_type":"box","text":"Example Fund Costs","page_number":18,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"d061d008-fac5-4f17-a765-d8fa2a7bfe08","block_type":"box","text":"$38 $119 $208 $468","page_number":18,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"f5267f88-1046-4e0c-a053-4b5c7d63b564","block_type":"box","text":"Portfolio Turnover.","page_number":18,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"57733e7a-bff3-4ef6-b93a-4733b3f9131d","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":18,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"926db488-b805-4263-a20c-d02a9f781c9c","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":18,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"33df9014-591c-4737-9919-8e1169a35fcd","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":18,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"b0cf6ef3-d7d1-413a-85e6-18a70c665a28","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 37% of","page_number":18,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"cd54caab-f84a-4ddc-acf4-f42232070955","block_type":"box","text":"the average value of its portfolio.","page_number":18,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"87772fd4-70f3-42ab-be6a-b02263d8a06e","block_type":"box","text":"Principal Investment Strategies","page_number":18,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"afddefea-e722-4e78-a495-dffd211d8fe1","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Health Care Providers Index (the “Underlying","page_number":18,"box":{"x":52,"y":682,"width":854,"height":11}},{"id":"7242d229-c7db-48bb-b1cc-6299bfc8c93d","block_type":"box","text":"Index”), which measures the performance of the healthcare providers sector of the U.S. equity market, as defined by S&P Dow","page_number":18,"box":{"x":53,"y":697,"width":884,"height":11}},{"id":"db5738f5-3236-4c13-811b-0d71813ac887","block_type":"box","text":"Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index includes companies that are healthcare providers,","page_number":18,"box":{"x":52,"y":711,"width":878,"height":11}},{"id":"f417d6a0-2998-4172-807e-0620b05cd88a","block_type":"box","text":"such as owners and operators of health maintenance organizations, hospitals, clinics, dental and eye care facilities, nursing","page_number":18,"box":{"x":52,"y":725,"width":874,"height":11}},{"id":"811b709c-f67e-4a9c-885c-95f39d449066","block_type":"box","text":"homes and rehabilitation and retirement centers. The Underlying Index may include large-, mid- or small-capitalization","page_number":18,"box":{"x":53,"y":740,"width":843,"height":10}},{"id":"7d6e53e2-da59-41bd-9cb1-a8f8ba2b2818","block_type":"box","text":"companies. As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in","page_number":18,"box":{"x":53,"y":754,"width":887,"height":10}},{"id":"847c483b-87ff-4e97-ad88-12a97c884744","block_type":"box","text":"the healthcare industry or sector. The components of the Underlying Index are likely to change over time.","page_number":18,"box":{"x":52,"y":768,"width":740,"height":11}},{"id":"08c70156-d529-47b9-a547-f19b910cbf5b","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":18,"box":{"x":52,"y":791,"width":853,"height":11}},{"id":"b9649202-448a-4743-a31d-1c2ba1f983c0","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":18,"box":{"x":53,"y":805,"width":839,"height":11}},{"id":"1e9d13b7-5253-4c46-bc3b-3abe93da9f2d","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":18,"box":{"x":53,"y":819,"width":868,"height":11}},{"id":"ac4eadc9-2de6-4107-b259-3013dfc51060","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":18,"box":{"x":53,"y":833,"width":851,"height":11}},{"id":"6de5f9a4-1dc0-453a-a6f0-b21bf2bc1aa4","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":18,"box":{"x":53,"y":848,"width":806,"height":10}},{"id":"92a64ba0-9a82-40a1-914c-2fad29e5e3f5","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":18,"box":{"x":53,"y":862,"width":884,"height":11}},{"id":"5a3f4ec3-6ad8-4fdc-8cf5-760faefcb106","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":18,"box":{"x":52,"y":876,"width":884,"height":11}},{"id":"5ed761a9-d69c-4b8d-8109-86c347df2895","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":18,"box":{"x":53,"y":890,"width":852,"height":11}},{"id":"3683ca67-16b0-46d5-be9a-289d39a8ba90","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":18,"box":{"x":53,"y":904,"width":867,"height":11}},{"id":"ba356f42-d441-4f00-94dd-73bdbc6bc62c","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":18,"box":{"x":52,"y":919,"width":869,"height":10}},{"id":"0d410fd6-92fc-45d1-acee-cbbe757b439b","block_type":"box","text":"S-11","page_number":18,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"cf4c5fd8-2b36-4304-bf30-2ebe66032cc4","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":19,"box":{"x":52,"y":46,"width":863,"height":11}},{"id":"31d757be-1ccd-4854-abae-8b88b0ac7ceb","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":19,"box":{"x":53,"y":61,"width":826,"height":10}},{"id":"3d15127e-de96-4832-9b65-ec3a8135ee50","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":19,"box":{"x":53,"y":75,"width":405,"height":11}},{"id":"8caf6602-d3bf-49ab-83e9-249f802f0a78","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":19,"box":{"x":53,"y":98,"width":844,"height":11}},{"id":"66b3cd18-49af-435e-8f19-a4740ab4fa1b","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":19,"box":{"x":53,"y":112,"width":860,"height":11}},{"id":"b70de691-b70c-4950-b7a9-d3b8e82bbe34","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":19,"box":{"x":53,"y":126,"width":831,"height":11}},{"id":"eee554bb-e74c-469f-8528-6ba906ed65da","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":19,"box":{"x":53,"y":140,"width":817,"height":11}},{"id":"e5fb053d-689b-41da-9f36-4021904faa03","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":19,"box":{"x":53,"y":155,"width":818,"height":11}},{"id":"da462765-c26d-4a3a-9562-d6b19926e45b","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":19,"box":{"x":53,"y":169,"width":835,"height":11}},{"id":"25d1337b-7480-45c3-b99c-49a7070aeaf5","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":19,"box":{"x":52,"y":192,"width":873,"height":11}},{"id":"dcdf5e1d-cd38-4feb-8643-98ac289bcf3a","block_type":"box","text":"collateral received).","page_number":19,"box":{"x":53,"y":206,"width":136,"height":10}},{"id":"ae1217dd-f4f0-4787-bfee-c435181fbbc3","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":19,"box":{"x":52,"y":229,"width":870,"height":11}},{"id":"eaa716f1-b70c-4186-acf8-a890e54daa7e","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":19,"box":{"x":53,"y":244,"width":856,"height":10}},{"id":"2f97d7ad-6cdf-4702-9cb2-375d1798404a","block_type":"box","text":"market value of the Underlying Index.","page_number":19,"box":{"x":53,"y":258,"width":263,"height":11}},{"id":"e0bfe7e7-e32e-46c0-a91c-533e0e9d1704","block_type":"box","text":"Industry Concentration Policy.","page_number":19,"box":{"x":53,"y":281,"width":224,"height":11}},{"id":"79980304-fb35-4fc5-9ac2-4310df43ab01","block_type":"box","text":"The Fund will concentrate its investments (","page_number":19,"box":{"x":281,"y":281,"width":304,"height":9}},{"id":"47c0954b-74a4-4a2d-80d6-fe74692b11b6","block_type":"box","text":"i.e.","page_number":19,"box":{"x":587,"y":281,"width":17,"height":8}},{"id":"406581dc-620e-4b52-ba28-04c147926b78","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":19,"box":{"x":606,"y":281,"width":292,"height":10}},{"id":"035a8fb5-ccdb-4c88-ba4f-a0ae04f7112e","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":19,"box":{"x":53,"y":295,"width":858,"height":11}},{"id":"52f4c32d-39d2-44ab-8554-766d13ebb751","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":19,"box":{"x":53,"y":309,"width":868,"height":11}},{"id":"003cc7ef-29b7-47b6-876e-7c983b2d82de","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":19,"box":{"x":53,"y":324,"width":826,"height":10}},{"id":"d79e5aa2-93bc-4074-b51d-54933a197409","block_type":"box","text":"Summary of Principal Risks","page_number":19,"box":{"x":52,"y":352,"width":248,"height":14}},{"id":"56d5ad22-5e68-4322-ab9b-44fb3209fe59","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":19,"box":{"x":52,"y":378,"width":881,"height":11}},{"id":"452ec616-d2cf-449e-b20f-0c1c2e5f5ccb","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":19,"box":{"x":53,"y":392,"width":824,"height":11}},{"id":"0a9439da-6600-43b2-b3e5-17d1317132fd","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":19,"box":{"x":53,"y":406,"width":807,"height":11}},{"id":"cc7b218f-482e-4e70-9ff1-c64f467057e9","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":19,"box":{"x":53,"y":420,"width":844,"height":11}},{"id":"a653c179-f91e-4d56-b76d-43b7adaedbc0","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":19,"box":{"x":52,"y":434,"width":815,"height":11}},{"id":"e84c0483-8fe5-4ac7-85ef-a42011b4a24c","block_type":"box","text":"Risk of Investing in the U.S.","page_number":19,"box":{"x":53,"y":458,"width":200,"height":11}},{"id":"3065f496-3c33-48f8-93e7-74f5f36193b9","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":19,"box":{"x":259,"y":458,"width":663,"height":10}},{"id":"91f67ce7-73ff-4e7e-a16d-507602c5a4d0","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":19,"box":{"x":53,"y":472,"width":877,"height":11}},{"id":"3a6e0356-8898-4438-9206-056d472fc1ee","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":19,"box":{"x":53,"y":486,"width":470,"height":11}},{"id":"a768e6c0-1998-4fe3-b65e-6eaf07097e53","block_type":"box","text":"Healthcare Companies Risk.","page_number":19,"box":{"x":53,"y":509,"width":206,"height":11}},{"id":"9fb69ee4-270f-42d0-b8df-c7b894e4f581","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by extensive government","page_number":19,"box":{"x":264,"y":509,"width":661,"height":11}},{"id":"c473ad1a-b12e-4b71-95e6-d7d7b589f8db","block_type":"box","text":"regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services,","page_number":19,"box":{"x":53,"y":523,"width":877,"height":11}},{"id":"1a201c68-35a8-4959-a1d0-d122e9dca21d","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and","page_number":19,"box":{"x":53,"y":538,"width":852,"height":10}},{"id":"8f7ce95f-8710-4aaa-908d-8662f2aa0cf3","block_type":"box","text":"product liability claims, among other factors.","page_number":19,"box":{"x":53,"y":552,"width":316,"height":11}},{"id":"64844fdb-ac3f-48bb-80ee-517134f9b0d4","block_type":"box","text":"Equity Securities Risk.","page_number":19,"box":{"x":53,"y":575,"width":164,"height":11}},{"id":"596c1df5-9e85-4498-850d-3e09c15f9f9c","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":19,"box":{"x":223,"y":575,"width":709,"height":11}},{"id":"2f14b586-6bf2-4257-8285-7766b82db1d0","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":19,"box":{"x":53,"y":589,"width":889,"height":11}},{"id":"7a6cf698-9028-4847-ad05-6c710915c8d0","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":19,"box":{"x":53,"y":603,"width":880,"height":11}},{"id":"482697f8-fbc6-4301-8c5b-8c72e3cdf1b1","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":19,"box":{"x":53,"y":618,"width":867,"height":10}},{"id":"5a8ab517-2572-402f-a9a3-0d95aaf3cb57","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":19,"box":{"x":53,"y":632,"width":339,"height":11}},{"id":"26a33f2a-2d42-4ca0-91b2-0ff073648929","block_type":"box","text":"Market Risk.","page_number":19,"box":{"x":53,"y":655,"width":91,"height":8}},{"id":"5f9cf794-975e-441a-8753-543bd1e8516c","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":19,"box":{"x":148,"y":655,"width":768,"height":11}},{"id":"29f37f5a-af34-42ed-bd97-63b3d3a25a7d","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":19,"box":{"x":53,"y":669,"width":882,"height":11}},{"id":"3c2f9628-a24c-4e2e-890d-0c099734b6d2","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":19,"box":{"x":53,"y":683,"width":858,"height":11}},{"id":"4906930e-ac5a-4e2d-8e4b-15b7aef66ab4","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":19,"box":{"x":53,"y":697,"width":875,"height":11}},{"id":"141b9a6d-6334-4b4f-a393-50b400aaf27e","block_type":"box","text":"Fund’s NAV.","page_number":19,"box":{"x":53,"y":712,"width":82,"height":8}},{"id":"9caf72f1-7509-42db-8468-ddd993468b60","block_type":"box","text":"Index-Related Risk.","page_number":19,"box":{"x":53,"y":735,"width":143,"height":8}},{"id":"a141e29e-6b08-4374-acc4-9cf99fc2a0a5","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":19,"box":{"x":201,"y":735,"width":742,"height":11}},{"id":"f3b3c8c4-a806-4a1f-85ff-f35c70ab3a9b","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":19,"box":{"x":53,"y":749,"width":856,"height":11}},{"id":"686b0876-8592-4546-9a21-485181e2f08c","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":19,"box":{"x":53,"y":763,"width":852,"height":11}},{"id":"7ef608f3-0d43-4522-976f-014f043fc9d1","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":19,"box":{"x":53,"y":778,"width":876,"height":10}},{"id":"d89cc280-a198-4ef4-9965-284b493c902e","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":19,"box":{"x":52,"y":792,"width":849,"height":10}},{"id":"7acca744-d171-44a0-bfe0-a85573b52396","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":19,"box":{"x":53,"y":806,"width":849,"height":11}},{"id":"62864776-351d-4a68-9cf5-af31f416b969","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":19,"box":{"x":53,"y":820,"width":890,"height":11}},{"id":"070cd453-b65c-498b-aaeb-e333ccb9395f","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":19,"box":{"x":53,"y":834,"width":853,"height":11}},{"id":"45ec2d58-6823-419d-89ad-2759f4ae5e3c","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":19,"box":{"x":53,"y":848,"width":539,"height":11}},{"id":"e0b3d987-ee85-479c-96ed-142920c54cd3","block_type":"box","text":"Asset Class Risk.","page_number":19,"box":{"x":52,"y":871,"width":122,"height":9}},{"id":"802c263a-958f-4c80-b0a9-6423310f9fd1","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":19,"box":{"x":179,"y":871,"width":721,"height":11}},{"id":"f5255bfa-a5f5-4429-a5b4-edb8091aa0eb","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":19,"box":{"x":53,"y":886,"width":774,"height":10}},{"id":"48c85f38-c0c9-47b2-a4cc-808ebcf30379","block_type":"box","text":"S-12","page_number":19,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"6e5c8298-babd-49ed-9349-5abb000b8c34","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":20,"box":{"x":52,"y":46,"width":318,"height":11}},{"id":"fc7f5efd-eecc-48bf-ab62-db4c95aa9692","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":20,"box":{"x":374,"y":46,"width":531,"height":11}},{"id":"2d36fb1f-bf3e-4472-b2e1-e37e2c34079e","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":20,"box":{"x":53,"y":61,"width":810,"height":10}},{"id":"e4840a58-23ea-4c33-95f4-01f3323bebd0","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":20,"box":{"x":52,"y":75,"width":816,"height":11}},{"id":"502544e4-8933-486a-a0d5-479aa3b842d8","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":20,"box":{"x":52,"y":89,"width":884,"height":11}},{"id":"00cd1276-d04c-449e-83d4-d9f3cb85c196","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":20,"box":{"x":53,"y":103,"width":871,"height":11}},{"id":"c02bcaab-1bfc-4129-b596-b49b72d4fbd9","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":20,"box":{"x":53,"y":118,"width":846,"height":10}},{"id":"5f096978-f988-46e1-af81-fc7004085ac9","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":20,"box":{"x":52,"y":131,"width":881,"height":11}},{"id":"2cf9901f-d759-4eae-91a8-e545b676e6e8","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":20,"box":{"x":53,"y":146,"width":853,"height":11}},{"id":"c41b1c75-53ca-4143-9e42-f9b7273e08ad","block_type":"box","text":"halts or delisting.","page_number":20,"box":{"x":53,"y":160,"width":121,"height":11}},{"id":"2e182c20-3e23-4a1c-866d-4a2fd5dfdc94","block_type":"box","text":"Concentration Risk.","page_number":20,"box":{"x":53,"y":183,"width":145,"height":9}},{"id":"4e04c9aa-ba19-4ce6-87e8-9d4004484e15","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":20,"box":{"x":202,"y":183,"width":711,"height":11}},{"id":"09064f82-0683-4f96-ab42-2c84a4132a57","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":20,"box":{"x":53,"y":197,"width":884,"height":10}},{"id":"628f5f01-7b8d-4aac-aa2b-edacc65612a0","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":20,"box":{"x":52,"y":211,"width":887,"height":11}},{"id":"84b5d26d-7c73-4522-bdb5-0bf8046b26a1","block_type":"box","text":"asset classes.","page_number":20,"box":{"x":53,"y":226,"width":95,"height":8}},{"id":"f672ed14-942a-43b0-bcfe-2a77395bcd7c","block_type":"box","text":"Issuer Risk.","page_number":20,"box":{"x":53,"y":249,"width":83,"height":8}},{"id":"eb76b778-f4ae-4c83-971e-03aa1d093755","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":20,"box":{"x":140,"y":249,"width":780,"height":10}},{"id":"e408e4fc-d344-4b5d-915a-79b4624c8028","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":20,"box":{"x":53,"y":263,"width":886,"height":11}},{"id":"bf410e1b-d6d5-4281-80a8-3b72461aad9b","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":20,"box":{"x":52,"y":277,"width":576,"height":11}},{"id":"a8481a24-5e49-43e8-a395-5ea3f062e111","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":20,"box":{"x":53,"y":300,"width":278,"height":11}},{"id":"b40845f1-b83b-42e1-9242-d518f80da8f0","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":20,"box":{"x":337,"y":301,"width":540,"height":10}},{"id":"d895231b-8421-47d6-83bf-bc50120ef627","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":20,"box":{"x":53,"y":315,"width":890,"height":10}},{"id":"21162573-5ed1-4fd8-b3f8-e6127ed462a8","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":20,"box":{"x":53,"y":329,"width":868,"height":11}},{"id":"2742a712-e95a-40bf-8137-f7043b5a4c0c","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":20,"box":{"x":53,"y":343,"width":709,"height":11}},{"id":"31827ac4-229c-4e24-b9b4-04ce3330b330","block_type":"box","text":"Management Risk.","page_number":20,"box":{"x":53,"y":366,"width":137,"height":11}},{"id":"d11d8aff-e6fa-441a-9f4d-3d3372f46dca","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":20,"box":{"x":194,"y":366,"width":711,"height":11}},{"id":"d9d4511a-b187-4405-88c5-20fb09f4b7bd","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":20,"box":{"x":53,"y":380,"width":877,"height":11}},{"id":"46dce8e3-4089-4ae9-b7fe-0d2a3fefe4f9","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":20,"box":{"x":53,"y":394,"width":859,"height":11}},{"id":"4a58d3f9-2e3f-4f07-b055-9feb65a72932","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":20,"box":{"x":52,"y":409,"width":848,"height":10}},{"id":"432c8360-c978-4065-a3e6-fabd532e3e57","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":20,"box":{"x":53,"y":423,"width":756,"height":11}},{"id":"576c2f95-4d99-4caf-854f-9cde79fe6f50","block_type":"box","text":"Market Trading Risk.","page_number":20,"box":{"x":53,"y":446,"width":152,"height":11}},{"id":"0bda5474-aa28-4798-941c-e0b38306c925","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":20,"box":{"x":209,"y":446,"width":694,"height":11}},{"id":"f6567344-9c8a-461d-97b0-e872538cf060","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":20,"box":{"x":53,"y":460,"width":841,"height":11}},{"id":"5b6f1489-cf3c-44c8-a000-058be7673c2a","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":20,"box":{"x":53,"y":474,"width":887,"height":11}},{"id":"846e75ab-c055-42f0-8cad-53e2d89e262f","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":20,"box":{"x":52,"y":489,"width":839,"height":10}},{"id":"6b31bf33-179b-4169-b0e4-22735fc13ce4","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":20,"box":{"x":53,"y":503,"width":866,"height":11}},{"id":"4f13c3f9-4663-46c6-9dcd-4058679949b0","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":20,"box":{"x":52,"y":517,"width":885,"height":11}},{"id":"ff4c246d-4ed8-494d-858b-7867aa673bc5","block_type":"box","text":"of the Fund shares.","page_number":20,"box":{"x":53,"y":531,"width":134,"height":9}},{"id":"afbbf205-30a6-481a-bc69-c0b4e45731d4","block_type":"box","text":"Non-Diversification Risk.","page_number":20,"box":{"x":53,"y":554,"width":184,"height":9}},{"id":"5213e2a8-ad7c-45a7-955f-e781f23d5fe0","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":20,"box":{"x":242,"y":554,"width":633,"height":11}},{"id":"a61b3b61-44f3-4687-b031-5d3805a4ab5b","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":20,"box":{"x":53,"y":568,"width":802,"height":11}},{"id":"64a5b777-9395-429b-8f77-9b196da90fba","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":20,"box":{"x":53,"y":583,"width":888,"height":11}},{"id":"eca8ce9d-e185-40e5-bdf9-a9865d023217","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":20,"box":{"x":53,"y":597,"width":876,"height":11}},{"id":"4cd766e4-ce18-4dcc-8d4f-8b48e9dd9036","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":20,"box":{"x":53,"y":611,"width":696,"height":11}},{"id":"71d6f746-ef6f-4292-ae42-f4ab4fd09c13","block_type":"box","text":"Operational and Technology Risks.","page_number":20,"box":{"x":53,"y":634,"width":254,"height":11}},{"id":"5fe30b6a-f3b7-4d29-9468-aad9485172df","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":20,"box":{"x":312,"y":634,"width":581,"height":11}},{"id":"faad5d04-376a-48bb-a274-d5d3f032d6f7","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":20,"box":{"x":53,"y":648,"width":876,"height":11}},{"id":"a04fdf15-d862-4c6b-802a-1280fc087d18","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":20,"box":{"x":53,"y":662,"width":879,"height":11}},{"id":"0ffc1d6b-eb3a-4f66-8854-445d40e24604","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":20,"box":{"x":53,"y":677,"width":825,"height":11}},{"id":"d5be1041-fce3-4cb3-8d77-662733ea3e41","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":20,"box":{"x":53,"y":691,"width":862,"height":11}},{"id":"07b41681-871b-4bd5-9532-1ad3fbd1a60a","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":20,"box":{"x":53,"y":705,"width":872,"height":11}},{"id":"d5b4b9e1-c55b-4a41-89b7-0bb7306ac612","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":20,"box":{"x":53,"y":719,"width":824,"height":11}},{"id":"2f7ca50d-0da7-4f7e-b9bb-4c58a191b142","block_type":"box","text":"Securities Lending Risk.","page_number":20,"box":{"x":52,"y":742,"width":178,"height":11}},{"id":"4294f6c4-f487-4d8f-ba61-f4815a956421","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":20,"box":{"x":234,"y":743,"width":692,"height":10}},{"id":"e04d2cf6-0fa5-45db-b3cf-7c4e6ee1d484","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":20,"box":{"x":53,"y":757,"width":870,"height":11}},{"id":"4898667a-d757-46b5-ac5f-e33587fabfba","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":20,"box":{"x":53,"y":771,"width":886,"height":11}},{"id":"c8a04fee-167d-4db0-99d3-a232bca89bff","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":20,"box":{"x":53,"y":785,"width":831,"height":11}},{"id":"be12e7aa-49be-4bdd-a79e-4778a44cca3b","block_type":"box","text":"Tracking Error Risk.","page_number":20,"box":{"x":52,"y":808,"width":145,"height":11}},{"id":"5ffc4121-3147-4cb2-a6fe-698d41ef4171","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":20,"box":{"x":201,"y":808,"width":741,"height":11}},{"id":"05e1680a-3105-44a3-ab6d-1f97bd88e35d","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":20,"box":{"x":53,"y":822,"width":861,"height":11}},{"id":"6eccc652-073a-4604-8292-4bba87cd9f29","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":20,"box":{"x":53,"y":837,"width":832,"height":10}},{"id":"fbc67327-0ec5-46f8-aff9-df0950e3beb9","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":20,"box":{"x":53,"y":851,"width":880,"height":11}},{"id":"8d565a73-dd39-4ab9-b0b8-67a684ac5c11","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":20,"box":{"x":53,"y":865,"width":831,"height":11}},{"id":"608e081a-f72f-4107-9841-84dc697dbe01","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":20,"box":{"x":52,"y":879,"width":828,"height":11}},{"id":"66e2d1e8-9da4-4acb-804c-8846d5f4fcbe","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":20,"box":{"x":53,"y":893,"width":873,"height":11}},{"id":"bf284977-6c3e-45bf-b344-349d437c1d36","block_type":"box","text":"S-13","page_number":20,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"2f50ccf9-9954-46a8-93bf-418cb8e05a30","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":21,"box":{"x":53,"y":46,"width":889,"height":11}},{"id":"26ad50a0-b48d-45e9-b5fc-09551c65a21c","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":21,"box":{"x":53,"y":61,"width":852,"height":10}},{"id":"29386fcf-8fc8-4438-8300-80e843fe0447","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":21,"box":{"x":53,"y":75,"width":886,"height":11}},{"id":"ddae3eb1-21d3-4ab4-a37b-dfc63370620b","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":21,"box":{"x":53,"y":89,"width":873,"height":11}},{"id":"a49219dc-671c-4fea-8440-5b8eb8fbd95c","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":21,"box":{"x":53,"y":103,"width":724,"height":11}},{"id":"eeb878c6-2ad3-473b-972e-fbe3b289ef46","block_type":"box","text":"Performance Information","page_number":21,"box":{"x":54,"y":132,"width":228,"height":11}},{"id":"dcba9de2-bb45-4440-b968-5f72dbe8113c","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":21,"box":{"x":52,"y":157,"width":864,"height":11}},{"id":"349d1353-43fa-4f7e-aa1f-452cc8b06173","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":21,"box":{"x":52,"y":171,"width":872,"height":11}},{"id":"b5052f03-e268-41de-8618-486934b8e2de","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":21,"box":{"x":53,"y":186,"width":868,"height":10}},{"id":"c590b1dc-a53b-4419-aed1-0da5378684be","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":21,"box":{"x":53,"y":200,"width":838,"height":11}},{"id":"2a2fe180-dac6-411f-8691-c732841e4b9f","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":21,"box":{"x":53,"y":214,"width":868,"height":11}},{"id":"16792f2a-3063-4583-aece-3292f9c295ac","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":21,"box":{"x":53,"y":228,"width":832,"height":11}},{"id":"ef141ae5-64c3-4ede-8508-cf7222a62ad7","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":21,"box":{"x":53,"y":242,"width":842,"height":11}},{"id":"ed93ea39-3904-4b02-ba5f-c889ce4d415a","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":21,"box":{"x":52,"y":256,"width":531,"height":11}},{"id":"110cc5a8-7d65-4d8c-aee4-a88de94da8bf","block_type":"box","text":"Calendar Year-by-Year Returns 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5/1/2006","page_number":21,"box":{"x":58,"y":511,"width":171,"height":10}},{"id":"7528d083-6911-4ae2-8d23-da93d667468a","block_type":"box","text":"Return Before Taxes","page_number":21,"box":{"x":58,"y":523,"width":125,"height":8}},{"id":"d290b343-b086-4dcc-b14e-6de3964484b9","block_type":"box","text":"0.91% 1.23% 7.83%","page_number":21,"box":{"x":690,"y":523,"width":249,"height":8}},{"id":"4f9be1e3-9a90-43f6-9810-25ff0683c626","block_type":"box","text":"Return After Taxes on Distributions 0.67% 1.04% 7.58%","page_number":21,"box":{"x":58,"y":535,"width":881,"height":7}},{"id":"68852213-996b-4e90-91c8-352b7d6a7398","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 0.72% 0.95% 6.35%","page_number":21,"box":{"x":58,"y":546,"width":881,"height":8}},{"id":"af3dcdcb-b5ef-46e8-b08a-f0d5979fd700","block_type":"box","text":"S&P Total Market 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8.23%","page_number":21,"box":{"x":690,"y":582,"width":249,"height":8}},{"id":"39b9b8b4-b116-4554-9750-284062adf397","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":21,"box":{"x":52,"y":612,"width":857,"height":11}},{"id":"428fe97e-c4be-4625-a933-32be50db954e","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":21,"box":{"x":53,"y":626,"width":865,"height":10}},{"id":"a298e5d5-2012-45fa-82b5-e247d059ee14","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":21,"box":{"x":53,"y":640,"width":847,"height":11}},{"id":"f50444cb-d121-4705-a4af-ce637dd35ceb","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":21,"box":{"x":52,"y":654,"width":857,"height":11}},{"id":"7ebe44a9-7584-4e83-b072-39012c873bad","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":21,"box":{"x":53,"y":668,"width":877,"height":11}},{"id":"513f915d-93e7-417e-80db-4293e97e6993","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":21,"box":{"x":52,"y":683,"width":836,"height":10}},{"id":"533308a8-21db-42db-9ca3-209d4aa63d27","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":21,"box":{"x":53,"y":697,"width":886,"height":11}},{"id":"116ec7bc-134f-440b-aa6b-0bd321c7557a","block_type":"box","text":"on distributions.","page_number":21,"box":{"x":53,"y":711,"width":114,"height":8}},{"id":"f7a2eff3-dda1-445f-a573-a9852b5a5386","block_type":"box","text":"Management","page_number":21,"box":{"x":54,"y":740,"width":119,"height":13}},{"id":"2f1ef559-f6c4-4b0b-942f-79d7cf601dc5","block_type":"box","text":"Investment Adviser.","page_number":21,"box":{"x":53,"y":765,"width":145,"height":9}},{"id":"7f8599e8-1d5c-4252-8b03-ae9683e63730","block_type":"box","text":"BlackRock Fund Advisors.","page_number":21,"box":{"x":204,"y":765,"width":180,"height":9}},{"id":"89df25cc-eee7-47af-8916-d8e3b6072472","block_type":"box","text":"Portfolio Managers.","page_number":21,"box":{"x":53,"y":788,"width":146,"height":11}},{"id":"9ed13b3e-ceff-4980-960c-ca76baeb1387","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":21,"box":{"x":203,"y":788,"width":679,"height":11}},{"id":"1f38d67d-77a0-4c6b-b6a9-5d3af8f60e61","block_type":"box","text":"management of the Fund:","page_number":21,"box":{"x":53,"y":802,"width":182,"height":11}},{"id":"c81819eb-e91d-498b-b657-8ecd066a57f5","block_type":"box","text":"Portfolio Manager","page_number":21,"box":{"x":58,"y":838,"width":119,"height":10}},{"id":"96dff03a-85f2-4a8a-9a11-ee6b0e39d82f","block_type":"box","text":"Portfolio Manager of the","page_number":21,"box":{"x":411,"y":825,"width":160,"height":10}},{"id":"4394876f-63c3-4659-84f3-2cf44ebcb55d","block_type":"box","text":"Fund Since","page_number":21,"box":{"x":455,"y":838,"width":72,"height":8}},{"id":"7e7045df-b02d-43d9-b2ec-1058b8169f3a","block_type":"box","text":"Title with Investment","page_number":21,"box":{"x":804,"y":825,"width":140,"height":8}},{"id":"607979b8-fdaf-4c3c-a552-0f210fd2e870","block_type":"box","text":"Adviser","page_number":21,"box":{"x":849,"y":838,"width":49,"height":8}},{"id":"0107e570-a9ed-4f02-b1c7-7651412a9448","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":21,"box":{"x":57,"y":854,"width":876,"height":9}},{"id":"427e76f9-fb96-4ea0-b190-3807768a7916","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":21,"box":{"x":58,"y":869,"width":875,"height":10}},{"id":"618a160a-5b3b-4abe-924c-90e394378588","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":21,"box":{"x":58,"y":885,"width":875,"height":9}},{"id":"e8c418b7-e7ea-4174-a06a-d5d5d120e263","block_type":"box","text":"Steven White 2025 Managing Director","page_number":21,"box":{"x":57,"y":900,"width":876,"height":10}},{"id":"73b18310-4a9e-42df-8803-6e59f9015b1c","block_type":"box","text":"S-14","page_number":21,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"b656f721-7cad-42e7-b89e-c2f9a2dd74d1","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":22,"box":{"x":54,"y":53,"width":304,"height":11}},{"id":"bb2a6536-d44f-43d4-916a-3519fa857760","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":22,"box":{"x":52,"y":78,"width":878,"height":11}},{"id":"a6e6a8b3-e6f4-4ec9-9f08-76cca90992ba","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":22,"box":{"x":53,"y":93,"width":855,"height":11}},{"id":"8158d403-877c-48db-8e9b-f7341b86a38d","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":22,"box":{"x":52,"y":107,"width":817,"height":11}},{"id":"59cb9d15-615f-4c08-b4ad-2fb610befadd","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":22,"box":{"x":53,"y":121,"width":878,"height":11}},{"id":"79eff427-0bc8-4ad5-a40e-59e4c338be71","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":22,"box":{"x":53,"y":135,"width":861,"height":11}},{"id":"49e69e38-aae0-42cb-9050-ea1418883b14","block_type":"box","text":"(the “bid-ask spread”).","page_number":22,"box":{"x":53,"y":149,"width":156,"height":11}},{"id":"06589c64-f29b-4c9b-9f05-be1246849053","block_type":"box","text":"Tax Information","page_number":22,"box":{"x":52,"y":178,"width":144,"height":11}},{"id":"29deea2b-a9b9-41eb-9344-912d2593e498","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":22,"box":{"x":52,"y":204,"width":831,"height":11}},{"id":"2e397a1d-9f02-414d-9e5f-3e2bdd818367","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":22,"box":{"x":53,"y":218,"width":883,"height":11}},{"id":"b017fc5e-4e32-42db-adad-1d78124ec132","block_type":"box","text":"be taxed when withdrawn.","page_number":22,"box":{"x":53,"y":232,"width":182,"height":9}},{"id":"946a7775-bd6c-4e8c-9ce5-7cf656ce39a4","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":22,"box":{"x":54,"y":261,"width":575,"height":13}},{"id":"bd813382-a2a9-4dd3-8616-31a4489fd6a9","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":22,"box":{"x":53,"y":286,"width":855,"height":11}},{"id":"a40231e4-46ce-4c45-bfe4-1979823e5d82","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":22,"box":{"x":53,"y":300,"width":843,"height":11}},{"id":"409e81c6-3869-44bd-8c44-b893972d6628","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":22,"box":{"x":53,"y":315,"width":820,"height":10}},{"id":"fd2d482f-75da-4751-9e5d-981993ef37a5","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":22,"box":{"x":53,"y":329,"width":801,"height":11}},{"id":"8a0bd314-f618-4a20-82f9-32b8e7cd3a33","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":22,"box":{"x":53,"y":343,"width":841,"height":11}},{"id":"31f29c08-446b-4af6-9477-ddb6b58a634e","block_type":"box","text":"financial intermediary’s website for more information.","page_number":22,"box":{"x":52,"y":357,"width":380,"height":11}},{"id":"f49013e1-befd-4e39-9c59-f715e1fd8361","block_type":"box","text":"S-15","page_number":22,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"f50f2165-03e4-4696-864b-ff5cc9851669","block_type":"box","text":"iShares U.S. Home Construction ETF","page_number":23,"box":{"x":53,"y":47,"width":507,"height":16}},{"id":"51edad8a-d4b8-4bd0-a05e-3c82e645d360","block_type":"box","text":"ITB | Cboe BZX","page_number":23,"box":{"x":54,"y":70,"width":205,"height":18}},{"id":"5c278b34-fff9-494a-b0a6-f9314e01671b","block_type":"box","text":"Investment Objective","page_number":23,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"6bd8331c-5f4a-49c9-b908-99f2e09ac9d0","block_type":"box","text":"The iShares U.S. Home Construction ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":23,"box":{"x":52,"y":134,"width":850,"height":11}},{"id":"1dc578fd-7976-452a-a3a9-9dc580f2b4cb","block_type":"box","text":"equities in the home construction sector.","page_number":23,"box":{"x":53,"y":148,"width":288,"height":11}},{"id":"58b060eb-2b94-4361-bb1b-cad87a31f226","block_type":"box","text":"Fees and Expenses","page_number":23,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"c1e93ea7-feb7-4d23-b20c-f74559e3ebc5","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":23,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"52db922b-655d-48f4-beb9-c986fc19ee08","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":23,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"3b6431f0-348c-410c-a7f7-3d77d73074c3","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":23,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"ed3f1d43-7b0e-48d0-899a-186e1f38b7ad","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":23,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"313cca60-1c1b-4fab-aaaf-817cf2aa1889","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":23,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"48b3d687-9c16-437a-8f5e-d42b42e6c0c3","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":23,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"d650b419-d561-4b26-b908-386d1c96a148","block_type":"box","text":"extraordinary expenses.","page_number":23,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"f8a8b93e-ca09-4eb0-8897-8b96a213fb60","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":23,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"43775831-6073-4c4b-bbe2-512a0a09816a","block_type":"box","text":"reflected in the table and example below.","page_number":23,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"e70813a2-86f5-4388-88ff-bc63338e17b6","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":23,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"e7a129a2-0800-435c-aa4f-85a1f25c4f7d","block_type":"box","text":"1","page_number":23,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"cd269526-382b-46b3-b667-79dbea5a521e","block_type":"box","text":"Management Fee","page_number":23,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"1e7c0409-3937-4f3b-a05f-26ffdd3f55ec","block_type":"box","text":"0.37%","page_number":23,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"9d1ef9a9-d96e-4805-a8cd-6d760334bfbf","block_type":"box","text":"Other Expenses","page_number":23,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"b38a1069-5495-4c38-90e0-22fa9f34535b","block_type":"box","text":"0.00%","page_number":23,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"0ea4b992-4f59-4008-b88f-385cf11f5e06","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":23,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"f9b824e1-31cd-4593-b109-bc947d2449d8","block_type":"box","text":"0.37%","page_number":23,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"7cc8666c-f722-4081-ad84-1816850f0b18","block_type":"box","text":"1","page_number":23,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"07c38996-8996-421e-8e1b-19f0f22fdb74","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":23,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"2212f2d0-6721-42de-bfd9-91a0cf3a3dc2","block_type":"box","text":"Example.","page_number":23,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"cf821479-67c8-46e3-88e5-efdbf78d99dd","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":23,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"9bfdc512-05c5-4a7f-9bae-1e013776ed53","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":23,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"6b5a9bdb-3d5b-48ff-8397-f93488410236","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":23,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"ebf4789c-56ce-4fe0-8613-4c1163bb00c7","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":23,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"f30eb519-089e-408f-bea5-2846f659ce70","block_type":"box","text":"your costs would be:","page_number":23,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"4e5076cc-31f9-4402-abe6-13441844afc2","block_type":"box","text":"Expense Example","page_number":23,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"c0907042-9edb-47c3-905f-4c2621daa791","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":23,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"e81af301-aaad-4472-97ec-2b8e86c34533","block_type":"box","text":"Example Fund Costs","page_number":23,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"88b011be-a6c9-49d5-808e-cd1e8e0d0bb7","block_type":"box","text":"$38 $119 $208 $468","page_number":23,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"b0c6e509-23b4-41ed-921d-1d39591ae6bc","block_type":"box","text":"Portfolio Turnover.","page_number":23,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"566f396c-5329-4b8a-8121-c0f2a0f41ab3","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":23,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"1de6059f-e1ba-41a5-9e24-c58dee83d7a7","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":23,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"2d1380c3-ede7-4f2e-93ec-6d62095639dc","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":23,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"aa740353-f559-406f-bf99-df933cfe15e9","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of","page_number":23,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"cc57a423-06c1-4f14-8b68-7433c204a0a9","block_type":"box","text":"the average value of its portfolio.","page_number":23,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"fdcf59dc-8219-4bbc-874e-03f53113485e","block_type":"box","text":"Principal Investment Strategies","page_number":23,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"73489b62-2c7d-48f2-8405-5ad5080205f1","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Home Construction Index (the “Underlying","page_number":23,"box":{"x":52,"y":682,"width":839,"height":11}},{"id":"2a1c1fd4-7269-4593-a01a-c52f4f971027","block_type":"box","text":"Index”), which measures the performance of the home construction sector of the U.S. equity market, as defined by S&P Dow","page_number":23,"box":{"x":53,"y":697,"width":873,"height":11}},{"id":"6d36b8dd-58dd-44ad-afee-3cfdcbe27e7e","block_type":"box","text":"Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index includes companies that are constructors of","page_number":23,"box":{"x":52,"y":711,"width":837,"height":11}},{"id":"8af558d3-8884-4aaf-933a-4a8d1dfe1be1","block_type":"box","text":"residential homes, including manufacturers of mobile and prefabricated homes; manufacturers and distributors of furniture;","page_number":23,"box":{"x":53,"y":725,"width":881,"height":11}},{"id":"0f82f7dd-4573-408f-aab6-6b3bd88b3f59","block_type":"box","text":"retailers and wholesalers concentrating on the sale of home improvement products; and producers of materials used in the","page_number":23,"box":{"x":53,"y":739,"width":869,"height":11}},{"id":"5436ecd3-5b5d-406b-afec-770f416f0a2f","block_type":"box","text":"construction and refurbishment of buildings and structures. Companies classified as Building Materials & Fixtures,","page_number":23,"box":{"x":53,"y":754,"width":815,"height":10}},{"id":"09408665-d880-4b5a-aeaa-7d2d071fbe35","block_type":"box","text":"Furnishings, and Home Improvement Retailers must derive a majority of their revenues from residential home construction","page_number":23,"box":{"x":53,"y":768,"width":870,"height":11}},{"id":"93083a2a-72ce-4123-b1a0-918eabfd168f","block_type":"box","text":"and remodel-related business activities to be included in the Underlying Index and are, in aggregate, capped at 35% of the","page_number":23,"box":{"x":53,"y":782,"width":867,"height":11}},{"id":"0166707c-0478-4e00-84ec-256c4f3f1068","block_type":"box","text":"Underlying Index. The companies selected for inclusion in the Underlying Index must meet minimum market capitalization","page_number":23,"box":{"x":53,"y":796,"width":867,"height":11}},{"id":"e97b4456-7eaf-4e50-b77d-f539440494a4","block_type":"box","text":"requirements, as determined by the Index Provider. The Underlying Index may include large-, mid- or small-capitalization","page_number":23,"box":{"x":53,"y":810,"width":855,"height":11}},{"id":"0e551cdb-acb5-4650-a551-b9ddb1b9353f","block_type":"box","text":"companies. As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in","page_number":23,"box":{"x":53,"y":824,"width":887,"height":11}},{"id":"22825c6f-7423-4a34-9bbd-4aa5afd749ae","block_type":"box","text":"the consumer goods and services, home construction and industrials industries or sectors. The components of the","page_number":23,"box":{"x":52,"y":839,"width":810,"height":10}},{"id":"f667e5de-e0da-4136-90fa-0d375972fb1a","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":23,"box":{"x":53,"y":853,"width":334,"height":11}},{"id":"e96cdb6c-ac53-4fb7-bb6c-1b9ffb42d2e0","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":23,"box":{"x":52,"y":876,"width":853,"height":11}},{"id":"fa6cc064-1161-412e-a669-77ab243deb35","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":23,"box":{"x":53,"y":890,"width":839,"height":11}},{"id":"434be8c2-26cb-4850-bd39-198596d73e80","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":23,"box":{"x":53,"y":904,"width":868,"height":11}},{"id":"dcd2d54d-23e5-4744-af3d-4dcfb9674a4f","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":23,"box":{"x":53,"y":919,"width":851,"height":10}},{"id":"6c25cc9c-8d91-4988-b4e6-e455f05e4f01","block_type":"box","text":"S-16","page_number":23,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"a07e014e-0483-484d-8b2d-a6ca1aab1f84","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":24,"box":{"x":53,"y":46,"width":806,"height":11}},{"id":"cdf22e9a-58c1-434c-a43c-16019d7c1458","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":24,"box":{"x":53,"y":61,"width":884,"height":10}},{"id":"13e01908-7242-41b0-9ccf-2b73fb83330d","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":24,"box":{"x":52,"y":75,"width":884,"height":11}},{"id":"3f16e588-0e48-4be4-b19b-0b962c784bde","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":24,"box":{"x":53,"y":89,"width":852,"height":11}},{"id":"4d48cdee-b613-437b-b492-c7d8d0c1fbce","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":24,"box":{"x":53,"y":103,"width":867,"height":11}},{"id":"555aa2f8-55f5-4b0d-9b0e-8ec34289de47","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":24,"box":{"x":52,"y":117,"width":869,"height":11}},{"id":"06f6657f-11f3-4441-b292-f51a72b0a1fa","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":24,"box":{"x":52,"y":131,"width":863,"height":11}},{"id":"774067e2-de99-4c1d-a21b-876dd1007286","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":24,"box":{"x":53,"y":146,"width":826,"height":11}},{"id":"83c95bbb-fe17-425c-a62c-bfd0a5885b47","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":24,"box":{"x":53,"y":160,"width":405,"height":11}},{"id":"42a76fb7-d7be-451f-985b-98a7d580d7bc","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":24,"box":{"x":53,"y":183,"width":844,"height":11}},{"id":"40410eae-9a5a-402d-880c-92098dd86a04","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":24,"box":{"x":53,"y":197,"width":860,"height":11}},{"id":"2cb6617b-1be6-4563-a1c5-813fe243684f","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":24,"box":{"x":53,"y":211,"width":831,"height":11}},{"id":"d7af7ce4-c221-4699-9724-eb9fbce44faa","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":24,"box":{"x":53,"y":226,"width":817,"height":10}},{"id":"969b1861-7e28-4fd2-ac49-5923ef7a487e","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":24,"box":{"x":53,"y":240,"width":818,"height":11}},{"id":"92fea6b2-312e-441b-80ac-bb19e087b5e8","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":24,"box":{"x":53,"y":254,"width":835,"height":11}},{"id":"4d2e9f03-deba-41ab-9c55-5c125a1eaccc","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":24,"box":{"x":52,"y":277,"width":873,"height":11}},{"id":"b686e1c9-27db-45ae-9889-e73226b4bcf6","block_type":"box","text":"collateral received).","page_number":24,"box":{"x":53,"y":291,"width":136,"height":10}},{"id":"429d5a1c-9039-424f-a5c4-96118d70f8ca","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":24,"box":{"x":52,"y":315,"width":870,"height":10}},{"id":"11f20905-1e3b-48da-9165-20316b5a480b","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":24,"box":{"x":53,"y":329,"width":856,"height":11}},{"id":"c3d4f896-33cf-42bb-854a-662dad294a10","block_type":"box","text":"market value of the Underlying Index.","page_number":24,"box":{"x":53,"y":343,"width":263,"height":11}},{"id":"98c9f90a-c992-4c4d-bc9b-efec080c63d9","block_type":"box","text":"Industry Concentration Policy.","page_number":24,"box":{"x":53,"y":366,"width":224,"height":11}},{"id":"2a881c96-308e-4e6b-918c-f1de4577c3a5","block_type":"box","text":"The Fund will concentrate its investments (","page_number":24,"box":{"x":281,"y":366,"width":304,"height":9}},{"id":"5a4e73d5-889d-4235-ae18-290f59fe8c11","block_type":"box","text":"i.e.","page_number":24,"box":{"x":587,"y":366,"width":17,"height":9}},{"id":"23945ad4-fa05-4ff1-9c70-1804051855c6","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":24,"box":{"x":606,"y":366,"width":292,"height":10}},{"id":"9935612b-a148-427f-99df-5199c9f42075","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":24,"box":{"x":53,"y":380,"width":858,"height":11}},{"id":"8ff9b0e3-efb3-49e3-952d-2038e19a101d","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":24,"box":{"x":53,"y":394,"width":868,"height":11}},{"id":"76741f2d-d58d-47f8-b342-08fa6e041fca","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":24,"box":{"x":53,"y":409,"width":826,"height":10}},{"id":"9f254c75-805f-4434-b94b-8559cfb4d64d","block_type":"box","text":"Summary of Principal Risks","page_number":24,"box":{"x":52,"y":438,"width":248,"height":13}},{"id":"d124a72f-6318-476a-ad4f-99c14738e812","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":24,"box":{"x":52,"y":463,"width":881,"height":11}},{"id":"50f368b0-90f0-47e3-832e-5d2898197013","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":24,"box":{"x":53,"y":477,"width":824,"height":11}},{"id":"734c294a-63b8-4374-bafe-97b06764e043","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":24,"box":{"x":53,"y":491,"width":807,"height":11}},{"id":"07807a91-0ef8-4004-9661-44d03145380b","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":24,"box":{"x":53,"y":505,"width":844,"height":11}},{"id":"a5b69b8c-3379-434e-b89f-637c1ababb88","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":24,"box":{"x":52,"y":520,"width":815,"height":10}},{"id":"df587a04-c11e-42ae-9352-fd342e6987ba","block_type":"box","text":"Risk of Investing in the U.S.","page_number":24,"box":{"x":53,"y":543,"width":200,"height":11}},{"id":"775c807a-099e-4212-ad2b-aa98bc2e0618","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":24,"box":{"x":259,"y":543,"width":663,"height":11}},{"id":"61f67653-a003-42a0-b1d0-15dfc76a1ccd","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":24,"box":{"x":53,"y":557,"width":877,"height":11}},{"id":"18dd1f63-e120-4f03-ac9f-28bb0bbef253","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":24,"box":{"x":53,"y":571,"width":470,"height":11}},{"id":"03d4f0d8-ee3a-47f7-b47b-58abf1761d9e","block_type":"box","text":"Home Construction Industry Risk.","page_number":24,"box":{"x":53,"y":594,"width":250,"height":11}},{"id":"39246f33-982b-4b00-9ccb-679cca540cac","block_type":"box","text":"The home construction industry may be affected by changes in government spending,","page_number":24,"box":{"x":307,"y":594,"width":611,"height":11}},{"id":"ac40577e-4be2-42b7-b4b6-c2c2ebc9ab84","block_type":"box","text":"zoning laws, interest rates and the general condition of the economy and real estate market, among other factors.","page_number":24,"box":{"x":52,"y":608,"width":802,"height":11}},{"id":"7f207a80-eabf-49da-b807-7960bbe5f3cf","block_type":"box","text":"Equity Securities Risk.","page_number":24,"box":{"x":53,"y":632,"width":164,"height":11}},{"id":"ec9e86c7-28a3-426f-8944-0c4cf2973043","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":24,"box":{"x":223,"y":632,"width":709,"height":11}},{"id":"d4bf6211-a3cd-4d90-a978-22f27160aed5","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":24,"box":{"x":53,"y":646,"width":889,"height":11}},{"id":"82efec4a-a171-4575-bb23-406548112d61","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":24,"box":{"x":53,"y":660,"width":880,"height":11}},{"id":"50fd10b0-6d08-4678-b4c7-a251fb169fc9","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":24,"box":{"x":53,"y":674,"width":867,"height":11}},{"id":"0f9d7467-a40e-4948-be8f-dd2b6554239d","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":24,"box":{"x":53,"y":688,"width":339,"height":11}},{"id":"1b0b10c4-6521-43ab-87f3-7f49288e7a58","block_type":"box","text":"Market Risk.","page_number":24,"box":{"x":53,"y":712,"width":91,"height":8}},{"id":"11562ccb-3d54-402b-aeeb-1771ccad2618","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":24,"box":{"x":148,"y":712,"width":768,"height":10}},{"id":"14c32b4f-3012-481c-a2d4-325443ba4b9e","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":24,"box":{"x":53,"y":726,"width":882,"height":11}},{"id":"6c266100-4e7e-43e0-b558-52dfdc6855c1","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":24,"box":{"x":53,"y":740,"width":858,"height":11}},{"id":"4f9d0eb7-05a0-4823-a217-0d60d1ef1ae8","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":24,"box":{"x":53,"y":754,"width":875,"height":11}},{"id":"820de40f-400e-4f98-9428-89716d0f927e","block_type":"box","text":"Fund’s NAV.","page_number":24,"box":{"x":53,"y":768,"width":82,"height":9}},{"id":"d513612c-60fb-4a83-b948-06610707c3f1","block_type":"box","text":"Index-Related Risk.","page_number":24,"box":{"x":53,"y":791,"width":143,"height":9}},{"id":"9c789e12-6f27-4b72-ab19-a77edfbdee9a","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":24,"box":{"x":201,"y":792,"width":742,"height":10}},{"id":"4ccce230-667d-4ff4-8396-7b0cbd516b6c","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":24,"box":{"x":53,"y":806,"width":856,"height":11}},{"id":"60934143-7072-48dd-a830-01c1ce5642f3","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":24,"box":{"x":53,"y":820,"width":852,"height":11}},{"id":"7374bafa-1bee-46b3-84e4-0a14ab870b32","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":24,"box":{"x":53,"y":834,"width":876,"height":11}},{"id":"0f536b91-54d0-471b-8f8f-b1bd44af9477","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":24,"box":{"x":52,"y":848,"width":849,"height":11}},{"id":"882932f6-bf7b-4950-beb4-92afe833ec27","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":24,"box":{"x":53,"y":862,"width":849,"height":11}},{"id":"718ceed0-af72-4241-83da-fdc5806ce2ef","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":24,"box":{"x":53,"y":877,"width":890,"height":10}},{"id":"e48268ea-21f0-492f-89d9-2fbb81b41cd8","block_type":"box","text":"S-17","page_number":24,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"00bea857-7746-41e7-a6b8-6edb030ecdee","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":25,"box":{"x":53,"y":47,"width":853,"height":10}},{"id":"af9c42cf-b4c0-40ab-a914-28906f8997f8","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":25,"box":{"x":53,"y":61,"width":539,"height":10}},{"id":"6cc3589a-c8c2-441e-8be9-77c39ab423bb","block_type":"box","text":"Asset Class Risk.","page_number":25,"box":{"x":52,"y":84,"width":122,"height":8}},{"id":"b86d2f5f-e0ac-4ff9-b5a9-c884ea5a2038","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":25,"box":{"x":179,"y":84,"width":721,"height":11}},{"id":"51c12724-9593-4e74-8c69-b84c01127864","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":25,"box":{"x":53,"y":98,"width":774,"height":11}},{"id":"7765e01f-6225-47e2-a6ff-ca24f9d466f8","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":25,"box":{"x":52,"y":121,"width":318,"height":11}},{"id":"43db0b57-dc9b-46ba-9273-39402e41e4f9","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":25,"box":{"x":374,"y":121,"width":531,"height":11}},{"id":"4070e743-5508-4744-90a1-210eb0e7e673","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":25,"box":{"x":53,"y":135,"width":810,"height":11}},{"id":"18abce68-c564-43f8-a581-ec6480bb2406","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":25,"box":{"x":52,"y":149,"width":816,"height":11}},{"id":"55a0a29b-0ebf-48e6-85b7-07cc60a9acc8","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":25,"box":{"x":52,"y":164,"width":884,"height":11}},{"id":"2b6261b3-6f57-40be-b5db-38c8e8f4f757","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":25,"box":{"x":53,"y":178,"width":871,"height":11}},{"id":"ac69bbb6-7b95-4fd6-baea-2cd2e04b5e33","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":25,"box":{"x":53,"y":192,"width":846,"height":11}},{"id":"ff130659-4f6c-4ecb-a0c4-a6aaf7cf916c","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":25,"box":{"x":52,"y":206,"width":881,"height":11}},{"id":"3c73b033-0df9-4808-9562-56365f630a3f","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":25,"box":{"x":53,"y":220,"width":853,"height":11}},{"id":"0a1c3e3e-6aad-4e7e-b1e7-a317e93c4596","block_type":"box","text":"halts or delisting.","page_number":25,"box":{"x":53,"y":235,"width":121,"height":10}},{"id":"7f48a558-555d-43be-9114-7dfbef8023c4","block_type":"box","text":"Concentration Risk.","page_number":25,"box":{"x":53,"y":258,"width":145,"height":8}},{"id":"64946529-dc3e-406a-aca2-39ec2c708ff2","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":25,"box":{"x":202,"y":258,"width":711,"height":11}},{"id":"89fcb59d-d43b-4d2d-9450-bce6af907891","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":25,"box":{"x":53,"y":272,"width":884,"height":10}},{"id":"a6e45434-359a-4ca8-9b60-caa0b0da3344","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":25,"box":{"x":52,"y":286,"width":887,"height":11}},{"id":"1d6ca185-180e-49dd-b0c7-25821bb3bde1","block_type":"box","text":"asset classes.","page_number":25,"box":{"x":53,"y":301,"width":95,"height":8}},{"id":"f5d98e82-8df5-4c6a-938d-13698410f01a","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":25,"box":{"x":53,"y":323,"width":349,"height":11}},{"id":"0958c4f0-ab2a-42e3-99a9-dce5e7c861c8","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":25,"box":{"x":407,"y":324,"width":518,"height":10}},{"id":"cfb2b162-62fd-478f-ba6d-12e3eb7da17a","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":25,"box":{"x":53,"y":338,"width":880,"height":11}},{"id":"29ecdc47-89b2-4482-bc2d-07e6c2e71975","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":25,"box":{"x":52,"y":352,"width":605,"height":11}},{"id":"21c627f8-e46a-4cd2-bfcd-e516a979b977","block_type":"box","text":"Industrial Companies Risk.","page_number":25,"box":{"x":53,"y":375,"width":197,"height":11}},{"id":"7bab8d28-380c-49c2-aaa0-ff3fdd2ea933","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":25,"box":{"x":255,"y":375,"width":685,"height":11}},{"id":"2caf2963-5ec6-4567-bf8c-d76a3e79dd76","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":25,"box":{"x":53,"y":390,"width":881,"height":10}},{"id":"f9c21a97-9846-4b94-b53c-a07eb7721665","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":25,"box":{"x":53,"y":404,"width":867,"height":10}},{"id":"61dd7af7-33f2-4832-8e74-69e69a348f61","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":25,"box":{"x":53,"y":418,"width":860,"height":11}},{"id":"7436ec86-ef21-4d8f-845e-0aa96df85cdd","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":25,"box":{"x":53,"y":432,"width":862,"height":11}},{"id":"aef4cf70-ed34-4302-a48b-f89a7442f49b","block_type":"box","text":"Issuer Risk.","page_number":25,"box":{"x":53,"y":455,"width":83,"height":9}},{"id":"117e8a15-1054-4394-befe-10af3924a4cf","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":25,"box":{"x":140,"y":455,"width":780,"height":11}},{"id":"c4dea199-4f76-450a-8853-c2b362814898","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":25,"box":{"x":53,"y":469,"width":886,"height":11}},{"id":"80ec4d9e-f2fd-4553-a279-e611c0a037cf","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":25,"box":{"x":52,"y":483,"width":576,"height":11}},{"id":"446d5e1d-0e57-4591-a1b5-53a3f45c92b6","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":25,"box":{"x":53,"y":507,"width":278,"height":11}},{"id":"561ca210-1fae-4fda-a0ab-3b71bcdcb2c2","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":25,"box":{"x":337,"y":507,"width":540,"height":10}},{"id":"040ce63f-35d1-402c-8b36-638bbe4ceab7","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":25,"box":{"x":53,"y":521,"width":890,"height":11}},{"id":"2a66f113-1ab0-47b0-addf-05aadb44021c","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":25,"box":{"x":53,"y":535,"width":868,"height":11}},{"id":"eb6da900-ee55-4d32-aeed-388d291c467e","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":25,"box":{"x":53,"y":549,"width":709,"height":11}},{"id":"7aea0979-4f8f-4c0a-bc6c-c7fb002fd9fd","block_type":"box","text":"Management Risk.","page_number":25,"box":{"x":53,"y":572,"width":137,"height":11}},{"id":"76d341dd-5826-47e0-b5f9-0090c354ffd4","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":25,"box":{"x":194,"y":572,"width":711,"height":11}},{"id":"faa769ad-0f3d-4666-a0e1-b4466072cad0","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":25,"box":{"x":53,"y":587,"width":877,"height":10}},{"id":"5f3a577f-aea6-4438-98e5-888bac7f0166","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":25,"box":{"x":53,"y":601,"width":859,"height":11}},{"id":"b6d358ba-820f-4f29-83b9-9d6361fbd08e","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":25,"box":{"x":52,"y":615,"width":848,"height":11}},{"id":"91d29689-78e7-4f8f-87ec-72ec3140f23d","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":25,"box":{"x":53,"y":629,"width":756,"height":11}},{"id":"5fe9f864-a883-4bad-ba42-c517f9c03658","block_type":"box","text":"Market Trading Risk.","page_number":25,"box":{"x":53,"y":652,"width":152,"height":11}},{"id":"94e67214-9a38-4574-aa95-edd7f73c53f0","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":25,"box":{"x":209,"y":652,"width":694,"height":11}},{"id":"c4a6f4ce-14f7-4e3c-ab9c-7c79e0098da3","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":25,"box":{"x":53,"y":666,"width":841,"height":11}},{"id":"66665eaf-b0af-498f-b37f-45ab06bbfb20","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":25,"box":{"x":53,"y":681,"width":887,"height":10}},{"id":"34d675b9-2063-42a5-814d-fc5a7c79eeff","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":25,"box":{"x":52,"y":695,"width":839,"height":11}},{"id":"e9b5273a-046a-402e-97a6-95d80fda0716","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":25,"box":{"x":53,"y":709,"width":866,"height":11}},{"id":"3f1973e4-c65a-4c33-97b6-c5ff3a322027","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":25,"box":{"x":52,"y":723,"width":885,"height":11}},{"id":"ac8af071-75e0-447c-b85e-14de4dff2716","block_type":"box","text":"of the Fund shares.","page_number":25,"box":{"x":53,"y":737,"width":134,"height":9}},{"id":"19dcbb8f-f78c-4b45-8f9d-e6217bf5701e","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":25,"box":{"x":53,"y":761,"width":264,"height":10}},{"id":"93f04e20-4762-4112-abd6-2deb7cc52e1b","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":25,"box":{"x":323,"y":761,"width":590,"height":10}},{"id":"78f6c984-81c3-4bd9-9e98-0fa27caedb33","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":25,"box":{"x":53,"y":775,"width":846,"height":11}},{"id":"661804cd-1b8f-422d-9548-d4db07a88870","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":25,"box":{"x":52,"y":789,"width":875,"height":11}},{"id":"c5c16398-2c42-4cab-8436-c822a7ca641a","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":25,"box":{"x":52,"y":803,"width":529,"height":11}},{"id":"d483cccd-d4f2-44e3-bce8-a843beeb69eb","block_type":"box","text":"Non-Diversification Risk.","page_number":25,"box":{"x":53,"y":826,"width":184,"height":9}},{"id":"f6226c56-ee9c-491b-9611-fac18f795347","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":25,"box":{"x":242,"y":826,"width":633,"height":11}},{"id":"19c10b29-2269-40b4-b0ea-870c5b448996","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":25,"box":{"x":53,"y":840,"width":802,"height":11}},{"id":"09e7e37e-1954-4013-8f23-e6bd20356435","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":25,"box":{"x":53,"y":855,"width":888,"height":11}},{"id":"5bf97107-a7a8-4b25-885c-ce6bcf6dfd4b","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":25,"box":{"x":53,"y":869,"width":876,"height":11}},{"id":"a492a14a-93f1-40eb-a8ca-d0c0d8c4a9f3","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":25,"box":{"x":53,"y":883,"width":696,"height":11}},{"id":"5117df93-ab99-494d-a323-b8447926036d","block_type":"box","text":"S-18","page_number":25,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"8d109de6-93f2-4086-b217-0447d231e716","block_type":"box","text":"Operational and Technology Risks.","page_number":26,"box":{"x":53,"y":46,"width":254,"height":11}},{"id":"bb8923d7-df00-4138-862a-108995312e58","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":26,"box":{"x":312,"y":47,"width":581,"height":10}},{"id":"5b2ca2ee-0aad-4696-a397-6bf33c32d3d9","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":26,"box":{"x":53,"y":59,"width":876,"height":11}},{"id":"6f050b28-822e-4e9a-9732-c32b52a998c0","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":26,"box":{"x":53,"y":72,"width":879,"height":11}},{"id":"e8be64de-f02a-40db-b00e-b3dbb3558571","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":26,"box":{"x":53,"y":85,"width":825,"height":11}},{"id":"7510e72b-5b6d-4937-af5a-2181c2f914a5","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":26,"box":{"x":53,"y":98,"width":862,"height":11}},{"id":"fae93f71-509c-42c0-8adf-23d783b245cd","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":26,"box":{"x":53,"y":111,"width":872,"height":11}},{"id":"5c714e80-8521-4675-94cb-1f86ccdcfe75","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":26,"box":{"x":53,"y":124,"width":824,"height":11}},{"id":"c691e62e-a192-456a-8dda-7b2420adb3af","block_type":"box","text":"Securities Lending Risk.","page_number":26,"box":{"x":52,"y":146,"width":178,"height":11}},{"id":"12e58cd6-68eb-4410-9636-f941d2daba39","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":26,"box":{"x":234,"y":146,"width":692,"height":11}},{"id":"23195724-c280-49fe-8a8b-0c2cda863559","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":26,"box":{"x":53,"y":159,"width":870,"height":10}},{"id":"b4f5e7bc-0650-4c82-83cd-ecf5fe8d457c","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":26,"box":{"x":53,"y":171,"width":886,"height":11}},{"id":"9f37306c-3b71-480d-b55c-979b745306a9","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":26,"box":{"x":53,"y":184,"width":831,"height":11}},{"id":"2b2078d0-dcc7-482b-810c-33ca4807f43c","block_type":"box","text":"Tracking Error Risk.","page_number":26,"box":{"x":52,"y":206,"width":145,"height":11}},{"id":"ef1c1f57-27f9-4484-b484-72e7f09d5cb6","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":26,"box":{"x":201,"y":206,"width":741,"height":11}},{"id":"a0592b1e-06a6-4d7f-8fc2-eeeb7a6378df","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":26,"box":{"x":53,"y":219,"width":861,"height":11}},{"id":"8510e760-6f2e-45db-a768-75c7097dabb8","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":26,"box":{"x":53,"y":232,"width":832,"height":11}},{"id":"07f11ef4-014d-4c35-8079-e76c14c8e686","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":26,"box":{"x":53,"y":245,"width":880,"height":11}},{"id":"3a68ce1b-95b8-4e61-b307-2d8839bc9666","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":26,"box":{"x":53,"y":258,"width":831,"height":11}},{"id":"a25d9525-f07d-4fc8-9148-fe805e561fa3","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":26,"box":{"x":52,"y":271,"width":828,"height":11}},{"id":"2dc7a72b-729e-4f80-8a77-ada452174bb5","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":26,"box":{"x":53,"y":284,"width":873,"height":10}},{"id":"e137b037-1bb1-4d99-b20f-94728256ece4","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":26,"box":{"x":53,"y":296,"width":889,"height":11}},{"id":"ae67e01b-2afb-4d63-987d-f726c7e4b94a","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":26,"box":{"x":53,"y":309,"width":852,"height":11}},{"id":"682f16da-5338-4a29-a3f2-57c703c3d292","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":26,"box":{"x":53,"y":322,"width":886,"height":11}},{"id":"ee047788-d072-460a-80ab-efaadb7b1f4c","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":26,"box":{"x":53,"y":335,"width":873,"height":11}},{"id":"3d7f44df-05d3-4c8a-b91b-2ede9ecc0422","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":26,"box":{"x":53,"y":348,"width":724,"height":11}},{"id":"c2c5f781-635a-46c8-9f32-ceaedcf67c76","block_type":"box","text":"Performance Information","page_number":26,"box":{"x":54,"y":376,"width":228,"height":10}},{"id":"0c848a97-ae19-462d-8e1d-aa8a65eedae5","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":26,"box":{"x":52,"y":401,"width":864,"height":10}},{"id":"0d704a16-207f-4521-899a-ecff7dc46051","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":26,"box":{"x":52,"y":415,"width":872,"height":11}},{"id":"8d45082f-039c-4498-bca2-8e3af8218c56","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":26,"box":{"x":53,"y":429,"width":868,"height":11}},{"id":"538fc0a6-de9c-47b0-834b-b841a0c5d35c","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":26,"box":{"x":53,"y":443,"width":838,"height":11}},{"id":"4d7bcc14-7049-47b9-a714-319ce11e0717","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":26,"box":{"x":53,"y":458,"width":868,"height":10}},{"id":"f83935d1-da41-4934-9082-96e55a5db92b","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":26,"box":{"x":53,"y":472,"width":832,"height":11}},{"id":"1610b9ee-491d-4d59-ad5f-f97cfe4c3bc0","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":26,"box":{"x":53,"y":486,"width":842,"height":11}},{"id":"86a6735b-e7b2-4086-9fbb-59e8f23e2300","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":26,"box":{"x":52,"y":500,"width":531,"height":11}},{"id":"e1c131ca-0b83-4967-b72c-becbe42fc543","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":26,"box":{"x":135,"y":525,"width":260,"height":11}},{"id":"fabb88c0-8b35-4e38-8fd2-c9e5a64ca426","block_type":"box","text":"1.81","page_number":26,"box":{"x":90,"y":621,"width":17,"height":6}},{"id":"6e2f62d1-0b58-483a-8b5d-3f85548e21cf","block_type":"box","text":"59.45","page_number":26,"box":{"x":122,"y":582,"width":27,"height":6}},{"id":"bc92a1d5-e422-412a-82a0-b91c99eed360","block_type":"box","text":"-30.97","page_number":26,"box":{"x":157,"y":658,"width":30,"height":6}},{"id":"547d40b8-3ba0-4a8d-b88d-8ccf3ee71689","block_type":"box","text":"48.89","page_number":26,"box":{"x":196,"y":589,"width":27,"height":6}},{"id":"377fe8ee-216f-4631-aaed-372df4186ef2","block_type":"box","text":"26.40","page_number":26,"box":{"x":234,"y":604,"width":26,"height":6}},{"id":"915175a6-e14c-467e-bb61-bab1a4296995","block_type":"box","text":"49.15","page_number":26,"box":{"x":270,"y":589,"width":27,"height":6}},{"id":"e1de2791-e59b-481d-96a0-b35facd40b62","block_type":"box","text":"-26.18","page_number":26,"box":{"x":306,"y":655,"width":29,"height":6}},{"id":"66847277-35d3-44eb-8581-8d9b7958a79b","block_type":"box","text":"68.83","page_number":26,"box":{"x":345,"y":576,"width":26,"height":6}},{"id":"c01a7ee6-e492-4929-92e9-1e022f082eb1","block_type":"box","text":"2.12","page_number":26,"box":{"x":385,"y":620,"width":20,"height":6}},{"id":"8fa28fd4-6d17-479e-9e4f-acf05ca9e244","block_type":"box","text":"-5.27","page_number":26,"box":{"x":420,"y":641,"width":23,"height":6}},{"id":"af1ffbb8-58cc-4689-b443-7fbe6be19293","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":26,"box":{"x":87,"y":679,"width":356,"height":6}},{"id":"3d9a2c6c-1df5-4c93-b760-b4df5a7ce36e","block_type":"box","text":"Return (%) Period Ended","page_number":26,"box":{"x":760,"y":540,"width":176,"height":9}},{"id":"a41f01c9-8d35-4dff-85f1-a750a1b51c2e","block_type":"box","text":"Calendar Year-to-Date Return","page_number":26,"box":{"x":520,"y":558,"width":197,"height":7}},{"id":"b1ece1dd-5f16-462c-bd9f-3b665f04a67e","block_type":"box","text":"8.94% June 30, 2026","page_number":26,"box":{"x":782,"y":558,"width":160,"height":9}},{"id":"71e41e02-cb73-4076-9519-2bbfc7f46125","block_type":"box","text":"During the periods shown in the chart:","page_number":26,"box":{"x":520,"y":571,"width":250,"height":9}},{"id":"dae61ce9-3c1d-4571-b8ab-30ec588667d3","block_type":"box","text":"Best Quarter 52.91% June 30, 2020","page_number":26,"box":{"x":534,"y":584,"width":408,"height":8}},{"id":"b278d995-11a9-4369-b867-96de0a93475f","block_type":"box","text":"Worst Quarter -34.66% March 31, 2020","page_number":26,"box":{"x":533,"y":597,"width":409,"height":8}},{"id":"23bcd3a7-3d4c-47ba-a7c2-c069f452f1dd","block_type":"box","text":"Average Annual Total Returns (%)","page_number":26,"box":{"x":372,"y":709,"width":251,"height":11}},{"id":"99a3efa8-6558-4539-b281-b378a9e8d688","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":26,"box":{"x":340,"y":723,"width":315,"height":11}},{"id":"881fe4db-01a1-4345-a886-c037cd4c3425","block_type":"box","text":"One Year Five Years Ten Years","page_number":26,"box":{"x":670,"y":740,"width":268,"height":7}},{"id":"e482a6b2-531f-476e-8856-39d0d376aadf","block_type":"box","text":"Fund Inception: 5/1/2006","page_number":26,"box":{"x":58,"y":755,"width":171,"height":9}},{"id":"91545ee5-747b-4a94-bc8c-daeb5254bd1f","block_type":"box","text":"Return Before Taxes","page_number":26,"box":{"x":58,"y":767,"width":125,"height":7}},{"id":"bc5f0971-9332-49d2-a5a3-8131be2d2915","block_type":"box","text":"-5.27% 12.45% 14.26%","page_number":26,"box":{"x":684,"y":767,"width":255,"height":7}},{"id":"3d3c1c21-e631-4fa6-87cc-53a73ee70015","block_type":"box","text":"Return After Taxes on Distributions -5.65% 12.23% 14.08%","page_number":26,"box":{"x":58,"y":778,"width":881,"height":8}},{"id":"4ecbaf97-5c9d-4516-9dab-f68595594f06","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares -2.86% 9.94% 12.02%","page_number":26,"box":{"x":58,"y":790,"width":881,"height":7}},{"id":"c629161c-05f6-4478-bf72-e870f82610c4","block_type":"box","text":"S&P Total Market Index","page_number":26,"box":{"x":57,"y":802,"width":155,"height":7}},{"id":"7129d14b-404e-4a57-ac94-2248151b28a8","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":26,"box":{"x":215,"y":801,"width":724,"height":10}},{"id":"61520c09-be0c-47e7-945e-11e671a485ba","block_type":"box","text":"Dow Jones U.S. Select Home Construction Index","page_number":26,"box":{"x":58,"y":813,"width":315,"height":8}},{"id":"8775e2ae-671f-4809-a350-41e93d37255c","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":26,"box":{"x":377,"y":813,"width":268,"height":9}},{"id":"533c4208-1c7a-44cd-a57f-c7194f6fe7c9","block_type":"box","text":"expenses or taxes)","page_number":26,"box":{"x":71,"y":826,"width":115,"height":9}},{"id":"2b568e65-3a35-45f4-bc8a-899698d9a8a3","block_type":"box","text":"-4.75% 12.94% 14.75%","page_number":26,"box":{"x":684,"y":826,"width":255,"height":8}},{"id":"f8804d60-729b-4f1a-8bbd-c51d219a147d","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":26,"box":{"x":52,"y":855,"width":857,"height":11}},{"id":"b8a453b3-a32a-4c31-bf87-0f6132eaba13","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":26,"box":{"x":53,"y":869,"width":865,"height":11}},{"id":"df97f6af-7643-45d5-b2e8-8c2bdb91daaa","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":26,"box":{"x":53,"y":884,"width":847,"height":11}},{"id":"756827de-c0a3-4951-a489-f4a704ff0e8e","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":26,"box":{"x":52,"y":898,"width":857,"height":11}},{"id":"01595d03-f75b-44c7-b631-d45648b2d1fe","block_type":"box","text":"S-19","page_number":26,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"b3d79bf9-b64e-4c27-a093-c4b65af44ef5","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":27,"box":{"x":53,"y":46,"width":877,"height":11}},{"id":"19c7e949-6a21-421d-a3d4-d7dc6c2441ef","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":27,"box":{"x":52,"y":61,"width":836,"height":10}},{"id":"9dc9cefb-672b-4763-ae7e-57e8274ca4cb","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":27,"box":{"x":53,"y":75,"width":886,"height":11}},{"id":"6296a2dd-00d4-4915-afaf-d9299fce766e","block_type":"box","text":"on distributions.","page_number":27,"box":{"x":53,"y":89,"width":114,"height":8}},{"id":"5590f9f9-8191-40d5-abe9-dea25e68c3a0","block_type":"box","text":"Management","page_number":27,"box":{"x":54,"y":118,"width":119,"height":13}},{"id":"2bfe036a-e9c1-46ae-9435-9cb5fd7327e0","block_type":"box","text":"Investment Adviser.","page_number":27,"box":{"x":53,"y":143,"width":145,"height":9}},{"id":"9ae61a8a-f23a-448b-9771-83779763c06e","block_type":"box","text":"BlackRock Fund Advisors.","page_number":27,"box":{"x":204,"y":143,"width":180,"height":9}},{"id":"f2cb9d65-6ec4-4cc3-b7a3-251230568d03","block_type":"box","text":"Portfolio Managers.","page_number":27,"box":{"x":53,"y":166,"width":146,"height":11}},{"id":"9301edb8-0414-4609-8392-017e788bd7e4","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":27,"box":{"x":203,"y":166,"width":679,"height":11}},{"id":"2b4e648a-cc75-418b-8531-f4cdd0cc088e","block_type":"box","text":"management of the Fund:","page_number":27,"box":{"x":53,"y":180,"width":182,"height":11}},{"id":"31fe4251-afd4-42c5-a6cb-54ca129af045","block_type":"box","text":"Portfolio Manager","page_number":27,"box":{"x":58,"y":216,"width":119,"height":10}},{"id":"744dd244-0b01-4394-8126-e9edf8398701","block_type":"box","text":"Portfolio Manager of the","page_number":27,"box":{"x":411,"y":203,"width":160,"height":10}},{"id":"65ba49dd-7362-40d9-b692-d3f2051bf8f5","block_type":"box","text":"Fund Since","page_number":27,"box":{"x":455,"y":216,"width":72,"height":8}},{"id":"126b0234-9f88-4304-92a1-7f18c6820fb4","block_type":"box","text":"Title with Investment","page_number":27,"box":{"x":804,"y":203,"width":140,"height":8}},{"id":"a6bbf8c8-ac14-4a42-bb41-4e4f0094d3a9","block_type":"box","text":"Adviser","page_number":27,"box":{"x":849,"y":216,"width":49,"height":8}},{"id":"f9448b57-ba14-410d-8bdb-56fca541ebda","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":27,"box":{"x":57,"y":232,"width":876,"height":9}},{"id":"5a5a34b5-3799-42e7-a11e-97ab7cdbfecd","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":27,"box":{"x":58,"y":247,"width":875,"height":10}},{"id":"72ad3d78-b73a-4434-8f4c-5fe92169f635","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":27,"box":{"x":58,"y":263,"width":875,"height":9}},{"id":"7cf74eef-42ed-4fbb-83b7-c3bcff36f4f2","block_type":"box","text":"Steven White 2025 Managing Director","page_number":27,"box":{"x":57,"y":278,"width":876,"height":10}},{"id":"4fe5d8b0-a513-4c92-a7f0-adf996cf1a3f","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":27,"box":{"x":54,"y":313,"width":304,"height":11}},{"id":"b369abe8-cea0-400c-86ad-5c5bb818e640","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":27,"box":{"x":52,"y":338,"width":878,"height":11}},{"id":"cfebd96c-079c-4f3b-bb69-bba65ec22b19","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":27,"box":{"x":53,"y":353,"width":855,"height":10}},{"id":"3e93163a-e2a7-47a0-a07f-64f92a53a30f","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":27,"box":{"x":52,"y":367,"width":817,"height":11}},{"id":"c78c6e32-a424-4962-9cf8-4eb1592d77ba","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":27,"box":{"x":53,"y":381,"width":878,"height":11}},{"id":"fdc198ca-f35f-41b4-8a0e-71898daeb47a","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":27,"box":{"x":53,"y":395,"width":861,"height":11}},{"id":"299d1fcd-79f1-493e-a652-1f36b50c3ba9","block_type":"box","text":"(the “bid-ask spread”).","page_number":27,"box":{"x":53,"y":409,"width":156,"height":11}},{"id":"9893f803-fe85-4c72-89e5-f83740e2f20f","block_type":"box","text":"Tax Information","page_number":27,"box":{"x":52,"y":438,"width":144,"height":11}},{"id":"38160f05-8a8e-4512-a2c5-f80daf310442","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":27,"box":{"x":52,"y":464,"width":831,"height":10}},{"id":"f8445fc8-5239-4772-b072-7eaf5e6cd9fc","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":27,"box":{"x":53,"y":478,"width":883,"height":10}},{"id":"c72838d5-caef-41bb-ba27-24a7ff554e4e","block_type":"box","text":"be taxed when withdrawn.","page_number":27,"box":{"x":53,"y":492,"width":182,"height":8}},{"id":"979a21d8-c4a5-41a3-90d2-48b5e061b068","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":27,"box":{"x":54,"y":521,"width":575,"height":13}},{"id":"059d110c-93f6-4305-adbb-203a95c897be","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":27,"box":{"x":53,"y":546,"width":855,"height":11}},{"id":"e50d9d78-cc20-4523-9010-c5f2f90d5edc","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":27,"box":{"x":53,"y":560,"width":843,"height":11}},{"id":"c55ffb8e-42e2-4f4a-924b-4f3032a7422b","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":27,"box":{"x":53,"y":574,"width":820,"height":11}},{"id":"e1169c99-9815-4610-b591-8884c1b26ced","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":27,"box":{"x":53,"y":588,"width":801,"height":11}},{"id":"54f09b8e-5800-4abb-a051-c41f80451248","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":27,"box":{"x":53,"y":603,"width":841,"height":11}},{"id":"a876a99d-929b-450a-b1db-8170e3aa88e1","block_type":"box","text":"financial intermediary’s website for more information.","page_number":27,"box":{"x":52,"y":617,"width":380,"height":11}},{"id":"9763e5b0-597d-4209-af1f-be49464a2f83","block_type":"box","text":"S-20","page_number":27,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"5f6fe1b0-2516-4bc9-840c-36e88c872ff5","block_type":"box","text":"iShares U.S. Insurance ETF","page_number":28,"box":{"x":53,"y":47,"width":373,"height":16}},{"id":"14b43744-59ba-49ea-8243-d6234bc5999f","block_type":"box","text":"IAK | NYSE Arca","page_number":28,"box":{"x":54,"y":70,"width":219,"height":18}},{"id":"705f890b-a80c-4111-a7bd-df33be4237b6","block_type":"box","text":"Investment Objective","page_number":28,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"bc8cbcfb-4123-42e3-a5ba-b0a03d892a0b","block_type":"box","text":"The iShares U.S. Insurance ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the","page_number":28,"box":{"x":52,"y":134,"width":886,"height":11}},{"id":"460d409f-8418-4b29-b74a-dde3a036872f","block_type":"box","text":"insurance sector.","page_number":28,"box":{"x":53,"y":149,"width":119,"height":8}},{"id":"eac4ee1f-436a-4a5a-8c31-0821b43421f7","block_type":"box","text":"Fees and Expenses","page_number":28,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"a68f62e6-bddc-4c94-96bd-b84a0bf44927","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":28,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"b8a13abb-9424-44f4-8df8-a488cd1eed4a","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":28,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"376b8487-ccca-4e68-bba4-01db6e99369f","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":28,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"8edb8092-8724-496e-a91d-1753974ece72","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":28,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"fea91d09-7aa1-4e35-bd40-97aea2fa1022","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":28,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"b24e52c4-af75-49f5-af12-e964e865df35","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":28,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"26f574e0-87fe-40a1-bfc9-7a53f589f199","block_type":"box","text":"extraordinary expenses.","page_number":28,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"53250c7a-f020-4da5-9291-7702a9809f7e","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":28,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"a84ed9ee-5ee2-4021-bcc4-bcafa3d7aea8","block_type":"box","text":"reflected in the table and example below.","page_number":28,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"c2cbac7c-6736-4ef7-af4a-1f51628bd538","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":28,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"748b150d-f17c-4916-a588-7911941b2e8e","block_type":"box","text":"1","page_number":28,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"cee66be3-61fd-4d6b-b00d-9e83b4faa6b2","block_type":"box","text":"Management Fee","page_number":28,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"a071165f-8642-433e-bd6c-94c700e540b8","block_type":"box","text":"0.37%","page_number":28,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"0cd929d8-edf9-4234-add0-6caa4f81b916","block_type":"box","text":"Other Expenses","page_number":28,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"f811fe2c-ffa9-45d8-ade5-449f7929c126","block_type":"box","text":"0.00%","page_number":28,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"a955f02e-76a1-43f5-867c-ebaff6de57fd","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":28,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"d3af09be-8aaa-4106-9b08-de43ede510ab","block_type":"box","text":"0.37%","page_number":28,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"0d2adf8a-12bd-49eb-8833-6ef11c0d48d5","block_type":"box","text":"1","page_number":28,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"0efabb7b-cf25-4963-a565-ad1abea78bd6","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":28,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"4f09328c-e1b4-480f-adf8-bd1677caecbf","block_type":"box","text":"Example.","page_number":28,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"cd7098d7-3782-4942-a504-20a2bf33ac11","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":28,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"b8986240-57e7-42f7-b2bf-81c0c404d240","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":28,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"12b18b2d-6213-4d55-aaf9-04f44e114259","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":28,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"0baac6c8-0a7c-448b-b121-622445c3064a","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":28,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"51053866-6160-47b3-8824-8dbaa5327fd6","block_type":"box","text":"your costs would be:","page_number":28,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"67b4f6a5-b408-49a1-bd84-90fcfdbcc2f6","block_type":"box","text":"Expense Example","page_number":28,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"b088d4fa-f053-49bf-9d3e-dca659496987","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":28,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"b73b369a-2133-42d4-b202-46c2f546cd98","block_type":"box","text":"Example Fund Costs","page_number":28,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"82a1d115-924c-464b-b986-6db7ec2092e0","block_type":"box","text":"$38 $119 $208 $468","page_number":28,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"022e14b4-dc75-4d82-8d5c-8f17f83bc3c5","block_type":"box","text":"Portfolio Turnover.","page_number":28,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"c8788811-ba0a-479d-a111-71d6edc8e137","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":28,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"6048e4dd-89cc-4b14-9a63-1bd9051a5c69","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":28,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"c50f2a3a-aa65-43b4-a3d1-c4fc7ffc48dc","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":28,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"6c7b540f-67b0-451e-9824-75287ec56813","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of","page_number":28,"box":{"x":52,"y":614,"width":877,"height":11}},{"id":"bdd598fd-bd76-425b-b0a6-b8f407a819a5","block_type":"box","text":"the average value of its portfolio.","page_number":28,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"7707dab2-ea1f-4988-8eb0-64dfec597269","block_type":"box","text":"Principal Investment Strategies","page_number":28,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"b47249a0-8796-4a82-b1a8-9c60d624baea","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Insurance Index (the “Underlying Index”), which","page_number":28,"box":{"x":52,"y":682,"width":874,"height":11}},{"id":"1739f7c9-35dc-47df-a7b8-86eea5830931","block_type":"box","text":"measures the performance of the insurance sector of the U.S. equity market, as defined by S&P Dow Jones Indices LLC (the","page_number":28,"box":{"x":53,"y":697,"width":870,"height":11}},{"id":"afea4270-7ecb-4798-82f0-061326941137","block_type":"box","text":"“Index Provider” or “SPDJI”). The Underlying Index may include large-, mid- or small-capitalization companies. As of","page_number":28,"box":{"x":53,"y":711,"width":819,"height":11}},{"id":"701d7f86-2789-4041-9f11-de5a89efda62","block_type":"box","text":"March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the insurance","page_number":28,"box":{"x":53,"y":725,"width":865,"height":11}},{"id":"64715765-c2ab-4403-9c46-3f41bf7d1984","block_type":"box","text":"industry or sector. The components of the Underlying Index are likely to change over time.","page_number":28,"box":{"x":53,"y":739,"width":633,"height":11}},{"id":"6f410e3d-df2b-44a2-96d6-84bcc1b7da90","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":28,"box":{"x":52,"y":763,"width":853,"height":10}},{"id":"6abac5e4-0682-4534-9b7c-69bbd6f41f0f","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":28,"box":{"x":53,"y":777,"width":839,"height":11}},{"id":"0d361122-7680-404c-a405-a03b83ca5fbf","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":28,"box":{"x":53,"y":791,"width":868,"height":11}},{"id":"36ca9177-6ede-4aa2-a30a-a80aaf04fc16","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":28,"box":{"x":53,"y":805,"width":851,"height":11}},{"id":"189ec12e-eeb5-4b90-8327-8a0a6d67f9f8","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":28,"box":{"x":53,"y":819,"width":806,"height":11}},{"id":"1021d8b6-931a-4333-a583-2ca34d1af925","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":28,"box":{"x":53,"y":833,"width":884,"height":11}},{"id":"f5084f27-7e39-4465-808f-1327fc6b9803","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":28,"box":{"x":52,"y":848,"width":884,"height":10}},{"id":"9403a1f8-c891-45d5-a4d6-6092ecdd8e26","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":28,"box":{"x":53,"y":862,"width":852,"height":11}},{"id":"d078cd1f-1fed-43dc-beef-02449d1d44bc","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":28,"box":{"x":53,"y":876,"width":867,"height":11}},{"id":"0a7215c8-86ef-48ed-b084-c5cdf2ea5a27","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":28,"box":{"x":52,"y":890,"width":869,"height":11}},{"id":"004f9657-dbde-4307-8744-9a1b2cafb440","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":28,"box":{"x":52,"y":904,"width":863,"height":11}},{"id":"811d2cc5-b82a-409a-afaf-ed4b67f7433f","block_type":"box","text":"S-21","page_number":28,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"021776ab-3c17-457b-ae1e-501efb534b53","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":29,"box":{"x":53,"y":46,"width":826,"height":11}},{"id":"ff756dd1-2841-4233-8c99-9f9b2ff0f2a7","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":29,"box":{"x":53,"y":61,"width":405,"height":10}},{"id":"79447d07-6108-4470-b189-071ac9adde74","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":29,"box":{"x":53,"y":84,"width":844,"height":11}},{"id":"42c97e9f-a26c-41d7-8567-8fa84a1d0808","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":29,"box":{"x":53,"y":98,"width":860,"height":11}},{"id":"f5e630bd-b7d3-4db2-b522-2d49b559aa46","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":29,"box":{"x":53,"y":112,"width":831,"height":11}},{"id":"24d526d2-35c7-44a3-9979-92d151bd4017","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":29,"box":{"x":53,"y":126,"width":817,"height":11}},{"id":"0c68e5a9-e6b5-4324-9284-0a994d46086a","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":29,"box":{"x":53,"y":140,"width":818,"height":11}},{"id":"5399910e-ad3e-497c-83f3-3e8edd945aa7","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":29,"box":{"x":53,"y":155,"width":835,"height":11}},{"id":"f369db2e-f488-411f-8869-6dd9bda9a719","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":29,"box":{"x":52,"y":178,"width":873,"height":11}},{"id":"9fb36bca-98af-4d48-83a3-82177b55a287","block_type":"box","text":"collateral received).","page_number":29,"box":{"x":53,"y":192,"width":136,"height":9}},{"id":"4af3c1f9-94aa-408d-ac24-d0562063a91d","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":29,"box":{"x":52,"y":215,"width":870,"height":11}},{"id":"48f1b687-155f-4dc5-83a6-d0bb0b7722dc","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":29,"box":{"x":53,"y":229,"width":856,"height":11}},{"id":"faa9f89d-615d-4d18-b915-08e5ec14a990","block_type":"box","text":"market value of the Underlying Index.","page_number":29,"box":{"x":53,"y":244,"width":263,"height":10}},{"id":"a40ac3bf-f8f8-49b1-85fa-bd0c11047b4b","block_type":"box","text":"Industry Concentration Policy.","page_number":29,"box":{"x":53,"y":267,"width":224,"height":11}},{"id":"0c80fb27-dc1d-4386-990f-398ae682192a","block_type":"box","text":"The Fund will concentrate its investments (","page_number":29,"box":{"x":281,"y":267,"width":304,"height":9}},{"id":"bb20b331-1393-4558-be3f-351035e9bb86","block_type":"box","text":"i.e.","page_number":29,"box":{"x":587,"y":267,"width":17,"height":8}},{"id":"25613f55-af2c-4778-97ca-5e0ed5feba3d","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":29,"box":{"x":606,"y":267,"width":292,"height":10}},{"id":"f6488455-3264-46ac-8906-fc912e752883","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":29,"box":{"x":53,"y":281,"width":858,"height":11}},{"id":"76bad09f-f939-4f8c-9987-f93e1baca689","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":29,"box":{"x":53,"y":295,"width":868,"height":11}},{"id":"ce8eb7be-3c67-4b6a-ab8f-79719fb2fcbe","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":29,"box":{"x":53,"y":309,"width":826,"height":11}},{"id":"226af004-776a-4fed-b8f7-2a04c6b4c97e","block_type":"box","text":"Summary of Principal Risks","page_number":29,"box":{"x":52,"y":338,"width":248,"height":14}},{"id":"44dd3339-d4da-4bb7-a399-a4e3582cb5a7","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":29,"box":{"x":52,"y":364,"width":881,"height":10}},{"id":"3a5323ca-6ab6-433e-98ad-e48b7f07d9c4","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":29,"box":{"x":53,"y":378,"width":824,"height":11}},{"id":"75ffc2f4-cb6c-42b2-98dc-eccbae9042e6","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":29,"box":{"x":53,"y":392,"width":807,"height":11}},{"id":"993872c9-1077-4c5f-8fa2-f61e669e75c1","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":29,"box":{"x":53,"y":406,"width":844,"height":11}},{"id":"e8fc2111-1fa1-4785-a39c-b6695de5cd1e","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":29,"box":{"x":52,"y":420,"width":815,"height":11}},{"id":"05c35c08-1a99-4e60-9d21-a105140066c3","block_type":"box","text":"Risk of Investing in the U.S.","page_number":29,"box":{"x":53,"y":443,"width":200,"height":11}},{"id":"8c185222-f2c8-486e-a73b-8aebad4e50ce","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":29,"box":{"x":259,"y":444,"width":663,"height":10}},{"id":"90ecdf0d-0cee-4944-8cf7-cc436da00327","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":29,"box":{"x":53,"y":458,"width":877,"height":10}},{"id":"8f20af5f-c313-4ef3-ae93-17f380a5598f","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":29,"box":{"x":53,"y":472,"width":470,"height":11}},{"id":"db4140f6-a15b-4247-b7b4-b3ee2cb8b0c8","block_type":"box","text":"Insurance Industry Risk.","page_number":29,"box":{"x":53,"y":495,"width":178,"height":11}},{"id":"e7468a5c-b93b-40ab-a208-67b5841a31e2","block_type":"box","text":"The insurance industry may be significantly affected by changes in interest rates, catastrophic","page_number":29,"box":{"x":236,"y":495,"width":668,"height":11}},{"id":"c4bebdea-4fdc-4adb-a62d-30287f4acde3","block_type":"box","text":"events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax","page_number":29,"box":{"x":53,"y":509,"width":883,"height":11}},{"id":"f1660fbd-d66c-4ac5-ab98-67e41229a82e","block_type":"box","text":"law, among other factors.","page_number":29,"box":{"x":53,"y":523,"width":177,"height":11}},{"id":"b54458cd-61a8-4a6c-82dd-42d6d9ed0a02","block_type":"box","text":"Equity Securities Risk.","page_number":29,"box":{"x":53,"y":547,"width":164,"height":10}},{"id":"17035a7c-3d36-4c96-907d-73223f3f6e06","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":29,"box":{"x":223,"y":547,"width":709,"height":10}},{"id":"8aeffd4d-fbb7-43c8-aa8b-0661fc9a0dcc","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":29,"box":{"x":53,"y":561,"width":889,"height":11}},{"id":"44393b33-3d46-41c1-a677-44f8b7e3166e","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":29,"box":{"x":53,"y":575,"width":880,"height":11}},{"id":"eaa0d58e-eaad-4e5e-aff2-033159a5cbb6","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":29,"box":{"x":53,"y":589,"width":867,"height":11}},{"id":"b3bf1973-41d2-47db-96d0-a3fe18cd6fe3","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":29,"box":{"x":53,"y":603,"width":339,"height":11}},{"id":"cb7c2ef9-f9b5-483a-9316-67eb73ccb2fe","block_type":"box","text":"Market Risk.","page_number":29,"box":{"x":53,"y":626,"width":91,"height":9}},{"id":"bc2d67aa-52c5-475d-b888-35a95036d9d1","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":29,"box":{"x":148,"y":627,"width":768,"height":10}},{"id":"782bb8c5-5209-487c-a8d8-b63c8d6fa00e","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":29,"box":{"x":53,"y":641,"width":882,"height":11}},{"id":"34ea0df5-cbf9-4e9e-84ac-6a205aecba03","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":29,"box":{"x":53,"y":655,"width":858,"height":11}},{"id":"4b202647-1b42-4f79-a22f-b96e8bfe9992","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":29,"box":{"x":53,"y":669,"width":875,"height":11}},{"id":"ed6f0359-be0d-4324-9a85-b1b0c2f675f8","block_type":"box","text":"Fund’s NAV.","page_number":29,"box":{"x":53,"y":683,"width":82,"height":9}},{"id":"d303428b-b5ad-4c97-9368-880ff8fb7606","block_type":"box","text":"Index-Related Risk.","page_number":29,"box":{"x":53,"y":706,"width":143,"height":9}},{"id":"c570c0f0-8be8-492f-a556-1ed2e240272f","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":29,"box":{"x":201,"y":706,"width":742,"height":11}},{"id":"447887a6-17e3-4e4e-bb2c-41d3a1709798","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":29,"box":{"x":53,"y":721,"width":856,"height":10}},{"id":"edd43c58-2438-4b07-8037-e60ae0192196","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":29,"box":{"x":53,"y":735,"width":852,"height":11}},{"id":"7e8017fc-27fc-4dd4-bafa-86ce2c00e635","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":29,"box":{"x":53,"y":749,"width":876,"height":11}},{"id":"71c6cdfd-ef9e-4411-bf45-4a0c472a627d","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":29,"box":{"x":52,"y":763,"width":849,"height":11}},{"id":"f05a5261-920e-4420-880f-5d032074a7a1","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":29,"box":{"x":53,"y":777,"width":849,"height":11}},{"id":"2fbea56f-5ead-4d0a-a42f-9bb44da969bb","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":29,"box":{"x":53,"y":791,"width":890,"height":11}},{"id":"30d74ca6-8243-47fd-aa35-5c5aef9e5d9f","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":29,"box":{"x":53,"y":806,"width":853,"height":11}},{"id":"715cbb3d-4a96-4ea1-8e7b-ddada00d3933","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":29,"box":{"x":53,"y":820,"width":539,"height":11}},{"id":"c25086ae-1f33-4846-803f-a2bf10b1870a","block_type":"box","text":"Asset Class Risk.","page_number":29,"box":{"x":52,"y":843,"width":122,"height":9}},{"id":"57358ebb-0301-4fda-a22c-5dd0178f3a31","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":29,"box":{"x":179,"y":843,"width":721,"height":11}},{"id":"634331e5-758d-411c-bcd9-7ee677ac52ae","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":29,"box":{"x":53,"y":857,"width":774,"height":11}},{"id":"fdad72ba-edeb-4295-809f-0d591f3e46c1","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":29,"box":{"x":52,"y":880,"width":318,"height":11}},{"id":"38311982-deca-4874-aaf3-500945193ff9","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":29,"box":{"x":374,"y":880,"width":531,"height":11}},{"id":"00407d83-fee1-4b23-b665-df36f652f256","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":29,"box":{"x":53,"y":895,"width":810,"height":10}},{"id":"f267afa2-2d07-49c3-89e0-f75bb6e11032","block_type":"box","text":"S-22","page_number":29,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"249eaed8-7017-412e-80ca-70e61c303235","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":30,"box":{"x":52,"y":46,"width":816,"height":11}},{"id":"32388e30-2309-4474-9d19-41a1e2d9fc13","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":30,"box":{"x":52,"y":61,"width":884,"height":10}},{"id":"685f0dda-fffc-49da-90d0-94d0dd4b5a01","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":30,"box":{"x":53,"y":75,"width":871,"height":11}},{"id":"e6ca000c-9393-471b-afa9-e65c34f0c596","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":30,"box":{"x":53,"y":89,"width":846,"height":11}},{"id":"8e955271-ab9b-4106-8332-61aba69995e7","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":30,"box":{"x":52,"y":103,"width":881,"height":11}},{"id":"46db01d1-1e9c-4c50-8405-5d4236ce7f42","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":30,"box":{"x":53,"y":117,"width":853,"height":11}},{"id":"3048fc22-9296-4169-8782-e4dd7f8863f5","block_type":"box","text":"halts or delisting.","page_number":30,"box":{"x":53,"y":132,"width":121,"height":10}},{"id":"552e6117-b808-412d-90da-5c2e0ef4ffc1","block_type":"box","text":"Concentration Risk.","page_number":30,"box":{"x":53,"y":155,"width":145,"height":8}},{"id":"26e2eec1-bea1-4ea9-ad4e-83ef700bd1ee","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":30,"box":{"x":202,"y":155,"width":711,"height":11}},{"id":"f44ad085-8f13-474c-bd80-7427d9f5da90","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":30,"box":{"x":53,"y":169,"width":884,"height":10}},{"id":"d90f773c-17e0-414d-b23d-eb589be0ca3f","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":30,"box":{"x":52,"y":183,"width":887,"height":11}},{"id":"650c7d18-cae7-43da-b204-2d0b81eeebd8","block_type":"box","text":"asset classes.","page_number":30,"box":{"x":53,"y":197,"width":95,"height":9}},{"id":"1c2ec905-1431-4b1f-949a-867184ff02df","block_type":"box","text":"Issuer Risk.","page_number":30,"box":{"x":53,"y":220,"width":83,"height":9}},{"id":"d4ba4f85-c8a3-4a2b-8e76-31c7c6891246","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":30,"box":{"x":140,"y":220,"width":780,"height":11}},{"id":"84f34990-e2b8-49b8-9e8c-37c60bbe8da7","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":30,"box":{"x":53,"y":235,"width":886,"height":10}},{"id":"5f2c2482-aed4-45a3-883e-b768e4b8bda1","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":30,"box":{"x":52,"y":249,"width":576,"height":11}},{"id":"8eda1d25-09e0-450d-a354-cfc6ffcba056","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":30,"box":{"x":53,"y":272,"width":278,"height":11}},{"id":"a695c671-48db-4b84-9989-21a6b7698150","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":30,"box":{"x":337,"y":272,"width":540,"height":11}},{"id":"c6e72471-21cc-4cc4-88a8-861d5d1fab29","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":30,"box":{"x":53,"y":286,"width":890,"height":11}},{"id":"46e5be8b-f934-4ca7-8b8e-7320414e9584","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":30,"box":{"x":53,"y":300,"width":868,"height":11}},{"id":"e8d015d4-6484-4844-9c72-91429e8d303f","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":30,"box":{"x":53,"y":315,"width":709,"height":10}},{"id":"5e1079ef-3fba-45bf-bcfc-355fbc873943","block_type":"box","text":"Management Risk.","page_number":30,"box":{"x":53,"y":338,"width":137,"height":11}},{"id":"5f9036d7-81ad-443e-bb9a-f6437d64990c","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":30,"box":{"x":194,"y":338,"width":711,"height":11}},{"id":"ef83ea78-b134-4ad1-9a28-2225c8d598f4","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":30,"box":{"x":53,"y":352,"width":877,"height":11}},{"id":"04c5ef82-dc9f-4462-8e28-47d947682a80","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":30,"box":{"x":53,"y":366,"width":859,"height":11}},{"id":"9b661452-b717-4876-a8dd-c2837232d988","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":30,"box":{"x":52,"y":380,"width":848,"height":11}},{"id":"fd6d95e8-a82b-4331-98a8-ebf69a5f0bc1","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":30,"box":{"x":53,"y":394,"width":756,"height":11}},{"id":"97f6624b-9ec7-43a3-b87c-b5807ac4180d","block_type":"box","text":"Market Trading Risk.","page_number":30,"box":{"x":53,"y":418,"width":152,"height":11}},{"id":"5b4c8d47-ef38-4443-a563-8f22f033633d","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":30,"box":{"x":209,"y":418,"width":694,"height":11}},{"id":"a88c6a8d-5262-4771-9157-48a1f9928dcf","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":30,"box":{"x":53,"y":432,"width":841,"height":11}},{"id":"149d21d4-6e39-4165-a987-fc32993bb798","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":30,"box":{"x":53,"y":446,"width":887,"height":11}},{"id":"78f7b2d6-1ade-4f39-9da7-fb56f9cd0b26","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":30,"box":{"x":52,"y":460,"width":839,"height":11}},{"id":"7192f972-6c55-4f59-a121-fc3d96ee5a86","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":30,"box":{"x":53,"y":474,"width":866,"height":11}},{"id":"be92156d-f14f-45d2-98ce-51ff4dcf308b","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":30,"box":{"x":52,"y":489,"width":885,"height":10}},{"id":"4a731a67-bdb8-4468-b592-4f3b5faec7d0","block_type":"box","text":"of the Fund shares.","page_number":30,"box":{"x":53,"y":503,"width":134,"height":8}},{"id":"ca1ce971-5f54-4101-8d16-db316cba51bf","block_type":"box","text":"Non-Diversification Risk.","page_number":30,"box":{"x":53,"y":526,"width":184,"height":8}},{"id":"bd2d44b7-81e2-420f-a14c-90606b391c5e","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":30,"box":{"x":242,"y":526,"width":633,"height":10}},{"id":"29dd0727-28fa-40e7-97f8-7a7977c4d2f0","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":30,"box":{"x":53,"y":540,"width":802,"height":11}},{"id":"55e0280f-6cc9-4979-95c8-9bb5fe409a19","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":30,"box":{"x":53,"y":554,"width":888,"height":11}},{"id":"b4b37847-7ccf-4504-b07d-ba4a57f1faae","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":30,"box":{"x":53,"y":569,"width":876,"height":10}},{"id":"9cbe8987-b945-4b60-a921-e19098f3cebf","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":30,"box":{"x":53,"y":583,"width":696,"height":11}},{"id":"ff1147de-f4a1-499f-8d60-28fcbf716b6e","block_type":"box","text":"Operational and Technology Risks.","page_number":30,"box":{"x":53,"y":606,"width":254,"height":11}},{"id":"5cb4418c-8ff3-41d9-9868-6b723135f281","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":30,"box":{"x":312,"y":606,"width":581,"height":11}},{"id":"77a1bb02-8856-45c9-bba0-4e44b2c8ad97","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":30,"box":{"x":53,"y":620,"width":876,"height":11}},{"id":"3afab7f0-49ad-49ac-914b-6b8ce4804fe6","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":30,"box":{"x":53,"y":634,"width":879,"height":11}},{"id":"1359caa1-a3c9-4629-9907-c24c16ab7fe6","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":30,"box":{"x":53,"y":648,"width":825,"height":11}},{"id":"3b24b2a0-76b7-407f-9385-79aba7c03d6b","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":30,"box":{"x":53,"y":663,"width":862,"height":10}},{"id":"2fc96831-217e-410f-bf15-d8fd3e5a3d09","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":30,"box":{"x":53,"y":677,"width":872,"height":11}},{"id":"5c76ee63-46aa-4002-984e-515bcffd5b9a","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":30,"box":{"x":53,"y":691,"width":824,"height":11}},{"id":"a98aad30-bdd4-4f39-b1a9-619675ffd167","block_type":"box","text":"Securities Lending Risk.","page_number":30,"box":{"x":52,"y":714,"width":178,"height":11}},{"id":"d9c1811e-1751-4143-9230-7819c9b67415","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":30,"box":{"x":234,"y":714,"width":692,"height":11}},{"id":"2a01fcb6-0e55-4ce5-a9ed-44961f72c4cd","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":30,"box":{"x":53,"y":728,"width":870,"height":11}},{"id":"5718a7c9-51a8-40b4-850c-004eb2831bd4","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":30,"box":{"x":53,"y":743,"width":886,"height":10}},{"id":"dc912dbf-5daf-4363-b6c2-20e9daa14b0a","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":30,"box":{"x":53,"y":757,"width":831,"height":11}},{"id":"ef0f45d2-add7-4046-9e15-e39e223535a5","block_type":"box","text":"Tracking Error Risk.","page_number":30,"box":{"x":52,"y":780,"width":145,"height":11}},{"id":"0712aefe-2114-4f63-a92a-d995f2f3a3f5","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":30,"box":{"x":201,"y":780,"width":741,"height":11}},{"id":"e62d880c-0b5d-43c5-a4f6-efa1910081f0","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":30,"box":{"x":53,"y":794,"width":861,"height":11}},{"id":"09d7f6d2-cea4-4313-9cc1-590e55e7d86a","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":30,"box":{"x":53,"y":808,"width":832,"height":11}},{"id":"034fbf98-5ac0-4291-afc3-be1a6f190d2b","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":30,"box":{"x":53,"y":823,"width":880,"height":10}},{"id":"e4a93e9e-27dd-41be-b01d-dd2c4cc3c567","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":30,"box":{"x":53,"y":837,"width":831,"height":10}},{"id":"fbd3500b-c709-4632-a0d5-6d596a7305e6","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":30,"box":{"x":52,"y":851,"width":828,"height":11}},{"id":"65afc4ff-86e0-4c89-adc0-cb5b664902ec","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":30,"box":{"x":53,"y":865,"width":873,"height":11}},{"id":"db6d85b4-38bf-48cd-a083-e518658b41f9","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":30,"box":{"x":53,"y":879,"width":889,"height":11}},{"id":"f6abf4f2-1288-4f0d-8b0f-3a11b70067c6","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":30,"box":{"x":53,"y":893,"width":852,"height":11}},{"id":"5aff7491-1feb-49dc-b33e-27a9f70dbdc4","block_type":"box","text":"S-23","page_number":30,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"9f4a99be-b327-4313-8a6f-16b38e958c9e","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":31,"box":{"x":53,"y":46,"width":886,"height":11}},{"id":"8c2f85b1-df41-47af-b1c2-db27c734b86e","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":31,"box":{"x":53,"y":61,"width":873,"height":10}},{"id":"33dfea23-c38b-4d3e-bb96-7e0ac240d3dc","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":31,"box":{"x":53,"y":75,"width":724,"height":11}},{"id":"09812973-42ac-433c-95fb-031beb97495c","block_type":"box","text":"Performance Information","page_number":31,"box":{"x":54,"y":104,"width":228,"height":10}},{"id":"05d0a13c-2e82-4a57-b350-f9b0e05425b1","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":31,"box":{"x":52,"y":129,"width":864,"height":10}},{"id":"516ad976-e757-44e7-91d0-86b390354359","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":31,"box":{"x":52,"y":143,"width":872,"height":11}},{"id":"ded58276-6894-4d73-8d10-4de2d25f5083","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":31,"box":{"x":53,"y":157,"width":868,"height":11}},{"id":"6d2f6ba1-572b-46b5-98b9-e25315d9eb04","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":31,"box":{"x":53,"y":171,"width":838,"height":11}},{"id":"e6bbafcc-6472-4454-a7eb-3c2700042c9f","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":31,"box":{"x":53,"y":186,"width":868,"height":10}},{"id":"1b3113f3-ec20-414d-8f97-9a9ec4c5ef08","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":31,"box":{"x":53,"y":200,"width":832,"height":11}},{"id":"93cda876-d864-41aa-8e5d-770548250a56","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":31,"box":{"x":53,"y":214,"width":842,"height":11}},{"id":"6ee9c6bd-26eb-46da-9585-bf398d5e1f59","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":31,"box":{"x":52,"y":228,"width":531,"height":11}},{"id":"9fa0bf1e-53b9-4323-88df-bc093565d8e1","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":31,"box":{"x":135,"y":253,"width":260,"height":11}},{"id":"3636cca7-5550-48be-8057-9ede45d3b2d8","block_type":"box","text":"18.36","page_number":31,"box":{"x":87,"y":321,"width":25,"height":6}},{"id":"0335b29b-cdce-4b38-8d45-45ec4955edaf","block_type":"box","text":"14.11","page_number":31,"box":{"x":124,"y":329,"width":23,"height":6}},{"id":"02638f59-c3ec-457d-a3bc-a83e25c87ac6","block_type":"box","text":"-11.05","page_number":31,"box":{"x":157,"y":389,"width":30,"height":6}},{"id":"ee7ee395-43d8-49a7-9f83-886d8cf7c08d","block_type":"box","text":"25.50","page_number":31,"box":{"x":197,"y":309,"width":26,"height":6}},{"id":"27c6e2f8-4001-466e-a198-c27ea7e9eba6","block_type":"box","text":"-2.87","page_number":31,"box":{"x":235,"y":375,"width":23,"height":6}},{"id":"6a70a436-d951-4217-ad10-f53ecbfef6bb","block_type":"box","text":"26.70","page_number":31,"box":{"x":271,"y":307,"width":26,"height":6}},{"id":"a4d60b9d-2e5f-4024-956e-1080a7d601d7","block_type":"box","text":"11.43","page_number":31,"box":{"x":309,"y":334,"width":25,"height":6}},{"id":"a2c6df9f-6d6f-4e51-ba10-16593ef707fc","block_type":"box","text":"11.22","page_number":31,"box":{"x":346,"y":334,"width":25,"height":6}},{"id":"79ee5bf9-1678-4a54-950d-d1a93c73050a","block_type":"box","text":"28.18","page_number":31,"box":{"x":382,"y":304,"width":26,"height":6}},{"id":"ef21b015-8f3d-4e70-9ae9-663e9d1b7ae2","block_type":"box","text":"9.51","page_number":31,"box":{"x":422,"y":337,"width":19,"height":6}},{"id":"3f487994-3354-441b-a1cd-d7de67a7353f","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":31,"box":{"x":87,"y":407,"width":356,"height":6}},{"id":"86298e61-9fea-4c00-b286-6889ec5950ca","block_type":"box","text":"Return (%) Period Ended","page_number":31,"box":{"x":736,"y":268,"width":188,"height":9}},{"id":"dd3691a7-611c-45fa-ad39-3eceba7d99f4","block_type":"box","text":"Calendar Year-to-Date Return","page_number":31,"box":{"x":520,"y":286,"width":197,"height":7}},{"id":"7f8bdd37-7198-414a-addf-7b585d03a303","block_type":"box","text":"5.16% June 30, 2026","page_number":31,"box":{"x":758,"y":286,"width":184,"height":9}},{"id":"3483edf1-2e3a-4c0b-944c-0072bb482e01","block_type":"box","text":"During the periods shown in the chart:","page_number":31,"box":{"x":520,"y":299,"width":250,"height":9}},{"id":"6768fe35-a022-4709-b797-229f4f1f06fc","block_type":"box","text":"Best Quarter 21.93% December 31, 2020","page_number":31,"box":{"x":534,"y":312,"width":408,"height":8}},{"id":"c2d247b3-4f8c-49f6-a5ae-2b18343c5455","block_type":"box","text":"Worst Quarter -29.55% March 31, 2020","page_number":31,"box":{"x":533,"y":325,"width":409,"height":8}},{"id":"abb45977-178a-4e4a-b401-18ab53ce5bb8","block_type":"box","text":"Average Annual Total Returns (%)","page_number":31,"box":{"x":372,"y":437,"width":251,"height":11}},{"id":"78a2a3ed-f920-4f85-bab8-678d33208135","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":31,"box":{"x":340,"y":451,"width":315,"height":11}},{"id":"3108398f-a0df-440a-a881-30d9ad44bbfd","block_type":"box","text":"One Year Five Years Ten Years","page_number":31,"box":{"x":670,"y":468,"width":268,"height":7}},{"id":"4abbf8bf-7d2b-478c-8c90-e756543837ac","block_type":"box","text":"Fund Inception: 5/1/2006","page_number":31,"box":{"x":58,"y":483,"width":171,"height":9}},{"id":"aa87d126-7ac7-48e0-96f2-cf7e438d7cf0","block_type":"box","text":"Return Before Taxes","page_number":31,"box":{"x":58,"y":495,"width":125,"height":7}},{"id":"efb1831a-4a35-46b1-a6f5-3eb395f98da2","block_type":"box","text":"9.51% 17.13% 12.43%","page_number":31,"box":{"x":690,"y":495,"width":249,"height":7}},{"id":"eb6cdcb4-61fd-4a05-9b7e-a75795e9304b","block_type":"box","text":"Return After Taxes on Distributions 9.07% 16.62% 11.92%","page_number":31,"box":{"x":58,"y":506,"width":881,"height":8}},{"id":"8e53473a-fa3a-4330-9860-f840aa2ba0c3","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.94% 13.78% 10.22%","page_number":31,"box":{"x":58,"y":518,"width":881,"height":7}},{"id":"4bedacd9-7c95-4327-8725-b14c825f44ee","block_type":"box","text":"S&P Total Market Index","page_number":31,"box":{"x":57,"y":530,"width":155,"height":7}},{"id":"e678c23b-0733-48ac-8f57-9e214cc3255f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":31,"box":{"x":215,"y":529,"width":724,"height":10}},{"id":"a5f79d2a-0c48-4f6a-a5ef-aaf255859967","block_type":"box","text":"Dow Jones U.S. Select Insurance Index","page_number":31,"box":{"x":58,"y":541,"width":251,"height":8}},{"id":"561b6528-59df-436d-8642-b4d16b93004c","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":31,"box":{"x":313,"y":541,"width":331,"height":9}},{"id":"99f090ad-ba61-4067-909f-3e68ba00a460","block_type":"box","text":"or taxes)","page_number":31,"box":{"x":71,"y":554,"width":53,"height":8}},{"id":"fcc89944-a8ae-485d-8a9f-fb486f16d628","block_type":"box","text":"9.89% 17.57% 12.87%","page_number":31,"box":{"x":690,"y":554,"width":249,"height":7}},{"id":"26da2693-7864-4408-b75a-97e7b28553a7","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":31,"box":{"x":52,"y":583,"width":857,"height":11}},{"id":"efb1bec4-f1a1-4ea1-845a-9f7811692769","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":31,"box":{"x":53,"y":597,"width":865,"height":11}},{"id":"f576f97e-6714-46d7-802c-6f05b0cf7d38","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":31,"box":{"x":53,"y":612,"width":847,"height":11}},{"id":"1d490200-a782-423c-b69a-33ea80cdde32","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":31,"box":{"x":52,"y":626,"width":857,"height":11}},{"id":"69703895-51ff-40a8-9009-79b3dea393e0","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":31,"box":{"x":53,"y":640,"width":877,"height":11}},{"id":"a861b73a-fae8-47ec-821a-e1c4db051afb","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":31,"box":{"x":52,"y":654,"width":836,"height":11}},{"id":"b131059d-b3e0-4164-906a-2989c7e5c0f9","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":31,"box":{"x":53,"y":668,"width":886,"height":11}},{"id":"975093a1-971a-4bf5-a5d5-c30553f20e1c","block_type":"box","text":"on distributions.","page_number":31,"box":{"x":53,"y":683,"width":114,"height":8}},{"id":"54636ba6-28ce-4d69-b497-109c78c14c27","block_type":"box","text":"Management","page_number":31,"box":{"x":54,"y":712,"width":119,"height":13}},{"id":"3239521a-4260-42e0-a480-aae00ea4d024","block_type":"box","text":"Investment Adviser.","page_number":31,"box":{"x":53,"y":737,"width":145,"height":8}},{"id":"50c155c4-ae6e-4349-bda6-c7925ada40c6","block_type":"box","text":"BlackRock Fund Advisors.","page_number":31,"box":{"x":204,"y":737,"width":180,"height":8}},{"id":"62782ed9-ce63-4f76-b1b6-c1ab624f45d6","block_type":"box","text":"Portfolio Managers.","page_number":31,"box":{"x":53,"y":760,"width":146,"height":11}},{"id":"7894563b-5359-4ad2-8036-47281981ab48","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":31,"box":{"x":203,"y":760,"width":679,"height":11}},{"id":"96540bb0-248c-4589-bed1-bb04c3a09b84","block_type":"box","text":"management of the Fund:","page_number":31,"box":{"x":53,"y":774,"width":182,"height":11}},{"id":"c9ec5b5a-ddbe-4d2d-b8c7-a53ed60a5a99","block_type":"box","text":"Portfolio Manager","page_number":31,"box":{"x":58,"y":810,"width":119,"height":10}},{"id":"e6b59c2f-6eba-4546-8b4d-13f0c955abc6","block_type":"box","text":"Portfolio Manager of the","page_number":31,"box":{"x":411,"y":797,"width":160,"height":10}},{"id":"8696a7af-d5be-4efc-bc66-6d3e29186c05","block_type":"box","text":"Fund Since","page_number":31,"box":{"x":455,"y":810,"width":72,"height":7}},{"id":"f9c8d819-8036-42d0-8f7d-007c686f7149","block_type":"box","text":"Title with Investment","page_number":31,"box":{"x":804,"y":797,"width":140,"height":8}},{"id":"f39bda95-823b-4860-a971-efe2841ffc91","block_type":"box","text":"Adviser","page_number":31,"box":{"x":849,"y":810,"width":49,"height":7}},{"id":"28a30a1e-9bc4-4a3b-a5e2-b434d8b168ee","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":31,"box":{"x":57,"y":825,"width":876,"height":10}},{"id":"7ff741d8-5390-435d-95fa-ca9beedb193d","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":31,"box":{"x":58,"y":841,"width":875,"height":9}},{"id":"69a24713-4e68-4f2a-ba1b-6039decd7def","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":31,"box":{"x":58,"y":856,"width":875,"height":10}},{"id":"e6437d0f-003d-4cbe-aaf5-40dab66947ea","block_type":"box","text":"Steven White 2025 Managing Director","page_number":31,"box":{"x":57,"y":872,"width":876,"height":9}},{"id":"6c91c059-6f94-4759-a37c-67246d6df544","block_type":"box","text":"S-24","page_number":31,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"9e92bf63-059f-4128-baa0-dbf767142fc6","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":32,"box":{"x":54,"y":53,"width":304,"height":11}},{"id":"3479afff-c793-41b3-9e8b-1c41b4858d18","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":32,"box":{"x":52,"y":78,"width":878,"height":11}},{"id":"bacf16dd-5f24-4ce7-91ab-f9defcfa9940","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":32,"box":{"x":53,"y":93,"width":855,"height":11}},{"id":"d71e6f70-e6a2-48df-a27f-45bfe7af5d67","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":32,"box":{"x":52,"y":107,"width":817,"height":11}},{"id":"5e4007b3-8a94-48fc-ae84-2636c2761a93","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":32,"box":{"x":53,"y":121,"width":878,"height":11}},{"id":"b34d7597-db85-468a-af29-8db9fd80f1f4","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":32,"box":{"x":53,"y":135,"width":861,"height":11}},{"id":"675738b1-67e8-4da0-9542-672c92644890","block_type":"box","text":"(the “bid-ask spread”).","page_number":32,"box":{"x":53,"y":149,"width":156,"height":11}},{"id":"340f1001-6036-420a-8271-23df6340c53a","block_type":"box","text":"Tax Information","page_number":32,"box":{"x":52,"y":178,"width":144,"height":11}},{"id":"708de7cf-d6f5-4dd8-98e2-dc7c68e1e0cd","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":32,"box":{"x":52,"y":204,"width":831,"height":11}},{"id":"a597291c-9acd-4a06-955a-1d5b9d132230","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":32,"box":{"x":53,"y":218,"width":883,"height":11}},{"id":"90206798-0ede-4344-9cb6-aab1efeecaf4","block_type":"box","text":"be taxed when withdrawn.","page_number":32,"box":{"x":53,"y":232,"width":182,"height":9}},{"id":"18ab5a9b-ecbd-4bd3-bf2c-d6707f40cda2","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":32,"box":{"x":54,"y":261,"width":575,"height":13}},{"id":"2b687b22-a22b-47fe-8cc0-b83d30b29d99","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":32,"box":{"x":53,"y":286,"width":855,"height":11}},{"id":"a2c6076e-2d89-4f9c-8780-1a0424c2897c","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":32,"box":{"x":53,"y":300,"width":843,"height":11}},{"id":"1f5e89b2-fd62-47a1-85df-e971774b297b","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":32,"box":{"x":53,"y":315,"width":820,"height":10}},{"id":"b9846a0e-2fae-4733-b664-5bc001cd3ce4","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":32,"box":{"x":53,"y":329,"width":801,"height":11}},{"id":"1f719199-9ac9-4445-83f4-b880ce5fd116","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":32,"box":{"x":53,"y":343,"width":841,"height":11}},{"id":"8a178364-ee1c-4cf5-baf1-8b437c640ea7","block_type":"box","text":"financial intermediary’s website for more information.","page_number":32,"box":{"x":52,"y":357,"width":380,"height":11}},{"id":"81af6b1d-63b5-492d-a884-8ba1c7a7f3f3","block_type":"box","text":"S-25","page_number":32,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"49dca65c-afbb-4a08-b7f2-a1a2724b4542","block_type":"box","text":"iShares U.S. Medical Devices ETF","page_number":33,"box":{"x":53,"y":47,"width":460,"height":16}},{"id":"6785a917-5617-4420-b686-c8de355ee985","block_type":"box","text":"IHI | NYSE Arca","page_number":33,"box":{"x":54,"y":70,"width":212,"height":18}},{"id":"15c92239-83d8-40cb-a0a7-597c7311f578","block_type":"box","text":"Investment Objective","page_number":33,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"f80f86fd-b010-4826-be89-d96dce1e0d0c","block_type":"box","text":"The iShares U.S. Medical Devices ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities","page_number":33,"box":{"x":52,"y":134,"width":886,"height":11}},{"id":"ac62a505-2eb6-4a4d-bc38-12628d13c520","block_type":"box","text":"in the medical devices sector.","page_number":33,"box":{"x":53,"y":148,"width":206,"height":9}},{"id":"812d87e2-988c-40cd-b576-ae18b954db12","block_type":"box","text":"Fees and Expenses","page_number":33,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"8560df45-7463-4427-9e5e-aea802659ec9","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":33,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"62f04dbb-3b2f-4f35-b740-077e35184e9b","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":33,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"e19134ab-2f42-45ec-bee5-dd32ae73abaf","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":33,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"2ee49dc1-ba2b-4680-add8-26df1c686346","block_type":"box","text":"your costs would be:","page_number":33,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"52232ae4-a969-4bf8-b829-0e8c87e6d3a7","block_type":"box","text":"Expense Example","page_number":33,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"95f64f7e-fdae-435d-84ee-b2055f39eb4a","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":33,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"09a12bfe-39fb-48d0-a607-6d15455da97d","block_type":"box","text":"Example Fund Costs","page_number":33,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"c4f62880-ee69-498b-ba52-e3e82a538f65","block_type":"box","text":"$38 $119 $208 $468","page_number":33,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"72df48a5-8dea-4948-ac51-346c05ed79a5","block_type":"box","text":"Portfolio Turnover.","page_number":33,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"0838ed42-d2ce-4df2-8aef-f7bfb7ce6700","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":33,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"a98025a1-e7af-4595-9de9-f6c813237a70","block_type":"box","text":"over” its portfolio). 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Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":33,"box":{"x":53,"y":919,"width":867,"height":10}},{"id":"4b711dca-155b-4f77-98af-73acd6c19386","block_type":"box","text":"S-26","page_number":33,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"88791075-1220-41bb-b475-8c0a06da08c8","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":34,"box":{"x":52,"y":46,"width":869,"height":11}},{"id":"f3bbcd9d-f1f5-4685-b0d0-8ccfd25eb4d2","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":34,"box":{"x":52,"y":61,"width":863,"height":10}},{"id":"a805bb40-44de-4f1c-b274-22edae9356db","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":34,"box":{"x":53,"y":75,"width":826,"height":11}},{"id":"d5c02160-238d-45ae-9b7b-9d4c33633853","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":34,"box":{"x":53,"y":89,"width":405,"height":11}},{"id":"dcec0edd-56d7-455b-9c24-3a883722ed87","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":34,"box":{"x":53,"y":112,"width":844,"height":11}},{"id":"9e2a2a1e-bbaf-4843-b1b2-9ca468e4731b","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":34,"box":{"x":53,"y":126,"width":860,"height":11}},{"id":"cd077ada-94d7-47e6-a029-31a493405401","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":34,"box":{"x":53,"y":141,"width":831,"height":10}},{"id":"987dce3b-f2f8-477d-8fae-136653a44266","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":34,"box":{"x":53,"y":155,"width":817,"height":11}},{"id":"12240aee-230b-48d2-8c9d-7bd59a3ea4fe","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":34,"box":{"x":53,"y":169,"width":818,"height":11}},{"id":"2fdfda57-1380-401c-8cfd-b2da2a51d28a","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":34,"box":{"x":53,"y":183,"width":835,"height":11}},{"id":"f11aba8d-f004-46f2-9058-0a9f937c6b6d","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":34,"box":{"x":52,"y":206,"width":873,"height":11}},{"id":"2c76f7ec-0de8-41c1-92bf-b031ab0154ae","block_type":"box","text":"collateral received).","page_number":34,"box":{"x":53,"y":220,"width":136,"height":10}},{"id":"f8f457a4-a0f8-498c-9e57-0b7f2ee86661","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":34,"box":{"x":52,"y":244,"width":870,"height":10}},{"id":"3ab94a04-1d0e-452b-8648-b745f0a35393","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":34,"box":{"x":53,"y":258,"width":856,"height":11}},{"id":"7516e40e-5863-430a-9ecc-f01ab36131f5","block_type":"box","text":"market value of the Underlying Index.","page_number":34,"box":{"x":53,"y":272,"width":263,"height":11}},{"id":"73e526e3-a560-463d-a4ec-848b2d130828","block_type":"box","text":"Industry Concentration Policy.","page_number":34,"box":{"x":53,"y":295,"width":224,"height":11}},{"id":"6728e42e-0ef5-4fa7-8b74-dcc26edd97a3","block_type":"box","text":"The Fund will concentrate its investments (","page_number":34,"box":{"x":281,"y":295,"width":304,"height":9}},{"id":"afbbb5bb-82bf-4f59-98c7-ebcad61ff737","block_type":"box","text":"i.e.","page_number":34,"box":{"x":587,"y":295,"width":17,"height":9}},{"id":"abae9df5-6f66-49d3-87a6-18c6ff311299","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":34,"box":{"x":606,"y":295,"width":292,"height":10}},{"id":"585a5c28-07cf-437e-ade8-530fd44c1694","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":34,"box":{"x":53,"y":309,"width":858,"height":11}},{"id":"15dbc21f-7825-4661-a2f6-546ebfa73997","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":34,"box":{"x":53,"y":323,"width":868,"height":11}},{"id":"1d16ef45-2ff2-440a-a624-75747dfa0124","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":34,"box":{"x":53,"y":338,"width":826,"height":11}},{"id":"5c5ee8b1-8f96-4335-8dcd-cc4fbd426ec7","block_type":"box","text":"Summary of Principal Risks","page_number":34,"box":{"x":52,"y":367,"width":248,"height":13}},{"id":"b726d42b-d9b2-4945-a495-ea590a49b0a6","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":34,"box":{"x":52,"y":392,"width":881,"height":11}},{"id":"bb614c3f-03f1-42b7-b8c2-de5572b1ffe1","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":34,"box":{"x":53,"y":406,"width":824,"height":11}},{"id":"797639b0-d00e-43b5-a276-a1edc1411ad0","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":34,"box":{"x":53,"y":420,"width":807,"height":11}},{"id":"2f514fd0-5acd-4e29-9acd-fec319395dda","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":34,"box":{"x":53,"y":434,"width":844,"height":11}},{"id":"207efd0a-866b-4f8d-8299-83cb68701764","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":34,"box":{"x":52,"y":449,"width":815,"height":10}},{"id":"6066d9a5-f189-4478-9b02-f7abae27c0df","block_type":"box","text":"Risk of Investing in the U.S.","page_number":34,"box":{"x":53,"y":472,"width":200,"height":11}},{"id":"9c5fb241-1c6c-4a4f-b451-dcb765859d14","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":34,"box":{"x":259,"y":472,"width":663,"height":11}},{"id":"7d3c795d-2822-4a8e-af33-e714f2c0d0fe","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":34,"box":{"x":53,"y":486,"width":877,"height":11}},{"id":"b88da501-e3ed-45f7-9fac-f83fa89c47e7","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":34,"box":{"x":53,"y":500,"width":470,"height":11}},{"id":"df9d1844-bd7b-4261-aa32-e715f3bb404f","block_type":"box","text":"Healthcare Companies Risk.","page_number":34,"box":{"x":53,"y":523,"width":206,"height":11}},{"id":"33b458d0-f0d2-47e9-85fe-1a72f027c131","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by extensive government","page_number":34,"box":{"x":264,"y":523,"width":661,"height":11}},{"id":"f4b9f562-4010-49ae-b3ac-567d7a06b6f9","block_type":"box","text":"regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services,","page_number":34,"box":{"x":53,"y":538,"width":877,"height":10}},{"id":"8b2f2422-c0f4-4ca5-9487-ca06a45182e3","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and","page_number":34,"box":{"x":53,"y":552,"width":852,"height":11}},{"id":"ae05c94a-47f9-436e-9275-d0017607e28f","block_type":"box","text":"product liability claims, among other factors.","page_number":34,"box":{"x":53,"y":566,"width":316,"height":11}},{"id":"73e5d8f8-6f77-4f80-9cbd-f8cd3172be76","block_type":"box","text":"Equity Securities Risk.","page_number":34,"box":{"x":53,"y":589,"width":164,"height":11}},{"id":"46046ab7-392b-4fc7-b168-cf51127014d1","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":34,"box":{"x":223,"y":589,"width":709,"height":11}},{"id":"e4986514-d81e-48f8-98a3-049e7b54c23e","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":34,"box":{"x":53,"y":603,"width":889,"height":11}},{"id":"f6c7106c-7058-4276-a98b-81c73afce79a","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":34,"box":{"x":53,"y":617,"width":880,"height":11}},{"id":"d58c99aa-5b6a-4c3c-97c3-c9c7e6192953","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":34,"box":{"x":53,"y":632,"width":867,"height":11}},{"id":"c4003ddd-981f-49c4-af03-04f2fdb67bb1","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":34,"box":{"x":53,"y":646,"width":339,"height":11}},{"id":"cfdb031a-2f61-4d04-8581-ec9f530093c1","block_type":"box","text":"Market Risk.","page_number":34,"box":{"x":53,"y":669,"width":91,"height":9}},{"id":"0f546e41-e0c8-4d58-875c-478eb4bcdc12","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":34,"box":{"x":148,"y":669,"width":768,"height":11}},{"id":"95094132-a355-4351-85f3-dab72b3d9b73","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":34,"box":{"x":53,"y":683,"width":882,"height":11}},{"id":"ae162c99-4491-4c20-8548-783cdea0cc6b","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":34,"box":{"x":53,"y":697,"width":858,"height":11}},{"id":"57a7c3de-6544-48ed-940c-0b5ae9725b22","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":34,"box":{"x":53,"y":712,"width":875,"height":10}},{"id":"bebcca29-b014-49ed-be15-ab387969619d","block_type":"box","text":"Fund’s NAV.","page_number":34,"box":{"x":53,"y":726,"width":82,"height":8}},{"id":"77290176-7a5a-4ff0-a08d-1bfab80fd6c4","block_type":"box","text":"Index-Related Risk.","page_number":34,"box":{"x":53,"y":749,"width":143,"height":8}},{"id":"3726a764-c1dc-492d-abe7-a6d3a6e56498","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":34,"box":{"x":201,"y":749,"width":742,"height":11}},{"id":"ba5d2cd6-91e2-442a-be15-b635a68d2cae","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":34,"box":{"x":53,"y":763,"width":856,"height":11}},{"id":"691255fe-7361-4ad3-ab92-d18cc8681bd7","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":34,"box":{"x":53,"y":777,"width":852,"height":11}},{"id":"eddde5da-1103-4486-9a9f-151badfd563f","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":34,"box":{"x":53,"y":792,"width":876,"height":10}},{"id":"e167c018-df58-4475-b86a-8954c327027c","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":34,"box":{"x":52,"y":806,"width":849,"height":11}},{"id":"1469c38b-5256-4c92-9c82-3dc58cf9f416","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":34,"box":{"x":53,"y":820,"width":849,"height":11}},{"id":"0beaba68-8d2c-43c2-a31c-ee0faa30df56","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":34,"box":{"x":53,"y":834,"width":890,"height":11}},{"id":"303bc06a-ba53-4602-94ff-e4ca35964db7","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":34,"box":{"x":53,"y":848,"width":853,"height":11}},{"id":"106e499a-b306-4087-aa7b-9903b6980d2e","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":34,"box":{"x":53,"y":862,"width":539,"height":11}},{"id":"23f1e970-29cf-47ee-bded-177203919cf1","block_type":"box","text":"Asset Class Risk.","page_number":34,"box":{"x":52,"y":886,"width":122,"height":8}},{"id":"d72ff409-6646-4399-bbdb-4e2200501246","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":34,"box":{"x":179,"y":886,"width":721,"height":10}},{"id":"78719b60-ffbb-4ca1-a71b-b0e3d1c57823","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":34,"box":{"x":53,"y":900,"width":774,"height":11}},{"id":"d844e75f-a669-4c09-86fb-9285ed3f7fec","block_type":"box","text":"S-27","page_number":34,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"dc26bf58-cc4e-45bb-9204-2ba8a13632b9","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":35,"box":{"x":52,"y":46,"width":318,"height":11}},{"id":"a958c311-5540-4b8e-89e8-262c2ce8ec43","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":35,"box":{"x":374,"y":46,"width":531,"height":11}},{"id":"e28463dc-8f68-4d8e-9ae1-492acf909b6b","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":35,"box":{"x":53,"y":61,"width":810,"height":10}},{"id":"a2cae837-ca67-4c31-9656-5e5d3d5ba1ab","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":35,"box":{"x":52,"y":75,"width":816,"height":11}},{"id":"c9b9a5e1-3775-4405-aa3f-77267b1ac1b7","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":35,"box":{"x":52,"y":89,"width":884,"height":11}},{"id":"c8cec5b7-b048-42ba-ba8d-5034e321d317","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":35,"box":{"x":53,"y":103,"width":871,"height":11}},{"id":"57f591f8-3a89-4796-a7c8-c13d0ce2b0af","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":35,"box":{"x":53,"y":118,"width":846,"height":10}},{"id":"e079d3fa-d684-46cc-8255-1cda1a6ee0b8","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":35,"box":{"x":52,"y":131,"width":881,"height":11}},{"id":"15ed72b7-45e4-487c-81da-19cfa49c5b78","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":35,"box":{"x":53,"y":146,"width":853,"height":11}},{"id":"48bc0e37-5cf2-489c-adfe-32e1b99abdaa","block_type":"box","text":"halts or delisting.","page_number":35,"box":{"x":53,"y":160,"width":121,"height":11}},{"id":"ff4aab7b-6772-4db6-aa89-ec71c4e62d29","block_type":"box","text":"Concentration Risk.","page_number":35,"box":{"x":53,"y":183,"width":145,"height":9}},{"id":"8d04e7d3-7928-4419-81a4-23d7ee0b1e5b","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":35,"box":{"x":202,"y":183,"width":711,"height":11}},{"id":"fd26f612-2938-4d81-9f3a-77cbd9695ac3","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":35,"box":{"x":53,"y":197,"width":884,"height":10}},{"id":"d36e87ab-1cd6-4643-8021-458c5fcd5b18","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":35,"box":{"x":52,"y":211,"width":887,"height":11}},{"id":"0ba2da3c-e3b3-4311-a01e-6a2a394bec41","block_type":"box","text":"asset classes.","page_number":35,"box":{"x":53,"y":226,"width":95,"height":8}},{"id":"adcc77d9-cd62-461b-84c5-d0649932d163","block_type":"box","text":"Issuer Risk.","page_number":35,"box":{"x":53,"y":249,"width":83,"height":8}},{"id":"de484538-a46d-4ca0-9b83-79be9e99fbfc","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":35,"box":{"x":140,"y":249,"width":780,"height":10}},{"id":"3ff17141-86b2-4239-929b-e6905d7a118b","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":35,"box":{"x":53,"y":263,"width":886,"height":11}},{"id":"55c9c712-2daf-4706-bb10-e76f0bc701d6","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":35,"box":{"x":52,"y":277,"width":576,"height":11}},{"id":"39bbef30-3af1-44c1-be41-1df0c6f3592d","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":35,"box":{"x":53,"y":300,"width":278,"height":11}},{"id":"610e7c5b-e5ff-4eab-ac28-ba1d46c339bc","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":35,"box":{"x":337,"y":301,"width":540,"height":10}},{"id":"239f6056-33ea-4bb7-8202-149a80e10a19","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":35,"box":{"x":53,"y":315,"width":890,"height":10}},{"id":"4124fc71-963b-4542-a92d-732631916f4f","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":35,"box":{"x":53,"y":329,"width":868,"height":11}},{"id":"e0e54f42-d7b9-4e07-a8e3-86fc72915b55","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":35,"box":{"x":53,"y":343,"width":709,"height":11}},{"id":"bcfdac7d-aaf6-4bab-a374-738df1c1c736","block_type":"box","text":"Management Risk.","page_number":35,"box":{"x":53,"y":366,"width":137,"height":11}},{"id":"6041b39b-c1e2-4a20-9184-70bca3a8a38e","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":35,"box":{"x":194,"y":366,"width":711,"height":11}},{"id":"407fed7d-c748-4a44-b38f-a4000b905c9e","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":35,"box":{"x":53,"y":380,"width":877,"height":11}},{"id":"15c84159-e095-446d-aea8-c1f046540e03","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":35,"box":{"x":53,"y":394,"width":859,"height":11}},{"id":"a3f98107-e67e-4100-bf53-929e45fe3339","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":35,"box":{"x":52,"y":409,"width":848,"height":10}},{"id":"8959d3cb-0ab0-4fef-9327-56ecc147a25a","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":35,"box":{"x":53,"y":423,"width":756,"height":11}},{"id":"2ae95647-352b-4f9e-ad46-4a8356be6007","block_type":"box","text":"Market Trading Risk.","page_number":35,"box":{"x":53,"y":446,"width":152,"height":11}},{"id":"6fc8562c-a8c6-4741-99c0-03a6e52675a4","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":35,"box":{"x":209,"y":446,"width":694,"height":11}},{"id":"ee24f2f8-3880-41fb-af3f-46c16ffcc014","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":35,"box":{"x":53,"y":460,"width":841,"height":11}},{"id":"763969ed-b54d-4dd8-95f7-f32c8dfc0e02","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":35,"box":{"x":53,"y":474,"width":887,"height":11}},{"id":"14634100-75dd-4161-bd3a-0411374d7346","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":35,"box":{"x":52,"y":489,"width":839,"height":10}},{"id":"f431287d-452a-4e58-9f35-f2b892007912","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":35,"box":{"x":53,"y":503,"width":866,"height":11}},{"id":"ea6869ab-b8f0-4ac6-8c2e-dffc7883249a","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":35,"box":{"x":52,"y":517,"width":885,"height":11}},{"id":"75877dde-9921-491d-a3e4-446c0a3a48e0","block_type":"box","text":"of the Fund shares.","page_number":35,"box":{"x":53,"y":531,"width":134,"height":9}},{"id":"002aa88f-9914-424e-aee5-bd1d2da7cf86","block_type":"box","text":"Non-Diversification Risk.","page_number":35,"box":{"x":53,"y":554,"width":184,"height":9}},{"id":"d3ec4955-b7a7-41ee-abc6-8ac5b3e9d30b","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":35,"box":{"x":242,"y":554,"width":633,"height":11}},{"id":"1cf64c0f-2a17-4ad6-8a7d-f5e59fac2db2","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":35,"box":{"x":53,"y":568,"width":802,"height":11}},{"id":"493a1093-2164-4595-b250-2e1939d7dae6","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":35,"box":{"x":53,"y":583,"width":888,"height":11}},{"id":"d6a19029-e176-488e-ba45-4200e36d38ab","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":35,"box":{"x":53,"y":597,"width":876,"height":11}},{"id":"54a017ab-b439-470c-beda-2978ef799ede","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":35,"box":{"x":53,"y":611,"width":696,"height":11}},{"id":"534f8928-84f4-438b-9bcf-65e09989a2ef","block_type":"box","text":"Operational and Technology Risks.","page_number":35,"box":{"x":53,"y":634,"width":254,"height":11}},{"id":"34ec72f7-6183-488c-90f5-26a1802c3b84","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":35,"box":{"x":312,"y":634,"width":581,"height":11}},{"id":"f1169a90-98fb-4a64-ba5e-1ee3e2cd6d40","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":35,"box":{"x":53,"y":648,"width":876,"height":11}},{"id":"cc18589a-35ba-4002-9b34-261b0a2b37af","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":35,"box":{"x":53,"y":662,"width":879,"height":11}},{"id":"459de521-7d26-4433-8f7f-073320d251fc","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":35,"box":{"x":53,"y":677,"width":825,"height":11}},{"id":"36dddf05-f3dc-4e2c-a420-7cef1a26b442","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":35,"box":{"x":53,"y":691,"width":862,"height":11}},{"id":"6ac7e1e3-3a5f-4f97-9a96-818426e33b46","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":35,"box":{"x":53,"y":705,"width":872,"height":11}},{"id":"3f12aad9-71b0-4934-b9f3-3b7be4b30976","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":35,"box":{"x":53,"y":719,"width":824,"height":11}},{"id":"632afde9-ab45-42fe-a9f7-3ea1d6e4b126","block_type":"box","text":"Securities Lending Risk.","page_number":35,"box":{"x":52,"y":742,"width":178,"height":11}},{"id":"12203555-cda0-4f6e-b6e1-7c8548afc446","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":35,"box":{"x":234,"y":743,"width":692,"height":10}},{"id":"7018884e-637c-4b83-ae24-49672de09dff","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":35,"box":{"x":53,"y":757,"width":870,"height":11}},{"id":"c4e4b95a-01bf-482f-a477-3742628db856","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":35,"box":{"x":53,"y":771,"width":886,"height":11}},{"id":"44fabe88-8109-4235-b707-d95062055d0f","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":35,"box":{"x":53,"y":785,"width":831,"height":11}},{"id":"dff15678-a757-426c-a014-d5a711ae7f60","block_type":"box","text":"Tracking Error Risk.","page_number":35,"box":{"x":52,"y":808,"width":145,"height":11}},{"id":"0c08700c-80ec-4fe4-a723-4d6fe61c7b96","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":35,"box":{"x":201,"y":808,"width":741,"height":11}},{"id":"ca15dde3-48d1-407c-81a7-7ab5ca869e99","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":35,"box":{"x":53,"y":822,"width":861,"height":11}},{"id":"b31fd73d-18db-47e5-9b7b-b52bafd33f37","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":35,"box":{"x":53,"y":837,"width":832,"height":10}},{"id":"438d877b-c75c-4cc7-b16b-2035d092290b","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":35,"box":{"x":53,"y":851,"width":880,"height":11}},{"id":"97130e50-baec-4393-a84b-905b35f03b10","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":35,"box":{"x":53,"y":865,"width":831,"height":11}},{"id":"35b8b3de-57d2-4738-a4dc-2d1ee7d01b20","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":35,"box":{"x":52,"y":879,"width":828,"height":11}},{"id":"06be13f4-0140-472e-8b4f-421641f86f31","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":35,"box":{"x":53,"y":893,"width":873,"height":11}},{"id":"d37704c0-1a9b-4983-ad05-a7bc312aff85","block_type":"box","text":"S-28","page_number":35,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"2cefe6d7-21a9-4a32-be63-29b631d24d72","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":36,"box":{"x":53,"y":46,"width":889,"height":11}},{"id":"8921ca8f-f78d-4696-9c61-4046a0c366eb","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":36,"box":{"x":53,"y":61,"width":852,"height":10}},{"id":"2fe6bfa0-bff7-4244-bbc4-8bdfaf67d7f6","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":36,"box":{"x":53,"y":75,"width":886,"height":11}},{"id":"1c92024e-875e-4929-9472-7ba867c78be9","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":36,"box":{"x":53,"y":89,"width":873,"height":11}},{"id":"85fc8e84-a45f-4add-a18d-8b6c4e519f1f","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":36,"box":{"x":53,"y":103,"width":724,"height":11}},{"id":"d88077b0-3dcf-4353-b373-7db3a0a35843","block_type":"box","text":"Performance Information","page_number":36,"box":{"x":54,"y":132,"width":228,"height":11}},{"id":"bba56c52-c068-44a3-9fc9-05bbce4835f5","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":36,"box":{"x":52,"y":157,"width":864,"height":11}},{"id":"971584fc-0158-42b3-8bc3-aece468a35d5","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":36,"box":{"x":52,"y":171,"width":872,"height":11}},{"id":"533844ae-2bfb-4c7c-b3cd-97dfb8e7d00c","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":36,"box":{"x":53,"y":186,"width":868,"height":10}},{"id":"c2c1c8db-5e4a-4d66-a3f0-d8acb7ea54e5","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":36,"box":{"x":53,"y":200,"width":838,"height":11}},{"id":"e5c8be9c-3599-4542-99ac-322b8a211964","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":36,"box":{"x":53,"y":214,"width":868,"height":11}},{"id":"f424c940-d8ef-45d1-8bfd-7750c55760ce","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":36,"box":{"x":53,"y":228,"width":832,"height":11}},{"id":"419e68ff-720b-46ce-b262-a155b8598579","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":36,"box":{"x":53,"y":242,"width":842,"height":11}},{"id":"7dd82030-cc22-4739-9399-eddf618ae180","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":36,"box":{"x":52,"y":256,"width":531,"height":11}},{"id":"a1b07465-8388-462d-a23b-1e20a807b629","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":36,"box":{"x":135,"y":281,"width":260,"height":11}},{"id":"c63d8c77-5e7c-4ca7-99dd-b5873d6b7b7f","block_type":"box","text":"9.18","page_number":36,"box":{"x":89,"y":366,"width":19,"height":6}},{"id":"9b2d8460-2aa0-4104-ac01-4f379f05ab39","block_type":"box","text":"30.93","page_number":36,"box":{"x":122,"y":337,"width":27,"height":6}},{"id":"60948e2b-e333-4af1-ab8e-f6883dddee19","block_type":"box","text":"15.47","page_number":36,"box":{"x":161,"y":358,"width":25,"height":5}},{"id":"d151f475-7ace-48b3-9212-186a5eba8428","block_type":"box","text":"32.72","page_number":36,"box":{"x":196,"y":334,"width":27,"height":6}},{"id":"97414608-0233-4dad-9a45-5a4fb29dacdd","block_type":"box","text":"24.18","page_number":36,"box":{"x":234,"y":346,"width":26,"height":6}},{"id":"82806d77-4c4c-4696-a489-589e0ce8c525","block_type":"box","text":"21.03","page_number":36,"box":{"x":271,"y":350,"width":26,"height":6}},{"id":"20d74eba-6e4c-439e-bac3-6dee7eb72594","block_type":"box","text":"-19.72","page_number":36,"box":{"x":306,"y":420,"width":29,"height":6}},{"id":"bc4d0f95-4ce3-48c2-906c-4c4446284f32","block_type":"box","text":"3.21","page_number":36,"box":{"x":348,"y":374,"width":19,"height":6}},{"id":"fdf84ce4-10a0-4c12-8e25-9269d650d63b","block_type":"box","text":"8.61","page_number":36,"box":{"x":385,"y":367,"width":19,"height":6}},{"id":"3efa8979-c785-471a-af26-2b0575ce386e","block_type":"box","text":"6.88","page_number":36,"box":{"x":422,"y":369,"width":20,"height":6}},{"id":"47864924-ec40-47d9-8a17-75ab4c02df8b","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":36,"box":{"x":87,"y":435,"width":356,"height":6}},{"id":"610e54d4-e4b3-4328-b86e-95cc32550b2b","block_type":"box","text":"Return (%) Period Ended","page_number":36,"box":{"x":770,"y":296,"width":171,"height":9}},{"id":"04017948-5d02-457d-8ea9-0dcc54742120","block_type":"box","text":"Calendar Year-to-Date Return","page_number":36,"box":{"x":520,"y":314,"width":197,"height":8}},{"id":"f6581556-2943-4ad7-8a2b-23f086322bc5","block_type":"box","text":"-20.32% June 30, 2026","page_number":36,"box":{"x":778,"y":314,"width":164,"height":9}},{"id":"0a785f3a-507c-42bd-afe2-edb7176ca0c2","block_type":"box","text":"During the periods shown in the chart:","page_number":36,"box":{"x":520,"y":327,"width":250,"height":10}},{"id":"0ed3567c-29fb-4d6c-bd71-eef59a0454a0","block_type":"box","text":"Best Quarter 17.60% June 30, 2020","page_number":36,"box":{"x":534,"y":340,"width":408,"height":9}},{"id":"12aa29f9-5ee1-44f5-85c2-1893ceb9da64","block_type":"box","text":"Worst Quarter -17.16% June 30, 2022","page_number":36,"box":{"x":533,"y":353,"width":409,"height":9}},{"id":"397e06a1-3e5a-44a4-a820-bf91299fdaca","block_type":"box","text":"Average Annual Total Returns (%)","page_number":36,"box":{"x":372,"y":465,"width":251,"height":11}},{"id":"6cc71503-b973-4852-8f2c-2432e1682399","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":36,"box":{"x":340,"y":479,"width":315,"height":11}},{"id":"983d725b-a65a-4576-81a0-550b916f97d2","block_type":"box","text":"One Year Five Years Ten Years","page_number":36,"box":{"x":670,"y":496,"width":268,"height":8}},{"id":"bf89887b-2d3d-4a6d-ad8a-a10eed25c8c4","block_type":"box","text":"Fund Inception: 5/1/2006","page_number":36,"box":{"x":58,"y":511,"width":171,"height":10}},{"id":"d31f668e-207e-429c-bbbd-ceaaa71a7b54","block_type":"box","text":"Return Before Taxes","page_number":36,"box":{"x":58,"y":523,"width":125,"height":8}},{"id":"1ce84871-5796-4bce-b3e3-eb0ac4e7d2c7","block_type":"box","text":"6.88% 3.09% 12.22%","page_number":36,"box":{"x":690,"y":523,"width":249,"height":8}},{"id":"a21010c8-a503-4fe4-bdc5-8a53bf2dd1c3","block_type":"box","text":"Return After Taxes on Distributions 6.79% 2.98% 12.11%","page_number":36,"box":{"x":58,"y":535,"width":881,"height":7}},{"id":"aace5244-1dfe-45ad-b7cd-f8e575c35d07","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.13% 2.37% 10.21%","page_number":36,"box":{"x":58,"y":546,"width":881,"height":8}},{"id":"3a6d0eb6-4fc3-4e5b-853f-4f9f6ab95dca","block_type":"box","text":"S&P Total Market Index","page_number":36,"box":{"x":57,"y":558,"width":155,"height":7}},{"id":"d17189a0-ffc5-41d7-b2a1-8c067fc6ef8b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":36,"box":{"x":215,"y":558,"width":724,"height":9}},{"id":"20875721-0fc4-454b-8015-da319c9d02e9","block_type":"box","text":"Dow Jones U.S. Select Medical Equipment Index","page_number":36,"box":{"x":58,"y":569,"width":315,"height":10}},{"id":"a0bd28ad-1f54-49b1-b479-d6c4db79d296","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":36,"box":{"x":376,"y":569,"width":269,"height":9}},{"id":"d9c07c83-6d97-4d94-a3b7-89c357b20ece","block_type":"box","text":"expenses or taxes)","page_number":36,"box":{"x":71,"y":582,"width":115,"height":10}},{"id":"897dec7d-079b-4e85-907d-71b6f9b7aa5c","block_type":"box","text":"7.28% 3.47% 12.67%","page_number":36,"box":{"x":690,"y":582,"width":249,"height":8}},{"id":"524a782a-9e2d-49aa-be7e-bb778421c3d2","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":36,"box":{"x":52,"y":612,"width":857,"height":11}},{"id":"73a7f71e-92a8-4300-8266-08da581164a0","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":36,"box":{"x":53,"y":626,"width":865,"height":10}},{"id":"cbb2bf6b-7c8b-48f7-88bf-21919cb31910","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":36,"box":{"x":53,"y":640,"width":847,"height":11}},{"id":"8f29df1b-4784-4d39-9760-d7ef337ba51a","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":36,"box":{"x":52,"y":654,"width":857,"height":11}},{"id":"8d2b0d50-3d19-433e-b987-b83c14754339","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":36,"box":{"x":53,"y":668,"width":877,"height":11}},{"id":"63b0cc89-5a65-4659-b633-779182eb074d","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":36,"box":{"x":52,"y":683,"width":836,"height":10}},{"id":"fde30c10-f60d-4a7e-92a1-299687908583","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":36,"box":{"x":53,"y":697,"width":886,"height":11}},{"id":"4e66a6e7-5db0-497f-86d5-38f588a00f8e","block_type":"box","text":"on distributions.","page_number":36,"box":{"x":53,"y":711,"width":114,"height":8}},{"id":"5a67a374-6049-4a66-9e0f-f1a38dae7f0b","block_type":"box","text":"Management","page_number":36,"box":{"x":54,"y":740,"width":119,"height":13}},{"id":"fb86fd33-e6b6-42b8-abd4-fdc703fb17d8","block_type":"box","text":"Investment Adviser.","page_number":36,"box":{"x":53,"y":765,"width":145,"height":9}},{"id":"c84cd7ae-e466-4a4d-82b7-f1370c445797","block_type":"box","text":"BlackRock Fund Advisors.","page_number":36,"box":{"x":204,"y":765,"width":180,"height":9}},{"id":"4573b44a-c69d-4e2c-aeb5-2c64bf758579","block_type":"box","text":"Portfolio Managers.","page_number":36,"box":{"x":53,"y":788,"width":146,"height":11}},{"id":"74208c47-9ad6-491d-945a-e62cd14e73ef","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":36,"box":{"x":203,"y":788,"width":679,"height":11}},{"id":"0c4c456b-3c70-4fb1-9464-8dfbb997ee34","block_type":"box","text":"management of the Fund:","page_number":36,"box":{"x":53,"y":802,"width":182,"height":11}},{"id":"3e10d566-fcb2-468e-b587-cc2546515e91","block_type":"box","text":"Portfolio Manager","page_number":36,"box":{"x":58,"y":838,"width":119,"height":10}},{"id":"2253e34f-75e0-4e9f-a52a-fc95a3c7f0d5","block_type":"box","text":"Portfolio Manager of the","page_number":36,"box":{"x":411,"y":825,"width":160,"height":10}},{"id":"b2e5cdce-8515-4754-bfe8-ab1f3f122ac4","block_type":"box","text":"Fund Since","page_number":36,"box":{"x":455,"y":838,"width":72,"height":8}},{"id":"94d0017c-18bd-43a7-9da7-1a48fad1a14f","block_type":"box","text":"Title with Investment","page_number":36,"box":{"x":804,"y":825,"width":140,"height":8}},{"id":"89f6d1e1-075a-43e7-bd43-b40d97c036ac","block_type":"box","text":"Adviser","page_number":36,"box":{"x":849,"y":838,"width":49,"height":8}},{"id":"28585bb9-f360-45fa-b8f1-9b6bcb60debe","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":36,"box":{"x":57,"y":854,"width":876,"height":9}},{"id":"fb36f635-014b-43aa-af72-d3cf1a1df7be","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":36,"box":{"x":58,"y":869,"width":875,"height":10}},{"id":"e83ed1dc-0641-4d70-a7ba-3ad55ecdc021","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":36,"box":{"x":58,"y":885,"width":875,"height":9}},{"id":"5117ad93-80c4-4198-ae5e-7b6501f4d293","block_type":"box","text":"Steven White 2025 Managing Director","page_number":36,"box":{"x":57,"y":900,"width":876,"height":10}},{"id":"a2e165a0-fd0c-4370-99a0-79604185b789","block_type":"box","text":"S-29","page_number":36,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"aa0a2a65-f8a7-4058-a472-5ed6d8119896","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":37,"box":{"x":54,"y":53,"width":304,"height":11}},{"id":"293f8504-761b-4717-95ab-be353095696b","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":37,"box":{"x":52,"y":78,"width":878,"height":11}},{"id":"67c13955-494c-4eae-96f9-525c13a544ce","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":37,"box":{"x":53,"y":93,"width":855,"height":11}},{"id":"df0c869a-af3a-45c2-b2ef-10a40b26eb58","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":37,"box":{"x":52,"y":107,"width":817,"height":11}},{"id":"b5d53b94-db40-449b-9a3d-0323b88d8397","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":37,"box":{"x":53,"y":121,"width":878,"height":11}},{"id":"b14fd02e-f4fd-4d85-b7f5-846f8c72267f","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":37,"box":{"x":53,"y":135,"width":861,"height":11}},{"id":"fff59941-8b86-4efb-b254-744bd2c96704","block_type":"box","text":"(the “bid-ask spread”).","page_number":37,"box":{"x":53,"y":149,"width":156,"height":11}},{"id":"7c5010a1-db5f-42db-95b1-a3ad5fef3dfc","block_type":"box","text":"Tax Information","page_number":37,"box":{"x":52,"y":178,"width":144,"height":11}},{"id":"db5340d2-a3bc-4829-a103-2ffa847bfa7b","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":37,"box":{"x":52,"y":204,"width":831,"height":11}},{"id":"0144c231-2abc-4444-a186-c919e1914eeb","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":37,"box":{"x":53,"y":218,"width":883,"height":11}},{"id":"5a550781-4f7f-48a6-8cfa-222ba62a5413","block_type":"box","text":"be taxed when withdrawn.","page_number":37,"box":{"x":53,"y":232,"width":182,"height":9}},{"id":"496b04a3-b0a0-4877-a7f8-648ce2f02a9c","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":37,"box":{"x":54,"y":261,"width":575,"height":13}},{"id":"8d73f675-4a0b-4dd7-8772-6e4ca4c13710","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":37,"box":{"x":53,"y":286,"width":855,"height":11}},{"id":"1764ce08-5381-4385-a918-fd5f531f685e","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":37,"box":{"x":53,"y":300,"width":843,"height":11}},{"id":"ac250d0a-6a45-45cf-b8aa-f2d43dcdfb47","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":37,"box":{"x":53,"y":315,"width":820,"height":10}},{"id":"3760e0d8-bd4e-45ac-a6b4-1ee7b3c949f7","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":37,"box":{"x":53,"y":329,"width":801,"height":11}},{"id":"3b438be1-518d-420f-af1c-1caf7ed78ce7","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":37,"box":{"x":53,"y":343,"width":841,"height":11}},{"id":"a0ae4c03-3374-4775-9124-ab7ed1774501","block_type":"box","text":"financial intermediary’s website for more information.","page_number":37,"box":{"x":52,"y":357,"width":380,"height":11}},{"id":"228c57c3-7c6b-4c93-a5a7-58fd9300c88d","block_type":"box","text":"S-30","page_number":37,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"948454fe-e46a-4147-9a34-9607db4d1dfc","block_type":"box","text":"iShares U.S. Oil & Gas Exploration & Production ETF","page_number":38,"box":{"x":53,"y":47,"width":721,"height":20}},{"id":"a76d3484-c9e1-4c3b-b06c-4bb22f6fb6f5","block_type":"box","text":"IEO | Cboe BZX","page_number":38,"box":{"x":54,"y":70,"width":209,"height":18}},{"id":"8755a1b3-2642-4e52-a810-c871bb9b0517","block_type":"box","text":"Investment Objective","page_number":38,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"e36e2225-a097-411f-be70-8a337431dcca","block_type":"box","text":"The iShares U.S. Oil & Gas Exploration & Production ETF (the “Fund”) seeks to track the investment results of an index","page_number":38,"box":{"x":52,"y":134,"width":832,"height":11}},{"id":"db06363c-de3e-4437-a870-e15272676a70","block_type":"box","text":"composed of U.S. equities in the oil and gas exploration and production sector.","page_number":38,"box":{"x":53,"y":148,"width":554,"height":11}},{"id":"7060503d-37d8-4f7e-958b-8d2a8eec9602","block_type":"box","text":"Fees and Expenses","page_number":38,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"a573fcaf-0fa3-4a0f-aa2e-3fc04e4f2836","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":38,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"bed551de-aea3-44ff-b4b5-f6f79d085100","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":38,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"1ca4cced-e714-4c5f-b377-b4b8c8a5aa4b","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":38,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"689fa319-6345-451e-a1e1-8d0a5d64c6e4","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":38,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"745968b2-888d-4c64-aa0b-06395c921eb2","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":38,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"8597aacf-8bb3-4246-8165-6cf6ec958f0c","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":38,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"d5e63a9d-672d-4418-af82-a5571b08d85d","block_type":"box","text":"extraordinary expenses.","page_number":38,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"eff0e6d8-9262-4ff5-8121-0e4b2317fc50","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":38,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"63479461-43e2-4ab4-a88f-fb72e513afde","block_type":"box","text":"reflected in the table and example below.","page_number":38,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"77a60549-f9d8-495e-a1a9-af3ae20303b0","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":38,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"fcba8848-68e6-4937-a826-d3686cca379c","block_type":"box","text":"1","page_number":38,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"5ec8fabe-171a-4228-b5b5-92f7ff8c4ef7","block_type":"box","text":"Management Fee","page_number":38,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"6a951303-5ad3-4b88-81f4-aeb0ec13d2ad","block_type":"box","text":"0.37%","page_number":38,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"59654a19-2859-4e83-9ebb-4c275412a540","block_type":"box","text":"Other Expenses","page_number":38,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"819cba9f-1ebd-4e90-bd69-584d5455dabf","block_type":"box","text":"0.00%","page_number":38,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"afdc94ae-3990-4b7e-9918-4152f53c80a5","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":38,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"4be44df7-f77b-420a-a759-f8a435f35ca4","block_type":"box","text":"0.37%","page_number":38,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"f9524d11-2da2-4005-9801-fbd967e86b83","block_type":"box","text":"1","page_number":38,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"0390ffba-4e5b-40b8-ad79-1f5dcf931bb5","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":38,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"cec9ab5e-ba7b-4f17-9fcf-0c9ae526db40","block_type":"box","text":"Example.","page_number":38,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"7de5e462-cca6-4864-a68a-1cab2ec0a207","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":38,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"8167c5d0-ac34-420c-8f4c-eb8592516f77","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":38,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"d4b858e5-b2b5-4353-a963-20d51a4b2d9f","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":38,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"f2e83a6b-0c68-4ebf-8853-df261e69c689","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":38,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"b7509e6b-a17a-4fc5-8d3b-5a63ff65f4b4","block_type":"box","text":"your costs would be:","page_number":38,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"b68aa63a-b447-4b53-b1a0-7810cc869413","block_type":"box","text":"Expense Example","page_number":38,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"25e917c8-97f7-4e9c-90ec-ea45122f6ca4","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":38,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"bfd013c6-74a8-4eec-b8ee-2a76decf2c5c","block_type":"box","text":"Example Fund Costs","page_number":38,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"76396910-ba88-41dd-91ab-aa701ec37aad","block_type":"box","text":"$38 $119 $208 $468","page_number":38,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"ac09ad22-1d30-403a-9700-4a337eb77568","block_type":"box","text":"Portfolio Turnover.","page_number":38,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"4d40d860-3ffb-4fff-a8cb-578a17680531","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":38,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"5b6c32f4-decf-445d-baa5-1ebb7ac0225d","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":38,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"330fe3ca-45b0-4b29-b1f3-1f09a2bdd444","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":38,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"e259fe8f-6955-473f-a474-a989928c52f5","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24% of","page_number":38,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"ffe66347-8eff-4562-a92d-4bbf4c3ba5af","block_type":"box","text":"the average value of its portfolio.","page_number":38,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"55d2f6c3-89a3-4051-af01-a0a6f6cd90b7","block_type":"box","text":"Principal Investment Strategies","page_number":38,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"03245bd9-d500-4191-abdd-bf7aec5f4747","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Oil Exploration & Production Index (the","page_number":38,"box":{"x":52,"y":683,"width":814,"height":10}},{"id":"c7ddc497-51d7-4b59-af9d-634a62f02381","block_type":"box","text":"“Underlying Index”), which measures the performance of the oil exploration and production sector of the U.S. equity market,","page_number":38,"box":{"x":53,"y":697,"width":873,"height":11}},{"id":"9a3277f0-511e-400d-af28-08e89e21c64a","block_type":"box","text":"as defined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index includes companies that","page_number":38,"box":{"x":53,"y":711,"width":865,"height":11}},{"id":"a689e96d-51cc-4fad-b6fc-02845a35d20f","block_type":"box","text":"are engaged in the exploration for and drilling, production, refining, and supply of oil and gas products. The Underlying Index","page_number":38,"box":{"x":53,"y":725,"width":883,"height":11}},{"id":"e7e520bf-a6d9-4e16-8cf1-400a0f9d2920","block_type":"box","text":"may include large-, mid- or small-capitalization companies. As of March 31, 2026, a significant portion of the Underlying","page_number":38,"box":{"x":53,"y":739,"width":854,"height":11}},{"id":"9bf2725c-7f99-43fb-9c1d-0dcf99df3735","block_type":"box","text":"Index was represented by securities of companies in the energy industry or sector. The components of the Underlying Index","page_number":38,"box":{"x":53,"y":754,"width":872,"height":10}},{"id":"54f1f341-d0b5-42ac-b140-dba769eed991","block_type":"box","text":"are likely to change over time.","page_number":38,"box":{"x":53,"y":768,"width":208,"height":11}},{"id":"c2860383-85d6-4d1c-9a3a-fbf2f969b752","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":38,"box":{"x":52,"y":791,"width":853,"height":11}},{"id":"1d5e95ac-3191-4dc6-a9c7-a2739e316b92","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":38,"box":{"x":53,"y":805,"width":839,"height":11}},{"id":"ae2e3aae-72a0-42d5-a259-5857ff40bfac","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":38,"box":{"x":53,"y":819,"width":868,"height":11}},{"id":"33836b3a-03f1-4f98-8620-f4228a69975c","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":38,"box":{"x":53,"y":833,"width":851,"height":11}},{"id":"5efcdc81-46b2-4bb2-93f6-b98d6b8b5ae1","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":38,"box":{"x":53,"y":848,"width":806,"height":10}},{"id":"4df7d472-6349-4745-94de-410df5e85869","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":38,"box":{"x":53,"y":862,"width":884,"height":11}},{"id":"2da2a25c-947a-4b71-8ef0-caa470073663","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":38,"box":{"x":52,"y":876,"width":884,"height":11}},{"id":"cf2ab804-1fe1-482e-9d5c-929ccf049814","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":38,"box":{"x":53,"y":890,"width":852,"height":11}},{"id":"848d9725-b1aa-4ebd-9eb0-8ff8d14fa5eb","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":38,"box":{"x":53,"y":904,"width":867,"height":11}},{"id":"387cd0d3-f161-4ebc-b072-b1f6073f9835","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":38,"box":{"x":52,"y":919,"width":869,"height":10}},{"id":"0fc63006-9656-47cc-a0cc-0f218b8220b3","block_type":"box","text":"S-31","page_number":38,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"fc1dfa78-8627-474e-ad18-3371126ca6d6","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":39,"box":{"x":52,"y":46,"width":863,"height":11}},{"id":"48262343-c4b2-4d80-b349-5a334ad38bdc","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":39,"box":{"x":53,"y":61,"width":826,"height":10}},{"id":"190048fd-6fb5-436c-8259-211339352646","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":39,"box":{"x":53,"y":75,"width":405,"height":11}},{"id":"0b9ecb3c-7024-4875-8a14-133a65f7ef1f","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":39,"box":{"x":53,"y":98,"width":844,"height":11}},{"id":"67ef812c-28bc-436c-9572-d360f75dd03a","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":39,"box":{"x":53,"y":112,"width":860,"height":11}},{"id":"9834a5dc-eb7a-49ec-ab6c-ea8f62b1226e","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":39,"box":{"x":53,"y":126,"width":831,"height":11}},{"id":"b296b3fd-dc59-4be9-a102-64b44be2709f","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":39,"box":{"x":53,"y":140,"width":817,"height":11}},{"id":"6be155b4-5e1c-463f-943f-09d4dcc9eb22","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":39,"box":{"x":53,"y":155,"width":818,"height":11}},{"id":"4adf111e-e844-4d0c-8788-645bfbad962a","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":39,"box":{"x":53,"y":169,"width":835,"height":11}},{"id":"83279bb3-79e7-4c60-aed1-62226f772d8b","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":39,"box":{"x":52,"y":192,"width":873,"height":11}},{"id":"32696b9f-c8fc-415c-8f6f-bae9d99c9479","block_type":"box","text":"collateral received).","page_number":39,"box":{"x":53,"y":206,"width":136,"height":10}},{"id":"c511f792-9e66-4bbe-a99c-f138daf31f20","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":39,"box":{"x":52,"y":229,"width":870,"height":11}},{"id":"1e9374e6-c17e-4da3-b3be-324db00ca02a","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":39,"box":{"x":53,"y":244,"width":856,"height":10}},{"id":"bd3580ab-af1f-4ffb-8582-73f06a4e26a1","block_type":"box","text":"market value of the Underlying Index.","page_number":39,"box":{"x":53,"y":258,"width":263,"height":11}},{"id":"5a442b50-e330-49ef-9a5a-56670290281a","block_type":"box","text":"Industry Concentration Policy.","page_number":39,"box":{"x":53,"y":281,"width":224,"height":11}},{"id":"b83e8835-943e-4850-bd2a-71a60d24fef0","block_type":"box","text":"The Fund will concentrate its investments (","page_number":39,"box":{"x":281,"y":281,"width":304,"height":9}},{"id":"1568599d-fd12-4345-a343-d28eab2ee3ad","block_type":"box","text":"i.e.","page_number":39,"box":{"x":587,"y":281,"width":17,"height":8}},{"id":"d4d99e2c-c054-43cc-bebd-63673d1c602c","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":39,"box":{"x":606,"y":281,"width":292,"height":10}},{"id":"3cad4c0d-f66f-47b8-aa5b-d9f3a0d78b86","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":39,"box":{"x":53,"y":295,"width":858,"height":11}},{"id":"6e813a01-37f4-46cd-bd98-cfc97444cc58","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":39,"box":{"x":53,"y":309,"width":868,"height":11}},{"id":"a0954619-e567-48d7-bc0b-aaca21d9c1f7","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":39,"box":{"x":53,"y":324,"width":826,"height":10}},{"id":"6e66f439-455d-4075-81cd-bdd01c675a18","block_type":"box","text":"Summary of Principal Risks","page_number":39,"box":{"x":52,"y":352,"width":248,"height":14}},{"id":"a3460a6d-b132-4fd3-9e54-4dde7d7baa40","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":39,"box":{"x":52,"y":378,"width":881,"height":11}},{"id":"fb230ab4-98f0-4c51-ab9d-a38f2b72d66c","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":39,"box":{"x":53,"y":392,"width":824,"height":11}},{"id":"f4d725d8-e2e3-4d8c-b431-2fd78e5c3c2e","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":39,"box":{"x":53,"y":406,"width":807,"height":11}},{"id":"c84d7f4e-8ccf-47a8-ada4-b1c089fff8ce","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":39,"box":{"x":53,"y":420,"width":844,"height":11}},{"id":"604e4498-edd7-4993-8433-df3544c1495b","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":39,"box":{"x":52,"y":434,"width":815,"height":11}},{"id":"f2297368-c04f-4b55-ae2a-b389c90a14b6","block_type":"box","text":"Risk of Investing in the U.S.","page_number":39,"box":{"x":53,"y":458,"width":200,"height":11}},{"id":"1f72a540-c764-4f4b-9249-752023611ccc","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":39,"box":{"x":259,"y":458,"width":663,"height":10}},{"id":"d0fc4c4d-47c6-4523-aa8d-4320aa38a607","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":39,"box":{"x":53,"y":472,"width":877,"height":11}},{"id":"413120cd-ec96-4b79-aeee-c430d59241f4","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":39,"box":{"x":53,"y":486,"width":470,"height":11}},{"id":"8fc9b2c7-2828-4796-8297-32fdfe0ef67a","block_type":"box","text":"Energy Companies Risk.","page_number":39,"box":{"x":53,"y":509,"width":177,"height":11}},{"id":"ff7f8812-203a-4570-b549-ba2741fc2031","block_type":"box","text":"Companies in the energy sector may be adversely affected by volatility in energy and commodity","page_number":39,"box":{"x":236,"y":509,"width":681,"height":11}},{"id":"b1ada8fe-d3d1-4bcb-b684-24703f34c3c4","block_type":"box","text":"prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government","page_number":39,"box":{"x":53,"y":523,"width":856,"height":11}},{"id":"d31c0c71-add6-4f37-80f6-a9c54464651a","block_type":"box","text":"regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted","page_number":39,"box":{"x":53,"y":538,"width":887,"height":10}},{"id":"bf925796-2e42-4c4b-bbe1-61daca772f5f","block_type":"box","text":"by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs","page_number":39,"box":{"x":53,"y":552,"width":870,"height":11}},{"id":"92a23001-eb51-476a-9a19-6130c2b00755","block_type":"box","text":"related to exploration and production and significant operational risks. Energy companies are at risk of environmental","page_number":39,"box":{"x":53,"y":566,"width":833,"height":11}},{"id":"fa476aff-de55-4277-a99c-01f272099745","block_type":"box","text":"damage claims and other litigation.","page_number":39,"box":{"x":53,"y":580,"width":250,"height":11}},{"id":"fdb24b4c-d0e6-481e-b10a-974704cd3c83","block_type":"box","text":"Equity Securities Risk.","page_number":39,"box":{"x":53,"y":603,"width":164,"height":11}},{"id":"8c4e4fbb-4fe2-493d-a7c1-f9752592877b","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":39,"box":{"x":223,"y":603,"width":709,"height":11}},{"id":"65963010-a817-411a-8baf-e40b1842c1e8","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":39,"box":{"x":53,"y":618,"width":889,"height":10}},{"id":"d402b51f-0358-42d4-b038-8e30ee0a2ed4","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":39,"box":{"x":53,"y":632,"width":880,"height":11}},{"id":"3cf888f8-108b-4be1-b74e-21da3eef8177","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":39,"box":{"x":53,"y":646,"width":867,"height":11}},{"id":"e34f78e2-5205-4aeb-b4c8-04982f02c5b8","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":39,"box":{"x":53,"y":660,"width":339,"height":11}},{"id":"a72c1fa9-61df-415f-b4bf-02df6f7db68e","block_type":"box","text":"Market Risk.","page_number":39,"box":{"x":53,"y":683,"width":91,"height":9}},{"id":"d5328707-efe9-4d8c-9fa5-1601a682c28c","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":39,"box":{"x":148,"y":683,"width":768,"height":11}},{"id":"075a4bdf-e6ea-4b84-bb0b-7cd9a1069b6a","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":39,"box":{"x":53,"y":697,"width":882,"height":11}},{"id":"22532f15-4f88-42f6-90af-9aa00c0f9c32","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":39,"box":{"x":53,"y":712,"width":858,"height":10}},{"id":"d51afbbf-2c29-47b2-bc3e-2c0de22a0498","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":39,"box":{"x":53,"y":726,"width":875,"height":11}},{"id":"44472aa5-d849-44ff-b800-c78be24a95ce","block_type":"box","text":"Fund’s NAV.","page_number":39,"box":{"x":53,"y":740,"width":82,"height":8}},{"id":"eb6c7660-4a80-4cf2-a6f3-1a7a4680de5f","block_type":"box","text":"Index-Related Risk.","page_number":39,"box":{"x":53,"y":763,"width":143,"height":9}},{"id":"542bb92e-8b23-4caa-90ac-d8ee674a684e","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":39,"box":{"x":201,"y":763,"width":742,"height":11}},{"id":"ac9d9d17-6844-4ae0-9e7c-02761783ddf1","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":39,"box":{"x":53,"y":777,"width":856,"height":11}},{"id":"4378b793-0878-4f04-84f6-2529aa681c46","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":39,"box":{"x":53,"y":791,"width":852,"height":11}},{"id":"f68db47d-9c61-4af6-8596-a48c53a50788","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":39,"box":{"x":53,"y":806,"width":876,"height":11}},{"id":"3f3c4bea-d3ce-45c8-a588-8a369b65360d","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":39,"box":{"x":52,"y":820,"width":849,"height":11}},{"id":"9ae90245-5089-4663-b1af-3d11a52cf86f","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":39,"box":{"x":53,"y":834,"width":849,"height":11}},{"id":"fd88815b-b57c-4ae6-8a05-9adcfb6d02d4","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":39,"box":{"x":53,"y":848,"width":890,"height":11}},{"id":"e9320fa6-89b2-4bfb-a17a-1f748b826a6d","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":39,"box":{"x":53,"y":863,"width":853,"height":10}},{"id":"d5a6061c-9df1-4b71-9e91-bd71f50fa853","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":39,"box":{"x":53,"y":877,"width":539,"height":10}},{"id":"3b488e7e-9a69-4e60-b9a1-362b56c9877f","block_type":"box","text":"S-32","page_number":39,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"c73701e4-7adc-4209-989b-3fc254007e5e","block_type":"box","text":"Asset Class Risk.","page_number":40,"box":{"x":52,"y":46,"width":122,"height":9}},{"id":"086a7507-f99e-4560-a805-1c3dffe21774","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":40,"box":{"x":179,"y":46,"width":721,"height":11}},{"id":"528c31e8-ec2f-4796-a5dd-5046ccb37cf4","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":40,"box":{"x":53,"y":61,"width":774,"height":10}},{"id":"014ff981-bdcc-4139-8d78-26840fd7672a","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":40,"box":{"x":52,"y":84,"width":318,"height":10}},{"id":"045ebcad-569d-4eea-b073-66360844d805","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":40,"box":{"x":374,"y":84,"width":531,"height":11}},{"id":"958318db-fc55-4997-84db-61871527566f","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":40,"box":{"x":53,"y":98,"width":810,"height":11}},{"id":"b33a99f4-c186-4e03-a604-92d46f81d0c6","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":40,"box":{"x":52,"y":112,"width":816,"height":11}},{"id":"b7b402e5-8dea-4a82-bc71-45eefc3b09d5","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":40,"box":{"x":52,"y":127,"width":884,"height":10}},{"id":"42a3af73-e88e-40e7-8763-d1033a86e299","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":40,"box":{"x":53,"y":141,"width":871,"height":10}},{"id":"2795bdd7-e37f-479f-88ef-b6b4d6f5a5ae","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":40,"box":{"x":53,"y":155,"width":846,"height":11}},{"id":"cdc802f9-98f1-41ba-a307-ca6cec2c07a4","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":40,"box":{"x":52,"y":169,"width":881,"height":10}},{"id":"eab444db-9595-42c1-bbea-26bc84f675ae","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":40,"box":{"x":53,"y":183,"width":853,"height":11}},{"id":"80a9d54c-cc4e-4915-90cd-5e328f902a80","block_type":"box","text":"halts or delisting.","page_number":40,"box":{"x":53,"y":197,"width":121,"height":11}},{"id":"ded4f81f-439e-49c1-841a-359deec9e14c","block_type":"box","text":"Concentration Risk.","page_number":40,"box":{"x":53,"y":220,"width":145,"height":9}},{"id":"3ae219f4-eede-4cf1-a9e8-97f05ed7aa4c","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":40,"box":{"x":202,"y":220,"width":711,"height":11}},{"id":"77d66a26-9ab0-467e-978c-461bb649ed9a","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":40,"box":{"x":53,"y":235,"width":884,"height":9}},{"id":"2aef2ef8-b928-4e52-bc12-e83de506ec15","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":40,"box":{"x":52,"y":249,"width":887,"height":11}},{"id":"5aba61c2-06fd-4d9f-9004-c7a1434f0abf","block_type":"box","text":"asset classes.","page_number":40,"box":{"x":53,"y":263,"width":95,"height":8}},{"id":"c8be4353-b861-48f4-b5e2-8bbfd0ac6870","block_type":"box","text":"Issuer Risk.","page_number":40,"box":{"x":53,"y":286,"width":83,"height":9}},{"id":"6fade19e-bb53-46b9-a366-608a9d654215","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":40,"box":{"x":140,"y":286,"width":780,"height":11}},{"id":"3e06e70a-2578-487d-b93d-07f823bb766d","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":40,"box":{"x":53,"y":300,"width":886,"height":11}},{"id":"cc32bf89-435e-4014-abbc-85ce68ce7295","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":40,"box":{"x":52,"y":315,"width":576,"height":10}},{"id":"a4e966f6-faf9-4581-8166-82c19e668a18","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":40,"box":{"x":53,"y":338,"width":278,"height":11}},{"id":"004ef6ab-c0b1-4f89-a383-769e928d5845","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":40,"box":{"x":337,"y":338,"width":540,"height":11}},{"id":"f57b9639-66c8-4d84-b9e3-032e844b9101","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":40,"box":{"x":53,"y":352,"width":890,"height":11}},{"id":"5601027d-8a9f-4814-a39c-ef24bf93bb6c","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":40,"box":{"x":53,"y":366,"width":868,"height":11}},{"id":"c8dfee1c-c233-4f65-8f32-d1fe7f0b9a96","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":40,"box":{"x":53,"y":380,"width":709,"height":11}},{"id":"69c64712-8b58-48db-8761-e8fa7921167c","block_type":"box","text":"Management Risk.","page_number":40,"box":{"x":53,"y":403,"width":137,"height":11}},{"id":"2e6f0a5c-908b-4d80-800a-c3befb045739","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":40,"box":{"x":194,"y":403,"width":711,"height":11}},{"id":"f2cd703d-1960-4252-b2c7-7fae17fd270a","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":40,"box":{"x":53,"y":418,"width":877,"height":11}},{"id":"31c2707e-d04e-4b09-8376-213d6ba136df","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":40,"box":{"x":53,"y":432,"width":859,"height":11}},{"id":"dd16acd3-dce8-4073-a7ab-58d4f05b757f","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":40,"box":{"x":52,"y":446,"width":848,"height":11}},{"id":"394f31de-0d61-4e37-b247-70f5040542fc","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":40,"box":{"x":53,"y":460,"width":756,"height":11}},{"id":"c7f521d5-e022-4597-a966-2b27bdb3b5c5","block_type":"box","text":"Market Trading Risk.","page_number":40,"box":{"x":53,"y":483,"width":152,"height":11}},{"id":"8545c2bf-6d9f-4f58-b78a-efcd403bd7e0","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":40,"box":{"x":209,"y":483,"width":694,"height":11}},{"id":"e9464072-3646-4519-9be9-e9a98c1a392a","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":40,"box":{"x":53,"y":498,"width":841,"height":10}},{"id":"3a3a33b8-3d6c-485a-86bf-d0572b141d01","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":40,"box":{"x":53,"y":512,"width":887,"height":11}},{"id":"a18b4086-5ae4-450a-85b7-b8857334dcda","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":40,"box":{"x":52,"y":526,"width":839,"height":11}},{"id":"cc498ac1-8b72-4995-86b7-3cfe59028fc1","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":40,"box":{"x":53,"y":540,"width":866,"height":11}},{"id":"f4f71ee0-a740-4ed8-ad82-803a67635f7a","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":40,"box":{"x":52,"y":554,"width":885,"height":11}},{"id":"4d8c44d1-6f03-4302-ac06-52d2accb0aa3","block_type":"box","text":"of the Fund shares.","page_number":40,"box":{"x":53,"y":569,"width":134,"height":8}},{"id":"9057f7d3-de8f-4fbe-8372-0724fc4010a3","block_type":"box","text":"Non-Diversification Risk.","page_number":40,"box":{"x":53,"y":592,"width":184,"height":8}},{"id":"56c67fce-ecae-4fe0-8cfa-3407bcf3965b","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":40,"box":{"x":242,"y":592,"width":633,"height":10}},{"id":"feae3267-7e76-4702-962c-10685b4e79b7","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":40,"box":{"x":53,"y":606,"width":802,"height":11}},{"id":"a738ff66-f6d6-4342-967a-752d7eedbba1","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":40,"box":{"x":53,"y":620,"width":888,"height":11}},{"id":"2474e718-2120-47c8-bcc9-fd310c88819c","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":40,"box":{"x":53,"y":634,"width":876,"height":11}},{"id":"14cad1b6-3d02-4e64-bea6-dbfe8456a597","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":40,"box":{"x":53,"y":648,"width":696,"height":11}},{"id":"a1bb4032-539d-413a-aa2b-5038a1ec9b51","block_type":"box","text":"Operational and Technology Risks.","page_number":40,"box":{"x":53,"y":672,"width":254,"height":11}},{"id":"a4324d96-1772-4618-84c0-3e0b4210ffb2","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":40,"box":{"x":312,"y":672,"width":581,"height":10}},{"id":"bfaf6c79-2dcd-44b4-9076-02fab3a31169","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":40,"box":{"x":53,"y":686,"width":876,"height":11}},{"id":"76ada4dc-9b52-499e-8b98-e6336e23eeeb","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":40,"box":{"x":53,"y":700,"width":879,"height":11}},{"id":"6f5ab455-7701-4213-9a9f-e7c4a913ac20","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":40,"box":{"x":53,"y":714,"width":825,"height":11}},{"id":"0e01cae6-de8e-4b9c-bdb1-4cf8442303b5","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":40,"box":{"x":53,"y":728,"width":862,"height":11}},{"id":"bc5c1f20-6a77-4bc5-bc9a-ef318ea80c83","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":40,"box":{"x":53,"y":743,"width":872,"height":10}},{"id":"5d6bea80-0175-4417-93e3-b729a7225f03","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":40,"box":{"x":53,"y":757,"width":824,"height":11}},{"id":"2486bde1-4b1f-4c0c-8e54-5d0edc68afbd","block_type":"box","text":"Securities Lending Risk.","page_number":40,"box":{"x":52,"y":780,"width":178,"height":11}},{"id":"3b5bc16c-2564-4456-8677-c77bca3484af","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":40,"box":{"x":234,"y":780,"width":692,"height":11}},{"id":"f998d8fe-9390-40ef-9f4e-6918bfc6c282","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":40,"box":{"x":53,"y":794,"width":870,"height":11}},{"id":"ae2a6605-ff38-4403-a0dd-15493b5ce17a","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":40,"box":{"x":53,"y":808,"width":886,"height":11}},{"id":"e74a9e32-8e39-4680-8949-4a9eadcb1d90","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":40,"box":{"x":53,"y":822,"width":831,"height":11}},{"id":"b0963353-d1a8-41d6-858c-45a65fb7f493","block_type":"box","text":"Tracking Error Risk.","page_number":40,"box":{"x":52,"y":846,"width":145,"height":11}},{"id":"f5ea4350-dfc3-40e8-aaf0-10d80e734d41","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":40,"box":{"x":201,"y":845,"width":741,"height":12}},{"id":"a909b118-814f-4927-b4cc-f17c0b5e01eb","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":40,"box":{"x":53,"y":860,"width":861,"height":11}},{"id":"b5ebc28d-d34c-470d-9889-667d0caa396a","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":40,"box":{"x":53,"y":874,"width":832,"height":11}},{"id":"05099800-f3f8-4924-95f2-c4ca72efbcdf","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":40,"box":{"x":53,"y":888,"width":880,"height":11}},{"id":"f8e11631-15f6-4d26-b39b-44604704c676","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":40,"box":{"x":53,"y":902,"width":831,"height":11}},{"id":"a4fc5e50-a7c7-4728-a802-43f6d1389a31","block_type":"box","text":"S-33","page_number":40,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"e6ec63bd-0905-404e-a4e4-2e31674fc298","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":41,"box":{"x":52,"y":46,"width":828,"height":11}},{"id":"efd28bab-b9ca-437c-bce7-8827bc86f602","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":41,"box":{"x":53,"y":61,"width":873,"height":10}},{"id":"f86788b4-60bc-40ca-b565-7234071136c9","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":41,"box":{"x":53,"y":75,"width":889,"height":11}},{"id":"9029896d-d34a-4fbe-8a86-3a0a7474c3d5","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":41,"box":{"x":53,"y":89,"width":852,"height":11}},{"id":"a74685fb-cb53-46e0-a05e-0a4cc1a62fcf","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":41,"box":{"x":53,"y":103,"width":886,"height":11}},{"id":"4eca342c-cc91-4bbb-b175-669bfe6d0b82","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":41,"box":{"x":53,"y":117,"width":873,"height":11}},{"id":"9f699655-8c20-4021-ab9e-dfa86ed6a9dc","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":41,"box":{"x":53,"y":131,"width":724,"height":11}},{"id":"17117f24-ebbf-43f3-8991-746bfa8d2acc","block_type":"box","text":"Performance Information","page_number":41,"box":{"x":54,"y":160,"width":228,"height":11}},{"id":"5422dd16-1de8-4c00-bca5-c9c7c1e7159e","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":41,"box":{"x":52,"y":186,"width":864,"height":10}},{"id":"a81e88ed-2aa2-4887-a6b7-c1eeabcef70a","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":41,"box":{"x":52,"y":200,"width":872,"height":11}},{"id":"55c33db3-cd31-464b-bdf5-709354a924bc","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":41,"box":{"x":53,"y":214,"width":868,"height":11}},{"id":"dcc936f1-7ed7-41e5-a846-3c2f16932ffc","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":41,"box":{"x":53,"y":228,"width":838,"height":11}},{"id":"420836af-32f8-4f03-98a7-2da787447df7","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":41,"box":{"x":53,"y":242,"width":868,"height":11}},{"id":"186baaa7-0825-4f02-ba06-bf1d9c74a98f","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":41,"box":{"x":53,"y":256,"width":832,"height":11}},{"id":"bf1b8db4-df85-4ea4-bd6e-247f17cfafbd","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":41,"box":{"x":53,"y":271,"width":842,"height":11}},{"id":"30617577-8ce2-4c29-a7c2-b9bcd80b4ca7","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":41,"box":{"x":52,"y":285,"width":531,"height":11}},{"id":"ce1abbf7-ff67-4d5f-9fbc-bf15363ac589","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":41,"box":{"x":135,"y":309,"width":260,"height":11}},{"id":"cd49cee1-bec3-47fb-95e1-45dd2308472c","block_type":"box","text":"25.09","page_number":41,"box":{"x":86,"y":390,"width":26,"height":6}},{"id":"7b97f455-c334-4e32-aa10-30bd04655d59","block_type":"box","text":"0.30","page_number":41,"box":{"x":125,"y":406,"width":21,"height":6}},{"id":"79b20922-f822-46e0-bd16-b3761eeb2a88","block_type":"box","text":"-19.36","page_number":41,"box":{"x":158,"y":435,"width":29,"height":6}},{"id":"b55aa59e-3365-48ad-9bad-f4f7ad943e46","block_type":"box","text":"9.55","page_number":41,"box":{"x":200,"y":400,"width":20,"height":6}},{"id":"6eba1adb-24f6-4306-b493-4f8ecb5915ae","block_type":"box","text":"-32.75","page_number":41,"box":{"x":231,"y":444,"width":30,"height":6}},{"id":"0a00ee79-8934-419e-ad1a-af46ffed9210","block_type":"box","text":"75.59","page_number":41,"box":{"x":271,"y":356,"width":26,"height":6}},{"id":"fe2b2055-31bf-4b3b-bf3f-e57a41ce9e00","block_type":"box","text":"57.99","page_number":41,"box":{"x":308,"y":368,"width":26,"height":6}},{"id":"94ff0d13-617e-416c-8e74-20fa4b35ba98","block_type":"box","text":"3.52","page_number":41,"box":{"x":348,"y":404,"width":20,"height":6}},{"id":"35d41a86-a58f-4588-a98e-67d61463ea02","block_type":"box","text":"-1.38","page_number":41,"box":{"x":383,"y":423,"width":23,"height":6}},{"id":"30834c9d-a5c2-47c3-b581-9537ad48c549","block_type":"box","text":"2.14","page_number":41,"box":{"x":422,"y":405,"width":20,"height":6}},{"id":"65dd622d-5296-479a-a091-c8b5730ba90e","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":41,"box":{"x":87,"y":464,"width":356,"height":6}},{"id":"82019c35-2e4b-452d-ba72-f8f230cda943","block_type":"box","text":"Return (%) Period Ended","page_number":41,"box":{"x":760,"y":324,"width":176,"height":9}},{"id":"e5b9c7b9-2417-421d-accf-da5c239db6ea","block_type":"box","text":"Calendar Year-to-Date Return","page_number":41,"box":{"x":520,"y":343,"width":197,"height":7}},{"id":"0baf6a23-e1a6-4b6f-8d02-e22f17e19d42","block_type":"box","text":"24.14% June 30, 2026","page_number":41,"box":{"x":773,"y":343,"width":169,"height":8}},{"id":"48d6a4fe-d719-4304-9da4-9f5facf6c69b","block_type":"box","text":"During the periods shown in the chart:","page_number":41,"box":{"x":520,"y":355,"width":250,"height":10}},{"id":"2475b0a5-3fc5-478f-a138-253255033ff6","block_type":"box","text":"Best Quarter 48.40% June 30, 2020","page_number":41,"box":{"x":534,"y":368,"width":408,"height":9}},{"id":"62715e35-2abf-4946-a557-966e39031f3a","block_type":"box","text":"Worst Quarter -58.35% March 31, 2020","page_number":41,"box":{"x":533,"y":381,"width":409,"height":9}},{"id":"9f6ce660-c5aa-4bfa-b0b2-5c0a547975d1","block_type":"box","text":"Average Annual Total Returns (%)","page_number":41,"box":{"x":372,"y":494,"width":251,"height":11}},{"id":"6e91d4f5-9403-4651-af2e-6cc28947ea6d","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":41,"box":{"x":340,"y":508,"width":315,"height":10}},{"id":"cfd4ffad-f2aa-4653-bfc6-bf4816a8e993","block_type":"box","text":"One Year Five Years Ten Years","page_number":41,"box":{"x":670,"y":524,"width":268,"height":8}},{"id":"78752bd6-bf80-4bb8-a8ed-0515b37162a9","block_type":"box","text":"Fund Inception: 5/1/2006","page_number":41,"box":{"x":58,"y":540,"width":171,"height":9}},{"id":"990e04cf-7e41-46ca-9afa-38eba804d90a","block_type":"box","text":"Return Before Taxes","page_number":41,"box":{"x":58,"y":551,"width":125,"height":8}},{"id":"7ee35a34-6499-4634-9b4b-7c9a9fea8133","block_type":"box","text":"2.14% 23.67% 7.99%","page_number":41,"box":{"x":690,"y":551,"width":249,"height":8}},{"id":"410f35da-050a-45d5-bdd4-fe32a001a24c","block_type":"box","text":"Return After Taxes on Distributions 1.53% 22.79% 7.36%","page_number":41,"box":{"x":58,"y":563,"width":881,"height":8}},{"id":"e715b1b7-b946-426a-9225-379c600eb5c7","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 1.72% 19.46% 6.36%","page_number":41,"box":{"x":58,"y":575,"width":881,"height":7}},{"id":"89a63403-62b3-40c2-be0c-19c5fe8d1f33","block_type":"box","text":"S&P Total Market Index","page_number":41,"box":{"x":57,"y":586,"width":155,"height":8}},{"id":"534cf847-dbd6-4629-9f90-51f7d1a527a9","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":41,"box":{"x":215,"y":586,"width":724,"height":10}},{"id":"28725d74-b78a-422e-87f3-4de7d983e974","block_type":"box","text":"Dow Jones U.S. Select Oil Exploration & Production Index","page_number":41,"box":{"x":58,"y":598,"width":374,"height":9}},{"id":"638f1fe2-3417-4077-821f-57c6381c388f","block_type":"box","text":"(Returns do not reflect","page_number":41,"box":{"x":436,"y":598,"width":141,"height":8}},{"id":"c86606c5-814b-4004-9c98-c7e5c247cc3e","block_type":"box","text":"deductions for fees, expenses or taxes) 2.54% 24.17% 8.43%","page_number":41,"box":{"x":71,"y":611,"width":868,"height":9}},{"id":"28436b76-907a-4237-adbd-63c6b952a013","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":41,"box":{"x":52,"y":640,"width":857,"height":11}},{"id":"3c860495-4cea-4c2e-bb53-f32159605a21","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":41,"box":{"x":53,"y":654,"width":865,"height":11}},{"id":"a0f5c2ff-668a-45d3-99e7-0163ad46ba69","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":41,"box":{"x":53,"y":668,"width":847,"height":11}},{"id":"d0d0e91b-ddaa-4f3a-90f4-eb30e3d95edc","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":41,"box":{"x":52,"y":682,"width":857,"height":11}},{"id":"ece62f8a-1772-4333-b258-65e81b21da58","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":41,"box":{"x":53,"y":697,"width":877,"height":11}},{"id":"90b30e6e-ea7f-4d9a-8f05-a447ce668209","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. 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Individual shares of the Fund may only be bought","page_number":42,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"6a04647e-fc39-4ba0-8a57-eed2c47c083a","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":42,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"4ce27dde-3260-4b65-a3e8-f2147d77988d","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":42,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"b3e944bd-e7a1-4e7f-a0d3-727a4162ce51","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":42,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"2016f637-735a-4de8-bc40-d0eebce5dfd0","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":42,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"61e6cc21-7864-4e8d-ba18-7981b682d947","block_type":"box","text":"(the “bid-ask spread”).","page_number":42,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"83068f78-df97-48da-8b00-23807c8153d2","block_type":"box","text":"Tax Information","page_number":42,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"39a028f6-676b-4328-8c3c-25ad0453030c","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":42,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"2db2cb5d-8b28-4902-b9c5-b8eac8e4d103","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":42,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"75a4b636-4ee4-4f47-b3eb-5ee84062b47c","block_type":"box","text":"be taxed when withdrawn.","page_number":42,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"4b76460f-7170-4df8-9ee4-a0e909e07429","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":42,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"64da2f3d-afb0-47f6-b397-557244537280","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":42,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"6024f06b-f271-4219-b818-58fb38c3987a","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":42,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"f81e5b43-ae7b-49e1-ac28-1d5f0d9d8205","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":42,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"c7ff8923-40ff-46c6-836c-260d549d9981","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":42,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"50b4c5ff-2217-4cdb-9e68-e80e7a7baa9c","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":42,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"1b539971-465e-4a01-a70a-d1f868130e73","block_type":"box","text":"financial intermediary’s website for more information.","page_number":42,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"0ab7f3a4-6a83-4017-8250-4491efc86f38","block_type":"box","text":"S-35","page_number":42,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"81c557cb-77d4-4262-a0e8-f09fda3231d4","block_type":"box","text":"iShares U.S. Oil Equipment & Services ETF","page_number":43,"box":{"x":53,"y":47,"width":587,"height":20}},{"id":"7b59b6a0-0636-48d8-804a-38f867de70f4","block_type":"box","text":"IEZ | NYSE Arca","page_number":43,"box":{"x":54,"y":70,"width":216,"height":18}},{"id":"e8c4e248-d8fe-47a3-ac64-0965a5435146","block_type":"box","text":"Investment Objective","page_number":43,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"68557d00-b906-44fa-bf72-6d66c6b9f8e2","block_type":"box","text":"The iShares U.S. Oil Equipment & Services ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":43,"box":{"x":52,"y":134,"width":891,"height":11}},{"id":"96539ba7-0fed-4689-8761-eb3d2fabafaa","block_type":"box","text":"equities in the oil equipment and services sector.","page_number":43,"box":{"x":53,"y":148,"width":344,"height":11}},{"id":"0d21ba71-829b-445a-b306-2b6a820fac4b","block_type":"box","text":"Fees and Expenses","page_number":43,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"65d1185d-b04b-49e1-b899-0efd642993fc","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":43,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"38efb906-5b19-4486-8fcf-cea60100ca3f","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":43,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"0f1e2aef-d39e-4e0f-844e-54c05903f240","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":43,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"27e37104-7364-4119-9b54-7f8d12e40bac","block_type":"box","text":"your costs would be:","page_number":43,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"b0c76915-994b-491c-8d4a-b6269611fae0","block_type":"box","text":"Expense Example","page_number":43,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"61177168-b2a9-4186-9ee9-df38398ff253","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":43,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"3c924597-dcef-4948-b3cf-cb1ca0ea3379","block_type":"box","text":"Example Fund Costs","page_number":43,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"a831e5c5-8aeb-4be0-8be9-901dd1896d86","block_type":"box","text":"$38 $119 $208 $468","page_number":43,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"01422550-7c4f-4220-b151-2df4bc01495a","block_type":"box","text":"Portfolio Turnover.","page_number":43,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"157404ff-2d5e-4874-af62-3f244d84886b","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":43,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"4b4c664c-edd0-444a-8f3a-b1a023904d8d","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":43,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"95021ccd-a9ca-42bd-a3ab-ae40c74a32ee","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":43,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"fad7419b-6355-43ec-8422-2acfabcbbb40","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of","page_number":43,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"103ec41f-88b8-4544-915a-110bdb8ac621","block_type":"box","text":"the average value of its portfolio.","page_number":43,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"b7a90e09-fd1d-4c03-b84a-9505e5b2606d","block_type":"box","text":"Principal Investment Strategies","page_number":43,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"08ec14d9-ea49-4a22-bc24-8f4838e851a8","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Oil Equipment & Services Index (the “Underlying","page_number":43,"box":{"x":52,"y":682,"width":880,"height":11}},{"id":"511739b2-183b-406d-8f68-135f225b7716","block_type":"box","text":"Index”), which measures the performance of the oil equipment and services sector of the U.S. equity market, as defined by","page_number":43,"box":{"x":53,"y":697,"width":860,"height":11}},{"id":"0e40553b-6c85-406c-9b1c-5cfdf3c06bd6","block_type":"box","text":"S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index includes companies that are suppliers of","page_number":43,"box":{"x":52,"y":711,"width":881,"height":11}},{"id":"ef9df398-093e-4427-9bda-c7dbd33409a2","block_type":"box","text":"equipment or services to oil fields and offshore platforms, such as drilling, exploration, seismic information services and","page_number":43,"box":{"x":53,"y":725,"width":848,"height":11}},{"id":"c495a00f-b974-4b90-9829-4307a5d094a8","block_type":"box","text":"platform construction. The Underlying Index may include large-, mid- or small-capitalization companies. As of March 31,","page_number":43,"box":{"x":53,"y":739,"width":854,"height":11}},{"id":"a39d0734-8afa-4824-b6d9-9e624456e950","block_type":"box","text":"2026, a significant portion of the Underlying Index was represented by securities of companies in the energy industry or","page_number":43,"box":{"x":53,"y":754,"width":848,"height":10}},{"id":"42012213-4048-4d13-aa26-cc4555fc59da","block_type":"box","text":"sector. The components of the Underlying Index are likely to change over time.","page_number":43,"box":{"x":52,"y":768,"width":552,"height":11}},{"id":"77114aac-9f75-49ad-91a8-a6fbbb362367","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":43,"box":{"x":52,"y":791,"width":853,"height":11}},{"id":"d3e928ce-78fb-4fd3-a73d-7d58510ac40c","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":43,"box":{"x":53,"y":805,"width":839,"height":11}},{"id":"49bb6b44-df08-4a3d-8542-382b57b940ce","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":43,"box":{"x":53,"y":819,"width":868,"height":11}},{"id":"5e14b637-3428-4c5e-b60d-99c3e2c28384","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":43,"box":{"x":53,"y":833,"width":851,"height":11}},{"id":"a289918d-7309-435c-9b88-5110a122d215","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":43,"box":{"x":53,"y":848,"width":806,"height":10}},{"id":"01ffb87f-658f-47c0-9096-b066638d9d95","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":43,"box":{"x":53,"y":862,"width":884,"height":11}},{"id":"b5eb1a18-9124-421e-b56f-16dd23c81e01","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":43,"box":{"x":52,"y":876,"width":884,"height":11}},{"id":"437c3de2-a01f-441d-8120-76105ab2daf5","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":43,"box":{"x":53,"y":890,"width":852,"height":11}},{"id":"7e614cf6-cb6d-4304-ade8-989448efb0a9","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":43,"box":{"x":53,"y":904,"width":867,"height":11}},{"id":"6be1b1e6-e502-4471-81f7-0a6734e0b97a","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":43,"box":{"x":52,"y":919,"width":869,"height":10}},{"id":"6f8ac7f3-03c1-432f-a453-e3a7edfe9e5a","block_type":"box","text":"S-36","page_number":43,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"01cf793b-54e9-4feb-b303-afceac0a71c9","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":44,"box":{"x":52,"y":46,"width":863,"height":11}},{"id":"0c5f2558-cfe9-4856-8745-04dd7aa41b3b","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":44,"box":{"x":53,"y":61,"width":826,"height":10}},{"id":"a7d9e867-baab-47f7-bfb4-b9e61ff771fc","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":44,"box":{"x":53,"y":75,"width":405,"height":11}},{"id":"f8c89d15-cb35-4c15-bd12-a627fcb40cab","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":44,"box":{"x":53,"y":98,"width":844,"height":11}},{"id":"f720fd63-7ac5-4a8b-8193-3cf87f52053f","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":44,"box":{"x":53,"y":112,"width":860,"height":11}},{"id":"991b7b6a-80f6-4384-af73-f4b4c90b798f","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":44,"box":{"x":53,"y":126,"width":831,"height":11}},{"id":"014ec5c9-9c9b-47c6-b644-5af7389379cf","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":44,"box":{"x":53,"y":140,"width":817,"height":11}},{"id":"9dfa3b5a-4ebf-4879-985f-ed9e5bbb7bbb","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":44,"box":{"x":53,"y":155,"width":818,"height":11}},{"id":"a548e9ae-c817-47a8-9a69-388219111121","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":44,"box":{"x":53,"y":169,"width":835,"height":11}},{"id":"d7265eb7-21a2-4ed7-8f93-81f772ad6627","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":44,"box":{"x":52,"y":192,"width":873,"height":11}},{"id":"5f88ee33-5942-4872-b08f-66fb58990b2b","block_type":"box","text":"collateral received).","page_number":44,"box":{"x":53,"y":206,"width":136,"height":10}},{"id":"8b85805e-043c-4c22-ae27-b346774be63c","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":44,"box":{"x":52,"y":229,"width":870,"height":11}},{"id":"99d607f7-5acf-4f04-86a7-799d6311d4da","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":44,"box":{"x":53,"y":244,"width":856,"height":10}},{"id":"0101eeaa-4073-478e-ad6b-0211c2a44d61","block_type":"box","text":"market value of the Underlying Index.","page_number":44,"box":{"x":53,"y":258,"width":263,"height":11}},{"id":"039ea41b-1e95-4804-b3e6-e110ebf492ef","block_type":"box","text":"Industry Concentration Policy.","page_number":44,"box":{"x":53,"y":281,"width":224,"height":11}},{"id":"83d68a1e-c873-46ea-b3b0-b02ee6664d71","block_type":"box","text":"The Fund will concentrate its investments (","page_number":44,"box":{"x":281,"y":281,"width":304,"height":9}},{"id":"18288d85-a626-43ad-809c-323472f7080a","block_type":"box","text":"i.e.","page_number":44,"box":{"x":587,"y":281,"width":17,"height":8}},{"id":"03669d9e-331b-44e6-936b-57aedbf17886","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":44,"box":{"x":606,"y":281,"width":292,"height":10}},{"id":"47a2cb64-43bb-474e-8791-0dc9d39a42f8","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":44,"box":{"x":53,"y":295,"width":858,"height":11}},{"id":"dea0bc7e-05e1-4aa0-b5c0-e227d86242ac","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":44,"box":{"x":53,"y":309,"width":868,"height":11}},{"id":"1a033b91-0ded-401e-acaf-20106cb3eeb0","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":44,"box":{"x":53,"y":324,"width":826,"height":10}},{"id":"5585c82a-1566-4646-8696-7c6a7538c23d","block_type":"box","text":"Summary of Principal Risks","page_number":44,"box":{"x":52,"y":352,"width":248,"height":14}},{"id":"2b84a4be-2f10-4bc9-af04-17df9fdd8dbc","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":44,"box":{"x":52,"y":378,"width":881,"height":11}},{"id":"8cb0da12-e454-4a68-9555-06074a1ec85d","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":44,"box":{"x":53,"y":392,"width":824,"height":11}},{"id":"05c0a262-f264-4b53-842f-7b35741b47b5","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":44,"box":{"x":53,"y":406,"width":807,"height":11}},{"id":"f8fc5a2f-6ad6-49ac-9141-9e0df93963a6","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":44,"box":{"x":53,"y":420,"width":844,"height":11}},{"id":"0f2ae10c-fcab-4686-9086-e3c7f1778553","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":44,"box":{"x":52,"y":434,"width":815,"height":11}},{"id":"acf42954-588b-4777-b715-7b7efaca4cfe","block_type":"box","text":"Risk of Investing in the U.S.","page_number":44,"box":{"x":53,"y":458,"width":200,"height":11}},{"id":"e6fc04cb-29e7-4688-98d5-b0927c2a57ff","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":44,"box":{"x":259,"y":458,"width":663,"height":10}},{"id":"f7b13314-9790-421f-aa24-ff9645eed3dd","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":44,"box":{"x":53,"y":472,"width":877,"height":11}},{"id":"107cc19c-e2cd-4f69-9f57-1c6fe2c228cf","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":44,"box":{"x":53,"y":486,"width":470,"height":11}},{"id":"6a8e2f06-722c-4175-b6bc-015d70b699ab","block_type":"box","text":"Energy Companies Risk.","page_number":44,"box":{"x":53,"y":509,"width":177,"height":11}},{"id":"ada0d47d-9c1b-407a-a90c-b67779f2fddd","block_type":"box","text":"Companies in the energy sector may be adversely affected by volatility in energy and commodity","page_number":44,"box":{"x":236,"y":509,"width":681,"height":11}},{"id":"6cd5558b-2e68-4b8c-8a46-4b52fe564b93","block_type":"box","text":"prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government","page_number":44,"box":{"x":53,"y":523,"width":856,"height":11}},{"id":"cfaa0910-7c25-43b7-844d-dae795c06bda","block_type":"box","text":"regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted","page_number":44,"box":{"x":53,"y":538,"width":887,"height":10}},{"id":"d437adaf-51ad-43cc-8191-93ac44a670d2","block_type":"box","text":"by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs","page_number":44,"box":{"x":53,"y":552,"width":870,"height":11}},{"id":"09a19e99-b1a8-4000-8587-3eda851bebd5","block_type":"box","text":"related to exploration and production and significant operational risks. Energy companies are at risk of environmental","page_number":44,"box":{"x":53,"y":566,"width":833,"height":11}},{"id":"6383fe79-2bf1-43aa-843d-9c7b0a69b7d1","block_type":"box","text":"damage claims and other litigation.","page_number":44,"box":{"x":53,"y":580,"width":250,"height":11}},{"id":"8f3b3c46-6d3e-40de-8361-1dc32c96c7f6","block_type":"box","text":"Equity Securities Risk.","page_number":44,"box":{"x":53,"y":603,"width":164,"height":11}},{"id":"b72d6f75-6486-45c4-802e-10f09788e2dd","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":44,"box":{"x":223,"y":603,"width":709,"height":11}},{"id":"7bc5afec-d0d4-45c1-a589-deea0dc119cf","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":44,"box":{"x":53,"y":618,"width":889,"height":10}},{"id":"f36c16df-5d01-4502-8c0c-63d4ce9d1e30","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":44,"box":{"x":53,"y":632,"width":880,"height":11}},{"id":"af738e3f-77c0-4d4d-bd59-107a02eebd66","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":44,"box":{"x":53,"y":646,"width":867,"height":11}},{"id":"09611161-a264-4c38-9a10-fcfefd5a0f09","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":44,"box":{"x":53,"y":660,"width":339,"height":11}},{"id":"c4a42b0f-edbe-4c3c-a6cb-bb4777d732b4","block_type":"box","text":"Market Risk.","page_number":44,"box":{"x":53,"y":683,"width":91,"height":9}},{"id":"20c3f309-e9b1-44aa-aea8-294d4ee6e4e6","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":44,"box":{"x":148,"y":683,"width":768,"height":11}},{"id":"1afd1d22-c248-4543-ade5-bd93cb133632","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":44,"box":{"x":53,"y":697,"width":882,"height":11}},{"id":"52908c1e-62a3-4c3a-a57d-d79a0ad67664","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":44,"box":{"x":53,"y":712,"width":858,"height":10}},{"id":"96a7161a-69fa-4779-80ad-0ff65cf3191b","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":44,"box":{"x":53,"y":726,"width":875,"height":11}},{"id":"d4027383-f46d-44c7-9f8c-fd3ff89c284e","block_type":"box","text":"Fund’s NAV.","page_number":44,"box":{"x":53,"y":740,"width":82,"height":8}},{"id":"a221a0b7-5067-4db6-b230-f2e8eb09e33b","block_type":"box","text":"Index-Related Risk.","page_number":44,"box":{"x":53,"y":763,"width":143,"height":9}},{"id":"1a785ff9-77bd-4407-a816-9d83df599085","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":44,"box":{"x":201,"y":763,"width":742,"height":11}},{"id":"ff765298-1e17-4600-9f69-de57870e2565","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":44,"box":{"x":53,"y":777,"width":856,"height":11}},{"id":"ef56f87e-32af-4707-b376-7d68eb3a31bb","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":44,"box":{"x":53,"y":791,"width":852,"height":11}},{"id":"0b52fccd-99f7-4939-b2a3-e8189fd23f5e","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":44,"box":{"x":53,"y":806,"width":876,"height":11}},{"id":"e6843334-ba86-48c8-ad24-d3926666f03c","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":44,"box":{"x":52,"y":820,"width":849,"height":11}},{"id":"116dfd5d-616e-4117-b5b0-7825c54bf373","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":44,"box":{"x":53,"y":834,"width":849,"height":11}},{"id":"2b17daa3-534d-41c7-9b25-aa8d2307fdb1","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":44,"box":{"x":53,"y":848,"width":890,"height":11}},{"id":"00346311-f82d-493b-ac9e-5ddab5191cce","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":44,"box":{"x":53,"y":863,"width":853,"height":10}},{"id":"7028b5dd-b7c0-4d3f-9bf5-5e7649dbd83c","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":44,"box":{"x":53,"y":877,"width":539,"height":10}},{"id":"64afcca6-bbfc-4bec-9252-c8b97613043d","block_type":"box","text":"S-37","page_number":44,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"58121fa7-ad48-46c1-aa0e-994d198014d1","block_type":"box","text":"Asset Class Risk.","page_number":45,"box":{"x":52,"y":46,"width":122,"height":9}},{"id":"e18430e3-7065-47ca-94dd-0ee68527a5ed","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":45,"box":{"x":179,"y":46,"width":721,"height":11}},{"id":"6f4c9c8a-b4f5-44e3-a612-2e244eded15e","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":45,"box":{"x":53,"y":61,"width":774,"height":10}},{"id":"f8117ba0-4dfd-4cff-a25c-2f395d1ecfba","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":45,"box":{"x":52,"y":84,"width":318,"height":10}},{"id":"58315a03-0c5d-4186-82da-07ea6ccbc24d","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":45,"box":{"x":374,"y":84,"width":531,"height":11}},{"id":"3fc1a7a0-b077-4b7c-a364-f142a9c8dd98","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":45,"box":{"x":53,"y":98,"width":810,"height":11}},{"id":"2cceeb51-edc4-4d64-a49f-4da44cad57b7","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":45,"box":{"x":52,"y":112,"width":816,"height":11}},{"id":"2b9ed9d0-165b-4798-8f5e-8daa332ed5fb","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":45,"box":{"x":52,"y":127,"width":884,"height":10}},{"id":"48603e5e-cd52-4490-924b-de83e2f5ea88","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":45,"box":{"x":53,"y":141,"width":871,"height":10}},{"id":"ea75b06c-4aaa-4410-becf-bc0af88b77ab","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":45,"box":{"x":53,"y":155,"width":846,"height":11}},{"id":"063fc719-a763-44df-9c56-f374a1567b43","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":45,"box":{"x":52,"y":169,"width":881,"height":10}},{"id":"9ccc0db5-d770-4290-96b0-46270c8d2851","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":45,"box":{"x":53,"y":183,"width":853,"height":11}},{"id":"8b208fea-462f-4c82-b631-033135e71929","block_type":"box","text":"halts or delisting.","page_number":45,"box":{"x":53,"y":197,"width":121,"height":11}},{"id":"fdfd5167-5bb0-4bb2-b483-7558b63b951b","block_type":"box","text":"Concentration Risk.","page_number":45,"box":{"x":53,"y":220,"width":145,"height":9}},{"id":"176cf043-fad0-49ca-a447-77a5b985f0ff","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":45,"box":{"x":202,"y":220,"width":711,"height":11}},{"id":"bbc2b00c-ea32-4706-ae82-a94a36f164d2","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":45,"box":{"x":53,"y":235,"width":884,"height":9}},{"id":"00e194bc-c069-42c4-ba2a-9a527ea9601e","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":45,"box":{"x":52,"y":249,"width":887,"height":11}},{"id":"e4911cc7-22ed-4acb-aeb1-bc58b9da7a9a","block_type":"box","text":"asset classes.","page_number":45,"box":{"x":53,"y":263,"width":95,"height":8}},{"id":"65f7b0fc-3266-478d-ba08-ed26fdd2fe3e","block_type":"box","text":"Issuer Risk.","page_number":45,"box":{"x":53,"y":286,"width":83,"height":9}},{"id":"f47e93f4-640d-44f8-8510-aca005da49bc","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":45,"box":{"x":140,"y":286,"width":780,"height":11}},{"id":"e773752e-1212-4a02-b8c8-b815a22a0710","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":45,"box":{"x":53,"y":300,"width":886,"height":11}},{"id":"b75840e3-52bc-414b-8afb-ba9f324df97f","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":45,"box":{"x":52,"y":315,"width":576,"height":10}},{"id":"aa657d71-5679-4f25-9961-269548281be7","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":45,"box":{"x":53,"y":338,"width":278,"height":11}},{"id":"96b8bded-41ec-4cb5-9b40-159b4dec312b","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":45,"box":{"x":337,"y":338,"width":540,"height":11}},{"id":"b9470977-e9f3-4539-804a-8fb30a659460","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":45,"box":{"x":53,"y":352,"width":890,"height":11}},{"id":"b1fca7ed-5a9d-4dcf-b9a0-0c8ff730f492","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":45,"box":{"x":53,"y":366,"width":868,"height":11}},{"id":"8b9e54ba-d852-47ae-8d28-6039d5176bd0","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":45,"box":{"x":53,"y":380,"width":709,"height":11}},{"id":"40e74edd-4a54-4c15-942c-acf8f49bf1cf","block_type":"box","text":"Management Risk.","page_number":45,"box":{"x":53,"y":403,"width":137,"height":11}},{"id":"6f3f8bf9-2620-4888-82b3-a44a2c0e024f","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":45,"box":{"x":194,"y":403,"width":711,"height":11}},{"id":"e8a7a32e-34ba-40c7-97c7-ffad88fd999d","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":45,"box":{"x":53,"y":418,"width":877,"height":11}},{"id":"cbd87131-6638-40c7-85f4-01698b3c8f79","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":45,"box":{"x":53,"y":432,"width":859,"height":11}},{"id":"cb1f90d7-66aa-46a8-b092-6aa3637721ca","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":45,"box":{"x":52,"y":446,"width":848,"height":11}},{"id":"9ffd3ece-5503-4827-80a5-1f47de3b1ee9","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":45,"box":{"x":53,"y":460,"width":756,"height":11}},{"id":"9515212b-e291-4a30-9339-ebcdfd59ab55","block_type":"box","text":"Market Trading Risk.","page_number":45,"box":{"x":53,"y":483,"width":152,"height":11}},{"id":"4252a196-412d-4d26-91d6-5c72227036c6","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":45,"box":{"x":209,"y":483,"width":694,"height":11}},{"id":"3707463d-76ca-4bf6-bad3-2fc7dbe3e495","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":45,"box":{"x":53,"y":498,"width":841,"height":10}},{"id":"ccc04e7f-4048-436d-9324-b31ebc817c9e","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":45,"box":{"x":53,"y":512,"width":887,"height":11}},{"id":"2af84df9-4237-442f-ac22-eb672197d4f7","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":45,"box":{"x":52,"y":526,"width":839,"height":11}},{"id":"7ca54e4b-198a-407c-b346-ee02ac72905e","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":45,"box":{"x":53,"y":540,"width":866,"height":11}},{"id":"03d96d46-f151-4cfb-b518-a6c3b5b8c611","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":45,"box":{"x":52,"y":554,"width":885,"height":11}},{"id":"ff7f38a1-bafa-4454-ae20-b81ece32378f","block_type":"box","text":"of the Fund shares.","page_number":45,"box":{"x":53,"y":569,"width":134,"height":8}},{"id":"f2db4bf9-f78b-4925-a17f-7f2946346536","block_type":"box","text":"Non-Diversification Risk.","page_number":45,"box":{"x":53,"y":592,"width":184,"height":8}},{"id":"1c390fb0-c7d2-4905-889f-dcd1969b44bc","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":45,"box":{"x":242,"y":592,"width":633,"height":10}},{"id":"df0b6cc9-1cbc-4342-99de-34152b41c335","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":45,"box":{"x":53,"y":606,"width":802,"height":11}},{"id":"22c8fd5a-91fa-4103-98db-7d9e5b2b32e6","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":45,"box":{"x":53,"y":620,"width":888,"height":11}},{"id":"6994ea80-4059-46e0-b2c7-1397e4971518","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":45,"box":{"x":53,"y":634,"width":876,"height":11}},{"id":"626ebca7-a19b-4e1d-9e57-71a7e124811e","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":45,"box":{"x":53,"y":648,"width":696,"height":11}},{"id":"4d5f0eb5-2dd2-41cb-999b-7f35cc3e9882","block_type":"box","text":"Operational and Technology Risks.","page_number":45,"box":{"x":53,"y":672,"width":254,"height":11}},{"id":"1111b88e-eefc-4d04-8797-869a7b55565d","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":45,"box":{"x":312,"y":672,"width":581,"height":10}},{"id":"b222dc5f-1e42-496d-a77b-2bdc94e0636d","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":45,"box":{"x":53,"y":686,"width":876,"height":11}},{"id":"339f2ee0-154b-4d06-af2e-551787c9daa3","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":45,"box":{"x":53,"y":700,"width":879,"height":11}},{"id":"0835bf66-ef0a-4982-8ce7-d688ab8f8232","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":45,"box":{"x":53,"y":714,"width":825,"height":11}},{"id":"d4585338-f595-401a-92af-a435aa7ab713","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":45,"box":{"x":53,"y":728,"width":862,"height":11}},{"id":"450e3f8c-a7bf-467b-a515-d9bb100c7773","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":45,"box":{"x":53,"y":743,"width":872,"height":10}},{"id":"24c6ac01-a5f8-43ab-95b1-0c8a5a806a1f","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":45,"box":{"x":53,"y":757,"width":824,"height":11}},{"id":"569d34b8-1dbe-4ec9-94e1-ac989c6160c2","block_type":"box","text":"Securities Lending Risk.","page_number":45,"box":{"x":52,"y":780,"width":178,"height":11}},{"id":"208ffe67-7135-439d-9c0d-3641a8153b5e","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":45,"box":{"x":234,"y":780,"width":692,"height":11}},{"id":"03d093e6-478c-4a1c-9f7a-506a61e0dc54","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":45,"box":{"x":53,"y":794,"width":870,"height":11}},{"id":"0d7ebddf-13e8-4f68-85a5-5e288d6443c4","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":45,"box":{"x":53,"y":808,"width":886,"height":11}},{"id":"c4657ede-3a69-4921-af37-42d9590f4c9b","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":45,"box":{"x":53,"y":822,"width":831,"height":11}},{"id":"254fded5-d83d-42b3-b18e-fdd18f59a603","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":45,"box":{"x":52,"y":846,"width":278,"height":10}},{"id":"3f29f577-a78d-4f0f-bc73-ac4331d11469","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":45,"box":{"x":336,"y":846,"width":532,"height":11}},{"id":"7a246ab4-64f8-460c-a4cb-e0de83e16833","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":45,"box":{"x":53,"y":860,"width":817,"height":11}},{"id":"f68078b8-8b2d-4de0-b2d8-0c223c13f310","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":45,"box":{"x":53,"y":874,"width":887,"height":11}},{"id":"ef306721-22be-41c3-8f9a-50aaa32474d9","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":45,"box":{"x":52,"y":888,"width":818,"height":11}},{"id":"937f22f1-3790-467c-bf2b-5d6730fc5988","block_type":"box","text":"S-38","page_number":45,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"b836b4f9-1837-480c-9fe5-af32ee5449db","block_type":"box","text":"Tracking Error Risk.","page_number":46,"box":{"x":52,"y":46,"width":145,"height":11}},{"id":"e98e15d0-4b6e-4afe-9ce5-45b7f61bb7a1","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":46,"box":{"x":201,"y":46,"width":741,"height":11}},{"id":"7d89eda1-9bea-48d5-9994-fc80a69f93e4","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":46,"box":{"x":53,"y":61,"width":861,"height":10}},{"id":"331ffe7d-0275-4a45-b6f0-475ec8b666f4","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":46,"box":{"x":53,"y":75,"width":832,"height":11}},{"id":"c9b5fc00-e3ec-4ccc-b2be-e4d3e077361d","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":46,"box":{"x":53,"y":89,"width":880,"height":11}},{"id":"4441caec-f35d-4536-81f7-8d2ae6aacdc6","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":46,"box":{"x":53,"y":103,"width":831,"height":11}},{"id":"e89afac6-e67f-404f-aa81-099c96a7d08c","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":46,"box":{"x":52,"y":117,"width":828,"height":11}},{"id":"30fb701a-0045-40e9-927b-5c698270ca2c","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":46,"box":{"x":53,"y":131,"width":873,"height":11}},{"id":"031ef480-c4d4-4351-8658-5ee1ccf7b420","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":46,"box":{"x":53,"y":146,"width":889,"height":11}},{"id":"54efbac6-006a-4cd4-848e-185471c96685","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":46,"box":{"x":53,"y":160,"width":852,"height":11}},{"id":"5faebe67-8e7e-477d-aafc-d92f4735899a","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":46,"box":{"x":53,"y":174,"width":886,"height":11}},{"id":"79aa1c66-d5f9-45e5-9046-dfa5f412b05f","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":46,"box":{"x":53,"y":188,"width":873,"height":11}},{"id":"077eb278-6fef-4fe5-8786-7fbe96711f4b","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":46,"box":{"x":53,"y":202,"width":724,"height":11}},{"id":"2ded7a07-e0fe-44e1-8ab6-4da94c1d4552","block_type":"box","text":"Performance Information","page_number":46,"box":{"x":54,"y":231,"width":228,"height":11}},{"id":"2f899a24-7ab3-46d8-9586-8962c537e42b","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":46,"box":{"x":52,"y":256,"width":864,"height":11}},{"id":"5b1c229d-decd-4edb-b6ff-4b01dc5bd4f4","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":46,"box":{"x":52,"y":271,"width":872,"height":11}},{"id":"06874c8d-32c2-4beb-9595-c6fc0c911b1e","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":46,"box":{"x":53,"y":285,"width":868,"height":11}},{"id":"03ae27c0-fa79-4746-a748-72342b590062","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":46,"box":{"x":53,"y":299,"width":838,"height":11}},{"id":"1dc47e73-f8eb-49b7-a482-c410273d1ce0","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":46,"box":{"x":53,"y":313,"width":868,"height":11}},{"id":"c3b393bc-eb96-4ac7-96ad-500410f31379","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":46,"box":{"x":53,"y":327,"width":832,"height":11}},{"id":"a0d7418a-9ae8-428c-b19c-71841125455d","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":46,"box":{"x":53,"y":342,"width":842,"height":10}},{"id":"818e5e95-ad1a-44d3-8783-5c8ef3356afe","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":46,"box":{"x":52,"y":356,"width":531,"height":11}},{"id":"26d876d8-bd53-4e62-b768-6131e4d14bbb","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":46,"box":{"x":135,"y":380,"width":260,"height":11}},{"id":"ebed8cd8-e496-4310-b2fb-3370241984c5","block_type":"box","text":"28.35","page_number":46,"box":{"x":85,"y":453,"width":27,"height":6}},{"id":"e4d5650d-220f-4563-88ef-23d549e49176","block_type":"box","text":"-18.20","page_number":46,"box":{"x":120,"y":496,"width":30,"height":6}},{"id":"307d2d7a-9be7-4465-8362-5e8d802a7528","block_type":"box","text":"-42.49","page_number":46,"box":{"x":157,"y":511,"width":30,"height":6}},{"id":"be9cb474-e2e5-4a34-aa16-575449c5929a","block_type":"box","text":"1.88","page_number":46,"box":{"x":201,"y":469,"width":19,"height":6}},{"id":"968e0d01-cf16-4d53-ab0c-22291e3192ab","block_type":"box","text":"-42.87","page_number":46,"box":{"x":231,"y":511,"width":30,"height":6}},{"id":"38f3b952-98d6-47a2-b98b-16d39bcdc684","block_type":"box","text":"15.89","page_number":46,"box":{"x":272,"y":461,"width":25,"height":6}},{"id":"9e3a838b-55e0-4da2-8d50-d238e0bc0490","block_type":"box","text":"65.77","page_number":46,"box":{"x":308,"y":431,"width":26,"height":6}},{"id":"c4aebf0e-c005-4000-92e6-6c1ec0c5aff2","block_type":"box","text":"4.47","page_number":46,"box":{"x":347,"y":467,"width":21,"height":6}},{"id":"9e5c290b-222b-4b7f-a311-1600627eb126","block_type":"box","text":"-8.23","page_number":46,"box":{"x":383,"y":490,"width":23,"height":6}},{"id":"7deb7122-5406-46df-b667-83a1fe62b390","block_type":"box","text":"7.57","page_number":46,"box":{"x":422,"y":466,"width":20,"height":5}},{"id":"d2023e3d-e081-43ad-8492-c116e30de96c","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":46,"box":{"x":87,"y":534,"width":356,"height":6}},{"id":"bbe5018b-c123-4f86-99d6-c0d626c4f05e","block_type":"box","text":"Return (%) Period Ended","page_number":46,"box":{"x":736,"y":395,"width":188,"height":9}},{"id":"a7979618-837d-42f5-80be-18dbc075d86a","block_type":"box","text":"Calendar Year-to-Date Return","page_number":46,"box":{"x":520,"y":413,"width":197,"height":8}},{"id":"99047110-e9b7-4939-938c-089566d21333","block_type":"box","text":"29.68% June 30, 2026","page_number":46,"box":{"x":749,"y":414,"width":193,"height":8}},{"id":"17aa7f7d-d2a7-4b96-ad2b-a6f2fa175973","block_type":"box","text":"During the periods shown in the chart:","page_number":46,"box":{"x":520,"y":426,"width":250,"height":10}},{"id":"632949af-6a1e-4cbc-bc70-941287ff27cb","block_type":"box","text":"Best Quarter 56.16% December 31, 2020","page_number":46,"box":{"x":534,"y":439,"width":408,"height":9}},{"id":"ff1afd84-676a-4230-9ba4-f064a5871449","block_type":"box","text":"Worst Quarter -70.09% March 31, 2020","page_number":46,"box":{"x":533,"y":452,"width":409,"height":9}},{"id":"7653d66e-e0bd-4c7d-bb4f-7e2f63213963","block_type":"box","text":"Average Annual Total Returns (%)","page_number":46,"box":{"x":372,"y":565,"width":251,"height":11}},{"id":"4b41ac0e-9cef-4465-8e6a-c6f8057d67f3","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":46,"box":{"x":340,"y":579,"width":315,"height":10}},{"id":"faee9c6a-e0ff-419d-b3e4-e299b0c4cb9e","block_type":"box","text":"One Year Five Years Ten Years","page_number":46,"box":{"x":670,"y":595,"width":268,"height":8}},{"id":"a50efae7-14be-4347-a71d-f2b52d719261","block_type":"box","text":"Fund Inception: 5/1/2006","page_number":46,"box":{"x":58,"y":611,"width":171,"height":9}},{"id":"bbfeaf15-51a3-46a7-905b-52f0d162ef19","block_type":"box","text":"Return Before Taxes","page_number":46,"box":{"x":58,"y":622,"width":125,"height":8}},{"id":"bdb0cc9f-903c-4fb8-8750-c57876635bcc","block_type":"box","text":"7.57% 14.65% -3.56%","page_number":46,"box":{"x":690,"y":622,"width":249,"height":8}},{"id":"4bae3159-7c95-429c-be76-4d3e8bdba82a","block_type":"box","text":"Return After Taxes on Distributions 7.05% 14.29% -3.96%","page_number":46,"box":{"x":58,"y":634,"width":881,"height":7}},{"id":"c1a70259-85b1-4c12-8dd6-6aa424438915","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.79% 11.77% -2.61%","page_number":46,"box":{"x":58,"y":646,"width":881,"height":7}},{"id":"295de7ee-ca9f-4940-93fc-207b123cac9d","block_type":"box","text":"S&P Total Market Index","page_number":46,"box":{"x":57,"y":657,"width":155,"height":8}},{"id":"653ab2b1-46ff-45d5-a2ba-d9fed92d876c","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":46,"box":{"x":215,"y":657,"width":724,"height":9}},{"id":"0b10a861-e30e-45f2-8df3-93d9674a6c50","block_type":"box","text":"Dow Jones U.S. Select Oil Equipment & Services Index","page_number":46,"box":{"x":58,"y":669,"width":352,"height":9}},{"id":"823addbe-ccd9-4305-885c-9cd1c58fd7df","block_type":"box","text":"(Returns do not reflect deductions","page_number":46,"box":{"x":414,"y":669,"width":215,"height":8}},{"id":"4914b6ba-b894-4385-8d14-2914a02c1a6b","block_type":"box","text":"for fees, expenses or taxes)","page_number":46,"box":{"x":71,"y":682,"width":169,"height":9}},{"id":"dc128737-e2d2-45d4-b1e0-5e8ba8e2e8d0","block_type":"box","text":"7.94% 15.12% -3.22%","page_number":46,"box":{"x":690,"y":682,"width":249,"height":7}},{"id":"c2265a11-90b3-41c2-af3c-0f5685c53f4b","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":46,"box":{"x":52,"y":711,"width":857,"height":11}},{"id":"ae2fec8f-bb35-4cee-a461-46ad637f4388","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":46,"box":{"x":53,"y":725,"width":865,"height":11}},{"id":"4f2a0ff4-93ab-4f28-806c-98d30132fc15","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":46,"box":{"x":53,"y":739,"width":847,"height":11}},{"id":"dcf5211f-336e-41a7-aca9-ba58f0f323cf","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":46,"box":{"x":52,"y":753,"width":857,"height":11}},{"id":"49180178-017b-491e-8eab-fd36f20603c3","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":46,"box":{"x":53,"y":768,"width":877,"height":11}},{"id":"e94c6d5d-9ee8-49d8-9e5c-4d06c92bc3f0","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. 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Individual shares of the Fund may only be bought","page_number":47,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"e34c6c68-ecc3-4e76-a263-a08643c0d994","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":47,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"cfd57153-15f7-4f65-956b-74d314f4a0b9","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":47,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"464629a4-6fcd-4111-8154-9984538c357f","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":47,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"6787f7cf-6e57-4b21-a3d8-9d011a0c743b","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":47,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"040c42ce-fa63-46bf-9319-5a6fe9236ec1","block_type":"box","text":"(the “bid-ask spread”).","page_number":47,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"5a519448-2d8a-40c4-8030-0aa03a4d388e","block_type":"box","text":"Tax Information","page_number":47,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"e4a8b593-aaf5-4b6c-b6ce-efa1f7f6c97d","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":47,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"090795f4-4216-482d-8a55-edca63514186","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":47,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"faab9f13-a4e6-4279-bfa3-ae48c95b43d3","block_type":"box","text":"be taxed when withdrawn.","page_number":47,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"8346502a-fe8b-4cf7-be2c-d0a17507b923","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":47,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"274d9b2f-673f-4261-a0cc-76807771817b","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":47,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"e6ab637f-313b-499b-9ef4-30ea83232516","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":47,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"144abd8c-6dfb-4dc0-827e-5ebb12dd3819","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":47,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"19156933-ec23-4ca8-9c3f-224147ecc151","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":47,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"8ec4df21-29cb-4468-bb25-14e031bf84ae","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":47,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"35e6e83d-75bb-4d05-9031-90e6f44a1fbe","block_type":"box","text":"financial intermediary’s website for more information.","page_number":47,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"f8287115-3528-4e41-89e5-815274bdf72c","block_type":"box","text":"S-40","page_number":47,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"e246b112-b1c3-49a8-9d01-ee6949b2d298","block_type":"box","text":"iShares U.S. Pharmaceuticals ETF","page_number":48,"box":{"x":53,"y":47,"width":469,"height":16}},{"id":"e7b6c821-ba8b-41be-8cef-8409eccf5e0d","block_type":"box","text":"IHE | NYSE Arca","page_number":48,"box":{"x":54,"y":70,"width":221,"height":18}},{"id":"48669428-1fb9-40f8-9bb6-9a721b9c2302","block_type":"box","text":"Investment Objective","page_number":48,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"ce34ea29-3e28-42ae-8e7a-ee789077b1ed","block_type":"box","text":"The iShares U.S. Pharmaceuticals ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities","page_number":48,"box":{"x":52,"y":134,"width":891,"height":11}},{"id":"4a510fea-e5f2-4d01-8680-8f01331bd46a","block_type":"box","text":"in the pharmaceuticals sector.","page_number":48,"box":{"x":53,"y":148,"width":212,"height":11}},{"id":"8c71ca95-f651-448c-81aa-f325c0a89f74","block_type":"box","text":"Fees and Expenses","page_number":48,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"4f5a64af-9c29-46fd-9239-2af1197d26c4","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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Although your actual costs may be higher or lower, based on these assumptions,","page_number":48,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"ac909ebb-d989-40b2-a6ab-905dc8eab8bb","block_type":"box","text":"your costs would be:","page_number":48,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"c10bb6e5-927e-4dfe-a3ca-bf8ae1098b43","block_type":"box","text":"Expense Example","page_number":48,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"e950f52d-6a24-4e9e-9e45-5ab376263705","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":48,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"a9a493ae-4536-4147-b777-746e0f6d2bcd","block_type":"box","text":"Example Fund Costs","page_number":48,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"14a05948-ce00-4a62-b1a0-3c307d193ddf","block_type":"box","text":"$38 $119 $208 $468","page_number":48,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"9af21b4e-bfde-41a4-87ef-e6b800f41192","block_type":"box","text":"Portfolio Turnover.","page_number":48,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"7df14688-99a8-44e9-8bd9-ac2342b3ed0f","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":48,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"e75f24fc-f49b-40e0-85ef-efc827922a69","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":48,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"62a4b939-8301-4717-8498-72b60d9dccbb","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":48,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"e076e33d-6e1c-4838-944b-3e5ae4d9c565","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 29% of","page_number":48,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"c81dd05a-a95d-416a-bc1b-375b9532e098","block_type":"box","text":"the average value of its portfolio.","page_number":48,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"470f55e5-d7e8-42c8-ac26-c74081b48ca7","block_type":"box","text":"Principal Investment Strategies","page_number":48,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"d216add0-8905-44df-8970-0a4e68535ba9","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Pharmaceuticals Index (the “Underlying Index”),","page_number":48,"box":{"x":52,"y":682,"width":877,"height":11}},{"id":"e1715c07-2728-430b-bcb5-a7934f62058c","block_type":"box","text":"which measures the performance of the pharmaceuticals sector of the U.S. equity market, as defined by S&P Dow Jones","page_number":48,"box":{"x":52,"y":697,"width":846,"height":11}},{"id":"6dcceb80-834d-4cc2-bfb4-a9374b34ae49","block_type":"box","text":"Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index includes pharmaceutical companies such as","page_number":48,"box":{"x":53,"y":711,"width":793,"height":11}},{"id":"1fef19c2-7d13-4dfc-bd9e-f4247752336b","block_type":"box","text":"manufacturers of prescription or over-the-counter drugs or vaccines. The Underlying Index may include large-, mid- or","page_number":48,"box":{"x":53,"y":725,"width":839,"height":11}},{"id":"fa5c95d0-3fd2-4900-b95b-b50f6d342998","block_type":"box","text":"small-capitalization companies. As of March 31, 2026, a significant portion of the Underlying Index was represented by","page_number":48,"box":{"x":52,"y":739,"width":845,"height":11}},{"id":"71490dd2-053d-4bd0-bedc-2bbdbf004313","block_type":"box","text":"securities of companies in the healthcare and pharmaceuticals industries or sectors. 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The instruments selected are expected to have, in the aggregate,","page_number":48,"box":{"x":53,"y":833,"width":851,"height":11}},{"id":"6cfa0f6f-d710-4089-87de-88edfa8b63c0","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":48,"box":{"x":53,"y":848,"width":806,"height":10}},{"id":"d8bb87b9-b0f0-4ea4-bea0-e297b8f45162","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":48,"box":{"x":53,"y":862,"width":884,"height":11}},{"id":"fc364c2d-1eba-4c59-a79f-cf30887d094e","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":48,"box":{"x":52,"y":876,"width":884,"height":11}},{"id":"06846a7b-881b-4663-92d0-a675be15bd32","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":48,"box":{"x":53,"y":890,"width":852,"height":11}},{"id":"e059b5e4-ce3e-44a8-85ef-ec9662c200fa","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":48,"box":{"x":53,"y":904,"width":867,"height":11}},{"id":"4651ea7e-a736-4bd6-9cd8-b58858fd5fca","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":48,"box":{"x":52,"y":919,"width":869,"height":10}},{"id":"f5be2da5-8659-4dc5-8c4c-3136088330a6","block_type":"box","text":"S-41","page_number":48,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"9dc5cbfa-0d30-4578-a4dc-9a22bfa5d041","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":49,"box":{"x":52,"y":46,"width":863,"height":11}},{"id":"5fc7bd34-d8c7-4e6c-a499-0c36009cb609","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":49,"box":{"x":53,"y":61,"width":826,"height":10}},{"id":"88a74997-e735-4a3c-b7f6-2ae75a2b7ce6","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":49,"box":{"x":53,"y":75,"width":405,"height":11}},{"id":"f822988c-b727-4d4e-95be-7edc8d3a4923","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":49,"box":{"x":53,"y":98,"width":844,"height":11}},{"id":"eced033c-67c4-4c4f-bdac-5b5bbfa73abe","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":49,"box":{"x":53,"y":112,"width":860,"height":11}},{"id":"9efba924-ec2f-4b0e-9d5a-c8f398834aa7","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":49,"box":{"x":53,"y":126,"width":831,"height":11}},{"id":"daf062d6-ff1c-42a0-86b4-c44967d5f5dd","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":49,"box":{"x":53,"y":140,"width":817,"height":11}},{"id":"5d5e0b66-2894-42df-b550-1873a3805bea","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":49,"box":{"x":53,"y":155,"width":818,"height":11}},{"id":"d2fa05c0-2bc9-4156-828e-3313e244dbbb","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":49,"box":{"x":53,"y":169,"width":835,"height":11}},{"id":"cd3dd99a-1d9d-40ee-bbed-2042054a57fd","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":49,"box":{"x":52,"y":192,"width":873,"height":11}},{"id":"9f8a9391-9e8f-40af-b42f-490ddf4922b8","block_type":"box","text":"collateral received).","page_number":49,"box":{"x":53,"y":206,"width":136,"height":10}},{"id":"c2024735-19b5-4491-a1ba-86aa762c5134","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":49,"box":{"x":52,"y":229,"width":870,"height":11}},{"id":"08bcaa76-be90-414e-a01b-4eacfd051daf","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":49,"box":{"x":53,"y":244,"width":856,"height":10}},{"id":"bad4bd50-fa0c-4d7f-b5e0-8e8ab4cfb3b7","block_type":"box","text":"market value of the Underlying Index.","page_number":49,"box":{"x":53,"y":258,"width":263,"height":11}},{"id":"f295ae6c-5544-44a0-b717-f5c9f9d22986","block_type":"box","text":"Industry Concentration Policy.","page_number":49,"box":{"x":53,"y":281,"width":224,"height":11}},{"id":"f19eaa2b-7420-45dd-bf86-0ab0fb3c6b61","block_type":"box","text":"The Fund will concentrate its investments (","page_number":49,"box":{"x":281,"y":281,"width":304,"height":9}},{"id":"aee13e1f-98ee-473f-bf79-f5a93533ebd1","block_type":"box","text":"i.e.","page_number":49,"box":{"x":587,"y":281,"width":17,"height":8}},{"id":"27901e8e-34fb-4777-8658-a12bd9211e15","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":49,"box":{"x":606,"y":281,"width":292,"height":10}},{"id":"436b733e-791d-40c8-8733-c61113a7d0c1","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":49,"box":{"x":53,"y":295,"width":858,"height":11}},{"id":"7a4c0076-ec08-40f6-82c5-26a74ca97799","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":49,"box":{"x":53,"y":309,"width":868,"height":11}},{"id":"c132ce4a-f3d7-4681-a8c4-bdcbeea8a2e3","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":49,"box":{"x":53,"y":324,"width":826,"height":10}},{"id":"c4785654-9fd1-4220-9055-b70ad03c8f4f","block_type":"box","text":"Summary of Principal Risks","page_number":49,"box":{"x":52,"y":352,"width":248,"height":14}},{"id":"d383ec2e-40bb-4816-ab63-f6110190b0e1","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":49,"box":{"x":52,"y":378,"width":881,"height":11}},{"id":"591f21c2-5a51-4189-a1e9-5f512d4011fd","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":49,"box":{"x":53,"y":392,"width":824,"height":11}},{"id":"ab1fa253-a053-493f-bbbb-6f23b20c803f","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":49,"box":{"x":53,"y":406,"width":807,"height":11}},{"id":"a11e7c43-0276-4a96-81c3-93dd2f9d97c1","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":49,"box":{"x":53,"y":420,"width":844,"height":11}},{"id":"edc7aad4-a9f9-44b0-9287-c32d1b2bd3c0","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":49,"box":{"x":52,"y":434,"width":815,"height":11}},{"id":"6fe708af-0ccd-4d40-abd0-305aa170b0bd","block_type":"box","text":"Risk of Investing in the U.S.","page_number":49,"box":{"x":53,"y":458,"width":200,"height":11}},{"id":"9cc8e9d4-068d-4969-96ec-571ec2693613","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":49,"box":{"x":259,"y":458,"width":663,"height":10}},{"id":"1cc54690-44a8-4639-b6e3-b161ef02294d","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":49,"box":{"x":53,"y":472,"width":877,"height":11}},{"id":"fb30299a-31ba-4372-83a0-f7f6b3aaf241","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":49,"box":{"x":53,"y":486,"width":470,"height":11}},{"id":"2a38ca92-bdbf-43b4-9388-c142ceb1a534","block_type":"box","text":"Pharmaceuticals Industry Risk.","page_number":49,"box":{"x":53,"y":509,"width":229,"height":11}},{"id":"53811528-cec5-4ea8-8705-ff88bf42375f","block_type":"box","text":"Companies in the pharmaceuticals industry may be affected by industry competition,","page_number":49,"box":{"x":288,"y":509,"width":603,"height":11}},{"id":"72668072-4d28-4df0-8a2d-8f204e26fd54","block_type":"box","text":"dependency on a limited number of products, obsolescence of products, government approvals and regulations, loss or","page_number":49,"box":{"x":53,"y":523,"width":844,"height":11}},{"id":"cc40fbbc-96cd-4b82-9662-37297ac6d6a5","block_type":"box","text":"impairment of intellectual property rights and litigation regarding product liability.","page_number":49,"box":{"x":53,"y":538,"width":582,"height":10}},{"id":"90967ea0-67ea-4cc8-af1e-6bcc3a37acf5","block_type":"box","text":"Healthcare Companies Risk.","page_number":49,"box":{"x":53,"y":561,"width":206,"height":10}},{"id":"b34b3348-6364-45a6-baae-b412616292db","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by extensive government","page_number":49,"box":{"x":264,"y":561,"width":661,"height":11}},{"id":"688dc511-5890-43fb-b972-78afa7b579cd","block_type":"box","text":"regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services,","page_number":49,"box":{"x":53,"y":575,"width":877,"height":11}},{"id":"20f86e63-afc3-4cd1-9a93-5aed56f32009","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and","page_number":49,"box":{"x":53,"y":589,"width":852,"height":11}},{"id":"2e379d67-95f7-4cb9-9fd5-aabff5618a61","block_type":"box","text":"product liability claims, among other factors.","page_number":49,"box":{"x":53,"y":603,"width":316,"height":11}},{"id":"89d70a2c-1a31-4d3e-bc56-7567bbafc3e8","block_type":"box","text":"Equity Securities Risk.","page_number":49,"box":{"x":53,"y":626,"width":164,"height":11}},{"id":"69a27ce6-0534-4015-9df3-04d84a2067b0","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":49,"box":{"x":223,"y":627,"width":709,"height":10}},{"id":"93f85b2c-7812-47dd-9493-cae559ec63df","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":49,"box":{"x":53,"y":641,"width":889,"height":11}},{"id":"7e22ee46-a904-483c-8ea3-45a35a6372c7","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":49,"box":{"x":53,"y":655,"width":880,"height":11}},{"id":"c310a09c-c6e4-4551-9b05-6ff7527763d4","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":49,"box":{"x":53,"y":669,"width":867,"height":11}},{"id":"f1df5e4b-33d9-4e70-b3ae-b1d0345df591","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":49,"box":{"x":53,"y":683,"width":339,"height":11}},{"id":"850eef95-80d3-43f1-88ae-5dbe654978a9","block_type":"box","text":"Market Risk.","page_number":49,"box":{"x":53,"y":706,"width":91,"height":9}},{"id":"c1c6d79e-f75f-4a15-b675-6d28c2a6624f","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":49,"box":{"x":148,"y":707,"width":768,"height":10}},{"id":"d728501f-d848-43b9-9058-bbc44178610f","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":49,"box":{"x":53,"y":721,"width":882,"height":10}},{"id":"4879ad2d-6463-429a-a7ca-9e32884f91a9","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":49,"box":{"x":53,"y":735,"width":858,"height":11}},{"id":"dbbb84a3-fe4a-4bef-b1f5-d4aee0cd59c6","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":49,"box":{"x":53,"y":749,"width":875,"height":11}},{"id":"646749c1-c935-4042-842d-869acc8d540f","block_type":"box","text":"Fund’s NAV.","page_number":49,"box":{"x":53,"y":763,"width":82,"height":9}},{"id":"5a92177d-2f98-4d2c-813b-71a47a83654f","block_type":"box","text":"Index-Related Risk.","page_number":49,"box":{"x":53,"y":786,"width":143,"height":9}},{"id":"95bb08d3-349d-4b1d-9e01-f960fd303b58","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":49,"box":{"x":201,"y":786,"width":742,"height":11}},{"id":"221fce55-f683-47f8-9922-d5c158c44ce2","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":49,"box":{"x":53,"y":801,"width":856,"height":10}},{"id":"14db5b6c-ddfd-4891-bd76-63f3d854f9aa","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":49,"box":{"x":53,"y":815,"width":852,"height":11}},{"id":"bb03e019-5b62-4edf-ba59-3644757a98ad","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":49,"box":{"x":53,"y":829,"width":876,"height":11}},{"id":"6488d4cd-b260-4491-a361-79feda7138c4","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":49,"box":{"x":52,"y":843,"width":849,"height":11}},{"id":"fb9d7c59-68a9-4757-873f-f6c6afda1a45","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":49,"box":{"x":53,"y":857,"width":849,"height":11}},{"id":"2c8695f4-1487-4ffb-8a17-aadb438bba9b","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":49,"box":{"x":53,"y":871,"width":890,"height":11}},{"id":"da7314ad-cea8-4004-b196-e71379d6c655","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":49,"box":{"x":53,"y":886,"width":853,"height":10}},{"id":"f6fc60b8-3cab-4cfb-91e3-593e3d9c6eeb","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":49,"box":{"x":53,"y":900,"width":539,"height":11}},{"id":"f41fd180-59db-4615-9626-cd583984c4e2","block_type":"box","text":"S-42","page_number":49,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"cb2d6770-fe0f-4c68-abe1-3a25fd8becaf","block_type":"box","text":"Asset Class Risk.","page_number":50,"box":{"x":52,"y":46,"width":122,"height":9}},{"id":"0b933db7-c61a-495d-b74f-af96d6d4becd","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":50,"box":{"x":179,"y":46,"width":721,"height":11}},{"id":"ca5f4bd7-219b-4c8d-b9ee-14ad768714ef","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":50,"box":{"x":53,"y":61,"width":774,"height":10}},{"id":"fd52ac60-8b8e-401b-83fa-d676ea7622eb","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":50,"box":{"x":52,"y":84,"width":318,"height":10}},{"id":"4aed78cc-57f7-4578-ba45-07af304a88e8","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":50,"box":{"x":374,"y":84,"width":531,"height":11}},{"id":"d4e2d29e-3ed6-4af7-9833-c573be83b619","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":50,"box":{"x":53,"y":98,"width":810,"height":11}},{"id":"fb8a1588-9834-4fe7-9dcd-b9cf4f3ea58c","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":50,"box":{"x":52,"y":112,"width":816,"height":11}},{"id":"3a0f926c-23ac-478b-a2c5-05c22532c740","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":50,"box":{"x":52,"y":127,"width":884,"height":10}},{"id":"857dfe47-0905-4d6a-960a-277eea494316","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":50,"box":{"x":53,"y":141,"width":871,"height":10}},{"id":"d11ec308-7951-446b-b999-d310a8bb5175","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":50,"box":{"x":53,"y":155,"width":846,"height":11}},{"id":"9b5169e8-12b3-4397-891e-50c9789382c3","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":50,"box":{"x":52,"y":169,"width":881,"height":10}},{"id":"a8c0fa78-6f5a-4410-9e49-072b65815340","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":50,"box":{"x":53,"y":183,"width":853,"height":11}},{"id":"514117af-2bce-409c-b8c5-f62b9f256736","block_type":"box","text":"halts or delisting.","page_number":50,"box":{"x":53,"y":197,"width":121,"height":11}},{"id":"5052024c-50cc-42d6-ad7d-a2e3586e2ff3","block_type":"box","text":"Concentration Risk.","page_number":50,"box":{"x":53,"y":220,"width":145,"height":9}},{"id":"1e5fda1a-5663-404b-a64a-7948c963b6df","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":50,"box":{"x":202,"y":220,"width":711,"height":11}},{"id":"d66fc91f-e60b-4042-b1df-f0d5b43cc2d8","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":50,"box":{"x":53,"y":235,"width":884,"height":9}},{"id":"8e66dcd3-6bc0-4755-bcdb-382d6182bacb","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":50,"box":{"x":52,"y":249,"width":887,"height":11}},{"id":"ba754b05-24f1-456f-a61c-529a781f1214","block_type":"box","text":"asset classes.","page_number":50,"box":{"x":53,"y":263,"width":95,"height":8}},{"id":"0dd3e8f1-01e3-4fb7-812a-2414db337509","block_type":"box","text":"Issuer Risk.","page_number":50,"box":{"x":53,"y":286,"width":83,"height":9}},{"id":"7a316d8b-ff13-4a1c-88cd-11146c0517aa","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":50,"box":{"x":140,"y":286,"width":780,"height":11}},{"id":"fa056ca4-096f-43f7-9002-f57d32e5bb5a","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":50,"box":{"x":53,"y":300,"width":886,"height":11}},{"id":"adbbe46c-3988-4104-ad8e-01634864a8bc","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":50,"box":{"x":52,"y":315,"width":576,"height":10}},{"id":"0619cc88-5e76-4662-bb0d-2840041993b8","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":50,"box":{"x":53,"y":338,"width":278,"height":11}},{"id":"6623dffd-598f-447b-8dc6-51a6b3d0dcbe","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":50,"box":{"x":337,"y":338,"width":540,"height":11}},{"id":"e5859d94-5488-407b-8a50-438cf1d08db2","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":50,"box":{"x":53,"y":352,"width":890,"height":11}},{"id":"27df196f-d6da-4249-a6da-59cef5e7e507","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":50,"box":{"x":53,"y":366,"width":868,"height":11}},{"id":"2d61d184-f5d5-4af0-b0f0-fc294789353a","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":50,"box":{"x":53,"y":380,"width":709,"height":11}},{"id":"cb64a386-8e1a-4d0d-8949-755a236a9eb5","block_type":"box","text":"Management Risk.","page_number":50,"box":{"x":53,"y":403,"width":137,"height":11}},{"id":"3b9a1119-56d4-4537-ade7-d0fc71e12040","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":50,"box":{"x":194,"y":403,"width":711,"height":11}},{"id":"5fbbb84a-de58-42fb-adad-9cbdd29773b6","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":50,"box":{"x":53,"y":418,"width":877,"height":11}},{"id":"7d6a8109-ba1c-4a32-9961-41712d3c987f","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":50,"box":{"x":53,"y":432,"width":859,"height":11}},{"id":"5d15f9f8-e0b0-4519-bb94-885a9f72bde5","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":50,"box":{"x":52,"y":446,"width":848,"height":11}},{"id":"20e9c6de-8875-4c8f-a2d9-7d505c680d64","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":50,"box":{"x":53,"y":460,"width":756,"height":11}},{"id":"b7a097e9-73ea-4b05-8866-72a0f8b98b12","block_type":"box","text":"Market Trading Risk.","page_number":50,"box":{"x":53,"y":483,"width":152,"height":11}},{"id":"3241f7f2-c7b2-4e36-af6b-90777dbb32d6","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":50,"box":{"x":209,"y":483,"width":694,"height":11}},{"id":"5f7a1b5d-2088-46a0-896a-6052b66e8109","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":50,"box":{"x":53,"y":498,"width":841,"height":10}},{"id":"d0afa5cb-6cb3-468b-a27e-5e2237af8da4","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":50,"box":{"x":53,"y":512,"width":887,"height":11}},{"id":"c6f46889-91c3-4729-8927-3c784a08dfed","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":50,"box":{"x":52,"y":526,"width":839,"height":11}},{"id":"9127b5b4-833f-4068-bd99-a59ca33ff3b9","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":50,"box":{"x":53,"y":540,"width":866,"height":11}},{"id":"20c9f19c-8060-47a1-8064-813af4d86372","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":50,"box":{"x":52,"y":554,"width":885,"height":11}},{"id":"03571255-055a-497d-a5fe-1008af6ec00a","block_type":"box","text":"of the Fund shares.","page_number":50,"box":{"x":53,"y":569,"width":134,"height":8}},{"id":"ac0093b5-ad89-4bf3-b557-dc093d369a76","block_type":"box","text":"Non-Diversification Risk.","page_number":50,"box":{"x":53,"y":592,"width":184,"height":8}},{"id":"251dbf45-c920-4491-a5e1-e2af898fd6cb","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":50,"box":{"x":242,"y":592,"width":633,"height":10}},{"id":"7a2ec6be-425c-41e8-a97a-4abcf903487b","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":50,"box":{"x":53,"y":606,"width":802,"height":11}},{"id":"6ac4551c-9a67-4e33-b873-95c8c8e2dd56","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":50,"box":{"x":53,"y":620,"width":888,"height":11}},{"id":"81d7834d-40b3-4847-900a-f65b0593bc9f","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":50,"box":{"x":53,"y":634,"width":876,"height":11}},{"id":"044e4ed0-0f73-4b75-95c0-9a1433ba8c58","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":50,"box":{"x":53,"y":648,"width":696,"height":11}},{"id":"c5461983-429e-4bd3-b2fe-a0665d16a637","block_type":"box","text":"Operational and Technology Risks.","page_number":50,"box":{"x":53,"y":672,"width":254,"height":11}},{"id":"e288fa1f-c2c9-40b6-8aa2-70fb87a850b5","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":50,"box":{"x":312,"y":672,"width":581,"height":10}},{"id":"ff3c427a-3b86-4960-a6da-f716fe6eb030","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":50,"box":{"x":53,"y":686,"width":876,"height":11}},{"id":"27640e3d-fa1b-4847-acda-639ac09f5523","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":50,"box":{"x":53,"y":700,"width":879,"height":11}},{"id":"f5fe897c-2089-41a1-bfba-ad81e147cb6f","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":50,"box":{"x":53,"y":714,"width":825,"height":11}},{"id":"29d2cdd0-c21e-467d-b208-4e7d928c9d6f","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":50,"box":{"x":53,"y":728,"width":862,"height":11}},{"id":"7d9f8c95-81ec-4c06-8819-8328c6311bd5","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":50,"box":{"x":53,"y":743,"width":872,"height":10}},{"id":"c40ea56a-cad2-4df6-a303-db1501214101","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":50,"box":{"x":53,"y":757,"width":824,"height":11}},{"id":"7ef3ad02-44f0-4eed-a3a7-2c22728804cf","block_type":"box","text":"Securities Lending Risk.","page_number":50,"box":{"x":52,"y":780,"width":178,"height":11}},{"id":"787069fa-5381-4049-bb1d-a50a609e283e","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":50,"box":{"x":234,"y":780,"width":692,"height":11}},{"id":"69698b4d-cac8-4941-be50-2e152e21f101","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":50,"box":{"x":53,"y":794,"width":870,"height":11}},{"id":"efba31db-769d-41ef-9c4b-ea3d0f476104","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":50,"box":{"x":53,"y":808,"width":886,"height":11}},{"id":"83b95dae-83d5-4556-bf7a-c7fca51df66b","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":50,"box":{"x":53,"y":822,"width":831,"height":11}},{"id":"dc43df53-9a84-464c-b38f-a931dfe2fd9a","block_type":"box","text":"Tracking Error Risk.","page_number":50,"box":{"x":52,"y":846,"width":145,"height":11}},{"id":"2a9ff86a-927e-420c-a4cb-bb789e2f2a4e","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":50,"box":{"x":201,"y":845,"width":741,"height":12}},{"id":"caf89105-12d8-4a49-adff-0838f6845ec8","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":50,"box":{"x":53,"y":860,"width":861,"height":11}},{"id":"b2ae37bc-3d41-4e27-8f35-7ed713a427a3","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":50,"box":{"x":53,"y":874,"width":832,"height":11}},{"id":"870a3951-22a0-4477-acd8-757c25aea797","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":50,"box":{"x":53,"y":888,"width":880,"height":11}},{"id":"09b409f1-4830-4499-8d73-9fb29b7c8fce","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":50,"box":{"x":53,"y":902,"width":831,"height":11}},{"id":"82b52b47-f34d-4eed-aaa7-90f264d0f017","block_type":"box","text":"S-43","page_number":50,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"e7e2a5ae-8f30-44cc-a96e-ce9a519d5bb2","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":51,"box":{"x":52,"y":46,"width":828,"height":11}},{"id":"eb6f6dbb-c3df-4939-8209-2c545f9a092e","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":51,"box":{"x":53,"y":61,"width":873,"height":10}},{"id":"4e989ad7-3a28-4a3d-8fcd-0e76aaec8e0d","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":51,"box":{"x":53,"y":75,"width":889,"height":11}},{"id":"67afcf3b-f887-43f1-ad65-9fb7bec39f13","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":51,"box":{"x":53,"y":89,"width":852,"height":11}},{"id":"b52975f6-db63-4442-8e89-055fd4af44b2","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":51,"box":{"x":53,"y":103,"width":886,"height":11}},{"id":"5b36c168-c53d-449f-844c-4d07387231a9","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":51,"box":{"x":53,"y":117,"width":873,"height":11}},{"id":"16936481-60a0-4b2d-8057-1527788f0af0","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":51,"box":{"x":53,"y":131,"width":724,"height":11}},{"id":"07ad5ab8-28d0-40db-91f6-888e087d36cd","block_type":"box","text":"Performance Information","page_number":51,"box":{"x":54,"y":160,"width":228,"height":11}},{"id":"57966f17-9cc6-417c-bff5-72b10e09e3dc","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":51,"box":{"x":52,"y":186,"width":864,"height":10}},{"id":"e5631958-2beb-4d3b-a4a2-e188bb992c0e","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":51,"box":{"x":52,"y":200,"width":872,"height":11}},{"id":"32723034-f4d3-42fd-b2d8-3713ba0cb6f6","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":51,"box":{"x":53,"y":214,"width":868,"height":11}},{"id":"584a3113-298d-4b12-8116-95bd1ffffe89","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":51,"box":{"x":53,"y":228,"width":838,"height":11}},{"id":"053dab04-67a9-4758-8f84-489909a9b6d8","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":51,"box":{"x":53,"y":242,"width":868,"height":11}},{"id":"4a6d24c9-bf46-4489-8cc0-361bf1cc44ab","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":51,"box":{"x":53,"y":256,"width":832,"height":11}},{"id":"47bfcf3c-9088-467e-8306-9959abf74e8c","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":51,"box":{"x":53,"y":271,"width":842,"height":11}},{"id":"17fb9e13-11e7-4ba9-873b-882e662d3ade","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":51,"box":{"x":52,"y":285,"width":531,"height":11}},{"id":"13b2d7ef-9fd3-4bde-8bd8-02817cc17521","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":51,"box":{"x":135,"y":309,"width":260,"height":11}},{"id":"dfa2f66d-7122-41a8-977c-c75792626c8e","block_type":"box","text":"-11.72","page_number":51,"box":{"x":83,"y":449,"width":30,"height":6}},{"id":"9bfcaaf1-d2be-4ea8-89b0-359fcfe09733","block_type":"box","text":"10.66","page_number":51,"box":{"x":124,"y":400,"width":25,"height":6}},{"id":"e05742d3-e8ef-4082-8975-c27c09a10e39","block_type":"box","text":"-7.67","page_number":51,"box":{"x":161,"y":443,"width":23,"height":6}},{"id":"9150817c-4c7d-4e73-b860-406fffa870c1","block_type":"box","text":"15.49","page_number":51,"box":{"x":198,"y":392,"width":25,"height":6}},{"id":"5a04c308-df8c-4f7e-a9c5-eb9c341be38f","block_type":"box","text":"13.82","page_number":51,"box":{"x":235,"y":395,"width":25,"height":6}},{"id":"a0935335-34e3-40d6-a8cb-3f8c22f0fcff","block_type":"box","text":"12.83","page_number":51,"box":{"x":272,"y":396,"width":25,"height":6}},{"id":"742a25f2-5630-4479-8ee9-97074dc91f04","block_type":"box","text":"-4.78","page_number":51,"box":{"x":309,"y":439,"width":23,"height":6}},{"id":"ea058e22-77cc-4877-9574-3be37661240f","block_type":"box","text":"0.99","page_number":51,"box":{"x":348,"y":415,"width":20,"height":6}},{"id":"15127455-d1ae-41f4-82a7-34660c53840d","block_type":"box","text":"8.08","page_number":51,"box":{"x":385,"y":404,"width":20,"height":6}},{"id":"7c5b98b4-bb71-40fd-abcf-a09263bbf9fd","block_type":"box","text":"31.74","page_number":51,"box":{"x":419,"y":368,"width":26,"height":5}},{"id":"ec93f68c-6770-46b0-9637-280411d831a9","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":51,"box":{"x":87,"y":464,"width":356,"height":6}},{"id":"2963670b-b98f-400c-a80d-8b5c07f4c48a","block_type":"box","text":"Return (%) Period Ended","page_number":51,"box":{"x":736,"y":324,"width":188,"height":9}},{"id":"d9865043-8f95-4f7e-b875-97b4e7f3df2d","block_type":"box","text":"Calendar Year-to-Date Return","page_number":51,"box":{"x":520,"y":343,"width":197,"height":7}},{"id":"b77f7fc1-0452-4a1a-b930-861b72381ff8","block_type":"box","text":"17.51% June 30, 2026","page_number":51,"box":{"x":750,"y":343,"width":192,"height":8}},{"id":"6b82f787-e923-4050-b4ee-5a336671b88c","block_type":"box","text":"During the periods shown in the chart:","page_number":51,"box":{"x":520,"y":355,"width":250,"height":10}},{"id":"bb9a07f6-23be-495d-bf1a-aae883631882","block_type":"box","text":"Best Quarter 17.58% December 31, 2025","page_number":51,"box":{"x":534,"y":368,"width":408,"height":9}},{"id":"db42099e-9bd6-4709-9ce8-661a28a9aee1","block_type":"box","text":"Worst Quarter -16.01% December 31, 2018","page_number":51,"box":{"x":533,"y":381,"width":409,"height":9}},{"id":"72f6321e-5fb1-47d6-90e6-c2b2dcc37262","block_type":"box","text":"Average Annual Total Returns (%)","page_number":51,"box":{"x":372,"y":494,"width":251,"height":11}},{"id":"03704642-ec08-44ab-8123-22e89106f5c5","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":51,"box":{"x":340,"y":508,"width":315,"height":10}},{"id":"a3963e10-b0f7-4207-9085-cd63c09fbc4d","block_type":"box","text":"One Year Five Years Ten Years","page_number":51,"box":{"x":670,"y":524,"width":268,"height":8}},{"id":"2a9f3a89-9fb2-48d9-8081-47de4fdeb993","block_type":"box","text":"Fund Inception: 5/1/2006","page_number":51,"box":{"x":58,"y":540,"width":171,"height":9}},{"id":"b67cf83f-7b66-4a9c-bf48-58f91c9d6058","block_type":"box","text":"Return Before Taxes","page_number":51,"box":{"x":58,"y":551,"width":125,"height":8}},{"id":"653ed265-5275-469d-9e29-8d0e7ed60fa5","block_type":"box","text":"31.74% 9.09% 6.24%","page_number":51,"box":{"x":682,"y":551,"width":257,"height":8}},{"id":"4a98112c-a0ea-4d76-836f-33a32fd43fb5","block_type":"box","text":"Return After Taxes on Distributions 31.11% 8.63% 5.86%","page_number":51,"box":{"x":58,"y":563,"width":881,"height":8}},{"id":"fad61dc3-bb57-4607-b46d-50f31990cbcf","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 19.13% 7.09% 4.91%","page_number":51,"box":{"x":58,"y":575,"width":881,"height":7}},{"id":"df2e60fd-dc14-4d7f-b255-2d268ae9df29","block_type":"box","text":"S&P Total Market Index","page_number":51,"box":{"x":57,"y":586,"width":155,"height":8}},{"id":"fed59924-793e-4e5c-a4df-6e2ac154723b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":51,"box":{"x":215,"y":586,"width":724,"height":10}},{"id":"61f5f519-a605-455e-adab-9408a8a9eb71","block_type":"box","text":"Dow Jones U.S. Select Pharmaceuticals Index","page_number":51,"box":{"x":58,"y":598,"width":297,"height":7}},{"id":"14fc0ba1-8b08-471c-a79c-67d45669b381","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":51,"box":{"x":358,"y":598,"width":269,"height":9}},{"id":"ffd822c2-4334-442b-9e6f-4f27f763a438","block_type":"box","text":"expenses or taxes)","page_number":51,"box":{"x":71,"y":611,"width":115,"height":9}},{"id":"344be470-9396-4924-8481-9cdda66b1564","block_type":"box","text":"32.00% 9.35% 6.52%","page_number":51,"box":{"x":682,"y":611,"width":257,"height":7}},{"id":"45f6f9f7-286d-4ad6-91f2-35aedd306c2c","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":51,"box":{"x":52,"y":640,"width":857,"height":11}},{"id":"ac9a71ed-f53a-4cbb-a2d9-288a2392731b","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":51,"box":{"x":53,"y":654,"width":865,"height":11}},{"id":"333ba807-293a-4c0e-a8f3-64b4a92cf051","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":51,"box":{"x":53,"y":668,"width":847,"height":11}},{"id":"03b991e8-bcb6-450e-8c0a-ed5ee14a5eca","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":51,"box":{"x":52,"y":682,"width":857,"height":11}},{"id":"818dcca6-d8eb-4132-b2ac-ccc9bb03ad7b","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":51,"box":{"x":53,"y":697,"width":877,"height":11}},{"id":"5d597642-233d-46c1-b8f2-42fda094bcea","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":51,"box":{"x":52,"y":711,"width":836,"height":11}},{"id":"8a1da217-504b-4d2e-8f06-1788439f523b","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":51,"box":{"x":53,"y":725,"width":886,"height":11}},{"id":"d8ac0aab-8d8d-4dca-a9b0-0b9ca78f00c9","block_type":"box","text":"on distributions.","page_number":51,"box":{"x":53,"y":740,"width":114,"height":8}},{"id":"4df60af6-e978-4022-8ea3-236ee2589a0b","block_type":"box","text":"Management","page_number":51,"box":{"x":54,"y":769,"width":119,"height":13}},{"id":"df43b92a-001b-4082-86e5-9c376a09e025","block_type":"box","text":"Investment Adviser.","page_number":51,"box":{"x":53,"y":793,"width":145,"height":9}},{"id":"90418717-e148-4315-be8d-280a9e4329d7","block_type":"box","text":"BlackRock Fund Advisors.","page_number":51,"box":{"x":204,"y":794,"width":180,"height":8}},{"id":"3092fed4-9272-44fa-9b29-5d3be82f979e","block_type":"box","text":"S-44","page_number":51,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"ea22550b-8ad7-4afd-9c3c-d0700b62e35b","block_type":"box","text":"Portfolio Managers.","page_number":52,"box":{"x":53,"y":46,"width":146,"height":11}},{"id":"c76baacb-1202-4a8b-bf4b-d35979736928","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":52,"box":{"x":203,"y":46,"width":679,"height":11}},{"id":"484feb89-9b1c-4b1f-a8f9-c52b703ae6f3","block_type":"box","text":"management of the Fund:","page_number":52,"box":{"x":53,"y":61,"width":182,"height":10}},{"id":"24fcd40d-e99b-4971-bf90-31f12b5b44ed","block_type":"box","text":"Portfolio Manager","page_number":52,"box":{"x":58,"y":96,"width":119,"height":10}},{"id":"71ab3caf-9704-4ea3-a277-ae6529761ffd","block_type":"box","text":"Portfolio Manager of the","page_number":52,"box":{"x":411,"y":83,"width":160,"height":10}},{"id":"639a89a3-3dc2-4dd2-b4af-f078c7fca5ef","block_type":"box","text":"Fund Since","page_number":52,"box":{"x":455,"y":96,"width":72,"height":8}},{"id":"a303c16e-3ae8-4e96-ad30-1b0fd9ac7e91","block_type":"box","text":"Title with Investment","page_number":52,"box":{"x":804,"y":83,"width":140,"height":8}},{"id":"ce6b6401-5fd4-4bd5-aed0-8d9af95a5373","block_type":"box","text":"Adviser","page_number":52,"box":{"x":849,"y":96,"width":49,"height":8}},{"id":"05015214-cb11-4571-a2b1-4fb5d60db183","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":52,"box":{"x":57,"y":112,"width":876,"height":9}},{"id":"1dc941ee-854b-4857-a807-34983e2a6083","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":52,"box":{"x":58,"y":127,"width":875,"height":10}},{"id":"92ddc4ee-f91a-4903-bcca-69ede77f4f87","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":52,"box":{"x":58,"y":143,"width":875,"height":9}},{"id":"57e673a5-823e-4437-b392-78a5587309cb","block_type":"box","text":"Steven White 2025 Managing Director","page_number":52,"box":{"x":57,"y":158,"width":876,"height":10}},{"id":"d947f033-a75b-4bde-aa4a-fedd26dc3e7c","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":52,"box":{"x":54,"y":193,"width":304,"height":11}},{"id":"da81f0cf-258d-4177-b2d6-fd8326e4ba02","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":52,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"d615a03d-7ab6-4241-a93f-7a81882edf24","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":52,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"97d805c4-f360-4e9c-8d9c-2a95d377999e","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":52,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"e20d3087-98b5-4386-97e5-3f022dcdcc81","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":52,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"44e0fca5-9aa1-4b60-89f5-82270b5c7550","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":52,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"4266b7de-31eb-4f14-bf3e-29377ef51005","block_type":"box","text":"(the “bid-ask spread”).","page_number":52,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"8e7327bc-3b47-4f5f-b5ba-d5c453d18714","block_type":"box","text":"Tax Information","page_number":52,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"f5f4d43d-f090-498b-89c2-1d97355728ae","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":52,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"7ee093b4-dfa9-481b-8ce2-10fa22ae78b3","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":52,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"5819b0d0-4e0d-4896-93a8-a4d6309acbdc","block_type":"box","text":"be taxed when withdrawn.","page_number":52,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"a44f34f2-9650-4b1b-bc26-e6d9a8d003e2","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":52,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"2a3f5672-2a8b-4351-bf54-be8f632f43f4","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":52,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"ef49aa4b-6958-438f-8f84-e8a90784fce6","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":52,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"94aaf6a2-88b5-4389-9d16-25c3132b6400","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":52,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"be0e1e9c-1def-47d9-af06-91b872169ba0","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":52,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"27ddaef3-10f7-435a-ba3e-5f697bedfec7","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":52,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"b4eb76dd-a4f2-4e8e-b98b-0335a1a9b352","block_type":"box","text":"financial intermediary’s website for more information.","page_number":52,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"fd54cb7e-5723-4b5f-9e1c-c0ebb315fe4c","block_type":"box","text":"S-45","page_number":52,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"1da289b0-72df-4e47-bbf7-71cd1809f411","block_type":"box","text":"iShares U.S. Real Estate ETF","page_number":53,"box":{"x":53,"y":47,"width":392,"height":16}},{"id":"693c9208-ede3-4bd9-aa45-1320675f5da3","block_type":"box","text":"IYR | NYSE Arca","page_number":53,"box":{"x":54,"y":70,"width":218,"height":18}},{"id":"098862a8-9bd9-40fb-aaab-32bbb7639b87","block_type":"box","text":"Investment Objective","page_number":53,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"781c57fe-1a8d-4574-bde4-a4f59e74f665","block_type":"box","text":"The iShares U.S. Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in","page_number":53,"box":{"x":52,"y":134,"width":867,"height":11}},{"id":"a1f0f8f2-6919-401b-846a-392026f11b3a","block_type":"box","text":"the real estate sector.","page_number":53,"box":{"x":52,"y":148,"width":150,"height":9}},{"id":"0b541d06-5db7-4387-90f2-9b0e4983800f","block_type":"box","text":"Fees and Expenses","page_number":53,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"20075d7d-2ae3-4ae2-b242-8660e20af0e5","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":53,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"a3ae0132-1891-445f-85a1-3e824bdc6475","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":53,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"efa7fb8a-9f1a-4ef8-b1e1-de2206be055d","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":53,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"5adc2ab2-bb12-4f9a-9319-4ee91cbe6a68","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":53,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"42072eb3-f82f-441d-9887-a58a8e13998f","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":53,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"73bdadad-b1a2-4b60-b9ca-194799ccb3b8","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":53,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"add8d4f1-7c2e-4a70-8dd9-a6ece824f792","block_type":"box","text":"extraordinary expenses.","page_number":53,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"1ff8b55e-412a-452b-bb72-1ee4996f5085","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":53,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"489de49d-6fd7-442e-b28e-6f1ffebf97ab","block_type":"box","text":"reflected in the table and example below.","page_number":53,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"81904632-87cf-4d6b-a749-ae5352845f68","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":53,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"286653d0-5380-4b6a-9d68-3b075986f98f","block_type":"box","text":"1","page_number":53,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"d9c647e0-8da9-42e6-9386-f560056c23a1","block_type":"box","text":"Management Fee","page_number":53,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"c2bf98df-e0c4-471e-9746-b694fccafecd","block_type":"box","text":"0.37%","page_number":53,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"315186bd-e7ef-4f74-909f-f9064a5688b5","block_type":"box","text":"Other Expenses","page_number":53,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"8aab9df2-bd68-4461-9e0d-c6ab71a9efcf","block_type":"box","text":"0.00%","page_number":53,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"16018f16-dbdd-4c92-8ece-94d8f3cef4bd","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":53,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"5277d2bd-6684-4a8f-a186-b27e2d2f6dff","block_type":"box","text":"0.37%","page_number":53,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"7eefcbfd-42fc-405e-a106-7455f573b0f4","block_type":"box","text":"1","page_number":53,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"7bd14ebe-323a-46bb-bfa0-854f927758cd","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":53,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"3e6949c7-7cc9-4fc0-b36f-48448f341f9f","block_type":"box","text":"Example.","page_number":53,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"7ea48bee-b123-4c86-8a58-561d8cad08d0","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":53,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"553c4ef0-a3c9-4d2d-882e-932f9d63f0e8","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":53,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"43bf40cb-7f76-4140-8e45-3f389cbe8e76","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":53,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"469774bf-db7c-465c-a66f-14b98b151dc3","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":53,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"6592410a-e1c7-483c-a609-b23bfcea87a5","block_type":"box","text":"your costs would be:","page_number":53,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"e71468bc-ed25-4eb2-bc98-006416a6f463","block_type":"box","text":"Expense Example","page_number":53,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"5b779da0-8a8c-4b3e-99b0-b69e13727a53","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":53,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"6e5de265-ed50-4187-b50e-f97b63844062","block_type":"box","text":"Example Fund Costs","page_number":53,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"140e99ae-97ce-4b4c-a238-4c86c8f453aa","block_type":"box","text":"$38 $119 $208 $468","page_number":53,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"41342368-304b-4bd7-9679-f4befc41e71a","block_type":"box","text":"Portfolio Turnover.","page_number":53,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"49e1074d-0c2c-487f-add0-25247451adee","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":53,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"65f1e678-6f2b-4f0e-b7ab-4f08a516d675","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":53,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"c17c82b7-237f-40fb-94cf-f3f8eea6ce87","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":53,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"61f00ff6-f212-4741-80bb-33629f2988ca","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of","page_number":53,"box":{"x":52,"y":614,"width":877,"height":11}},{"id":"d516aaa2-212c-4f95-98c4-19ae67a7e29e","block_type":"box","text":"the average value of its portfolio.","page_number":53,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"60131026-b83f-4ed4-bc14-35b1bacd3b88","block_type":"box","text":"Principal Investment Strategies","page_number":53,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"0db78ecf-44e6-4a89-8220-fb14c571ad9f","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Real Estate Capped Index (the “Underlying Index”),","page_number":53,"box":{"x":52,"y":682,"width":849,"height":11}},{"id":"ef3e75b4-76d9-4b09-97f3-c29190b71105","block_type":"box","text":"which measures the performance of the real estate sector of the U.S. equity market, as defined by S&P Dow Jones Indices LLC","page_number":53,"box":{"x":52,"y":697,"width":889,"height":11}},{"id":"b1c805a8-d0f9-4c8e-97f1-decfc490e4cd","block_type":"box","text":"(the “Index Provider” or “SPDJI”). The Underlying Index constrains at each quarterly review: (i) the weight of any single issuer","page_number":53,"box":{"x":53,"y":711,"width":877,"height":11}},{"id":"f5955892-0d0d-4d73-a01e-3d8c1fa4ea73","block_type":"box","text":"(as determined by SPDJI) to a maximum of 10%, and (ii) the aggregate weight of all issuers that individually exceed 4.50% of","page_number":53,"box":{"x":53,"y":725,"width":884,"height":11}},{"id":"6bb9a77c-d060-4a61-b675-c3dc1050f6e8","block_type":"box","text":"the index weight to a maximum of 22.50%. Between scheduled quarterly index reviews, the Underlying Index is rebalanced at","page_number":53,"box":{"x":52,"y":739,"width":886,"height":11}},{"id":"0455f9dc-e68a-4fd8-b63c-60875eda30ea","block_type":"box","text":"the end of any day on which all issuers that individually constitute more than 5% of the weight of the Underlying Index","page_number":53,"box":{"x":52,"y":754,"width":838,"height":10}},{"id":"e8da1f4d-b2ca-47cd-803b-74cb2513c5d3","block_type":"box","text":"constitute more than 25% of the weight of the Underlying Index in the aggregate. In implementing this capping methodology,","page_number":53,"box":{"x":53,"y":768,"width":890,"height":11}},{"id":"f328ed15-5bb7-4dc4-9da2-218cd03cb79e","block_type":"box","text":"SPDJI may consider two or more companies as belonging to the same issuer where there is reasonable evidence of common","page_number":53,"box":{"x":52,"y":782,"width":876,"height":11}},{"id":"19455860-4144-41e5-bfb6-e2790927239c","block_type":"box","text":"control.","page_number":53,"box":{"x":53,"y":796,"width":52,"height":9}},{"id":"623ad351-8081-4230-838a-92f1d46b6a34","block_type":"box","text":"As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the real","page_number":53,"box":{"x":52,"y":818,"width":859,"height":11}},{"id":"eb59212f-7418-404e-bff4-7820f71232e1","block_type":"box","text":"estate investment trust (“REIT”) industry or sector. The components of the Underlying Index are likely to change over time.","page_number":53,"box":{"x":53,"y":832,"width":860,"height":11}},{"id":"6c98a008-b8dc-4a44-a0f8-f42927b02b4a","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":53,"box":{"x":52,"y":855,"width":853,"height":11}},{"id":"1892ee44-7010-48ba-ab67-25031426d8fa","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":53,"box":{"x":53,"y":869,"width":839,"height":11}},{"id":"be59af72-2ca9-4bcf-b08a-e3a13fa1ebd9","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":53,"box":{"x":53,"y":884,"width":868,"height":11}},{"id":"b8a59b6b-57dd-4f4a-bd33-bcffa6ad8a5f","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":53,"box":{"x":53,"y":898,"width":851,"height":11}},{"id":"3ad6b19a-6180-4af3-9b61-6aed2c603e34","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":53,"box":{"x":53,"y":912,"width":806,"height":11}},{"id":"f9ed8db9-01e3-4621-985b-4c585d553c3c","block_type":"box","text":"S-46","page_number":53,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"ea890ecb-8413-44dc-801b-7264b3e6c429","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":54,"box":{"x":53,"y":46,"width":884,"height":11}},{"id":"46cece1f-8b9c-49ec-8029-0b97b6ce19c3","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":54,"box":{"x":52,"y":61,"width":884,"height":10}},{"id":"576ae010-9af8-4304-b8ca-ac3de1a09537","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":54,"box":{"x":53,"y":75,"width":852,"height":11}},{"id":"47da2ca1-29e6-41fb-898d-0128bfaeffd8","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":54,"box":{"x":53,"y":89,"width":867,"height":11}},{"id":"c19e598d-f77e-42e1-965a-788e639a412b","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":54,"box":{"x":52,"y":103,"width":869,"height":11}},{"id":"621cd157-b4ab-480c-a7ba-364244785da0","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":54,"box":{"x":52,"y":117,"width":863,"height":11}},{"id":"6885ef3e-869a-42e8-88b1-e22180231c0d","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":54,"box":{"x":53,"y":131,"width":826,"height":11}},{"id":"29e1e5db-670f-428a-a49b-603aff128bb5","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":54,"box":{"x":53,"y":146,"width":405,"height":11}},{"id":"91dc8b74-ddc5-421f-8823-1f39122a3c39","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":54,"box":{"x":53,"y":169,"width":844,"height":11}},{"id":"a5fc4b67-7528-4a53-b087-8ca0be61e14f","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":54,"box":{"x":53,"y":183,"width":860,"height":11}},{"id":"77c7f710-1dfb-4940-b948-c2987ce413a6","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":54,"box":{"x":53,"y":197,"width":831,"height":11}},{"id":"240ff12f-793a-4fa5-90a5-4120bb23c5a6","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":54,"box":{"x":53,"y":211,"width":817,"height":11}},{"id":"b64f245f-670b-4671-b226-8f2eba6588bf","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":54,"box":{"x":53,"y":226,"width":818,"height":10}},{"id":"6c0c0b12-bee4-4d97-8d84-6aeafec52ff7","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":54,"box":{"x":53,"y":240,"width":835,"height":11}},{"id":"5ee14058-3a6f-400c-9b24-747a30755988","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":54,"box":{"x":52,"y":263,"width":873,"height":11}},{"id":"4f09a3cc-bd31-4f06-8edc-47c48f990efd","block_type":"box","text":"collateral received).","page_number":54,"box":{"x":53,"y":277,"width":136,"height":9}},{"id":"f8a76508-b333-4bfd-afc0-0939f234e44a","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":54,"box":{"x":52,"y":300,"width":870,"height":11}},{"id":"8a0219a7-7d49-430b-9832-7ab058a7402d","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":54,"box":{"x":53,"y":315,"width":856,"height":10}},{"id":"aad48b47-4e6b-483f-bc4a-35817f3c8e71","block_type":"box","text":"market value of the Underlying Index.","page_number":54,"box":{"x":53,"y":329,"width":263,"height":11}},{"id":"41b4a1e5-249e-4ce3-8c1d-fe8bfb357c3b","block_type":"box","text":"Industry Concentration Policy.","page_number":54,"box":{"x":53,"y":352,"width":224,"height":11}},{"id":"1f649cbc-d954-4395-a9cf-b88d539b776e","block_type":"box","text":"The Fund will concentrate its investments (","page_number":54,"box":{"x":281,"y":352,"width":304,"height":9}},{"id":"bc8cc55b-5a27-41f7-96e4-1bfdb5f7cd1a","block_type":"box","text":"i.e.","page_number":54,"box":{"x":587,"y":352,"width":17,"height":8}},{"id":"318a4137-ad96-4ce7-a412-87b408d0c2ab","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":54,"box":{"x":606,"y":352,"width":292,"height":10}},{"id":"e4cab4ea-840c-4ce3-923c-d6ee4405f446","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":54,"box":{"x":53,"y":366,"width":858,"height":11}},{"id":"bd8e3e2d-b76c-4140-8d2d-95c56823d2e7","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":54,"box":{"x":53,"y":380,"width":868,"height":11}},{"id":"e6b09656-fd7e-40e4-942f-2f487466e21f","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":54,"box":{"x":53,"y":394,"width":826,"height":11}},{"id":"76a3c93a-a455-4328-8446-3b6954132ef9","block_type":"box","text":"Summary of Principal Risks","page_number":54,"box":{"x":52,"y":423,"width":248,"height":14}},{"id":"483fba1e-6dab-4795-9eff-6a13bb8acad8","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":54,"box":{"x":52,"y":449,"width":881,"height":10}},{"id":"9ecda7ba-afdc-4401-baea-4cca9d09e5f3","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":54,"box":{"x":53,"y":463,"width":824,"height":11}},{"id":"4c53c30f-5054-4d1e-8b05-8f90521f6d41","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":54,"box":{"x":53,"y":477,"width":807,"height":11}},{"id":"9b1c6ef6-bcd6-4459-8988-8fd327a09055","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":54,"box":{"x":53,"y":491,"width":844,"height":11}},{"id":"0454f071-507a-4f75-aeba-a3605fdf89f0","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":54,"box":{"x":52,"y":505,"width":815,"height":11}},{"id":"81bfaf48-728c-4ea1-8c2b-42394ddac81d","block_type":"box","text":"Risk of Investing in the U.S.","page_number":54,"box":{"x":53,"y":528,"width":200,"height":11}},{"id":"eaada094-9a39-423c-84a0-dd446d9f7cac","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":54,"box":{"x":259,"y":529,"width":663,"height":10}},{"id":"812b12c0-c2b4-44dc-9e6c-7746a092b471","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":54,"box":{"x":53,"y":543,"width":877,"height":11}},{"id":"15bb91aa-b4f5-4ff6-8330-cb3b0f3df2a4","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":54,"box":{"x":53,"y":557,"width":470,"height":11}},{"id":"64a54af7-695e-48e4-bafd-3e19613d7d5e","block_type":"box","text":"Real Estate Companies Risk.","page_number":54,"box":{"x":53,"y":580,"width":209,"height":11}},{"id":"bb4a581c-5be2-45bf-ad1c-b2203dd7d545","block_type":"box","text":"Real estate companies, which include REITs, real estate holding and operating companies, and","page_number":54,"box":{"x":267,"y":580,"width":668,"height":11}},{"id":"6f6f91a9-c716-498a-b038-8110604a14dc","block_type":"box","text":"real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":54,"box":{"x":53,"y":594,"width":872,"height":11}},{"id":"af66e73d-3217-442a-b228-f97149cb5c33","block_type":"box","text":"the risks from the way that such companies operate. Real estate is highly sensitive to general and local economic conditions","page_number":54,"box":{"x":52,"y":608,"width":877,"height":11}},{"id":"88c7f89d-0899-463a-990e-b7140d8da2fa","block_type":"box","text":"and can be subject to intense competition and periodic overbuilding. Other real estate risks include decreases in property","page_number":54,"box":{"x":53,"y":623,"width":859,"height":10}},{"id":"5d00f7eb-7bd7-4b60-bb1e-8656d4da9f30","block_type":"box","text":"values, tax increases, zoning changes, casualty or condemnation losses, environmental liabilities, regulatory limitations on","page_number":54,"box":{"x":52,"y":637,"width":867,"height":11}},{"id":"4482e85c-fefd-42fb-beff-d3cd420433c5","block_type":"box","text":"rent or eviction, and defaults by borrowers or tenants. Real estate companies may be heavily invested in one geographic","page_number":54,"box":{"x":53,"y":651,"width":845,"height":11}},{"id":"cd634df1-2e62-4fa2-aad1-17ad85147cb2","block_type":"box","text":"region, industry or property type. They also may be highly leveraged, which can magnify losses, and interest rate increases","page_number":54,"box":{"x":53,"y":665,"width":862,"height":11}},{"id":"cab9f760-2f03-44f6-81c2-3890ab90cd85","block_type":"box","text":"can make it difficult to obtain financing and service debt.","page_number":54,"box":{"x":53,"y":679,"width":402,"height":11}},{"id":"0a47c95c-755b-4311-b729-3ddd70c10743","block_type":"box","text":"Equity Securities Risk.","page_number":54,"box":{"x":53,"y":703,"width":164,"height":10}},{"id":"b4d28f56-1830-4ca9-b526-e6a4027c33ef","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":54,"box":{"x":223,"y":703,"width":709,"height":10}},{"id":"e26d4587-a108-4329-bb6d-58303f49fc8f","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":54,"box":{"x":53,"y":717,"width":889,"height":11}},{"id":"e1e1b090-f2ed-48a7-9fa7-365db4591b8b","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":54,"box":{"x":53,"y":731,"width":880,"height":11}},{"id":"dac97cb8-61f9-490f-b455-3fe23cb0bcab","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":54,"box":{"x":53,"y":745,"width":867,"height":11}},{"id":"cf1bc6ed-3617-494e-b16a-8e60c157f8d0","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":54,"box":{"x":53,"y":759,"width":339,"height":11}},{"id":"0b703d63-3328-4a23-8c31-f37fb7c21897","block_type":"box","text":"Market Risk.","page_number":54,"box":{"x":53,"y":782,"width":91,"height":9}},{"id":"443b0064-f689-43c7-b3b3-bbb007ebadfe","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":54,"box":{"x":148,"y":783,"width":768,"height":10}},{"id":"18dc603c-00c2-4d1b-b81e-b57a9e2b4966","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":54,"box":{"x":53,"y":797,"width":882,"height":11}},{"id":"207e0b9f-119f-419a-af93-42f6b675a0c4","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":54,"box":{"x":53,"y":811,"width":858,"height":11}},{"id":"bba2d2ba-a608-4057-b43d-50607083c47a","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":54,"box":{"x":53,"y":825,"width":875,"height":11}},{"id":"56ad5a77-9eed-4f0a-8322-fc2996006f38","block_type":"box","text":"Fund’s NAV.","page_number":54,"box":{"x":53,"y":839,"width":82,"height":9}},{"id":"37adc3a5-7f5b-4de5-89e8-b428191daec0","block_type":"box","text":"Index-Related Risk.","page_number":54,"box":{"x":53,"y":862,"width":143,"height":9}},{"id":"9c6941a9-f46f-4b7f-b018-38430904db6e","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":54,"box":{"x":201,"y":862,"width":742,"height":11}},{"id":"1a9e5ef7-8570-4781-9ad1-032f4bf76876","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":54,"box":{"x":53,"y":877,"width":856,"height":10}},{"id":"a4aca199-70e9-4676-a812-ddcd661390d6","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":54,"box":{"x":53,"y":891,"width":852,"height":11}},{"id":"2977183b-9a42-41ad-b2c4-f39770da339e","block_type":"box","text":"S-47","page_number":54,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"da4482ad-4fb6-41aa-8ca9-f6d430cfe886","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":55,"box":{"x":53,"y":47,"width":876,"height":10}},{"id":"d9d0ddd3-6881-4230-af14-243c7c8c6c50","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":55,"box":{"x":52,"y":61,"width":849,"height":10}},{"id":"4addc6e9-2c54-4f4e-895c-d5be4260a0dd","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":55,"box":{"x":53,"y":75,"width":849,"height":11}},{"id":"ee91b20b-08cd-4dd8-8045-dd374a235cf6","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":55,"box":{"x":53,"y":89,"width":890,"height":11}},{"id":"f20ef8e7-5509-4803-930f-b987b9e6b04f","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":55,"box":{"x":53,"y":103,"width":853,"height":11}},{"id":"223ebf44-02f6-4e35-a16e-a06489d62dfd","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":55,"box":{"x":53,"y":117,"width":539,"height":11}},{"id":"d82271ca-28e3-4213-b257-f51cab0dfd0b","block_type":"box","text":"Asset Class Risk.","page_number":55,"box":{"x":52,"y":140,"width":122,"height":9}},{"id":"faab976e-7c47-4362-a5e7-99eb97546a19","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":55,"box":{"x":179,"y":140,"width":721,"height":11}},{"id":"8769d18d-5e27-48d8-adf3-06ddee7ba1e9","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":55,"box":{"x":53,"y":155,"width":774,"height":11}},{"id":"dbf445e6-47a2-471a-9ed7-b46629a0c5e2","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":55,"box":{"x":52,"y":178,"width":318,"height":10}},{"id":"775d678a-385f-4858-be9c-46c42b632299","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":55,"box":{"x":374,"y":178,"width":531,"height":11}},{"id":"ed80e638-855c-4929-8f36-b39ea1de07ef","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":55,"box":{"x":53,"y":192,"width":810,"height":11}},{"id":"86ce00f6-113b-4c0f-8cb3-ebca68c8b09d","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":55,"box":{"x":52,"y":206,"width":816,"height":11}},{"id":"324bceb2-3b3a-42b3-9539-98aa83dc8dfa","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":55,"box":{"x":52,"y":221,"width":884,"height":10}},{"id":"c4b4f16f-8cbe-4190-aac0-09123831dec8","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":55,"box":{"x":53,"y":235,"width":871,"height":10}},{"id":"a266c508-46f9-4b71-b0b7-08adcdaaed85","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":55,"box":{"x":53,"y":249,"width":846,"height":11}},{"id":"3764394f-5ba8-4bf8-b1e0-ad0d7c43bd18","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":55,"box":{"x":52,"y":263,"width":881,"height":10}},{"id":"f31e35f3-b0c1-421b-866a-bc136909e2d4","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":55,"box":{"x":53,"y":277,"width":853,"height":11}},{"id":"a9bbf3eb-efbc-441b-9cc4-2341316dbe2e","block_type":"box","text":"halts or delisting.","page_number":55,"box":{"x":53,"y":292,"width":121,"height":10}},{"id":"023ad291-bbb3-418b-9765-81a1deff692c","block_type":"box","text":"Concentration Risk.","page_number":55,"box":{"x":53,"y":314,"width":145,"height":9}},{"id":"acbb3893-8be2-42eb-8900-12326f487906","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":55,"box":{"x":202,"y":315,"width":711,"height":10}},{"id":"e986f7f9-32c7-485a-ac82-d359b3b61254","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":55,"box":{"x":53,"y":329,"width":884,"height":10}},{"id":"ffa74cae-9894-4e71-aa32-80fa8b7ed6f1","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":55,"box":{"x":52,"y":343,"width":887,"height":11}},{"id":"904d789a-a993-4338-a2a8-260ba2cc90ef","block_type":"box","text":"asset classes.","page_number":55,"box":{"x":53,"y":357,"width":95,"height":9}},{"id":"9f5a2b4c-d84c-40fb-8981-fb23d229fd57","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":55,"box":{"x":53,"y":380,"width":208,"height":11}},{"id":"e0b9c30f-f192-4372-8de9-9f949eeab101","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":55,"box":{"x":267,"y":380,"width":666,"height":11}},{"id":"b7b3aafd-10fb-4b6d-ae67-b1a6599ee3bf","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":55,"box":{"x":53,"y":394,"width":863,"height":11}},{"id":"898a3068-da0d-4c97-8327-509e946ff45f","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":55,"box":{"x":53,"y":409,"width":877,"height":10}},{"id":"b4131783-5e70-40be-82eb-5c74d9569256","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":55,"box":{"x":53,"y":423,"width":858,"height":11}},{"id":"6f67f975-d5b9-4b72-a580-5e7f8838631b","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":55,"box":{"x":53,"y":437,"width":744,"height":11}},{"id":"3d5edc9a-602b-4022-8cd6-21b11e3ff007","block_type":"box","text":"Issuer Risk.","page_number":55,"box":{"x":53,"y":460,"width":83,"height":9}},{"id":"ec576ad2-f309-48a3-9bef-532acfdc8522","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":55,"box":{"x":140,"y":460,"width":780,"height":11}},{"id":"f44300c8-908b-484b-bfcb-deb9786a812c","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":55,"box":{"x":53,"y":474,"width":886,"height":11}},{"id":"adf273a9-0b31-4882-9f27-f2170d1ff769","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":55,"box":{"x":52,"y":489,"width":576,"height":10}},{"id":"6b7e2370-96e8-41ca-bc78-b952e483bd45","block_type":"box","text":"Management Risk.","page_number":55,"box":{"x":53,"y":512,"width":137,"height":11}},{"id":"2918f492-a5f4-41ae-b82a-7daaf50bb10a","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":55,"box":{"x":194,"y":512,"width":711,"height":11}},{"id":"55c2b319-d44b-4972-acfd-ec123cadf209","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":55,"box":{"x":53,"y":526,"width":877,"height":11}},{"id":"ef0b2ccb-47ac-476d-8e6d-7e71b16cd366","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":55,"box":{"x":53,"y":540,"width":859,"height":11}},{"id":"40138bb7-b8de-4659-b661-e51936a53783","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":55,"box":{"x":52,"y":554,"width":848,"height":11}},{"id":"29bbe022-7f82-4954-9be0-b22c801345b3","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":55,"box":{"x":53,"y":569,"width":756,"height":10}},{"id":"2e67cdba-9dd5-4b03-9490-2f1464b092e4","block_type":"box","text":"Market Trading Risk.","page_number":55,"box":{"x":53,"y":592,"width":152,"height":11}},{"id":"60600048-ff0c-416c-96fc-3625313e7665","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":55,"box":{"x":209,"y":592,"width":694,"height":11}},{"id":"ced32a11-2a63-42ff-8f92-3ccfcc5f0a29","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":55,"box":{"x":53,"y":606,"width":841,"height":11}},{"id":"15dbaca2-da26-4fd0-8761-341554d7e95a","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":55,"box":{"x":53,"y":620,"width":887,"height":11}},{"id":"91de6591-0c8d-414e-bde0-f3f9124af353","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":55,"box":{"x":52,"y":634,"width":839,"height":11}},{"id":"d0358bb9-70d8-489b-a405-eef60b9074f4","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":55,"box":{"x":53,"y":648,"width":866,"height":11}},{"id":"0822e6e6-5419-4291-aecb-7942d521f8b2","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":55,"box":{"x":52,"y":663,"width":885,"height":10}},{"id":"341cfcfb-f861-4101-bbb9-da8b0ae92f8a","block_type":"box","text":"of the Fund shares.","page_number":55,"box":{"x":53,"y":677,"width":134,"height":8}},{"id":"907099b0-12a2-462e-b298-2add3525eb7f","block_type":"box","text":"Operational and Technology Risks.","page_number":55,"box":{"x":53,"y":700,"width":254,"height":11}},{"id":"681a9e31-cce3-4237-9373-95c5ded5c400","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":55,"box":{"x":312,"y":700,"width":581,"height":11}},{"id":"2bd53bc3-1067-4d63-b0b2-689272416fad","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":55,"box":{"x":53,"y":714,"width":876,"height":11}},{"id":"7c0f0aa6-7fb6-40d4-b572-c64cfd1c1b5d","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":55,"box":{"x":53,"y":728,"width":879,"height":11}},{"id":"b085892b-4e56-4b7d-9943-6dbf6499943e","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":55,"box":{"x":53,"y":742,"width":825,"height":11}},{"id":"8e6e92f2-7db1-4cb2-b5fe-6a5584351f86","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":55,"box":{"x":53,"y":757,"width":862,"height":11}},{"id":"f23e965f-f32a-4185-9ff8-17613272ad81","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":55,"box":{"x":53,"y":771,"width":872,"height":11}},{"id":"a7592c78-a207-421e-ada2-d4552eb82810","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":55,"box":{"x":53,"y":785,"width":824,"height":11}},{"id":"200e4292-ce2e-4922-9ca4-3e5dd9ae3ed9","block_type":"box","text":"Securities Lending Risk.","page_number":55,"box":{"x":52,"y":808,"width":178,"height":11}},{"id":"6231adf2-f998-4d4c-9be0-5bfe07eb054c","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":55,"box":{"x":234,"y":808,"width":692,"height":11}},{"id":"2c2bb7db-9e33-4479-9c19-4f0717690a38","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":55,"box":{"x":53,"y":822,"width":870,"height":11}},{"id":"3ae2fbd1-3d37-4aa0-ba3d-4ddbd050f007","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":55,"box":{"x":53,"y":837,"width":886,"height":10}},{"id":"49def1ad-c739-49e8-960e-4cdab662c5a2","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":55,"box":{"x":53,"y":851,"width":831,"height":11}},{"id":"27a818c6-7f42-478e-b5b6-4508b76fce20","block_type":"box","text":"Tracking Error Risk.","page_number":55,"box":{"x":52,"y":874,"width":145,"height":11}},{"id":"e0b715ae-3f6a-46d1-bccf-ec5dfec3c689","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":55,"box":{"x":201,"y":874,"width":741,"height":11}},{"id":"d6d40d6e-db71-4c35-91ce-42484cb4f672","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":55,"box":{"x":53,"y":888,"width":861,"height":11}},{"id":"e76e3c65-766f-4090-9f1c-f3ddc3221a4b","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":55,"box":{"x":53,"y":902,"width":832,"height":11}},{"id":"db67025f-6d9f-453e-9845-19e1b7eca3a4","block_type":"box","text":"S-48","page_number":55,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"239e4214-66c4-4ead-80f4-c04dcb1642ce","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":56,"box":{"x":53,"y":47,"width":880,"height":10}},{"id":"b31116a1-088e-44f7-bc0f-ae3e1dc84462","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":56,"box":{"x":53,"y":61,"width":831,"height":10}},{"id":"5ad5e24f-d0c9-4985-a444-57cb600d8668","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":56,"box":{"x":52,"y":75,"width":828,"height":11}},{"id":"acf8a40b-72cc-4aba-96c1-6a707a376e75","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":56,"box":{"x":53,"y":89,"width":873,"height":11}},{"id":"ed419bd1-9849-4385-893c-b8b60e315e89","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":56,"box":{"x":53,"y":103,"width":889,"height":11}},{"id":"9367f6e4-ed08-4a56-a182-67c3af20dd07","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":56,"box":{"x":53,"y":117,"width":852,"height":11}},{"id":"b60d222e-140e-43e5-9c2d-a2df61582d1c","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":56,"box":{"x":53,"y":131,"width":886,"height":11}},{"id":"a3f765c3-9376-4038-9f7e-4e1529f8b9b2","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":56,"box":{"x":53,"y":146,"width":873,"height":11}},{"id":"65debfde-ed8b-4088-bdac-9082d2ea854f","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":56,"box":{"x":53,"y":160,"width":724,"height":11}},{"id":"8ff1adc8-3cd8-41fd-b1bb-ed9c11f51b3e","block_type":"box","text":"Performance Information","page_number":56,"box":{"x":54,"y":189,"width":228,"height":10}},{"id":"d50c77dc-0a74-495d-ba0c-ad82745b394f","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":56,"box":{"x":52,"y":214,"width":864,"height":10}},{"id":"77e6cb67-9d4a-4eec-9a8e-ca64865f6e98","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":56,"box":{"x":52,"y":228,"width":872,"height":11}},{"id":"b396ccfe-d799-4a15-b489-8098bfa5019b","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":56,"box":{"x":53,"y":242,"width":868,"height":11}},{"id":"744bd901-2810-4803-aafb-b765f387870a","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":56,"box":{"x":53,"y":257,"width":838,"height":10}},{"id":"bed27c27-5ee7-443f-b242-ba4272e28929","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":56,"box":{"x":53,"y":271,"width":868,"height":11}},{"id":"225364d7-644e-4b35-9d19-1c029e0e6f7a","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":56,"box":{"x":53,"y":285,"width":832,"height":11}},{"id":"d97d2a65-1c3f-47b6-acf5-05464ba1a046","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":56,"box":{"x":53,"y":299,"width":842,"height":11}},{"id":"3a398061-b399-42ea-a9bd-36655a2f3aee","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":56,"box":{"x":52,"y":313,"width":531,"height":11}},{"id":"73a49eaf-fdda-4f9b-b3f7-7c6fc0c7a04b","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":56,"box":{"x":135,"y":338,"width":260,"height":11}},{"id":"555efb53-d5b7-43b9-8886-bb9b7b241da1","block_type":"box","text":"7.00","page_number":56,"box":{"x":88,"y":419,"width":21,"height":6}},{"id":"d826139a-9a8d-4f09-a8aa-ceb80bec8a4b","block_type":"box","text":"9.37","page_number":56,"box":{"x":126,"y":416,"width":20,"height":6}},{"id":"9160c5ff-21c7-4f50-ab5c-7b14c0c913f3","block_type":"box","text":"-4.29","page_number":56,"box":{"x":161,"y":448,"width":23,"height":6}},{"id":"1338f82f-6f07-4071-b56e-a2453dca8af1","block_type":"box","text":"28.39","page_number":56,"box":{"x":197,"y":394,"width":26,"height":6}},{"id":"22164cac-eac8-4566-bc19-14f2031da9d7","block_type":"box","text":"-5.39","page_number":56,"box":{"x":235,"y":449,"width":23,"height":6}},{"id":"4de3447a-08ea-4b6c-8129-6daf3b4d96f4","block_type":"box","text":"38.69","page_number":56,"box":{"x":271,"y":381,"width":26,"height":6}},{"id":"35c9a189-c71e-4dec-b9b3-3dc8f6647bb5","block_type":"box","text":"-25.46","page_number":56,"box":{"x":306,"y":473,"width":29,"height":6}},{"id":"11cfdd6c-e805-4fa4-93ba-d89022346218","block_type":"box","text":"11.86","page_number":56,"box":{"x":346,"y":413,"width":25,"height":6}},{"id":"6a3481bc-6839-4a82-8280-b64a10f72e44","block_type":"box","text":"4.48","page_number":56,"box":{"x":384,"y":422,"width":21,"height":6}},{"id":"65695414-0690-4ec2-aeab-d2895fcdbbb6","block_type":"box","text":"3.38","page_number":56,"box":{"x":422,"y":423,"width":20,"height":6}},{"id":"20558a59-5679-4334-a916-f124efc43b0c","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":56,"box":{"x":87,"y":492,"width":356,"height":6}},{"id":"7f127a71-5a67-401d-9236-674b4f63430b","block_type":"box","text":"Return (%) Period Ended","page_number":56,"box":{"x":736,"y":353,"width":188,"height":9}},{"id":"74016f16-c8fd-4990-90d0-a96b3e964528","block_type":"box","text":"Calendar Year-to-Date Return","page_number":56,"box":{"x":520,"y":371,"width":197,"height":7}},{"id":"f8991505-e3f0-4762-8528-4b69b1753ad2","block_type":"box","text":"9.74% June 30, 2026","page_number":56,"box":{"x":758,"y":371,"width":184,"height":9}},{"id":"efdd8fdc-eb6c-4695-9126-1206b6ca0374","block_type":"box","text":"During the periods shown in the chart:","page_number":56,"box":{"x":520,"y":384,"width":250,"height":9}},{"id":"e30d55ab-a3ac-4107-a94f-de6b5e91e7af","block_type":"box","text":"Best Quarter 17.92% December 31, 2023","page_number":56,"box":{"x":534,"y":397,"width":408,"height":8}},{"id":"4f61ed95-993e-4d8a-956d-fc8f550d62d8","block_type":"box","text":"Worst Quarter -24.51% March 31, 2020","page_number":56,"box":{"x":533,"y":410,"width":409,"height":8}},{"id":"48842e74-1087-4259-a925-461445b1934d","block_type":"box","text":"Average Annual Total Returns (%)","page_number":56,"box":{"x":372,"y":522,"width":251,"height":11}},{"id":"1a3f3872-6b64-4880-8101-4d1bb7ac491a","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":56,"box":{"x":340,"y":536,"width":315,"height":11}},{"id":"f61c2f9c-e045-475b-9e08-a8e8ac649d7e","block_type":"box","text":"One Year Five Years Ten Years","page_number":56,"box":{"x":670,"y":553,"width":268,"height":7}},{"id":"81fa63d4-5cd9-4e35-87b7-685dd2d4d74a","block_type":"box","text":"Fund Inception: 6/12/2000","page_number":56,"box":{"x":58,"y":568,"width":179,"height":9}},{"id":"7b960f7a-13ff-4945-b1ff-845beef48d50","block_type":"box","text":"Return Before Taxes","page_number":56,"box":{"x":58,"y":580,"width":125,"height":7}},{"id":"1aa8d277-c612-45a1-ae38-5460d2067b70","block_type":"box","text":"3.38% 4.55% 5.45%","page_number":56,"box":{"x":690,"y":580,"width":249,"height":7}},{"id":"86e7b467-cbee-4949-ac94-29c204247996","block_type":"box","text":"Return After Taxes on Distributions 2.54% 3.62% 4.26%","page_number":56,"box":{"x":58,"y":591,"width":881,"height":8}},{"id":"6c62ac39-cf95-4460-aa6b-5265d9e55d9a","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 2.19% 3.21% 3.81%","page_number":56,"box":{"x":58,"y":603,"width":881,"height":7}},{"id":"bdb0872e-edbc-4db6-ad91-3ccf7e54af43","block_type":"box","text":"S&P Total Market Index","page_number":56,"box":{"x":57,"y":615,"width":155,"height":7}},{"id":"023dfbcc-8b88-4c2a-b51b-c11f0319eaea","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":56,"box":{"x":215,"y":614,"width":724,"height":10}},{"id":"c16fe7b4-a59b-40b6-b10a-31c72dd44322","block_type":"box","text":"Dow Jones U.S. Real Estate Capped Index (Spliced)","page_number":56,"box":{"x":58,"y":626,"width":331,"height":9}},{"id":"285444ff-0b6d-4255-bf12-50616ab0159f","block_type":"box","text":"1","page_number":56,"box":{"x":390,"y":625,"width":5,"height":4}},{"id":"32dd0569-0916-4138-9d66-01e31cdb26bb","block_type":"box","text":"(Returns do not reflect deductions for","page_number":56,"box":{"x":400,"y":626,"width":236,"height":8}},{"id":"4567e336-6a6a-4b86-ac91-ac461de9cd53","block_type":"box","text":"fees, expenses or taxes)","page_number":56,"box":{"x":71,"y":639,"width":148,"height":9}},{"id":"c318aacd-143c-4979-bef8-20bdd9684f38","block_type":"box","text":"3.76% 4.94% 5.83%","page_number":56,"box":{"x":690,"y":639,"width":249,"height":8}},{"id":"730cd5ee-afc4-4b5b-ae2b-7a2458deebca","block_type":"box","text":"1","page_number":56,"box":{"x":80,"y":658,"width":5,"height":4}},{"id":"91ce04d0-68a2-4ecc-b42c-6e00aa279813","block_type":"box","text":"The Dow Jones U.S. Real Estate Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Real Estate Index through","page_number":56,"box":{"x":92,"y":659,"width":811,"height":10}},{"id":"6ef9362e-41cb-4772-9e29-ae9fc5d7d289","block_type":"box","text":"January 24, 2021 and the Dow Jones U.S. Real Estate Capped Index thereafter, which reflect the times when each index was the","page_number":56,"box":{"x":92,"y":669,"width":801,"height":10}},{"id":"0019f185-02e7-4d24-a401-b6d7a18abb1b","block_type":"box","text":"Underlying Index of the Fund.","page_number":56,"box":{"x":93,"y":680,"width":186,"height":9}},{"id":"f9d76678-917b-4e53-bdab-a632afbefe76","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":56,"box":{"x":52,"y":699,"width":857,"height":11}},{"id":"53d1345e-3f24-44c4-a271-459ff60c08f5","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":56,"box":{"x":53,"y":713,"width":865,"height":11}},{"id":"fb23dcfc-d01b-4a46-8449-96271444ce9e","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":56,"box":{"x":53,"y":728,"width":847,"height":11}},{"id":"d4a03994-e8aa-41b3-b73b-73835582e0c9","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":56,"box":{"x":52,"y":742,"width":857,"height":11}},{"id":"7748d3b4-46e4-4563-9f1c-a9971a622be7","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":56,"box":{"x":53,"y":756,"width":877,"height":11}},{"id":"efe62068-ad0b-401d-bd98-80743076c037","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":56,"box":{"x":52,"y":770,"width":836,"height":11}},{"id":"ebf3250c-6704-4209-95be-81a6980a40d2","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":56,"box":{"x":53,"y":784,"width":886,"height":11}},{"id":"ae952121-001a-4710-9327-0717b353a791","block_type":"box","text":"on distributions.","page_number":56,"box":{"x":53,"y":799,"width":114,"height":8}},{"id":"d9d5656e-f26c-471e-848a-40ca3018a746","block_type":"box","text":"Management","page_number":56,"box":{"x":54,"y":828,"width":119,"height":13}},{"id":"d4358125-fedc-41f3-81a7-12c0dfcb9e75","block_type":"box","text":"Investment Adviser.","page_number":56,"box":{"x":53,"y":853,"width":145,"height":8}},{"id":"629834d5-2a8e-454a-b5b1-6f00ffa00d41","block_type":"box","text":"BlackRock Fund Advisors.","page_number":56,"box":{"x":204,"y":853,"width":180,"height":8}},{"id":"f22b21fb-1948-4db9-a32e-476c3160a61b","block_type":"box","text":"S-49","page_number":56,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"1f657e40-7631-41aa-b277-cc0fa05dca6e","block_type":"box","text":"Portfolio Managers.","page_number":57,"box":{"x":53,"y":46,"width":146,"height":11}},{"id":"1131dc1f-658e-4c08-b799-759c1d7d6fd2","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":57,"box":{"x":203,"y":46,"width":679,"height":11}},{"id":"5c288aac-6af6-4a3b-98cc-ab611970bfdc","block_type":"box","text":"management of the Fund:","page_number":57,"box":{"x":53,"y":61,"width":182,"height":10}},{"id":"005b8713-be46-48a6-8b0d-f37df7f5d858","block_type":"box","text":"Portfolio Manager","page_number":57,"box":{"x":58,"y":96,"width":119,"height":10}},{"id":"8e96a524-178c-4f6e-9750-f516884d97bd","block_type":"box","text":"Portfolio Manager of the","page_number":57,"box":{"x":411,"y":83,"width":160,"height":10}},{"id":"c6bfa049-9b3f-4284-b245-e25eafe976d4","block_type":"box","text":"Fund Since","page_number":57,"box":{"x":455,"y":96,"width":72,"height":8}},{"id":"977e81dc-eb7c-47d1-a3f8-5846ac21699b","block_type":"box","text":"Title with Investment","page_number":57,"box":{"x":804,"y":83,"width":140,"height":8}},{"id":"90f36092-6800-462d-abc3-c2c7a3cdc22f","block_type":"box","text":"Adviser","page_number":57,"box":{"x":849,"y":96,"width":49,"height":8}},{"id":"d820ca30-6b4f-4799-9efc-728a831abb61","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":57,"box":{"x":57,"y":112,"width":876,"height":9}},{"id":"a3a6b5bb-8e02-4e39-b9e9-dcd84c60cb08","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":57,"box":{"x":58,"y":127,"width":875,"height":10}},{"id":"61367c23-bcf3-44ff-8c93-e020376127a5","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":57,"box":{"x":58,"y":143,"width":875,"height":9}},{"id":"3b5cd70c-8616-4439-a37c-03a26cb4892d","block_type":"box","text":"Steven White 2025 Managing Director","page_number":57,"box":{"x":57,"y":158,"width":876,"height":10}},{"id":"4882ef23-e9b9-4713-a016-9eb0d627a8b4","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":57,"box":{"x":54,"y":193,"width":304,"height":11}},{"id":"8e217f4d-4af5-473a-98e4-945a5db2001b","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":57,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"236deb57-7eae-4b98-8514-5c3b1dcdcf8b","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":57,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"f541374a-e47c-4533-a764-ea41fe9a4163","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":57,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"461f9f23-7338-4087-b1b0-d880539f6988","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":57,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"8fafb6ab-67a3-4680-8f90-443f728236ca","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":57,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"8ac74e36-12aa-4d06-9292-a3f54a267125","block_type":"box","text":"(the “bid-ask spread”).","page_number":57,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"fb3b4827-75ac-4dd5-90c3-2af11b7725a2","block_type":"box","text":"Tax Information","page_number":57,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"eb633e0c-8734-4dd3-828c-978bc7865ac8","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":57,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"be8dbc1d-2266-4245-bf40-31f3abc5fc5b","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":57,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"f50d95c0-d323-440d-8b1d-393b0023e4f1","block_type":"box","text":"be taxed when withdrawn.","page_number":57,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"7c3af215-ae8f-4dc1-976f-d8f4708eca08","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":57,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"598c9736-da54-46f6-a797-afa483426160","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":57,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"4cb780f6-618a-4066-8493-e2050ed549e7","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":57,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"67d7dc7d-a899-437f-ac05-4c9d00002940","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":57,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"2308c3ef-09a8-4147-8fe4-758bb5d3c482","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":57,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"8bb0bcf7-89d0-4719-aaee-d9bd69143bad","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":57,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"88d751ff-4765-4236-b161-ec69176788ed","block_type":"box","text":"financial intermediary’s website for more information.","page_number":57,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"87c97a08-3cc4-4379-ae5d-1eb4af817910","block_type":"box","text":"S-50","page_number":57,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"dc8bd3b0-8f7b-4396-9000-c2a011d02d19","block_type":"box","text":"iShares U.S. Regional Banks ETF","page_number":58,"box":{"x":53,"y":47,"width":450,"height":20}},{"id":"6c73c0db-65de-4d2f-9ae7-f5a8214b54bb","block_type":"box","text":"IAT | NYSE Arca","page_number":58,"box":{"x":54,"y":70,"width":215,"height":18}},{"id":"79618501-8044-4bca-b465-d007e13fb9e7","block_type":"box","text":"Investment Objective","page_number":58,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"412c8f91-a057-44f7-8753-31f6fb72bc12","block_type":"box","text":"The iShares U.S. Regional Banks ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities","page_number":58,"box":{"x":52,"y":134,"width":881,"height":11}},{"id":"4b42a9c0-53a5-4b7f-a442-d2bbeb8bbe7e","block_type":"box","text":"in the regional banks sector.","page_number":58,"box":{"x":53,"y":148,"width":198,"height":11}},{"id":"436e82e3-cf5b-47a1-90be-b48eacac8b99","block_type":"box","text":"Fees and Expenses","page_number":58,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"ba848592-bef4-4491-abf2-6e7c651f86bf","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":58,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"b5376980-d628-4bba-ae58-ccb2d0163953","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":58,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"d728a591-3f1e-4cc7-90a5-3ac7093e307c","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":58,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"c8bdd4a5-7566-4d71-aff4-51527315dcb7","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":58,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"713e5ca5-00ff-4b1b-805a-50c17cc0d51f","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":58,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"a31894c0-5797-4b31-b79e-f23758d3a266","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":58,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"b08e6818-7e53-4df5-8923-c248a3753d5a","block_type":"box","text":"extraordinary expenses.","page_number":58,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"ee25529f-d570-4b1f-98d4-41bbc59168a0","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":58,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"bb93fbe8-6a08-490c-93b8-2883efe95e75","block_type":"box","text":"reflected in the table and example below.","page_number":58,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"f1b1ab86-09b6-43a1-b664-3c61bbfd160f","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":58,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"68c20e77-83f7-4f35-8f13-55bf60767414","block_type":"box","text":"1","page_number":58,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"ca130e37-8584-44d3-90c9-bbdd6dcfbc15","block_type":"box","text":"Management Fee","page_number":58,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"8d76da08-dc8a-4cd9-ab89-411b155d36e4","block_type":"box","text":"0.37%","page_number":58,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"3dfafba3-ac68-4929-bfcb-bd57b76e9212","block_type":"box","text":"Other Expenses","page_number":58,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"d9f1be30-a2b4-424b-85c2-05fec4e84e23","block_type":"box","text":"0.00%","page_number":58,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"f74fedaa-2fdb-49c3-859c-a50af03d4421","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":58,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"db1c3ccc-d837-4656-a8c0-5196c2fc503e","block_type":"box","text":"0.37%","page_number":58,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"ffbf3ed7-d7f8-46b3-826c-3379ecf09e71","block_type":"box","text":"1","page_number":58,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"3cd88afa-272c-487b-92af-7b8d98aae8e9","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":58,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"b1759e00-e8db-456a-9639-347ea3164993","block_type":"box","text":"Example.","page_number":58,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"ea1bc904-79e5-43f4-8a3e-97d20820efb2","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":58,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"6e3b9bb5-9e75-4646-98e3-a1fbb17da696","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":58,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"1600c562-ae9f-43a5-8519-c2b6107afdaa","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":58,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"1e626675-3eb7-47f8-bbd0-5fc2400cd7ec","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":58,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"c37e66fc-5554-43a1-93c3-d48238704a64","block_type":"box","text":"your costs would be:","page_number":58,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"ce9644ab-cc60-45ef-9aac-9302e285edf8","block_type":"box","text":"Expense Example","page_number":58,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"13fa6fc4-0bc3-4992-a8f0-3b1b48b8ce2a","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":58,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"03846699-a512-4461-a340-feb76befeb3a","block_type":"box","text":"Example Fund Costs","page_number":58,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"1b00b843-d2ee-40b1-80ba-90e4ec8e0176","block_type":"box","text":"$38 $119 $208 $468","page_number":58,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"13315483-398d-4bd0-bb22-ad132f517a1a","block_type":"box","text":"Portfolio Turnover.","page_number":58,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"ac1db6e5-8050-4804-b943-029efb247688","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":58,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"5bc8cc2d-eb7a-4b31-a701-af268c353b24","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":58,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"0e6b2df5-8a2d-4d9b-af19-cb7bc97fced8","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":58,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"3b747b57-2dfc-41ae-87be-4832aac2a786","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of","page_number":58,"box":{"x":52,"y":614,"width":877,"height":11}},{"id":"2f60eb2b-b901-4ae0-8350-808a766e75ad","block_type":"box","text":"the average value of its portfolio.","page_number":58,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"a99e5dcb-dc92-4bb3-8669-90ce31514b26","block_type":"box","text":"Principal Investment Strategies","page_number":58,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"86f21b3d-37b1-4a43-8e2b-edeab277f5b7","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Select Regional Banks Index (the “Underlying Index”),","page_number":58,"box":{"x":52,"y":682,"width":867,"height":11}},{"id":"1f792b4a-a5c6-48c6-8df9-76723bfb1e3b","block_type":"box","text":"which measures the performance of the regional bank sector of the U.S. equity market, as defined by S&P Dow Jones Indices","page_number":58,"box":{"x":52,"y":697,"width":879,"height":11}},{"id":"a0ac51a1-cdf7-45fd-a6cd-d8b848117402","block_type":"box","text":"LLC (the “Index Provider” or “SPDJI”). The Underlying Index is a subset of the Dow Jones U.S. Bank Index (the “Parent Index”).","page_number":58,"box":{"x":53,"y":711,"width":882,"height":11}},{"id":"4d3e8400-f369-4ec4-b432-a36da7c08ed2","block_type":"box","text":"Regional banks are selected for inclusion in the Underlying Index based on their relative three-year average total assets as a","page_number":58,"box":{"x":53,"y":725,"width":875,"height":11}},{"id":"20b947a8-e8e8-4e08-b9a9-94946af789e9","block_type":"box","text":"percentage of the three-year average total assets held by all banks in the Parent Index, as determined by SPDJI. As of","page_number":58,"box":{"x":53,"y":739,"width":825,"height":11}},{"id":"5cb06a6a-fca7-4f32-9057-07de5a8c5ddb","block_type":"box","text":"March 31, 2026, each bank in the Underlying Index had three-year average total assets that represented less than 5% of the","page_number":58,"box":{"x":53,"y":754,"width":878,"height":10}},{"id":"45d7a1bf-d67d-49e3-9ed5-fda46a33893e","block_type":"box","text":"three-year average total assets held by all banks in the Parent Index. The Underlying Index may include large-, mid- or","page_number":58,"box":{"x":52,"y":768,"width":833,"height":11}},{"id":"130db38a-bbe2-4c8e-b314-c1a508275900","block_type":"box","text":"small-capitalization companies. As of March 31, 2026, a significant portion of the Underlying Index was represented by","page_number":58,"box":{"x":52,"y":782,"width":845,"height":11}},{"id":"93ff7b34-ad77-4818-a0de-de192de0c55c","block_type":"box","text":"securities of companies in the banking industry or sector. The components of the Underlying Index are likely to change over","page_number":58,"box":{"x":52,"y":796,"width":873,"height":11}},{"id":"6a193b58-77db-4858-9f21-e8e56c515f95","block_type":"box","text":"time.","page_number":58,"box":{"x":52,"y":811,"width":34,"height":8}},{"id":"ec5bf3db-b37a-4659-bf6b-ac3c7be36076","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":58,"box":{"x":52,"y":833,"width":853,"height":11}},{"id":"f038c170-fa77-4bb0-96e9-63f8b333ebdd","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":58,"box":{"x":53,"y":847,"width":839,"height":11}},{"id":"62d4d4ac-efa1-4211-9b9e-56a1fa3d4239","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":58,"box":{"x":53,"y":862,"width":868,"height":11}},{"id":"52aa8af1-878c-410d-97ec-6d3e1bee6119","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":58,"box":{"x":53,"y":876,"width":851,"height":11}},{"id":"dba08381-fa34-4fe7-bc25-09ec7e0eed41","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":58,"box":{"x":53,"y":890,"width":806,"height":11}},{"id":"37e61b67-7dde-43d3-bf57-c70699877d86","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":58,"box":{"x":53,"y":904,"width":884,"height":11}},{"id":"e79d8200-732a-4635-bc79-26fa207ab2c7","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":58,"box":{"x":52,"y":919,"width":884,"height":10}},{"id":"271a225c-8bc8-4448-91ca-6e860b48bd58","block_type":"box","text":"S-51","page_number":58,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"a00c20dc-f4dd-4ed0-845d-029bc5d9c617","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":59,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"d9cf2852-4856-4c10-8f57-8f8a1a914e48","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":59,"box":{"x":53,"y":61,"width":867,"height":10}},{"id":"7e25264f-88d8-4f74-b112-b6778d4e594a","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":59,"box":{"x":52,"y":75,"width":869,"height":11}},{"id":"cf83a91b-dd00-444c-a468-d0031a15c953","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":59,"box":{"x":52,"y":89,"width":863,"height":11}},{"id":"c3dfc1eb-1662-42b3-9014-c6b3d6372369","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":59,"box":{"x":53,"y":103,"width":826,"height":11}},{"id":"1962aa8f-4b23-4668-85e1-7e13fe965ad6","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":59,"box":{"x":53,"y":118,"width":405,"height":10}},{"id":"6c1a7a18-136d-46d9-835e-fce95e91cbc0","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":59,"box":{"x":53,"y":140,"width":844,"height":11}},{"id":"f82d4b36-94ef-425c-a258-8dc5212ef60f","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":59,"box":{"x":53,"y":155,"width":860,"height":11}},{"id":"a3ddc658-1159-430d-a808-c0463a74312c","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":59,"box":{"x":53,"y":169,"width":831,"height":11}},{"id":"528ec8d9-a344-4655-a773-127cc9b9c73b","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":59,"box":{"x":53,"y":183,"width":817,"height":11}},{"id":"44711d38-d206-4725-b546-f55adea7b587","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":59,"box":{"x":53,"y":197,"width":818,"height":11}},{"id":"10ef771b-f4b1-4e8c-b4f3-671f4d61180c","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":59,"box":{"x":53,"y":211,"width":835,"height":11}},{"id":"4ebac28f-9536-49bf-ace1-2c98bdd668a9","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":59,"box":{"x":52,"y":235,"width":873,"height":10}},{"id":"71c37019-fd0e-4aff-ba79-552ea03ac1d2","block_type":"box","text":"collateral received).","page_number":59,"box":{"x":53,"y":249,"width":136,"height":9}},{"id":"81dba3e9-6e01-4196-92ad-a21abbbca744","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":59,"box":{"x":52,"y":272,"width":870,"height":11}},{"id":"92908ba5-5963-4776-856a-a6adf69bd9c4","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":59,"box":{"x":53,"y":286,"width":856,"height":11}},{"id":"0f839ce9-8808-4905-8290-d531332b3c3b","block_type":"box","text":"market value of the Underlying Index.","page_number":59,"box":{"x":53,"y":300,"width":263,"height":11}},{"id":"237abaed-2366-45bd-8d56-6166ab052aa1","block_type":"box","text":"Industry Concentration Policy.","page_number":59,"box":{"x":53,"y":323,"width":224,"height":11}},{"id":"0201f33e-288c-4273-9fab-bcb8abccf188","block_type":"box","text":"The Fund will concentrate its investments (","page_number":59,"box":{"x":281,"y":323,"width":304,"height":10}},{"id":"62621d7b-be81-4502-b80b-95e38f00a236","block_type":"box","text":"i.e.","page_number":59,"box":{"x":587,"y":324,"width":17,"height":8}},{"id":"5dfa9ff9-9af0-4622-9a9d-7eae2078922c","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":59,"box":{"x":606,"y":323,"width":292,"height":10}},{"id":"1b98e8f7-7a41-4d11-b5a8-fd93b5a3f9ed","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":59,"box":{"x":53,"y":338,"width":858,"height":11}},{"id":"123d73a4-bf33-4a47-b128-0787d083fde8","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":59,"box":{"x":53,"y":352,"width":868,"height":11}},{"id":"c21fbe8b-306b-4a48-9706-08aef1f21eca","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":59,"box":{"x":53,"y":366,"width":826,"height":11}},{"id":"3660df79-8785-4def-8855-344843335fd0","block_type":"box","text":"Summary of Principal Risks","page_number":59,"box":{"x":52,"y":395,"width":248,"height":13}},{"id":"6e6e8a7b-09e1-43c0-bcf5-bce4cafb535d","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":59,"box":{"x":52,"y":420,"width":881,"height":11}},{"id":"25daf1c5-53a0-4400-8352-b5d5f4e13003","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":59,"box":{"x":53,"y":434,"width":824,"height":11}},{"id":"feb047ce-db23-422d-812b-ecbf19473b4a","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":59,"box":{"x":53,"y":448,"width":807,"height":11}},{"id":"7ad934ab-8da4-47d5-8212-856933941620","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":59,"box":{"x":53,"y":463,"width":844,"height":11}},{"id":"ce3b8b30-5b1c-4cdd-86f2-c282322729c9","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":59,"box":{"x":52,"y":477,"width":815,"height":11}},{"id":"023e740e-412d-43b1-be23-ac05717f1d05","block_type":"box","text":"Risk of Investing in the U.S.","page_number":59,"box":{"x":53,"y":500,"width":200,"height":11}},{"id":"9eb65406-b631-478f-8499-d54afca8ff19","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":59,"box":{"x":259,"y":500,"width":663,"height":11}},{"id":"d3cdaec8-097a-45c4-8488-1a43ec0554d0","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":59,"box":{"x":53,"y":514,"width":877,"height":11}},{"id":"8c982564-56d7-4354-915e-c382e31794cb","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":59,"box":{"x":53,"y":529,"width":470,"height":10}},{"id":"55922616-4fc7-4209-b7c3-b9ee91a7b47b","block_type":"box","text":"Banking Companies Risk.","page_number":59,"box":{"x":53,"y":552,"width":186,"height":11}},{"id":"d9baec7a-bb51-4787-a3c4-76187a1a6bee","block_type":"box","text":"Banking companies may be adversely impacted by changing economic conditions, interest rate","page_number":59,"box":{"x":245,"y":552,"width":673,"height":11}},{"id":"1f9001a6-326b-4663-9863-cf5b832f90ab","block_type":"box","text":"fluctuations, credit rating downgrades, adverse public perception and decreased liquidity in credit markets, among other","page_number":59,"box":{"x":52,"y":566,"width":854,"height":11}},{"id":"fc65512f-c329-4257-be95-8a83a68d543a","block_type":"box","text":"factors. Banks are generally subject to extensive regulations, which may limit the amounts and types of loans and other","page_number":59,"box":{"x":52,"y":580,"width":844,"height":11}},{"id":"e2aa4cf0-1b8a-4643-a817-8a09c6c4c324","block_type":"box","text":"financial commitments that banks can make, the prices they can charge, the scope of their activities, and the amount of","page_number":59,"box":{"x":52,"y":594,"width":847,"height":11}},{"id":"d81412c5-74d0-4556-b875-c136992ba2fd","block_type":"box","text":"capital and liquid assets they must maintain. If regulatory requirements are relaxed, banks could increase their overall risk","page_number":59,"box":{"x":53,"y":608,"width":863,"height":11}},{"id":"c75395ab-f7e5-4bb4-95ba-098d7e6be4a3","block_type":"box","text":"profile, which may result in greater overall risk in the banking and financial sectors.","page_number":59,"box":{"x":53,"y":623,"width":585,"height":10}},{"id":"80f04326-dd2d-43a7-b1b0-d51d4e667b07","block_type":"box","text":"Bank profitability depends heavily on the availability and cost of capital funds and can fluctuate significantly with interest","page_number":59,"box":{"x":53,"y":646,"width":860,"height":11}},{"id":"323f49bd-6ea2-4f05-8774-e3b0e626bfd9","block_type":"box","text":"rate changes or increased competition. Investing in small and mid-sized regional banks may involve greater risk, more","page_number":59,"box":{"x":53,"y":660,"width":834,"height":11}},{"id":"14a3b67b-c939-4750-bf1e-2a62f9e8a39a","block_type":"box","text":"volatility and less trading volume than customarily is associated with the securities of larger, more established banks. The","page_number":59,"box":{"x":52,"y":674,"width":859,"height":11}},{"id":"0011271a-0d9f-4ef3-a579-b426c800dba0","block_type":"box","text":"extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by","page_number":59,"box":{"x":53,"y":689,"width":833,"height":10}},{"id":"9e47e29b-ea3a-42a8-86db-2f1fe0569426","block_type":"box","text":"applicable law.","page_number":59,"box":{"x":53,"y":703,"width":102,"height":10}},{"id":"826b6519-366b-4d36-b5c0-d31dea0e375a","block_type":"box","text":"Equity Securities Risk.","page_number":59,"box":{"x":53,"y":726,"width":164,"height":11}},{"id":"02b3b1e6-dc84-4d4b-b923-2a2ce82a8116","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":59,"box":{"x":223,"y":726,"width":709,"height":11}},{"id":"13aadc1d-515e-449a-b76c-77df17193e8c","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":59,"box":{"x":53,"y":740,"width":889,"height":11}},{"id":"546a9dd3-54ae-4eff-96de-4e4a4c26e978","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":59,"box":{"x":53,"y":754,"width":880,"height":11}},{"id":"6aafa098-419c-4522-8eff-30e23d73e7f9","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":59,"box":{"x":53,"y":768,"width":867,"height":11}},{"id":"1777f7c6-14dd-408d-95a2-676d3236bb91","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":59,"box":{"x":53,"y":782,"width":339,"height":11}},{"id":"3a6a4397-d8af-468a-a8fb-50982cc6e0be","block_type":"box","text":"Market Risk.","page_number":59,"box":{"x":53,"y":806,"width":91,"height":8}},{"id":"128ab647-af73-4170-9c3d-9d14ef650217","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":59,"box":{"x":148,"y":806,"width":768,"height":11}},{"id":"53e757aa-e1ac-4b01-a175-df842467dd3b","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":59,"box":{"x":53,"y":820,"width":882,"height":11}},{"id":"b0da45c8-f4ec-410c-95ad-3db5b85e9816","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":59,"box":{"x":53,"y":834,"width":858,"height":11}},{"id":"2875956f-fa90-4167-9ef3-af84b314ebbe","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":59,"box":{"x":53,"y":848,"width":875,"height":11}},{"id":"9d4be4e6-bf33-42da-b0d0-a57d4bf885b7","block_type":"box","text":"Fund’s NAV.","page_number":59,"box":{"x":53,"y":862,"width":82,"height":9}},{"id":"7a22836f-38d2-4e62-a387-4ce88e08797d","block_type":"box","text":"Index-Related Risk.","page_number":59,"box":{"x":53,"y":886,"width":143,"height":8}},{"id":"632e8587-224c-4bfd-8d7b-7c94616b02af","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":59,"box":{"x":201,"y":886,"width":742,"height":10}},{"id":"e1a5e145-9a07-4ddf-aa30-6bf080191f29","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":59,"box":{"x":53,"y":900,"width":856,"height":11}},{"id":"54f66020-7876-4144-829c-1d0082b35ddf","block_type":"box","text":"S-52","page_number":59,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"5d116a87-d1fa-41eb-998d-51a2b5dddea7","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":60,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"37dcb485-69d3-40af-96b4-9b07ef244cce","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":60,"box":{"x":53,"y":61,"width":876,"height":10}},{"id":"4c4e0ec5-5793-44cd-9857-d9b8596fb28c","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":60,"box":{"x":52,"y":75,"width":849,"height":11}},{"id":"2d713f14-9380-40f9-b936-78ced9120a72","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":60,"box":{"x":53,"y":89,"width":849,"height":11}},{"id":"ae5d6fce-c611-4171-a4d4-dda906ac6a96","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":60,"box":{"x":53,"y":103,"width":890,"height":11}},{"id":"caa68cf0-b2b4-4e36-ac8b-cae8a27d08ef","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":60,"box":{"x":53,"y":118,"width":853,"height":10}},{"id":"6a92d2e6-49d4-4c03-ae92-787538c952e1","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":60,"box":{"x":53,"y":131,"width":539,"height":11}},{"id":"efc3497e-bb51-4659-a53e-dcc80dded883","block_type":"box","text":"Asset Class Risk.","page_number":60,"box":{"x":52,"y":155,"width":122,"height":8}},{"id":"f0858dfc-7850-4f2b-aa8c-ae88de6a2c2b","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":60,"box":{"x":179,"y":155,"width":721,"height":11}},{"id":"12fe6495-3526-4d00-b48c-640aeb4f4109","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":60,"box":{"x":53,"y":169,"width":774,"height":11}},{"id":"f5f4afcb-f76e-4a92-b25a-2206ed4373a4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":60,"box":{"x":52,"y":192,"width":318,"height":11}},{"id":"f2f556ef-fbce-49f5-ac5c-da65dbb8db7b","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":60,"box":{"x":374,"y":192,"width":531,"height":11}},{"id":"5b27510c-6cd7-403f-99da-45b7dc9d5bc8","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":60,"box":{"x":53,"y":206,"width":810,"height":11}},{"id":"e0dc13b6-7a27-419d-a2cd-45fca9ce8611","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":60,"box":{"x":52,"y":220,"width":816,"height":11}},{"id":"764bc28f-7056-48e7-8731-fe420967a368","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":60,"box":{"x":52,"y":235,"width":884,"height":10}},{"id":"9c2fc50b-2709-4636-8d08-723813787ff6","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":60,"box":{"x":53,"y":249,"width":871,"height":11}},{"id":"8bc49288-ff6b-40f1-9f5c-06327baeb6f1","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":60,"box":{"x":53,"y":263,"width":846,"height":11}},{"id":"c263d995-d2dd-4f66-9e0c-e8f700ea70fe","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":60,"box":{"x":52,"y":277,"width":881,"height":11}},{"id":"2d292aac-9483-4faf-ab53-9d8e67cfe45b","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":60,"box":{"x":53,"y":291,"width":853,"height":11}},{"id":"d4da331f-a642-4820-9cc9-39b95ad1f72b","block_type":"box","text":"halts or delisting.","page_number":60,"box":{"x":53,"y":306,"width":121,"height":10}},{"id":"71da7d69-58fb-4030-9aea-00a087377628","block_type":"box","text":"Concentration Risk.","page_number":60,"box":{"x":53,"y":329,"width":145,"height":8}},{"id":"438a1906-6d3b-486b-bdba-ef5a37decb0f","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":60,"box":{"x":202,"y":329,"width":711,"height":11}},{"id":"526de43a-976f-4b60-a7af-a33a9b026b09","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":60,"box":{"x":53,"y":343,"width":884,"height":10}},{"id":"ef602e49-acde-4e09-a50c-5b34f2fc1df2","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":60,"box":{"x":52,"y":357,"width":887,"height":11}},{"id":"641f11d4-a83b-4fba-9972-9691f11b1320","block_type":"box","text":"asset classes.","page_number":60,"box":{"x":53,"y":371,"width":95,"height":9}},{"id":"1b0b6e50-2fd9-4106-958c-4edeb0b1ae8f","block_type":"box","text":"Issuer Risk.","page_number":60,"box":{"x":53,"y":394,"width":83,"height":9}},{"id":"f0c44e3b-61a3-41ad-a843-5eed759b5eed","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":60,"box":{"x":140,"y":394,"width":780,"height":11}},{"id":"2b659030-1251-4bee-b28f-f5536273288e","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":60,"box":{"x":53,"y":409,"width":886,"height":10}},{"id":"b1a81ff5-124c-4df6-b2a9-9ec0410b3023","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":60,"box":{"x":52,"y":423,"width":576,"height":11}},{"id":"c6cd33de-10cb-4ff3-8cae-04a7cad65026","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":60,"box":{"x":53,"y":446,"width":278,"height":11}},{"id":"1ebedbbb-c502-42da-85d1-56d6ac523c94","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":60,"box":{"x":337,"y":446,"width":540,"height":11}},{"id":"8bb9b2ee-74c7-46e1-92a6-1ef960dcc10c","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":60,"box":{"x":53,"y":460,"width":890,"height":11}},{"id":"ad2d28d0-ef46-4160-85a4-fb7896a496c0","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":60,"box":{"x":53,"y":474,"width":868,"height":11}},{"id":"25fa4578-4c0d-4dd6-92ee-e49461c68161","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":60,"box":{"x":53,"y":489,"width":709,"height":10}},{"id":"9e3a61ee-13ed-4dcc-b618-707402938042","block_type":"box","text":"Management Risk.","page_number":60,"box":{"x":53,"y":512,"width":137,"height":11}},{"id":"594dd9c0-a912-46d1-b26e-45d83e4917b1","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":60,"box":{"x":194,"y":512,"width":711,"height":11}},{"id":"2793bf4e-3493-4f62-970c-5fae773f15f3","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":60,"box":{"x":53,"y":526,"width":877,"height":11}},{"id":"d35db279-babb-46c7-9d7e-07acc6ab0e70","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":60,"box":{"x":53,"y":540,"width":859,"height":11}},{"id":"678e2a32-afcc-4746-8ad1-de1b2cf3b638","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":60,"box":{"x":52,"y":554,"width":848,"height":11}},{"id":"35676c34-dfa3-4bce-a824-a15ee8071c95","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":60,"box":{"x":53,"y":569,"width":756,"height":10}},{"id":"19e9236b-55ea-4f83-be04-4ee5ffd8a288","block_type":"box","text":"Market Trading Risk.","page_number":60,"box":{"x":53,"y":592,"width":152,"height":11}},{"id":"00735cff-5a80-4de1-b387-f5b043de86cb","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":60,"box":{"x":209,"y":592,"width":694,"height":11}},{"id":"2bc6fb4f-75fa-4472-bb44-b8d89f8c904b","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":60,"box":{"x":53,"y":606,"width":841,"height":11}},{"id":"825e4d83-440d-495f-8689-713b55cec022","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":60,"box":{"x":53,"y":620,"width":887,"height":11}},{"id":"c0041abb-6ae4-4c90-9a0a-acc3f03218ea","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":60,"box":{"x":52,"y":634,"width":839,"height":11}},{"id":"9eb5e7d2-77be-477e-a56b-df44b218a787","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":60,"box":{"x":53,"y":648,"width":866,"height":11}},{"id":"e012af29-0577-449e-825e-a4d9086438a9","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":60,"box":{"x":52,"y":663,"width":885,"height":10}},{"id":"a22ca9e1-c90d-4421-b4a1-7395495f9c69","block_type":"box","text":"of the Fund shares.","page_number":60,"box":{"x":53,"y":677,"width":134,"height":8}},{"id":"8c031fed-7e80-47c8-bf8f-bbdeb18065b4","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":60,"box":{"x":53,"y":700,"width":264,"height":10}},{"id":"014f9c41-4e5d-499e-b95e-337500d8549f","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":60,"box":{"x":323,"y":700,"width":590,"height":11}},{"id":"b9390152-5b76-4a9f-9f06-7e948f8433bc","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":60,"box":{"x":53,"y":714,"width":846,"height":11}},{"id":"7b6de295-6f23-4e8d-be9a-8b46668a6af7","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":60,"box":{"x":52,"y":728,"width":875,"height":11}},{"id":"1178adde-e97e-4ae5-977f-4696891e3ea9","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":60,"box":{"x":52,"y":743,"width":529,"height":10}},{"id":"7fa69924-4efc-4e9b-8e0a-3d47187bc79b","block_type":"box","text":"Non-Diversification Risk.","page_number":60,"box":{"x":53,"y":766,"width":184,"height":8}},{"id":"1cfee76f-e75e-4dfa-ac14-817ba6adbf07","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":60,"box":{"x":242,"y":766,"width":633,"height":10}},{"id":"6d118de5-ceb3-45ab-93d3-88fc484e21a2","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":60,"box":{"x":53,"y":780,"width":802,"height":11}},{"id":"399024b2-bc29-4fc5-aa74-0eb8f21a0610","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":60,"box":{"x":53,"y":794,"width":888,"height":11}},{"id":"0e48e223-7636-4194-ba70-4eb738eacf72","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":60,"box":{"x":53,"y":808,"width":876,"height":11}},{"id":"d4597cdb-b80c-4aa0-bad5-386b8c03804e","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":60,"box":{"x":53,"y":822,"width":696,"height":11}},{"id":"640482c2-9f81-4c38-a9a8-f3e480129b80","block_type":"box","text":"Operational and Technology Risks.","page_number":60,"box":{"x":53,"y":846,"width":254,"height":11}},{"id":"be748705-966a-43f2-ac4e-1d2b002a0681","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":60,"box":{"x":312,"y":846,"width":581,"height":11}},{"id":"b544565d-59f9-4d08-886e-12cd9f72753c","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":60,"box":{"x":53,"y":860,"width":876,"height":11}},{"id":"67c6adc3-113d-4274-a5c3-f6726156652c","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":60,"box":{"x":53,"y":874,"width":879,"height":11}},{"id":"bede3072-4877-489b-8eda-f195e3d0ebe3","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":60,"box":{"x":53,"y":888,"width":825,"height":11}},{"id":"79a9f43b-f0c9-4329-b3b7-a8ae9d28633b","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":60,"box":{"x":53,"y":902,"width":862,"height":11}},{"id":"48c9874d-39e5-4f83-ad5d-f6c4d59dcf26","block_type":"box","text":"S-53","page_number":60,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"80334429-7496-40d4-bc12-852652e0d9e2","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":61,"box":{"x":53,"y":46,"width":872,"height":11}},{"id":"b902e7d2-232d-4d6d-b942-2607761bc556","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":61,"box":{"x":53,"y":61,"width":824,"height":10}},{"id":"6bd3303f-11d0-467b-ae01-2c15f62b4d62","block_type":"box","text":"Securities Lending Risk.","page_number":61,"box":{"x":52,"y":84,"width":178,"height":11}},{"id":"786ed54b-da0c-4a05-86e0-280b4560a24e","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":61,"box":{"x":234,"y":84,"width":692,"height":11}},{"id":"7522cd3f-39cf-4ce6-93d8-d7079135bfbd","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":61,"box":{"x":53,"y":98,"width":870,"height":11}},{"id":"c02d0e0a-9910-4a57-96c2-20a9b36e4a64","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":61,"box":{"x":53,"y":112,"width":886,"height":11}},{"id":"d9eed7ee-b0da-4561-92fa-e7cdc1a8929d","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":61,"box":{"x":53,"y":126,"width":831,"height":11}},{"id":"446daf72-2cbc-4287-8636-c6ae82e21db6","block_type":"box","text":"Tracking Error Risk.","page_number":61,"box":{"x":52,"y":149,"width":145,"height":11}},{"id":"f6f05a1f-84ef-4fca-b393-5b7583ab8989","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":61,"box":{"x":201,"y":149,"width":741,"height":11}},{"id":"a6d6126b-9e86-4277-bfe9-0cad52eb306f","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":61,"box":{"x":53,"y":164,"width":861,"height":11}},{"id":"84802733-b514-4ea7-9a70-f6acdcb7ee1d","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":61,"box":{"x":53,"y":178,"width":832,"height":11}},{"id":"98616f28-ac58-4741-a366-8cbf63568f45","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":61,"box":{"x":53,"y":192,"width":880,"height":11}},{"id":"1f8bfe9f-debc-432c-aae8-0aad9fb62337","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":61,"box":{"x":53,"y":206,"width":831,"height":11}},{"id":"039dbd31-ccf0-4c1d-bc66-749d1c7d4cfb","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":61,"box":{"x":52,"y":220,"width":828,"height":11}},{"id":"cfc1457a-0a24-4b3e-9014-7aded543d1df","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":61,"box":{"x":53,"y":235,"width":873,"height":10}},{"id":"d9fca026-b55b-4903-b4ab-09154a9156ae","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":61,"box":{"x":53,"y":249,"width":889,"height":11}},{"id":"ee5522a8-1d3a-4467-99be-be0104f39d8c","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":61,"box":{"x":53,"y":263,"width":852,"height":11}},{"id":"0108217c-12cd-4197-ae99-8249b6100272","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":61,"box":{"x":53,"y":277,"width":886,"height":11}},{"id":"3a482c65-73fb-4632-bc4b-495c33042bbd","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":61,"box":{"x":53,"y":291,"width":873,"height":11}},{"id":"e0c7d934-0559-4fbe-ace3-82cb273aa0dc","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":61,"box":{"x":53,"y":306,"width":724,"height":10}},{"id":"799566fb-5693-45c9-9fde-d2ddad9f9a8e","block_type":"box","text":"Performance Information","page_number":61,"box":{"x":54,"y":334,"width":228,"height":11}},{"id":"3e05a3d7-5fec-4b63-9923-ffa1ff0110c8","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":61,"box":{"x":52,"y":360,"width":864,"height":10}},{"id":"5572a64e-2585-47c4-bcb4-4c970c521e76","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":61,"box":{"x":52,"y":374,"width":872,"height":11}},{"id":"70c5d474-4889-4155-8299-0222e6dc152d","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":61,"box":{"x":53,"y":388,"width":868,"height":11}},{"id":"f858d12b-2b5a-43bf-b9a8-4d99797c1e7b","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":61,"box":{"x":53,"y":402,"width":838,"height":11}},{"id":"713b754d-0d2f-444a-93a0-332532c5e6e5","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":61,"box":{"x":53,"y":416,"width":868,"height":11}},{"id":"354dc4d1-c344-4fb3-8114-e4643962431e","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":61,"box":{"x":53,"y":430,"width":832,"height":11}},{"id":"163404f0-e848-4ca2-bc58-6a37f0c11d7e","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":61,"box":{"x":53,"y":445,"width":842,"height":11}},{"id":"9aa06b0d-7fee-45f3-a1db-ad7e347158d6","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":61,"box":{"x":52,"y":459,"width":531,"height":11}},{"id":"e09bb52c-858e-433d-afa1-7f63311d2900","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":61,"box":{"x":135,"y":483,"width":260,"height":11}},{"id":"ccc043c6-05ea-4c2f-932a-c457d1d6a341","block_type":"box","text":"32.18","page_number":61,"box":{"x":85,"y":537,"width":27,"height":6}},{"id":"7c9542b4-bb9d-4f1d-bfa5-689856ab2e97","block_type":"box","text":"10.54","page_number":61,"box":{"x":124,"y":566,"width":25,"height":6}},{"id":"292108eb-7a36-4dce-a6d5-4bc74e39f55b","block_type":"box","text":"-17.39","page_number":61,"box":{"x":157,"y":619,"width":30,"height":6}},{"id":"677d7cd7-d590-46f6-b50b-47396d33af50","block_type":"box","text":"31.41","page_number":61,"box":{"x":197,"y":539,"width":24,"height":5}},{"id":"e5521911-569c-45d1-911b-83f66953cc1e","block_type":"box","text":"-7.67","page_number":61,"box":{"x":235,"y":606,"width":23,"height":6}},{"id":"2b1b017d-50a3-4b9a-a497-6356c4fe10c2","block_type":"box","text":"39.01","page_number":61,"box":{"x":271,"y":528,"width":25,"height":6}},{"id":"dbaf10d0-2bce-4c40-b82b-99499d70a49f","block_type":"box","text":"-20.60","page_number":61,"box":{"x":306,"y":623,"width":30,"height":6}},{"id":"e33605b0-e165-4c34-b874-f54d26b93765","block_type":"box","text":"-8.53","page_number":61,"box":{"x":346,"y":607,"width":23,"height":6}},{"id":"7801182f-a029-4ff0-8455-b9991172eb1d","block_type":"box","text":"24.34","page_number":61,"box":{"x":382,"y":548,"width":26,"height":6}},{"id":"694468ad-73ba-46b2-9a38-f7c18ae48dbc","block_type":"box","text":"13.15","page_number":61,"box":{"x":420,"y":563,"width":25,"height":6}},{"id":"aab56040-45d6-4383-bc40-034a594ae5fd","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":61,"box":{"x":87,"y":638,"width":356,"height":6}},{"id":"d134076e-e730-4375-a7dc-f532659509e4","block_type":"box","text":"Return (%) Period Ended","page_number":61,"box":{"x":736,"y":498,"width":188,"height":9}},{"id":"87610afc-9d86-43ab-b75b-4e9bfcf63fba","block_type":"box","text":"Calendar Year-to-Date Return","page_number":61,"box":{"x":520,"y":517,"width":197,"height":7}},{"id":"1c7e8617-e2e5-43f9-8229-d09301dbc911","block_type":"box","text":"14.05% June 30, 2026","page_number":61,"box":{"x":750,"y":517,"width":192,"height":8}},{"id":"b42aa12c-1338-4939-9a5b-67dc1dd10b39","block_type":"box","text":"During the periods shown in the chart:","page_number":61,"box":{"x":520,"y":529,"width":250,"height":10}},{"id":"f0317cd2-88ef-4f5d-8bbd-e56b64cbe61d","block_type":"box","text":"Best Quarter 39.65% December 31, 2020","page_number":61,"box":{"x":534,"y":542,"width":408,"height":9}},{"id":"b56169fd-541e-4595-9591-efcda53921af","block_type":"box","text":"Worst Quarter -42.58% March 31, 2020","page_number":61,"box":{"x":533,"y":555,"width":409,"height":9}},{"id":"8b474be2-5992-45ac-8fea-fc53bc500ea2","block_type":"box","text":"Average Annual Total Returns (%)","page_number":61,"box":{"x":372,"y":668,"width":251,"height":11}},{"id":"f3f3bb0f-5ad6-4bdf-9f45-a8290d119a88","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":61,"box":{"x":340,"y":682,"width":315,"height":10}},{"id":"eb4bf17e-9f96-47d1-a398-2493f4878264","block_type":"box","text":"One Year Five Years Ten Years","page_number":61,"box":{"x":670,"y":698,"width":268,"height":8}},{"id":"942cda7d-e4d6-4feb-8a3a-efa0c5af1583","block_type":"box","text":"Fund Inception: 5/1/2006","page_number":61,"box":{"x":58,"y":714,"width":171,"height":9}},{"id":"a9fae630-e170-4706-ba27-012630a3a012","block_type":"box","text":"Return Before Taxes","page_number":61,"box":{"x":58,"y":725,"width":125,"height":8}},{"id":"88f6f0c1-ab1b-4c12-9c80-6b14e6266181","block_type":"box","text":"13.15% 7.27% 7.60%","page_number":61,"box":{"x":682,"y":725,"width":257,"height":8}},{"id":"ea7737be-b17b-4f03-845c-d07e1245f30b","block_type":"box","text":"Return After Taxes on Distributions 12.30% 6.49% 6.90%","page_number":61,"box":{"x":58,"y":737,"width":881,"height":8}},{"id":"5745ea25-1ac0-4f44-bf09-b4cd6b91a5af","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 8.29% 5.57% 6.01%","page_number":61,"box":{"x":58,"y":749,"width":881,"height":7}},{"id":"dbc96ff7-9c3b-4733-bf91-dd7860b50ba0","block_type":"box","text":"S&P Total Market Index","page_number":61,"box":{"x":57,"y":760,"width":155,"height":8}},{"id":"0212d49f-c219-4f14-a440-d439b2c4d51f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":61,"box":{"x":215,"y":760,"width":724,"height":10}},{"id":"2f3f4d6b-5ef8-40eb-9644-e0975c08c1ba","block_type":"box","text":"Dow Jones U.S. Select Regional Banks Index","page_number":61,"box":{"x":58,"y":772,"width":288,"height":10}},{"id":"ba32459f-0914-45ae-8d30-a81ae9d910e9","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":61,"box":{"x":350,"y":772,"width":268,"height":9}},{"id":"7bb9e607-9e00-408b-b9d9-56c13c9c66bd","block_type":"box","text":"expenses or taxes)","page_number":61,"box":{"x":71,"y":785,"width":115,"height":9}},{"id":"475bac1c-6f8c-4d1e-ba0c-082b4b154014","block_type":"box","text":"13.58% 7.68% 8.03%","page_number":61,"box":{"x":682,"y":785,"width":257,"height":7}},{"id":"cd479ccd-0cce-4c41-9600-6dcd1c1d2b67","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":61,"box":{"x":52,"y":814,"width":857,"height":11}},{"id":"653b0a83-4d03-4c99-8766-12f08a1da73d","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":61,"box":{"x":53,"y":828,"width":865,"height":11}},{"id":"7aa4c177-edb0-4a61-9b9d-15209f9d1ce5","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":61,"box":{"x":53,"y":842,"width":847,"height":11}},{"id":"d3a3e0d7-a23b-42b6-92ed-037bf2730658","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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Such regulations may change frequently and may have significant adverse consequences for","page_number":67,"box":{"x":46,"y":602,"width":881,"height":11}},{"id":"2de0f155-b290-4101-ba6b-860a6e453e74","block_type":"box","text":"banking companies. If regulatory requirements are relaxed, banks could increase their overall risk profile, which may result in greater overall","page_number":67,"box":{"x":46,"y":617,"width":897,"height":10}},{"id":"e02eb9b8-8a3d-4707-a9c4-9e124e5dfcab","block_type":"box","text":"risk in the U.S. and global financial sectors.","page_number":67,"box":{"x":46,"y":631,"width":276,"height":11}},{"id":"34b8dda8-a562-4add-810b-458325980517","block_type":"box","text":"Certain risks, such as those associated with operating with substantial financial leverage, may impact investments in banking companies","page_number":67,"box":{"x":46,"y":654,"width":874,"height":11}},{"id":"0a4f11e5-d0f2-428a-aac2-5ecb51256db8","block_type":"box","text":"more severely than investments in other sectors. The banking sector is particularly sensitive to fluctuations in interest rates. 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Cybersecurity incidents and technology failures have caused significant losses for banks.","page_number":67,"box":{"x":46,"y":753,"width":890,"height":11}},{"id":"fd9d3625-1099-4a2d-b752-34d4833e7abc","block_type":"box","text":"Securities of regional banks are often less liquid and subject to greater volatility and less trading volume than is customarily associated with","page_number":67,"box":{"x":46,"y":776,"width":895,"height":11}},{"id":"2cdb53d9-eab3-4f50-a944-7aaec28b3f99","block_type":"box","text":"securities of larger banks. A regional bank’s performance may be tied to business and economic environments in the areas it serves as well","page_number":67,"box":{"x":46,"y":791,"width":891,"height":10}},{"id":"f68c84ed-5946-4ccf-9add-43ef1ddbe446","block_type":"box","text":"as the quality of the local borrower and depositor bases.","page_number":67,"box":{"x":46,"y":805,"width":359,"height":11}},{"id":"93a0bf63-2f3c-46aa-8b2c-ddd879870a64","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":67,"box":{"x":46,"y":828,"width":335,"height":8}},{"id":"7a6cf26d-59eb-4ec8-8996-7a2b7e447fc9","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":67,"box":{"x":387,"y":828,"width":563,"height":11}},{"id":"472d54b3-0c2a-470d-be71-19a40b3ff2ce","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":67,"box":{"x":46,"y":842,"width":880,"height":11}},{"id":"8d2f9cd3-6504-4074-b685-f25584212e92","block_type":"box","text":"agreements relating to qualified financial contracts. 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The restrictions prevent a Fund from closing out","page_number":67,"box":{"x":46,"y":870,"width":896,"height":11}},{"id":"3b55e059-b86d-471d-ac49-f1f9f2357ae6","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":67,"box":{"x":46,"y":885,"width":889,"height":10}},{"id":"5a68e116-0555-45df-bb5f-8e9bbf2a62e0","block_type":"box","text":"5","page_number":67,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"70f70f13-7012-4763-bf12-3aa4cb5d557a","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":68,"box":{"x":45,"y":46,"width":904,"height":11}},{"id":"232a9ddc-5653-4491-9727-23cf75eb8e35","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":68,"box":{"x":46,"y":61,"width":230,"height":8}},{"id":"03d9858f-0462-41ab-8fc3-78b7b606a351","block_type":"box","text":"Concentration Risk.","page_number":68,"box":{"x":46,"y":84,"width":135,"height":8}},{"id":"dec3ad14-2014-4ec9-b865-48683324fe7c","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":68,"box":{"x":186,"y":84,"width":744,"height":11}},{"id":"943950f8-725d-40b4-9216-910ecf8cdc25","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":68,"box":{"x":46,"y":98,"width":903,"height":10}},{"id":"b474c3d9-a296-4587-a7f2-5c1b122b6440","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":68,"box":{"x":46,"y":112,"width":853,"height":11}},{"id":"f341dbb4-d568-47d3-82e0-0a8b42032a6c","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":68,"box":{"x":46,"y":126,"width":897,"height":11}},{"id":"a70d6d76-25e7-40e2-bb26-de766ea676a2","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":68,"box":{"x":46,"y":140,"width":905,"height":11}},{"id":"a76b613c-b550-4fab-84f0-d93207c9f788","block_type":"box","text":"its investments.","page_number":68,"box":{"x":46,"y":155,"width":100,"height":8}},{"id":"632566a5-a702-4a01-a6d1-c9fd19e09bf0","block_type":"box","text":"Consumer Goods and Services Com","page_number":68,"box":{"x":46,"y":178,"width":247,"height":8}},{"id":"53b86519-eb89-484b-a7d8-358146a56052","block_type":"box","text":"panies Risk.","page_number":68,"box":{"x":295,"y":178,"width":82,"height":11}},{"id":"6bd29f1f-86e6-49bc-97a0-6800734313cc","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":68,"box":{"x":384,"y":178,"width":561,"height":11}},{"id":"d79a8734-7fa4-4bb0-af98-10609941f5f2","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":68,"box":{"x":46,"y":192,"width":896,"height":11}},{"id":"60653d2b-80bb-4c9f-8ad5-fb7567c3ff05","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":68,"box":{"x":46,"y":206,"width":860,"height":11}},{"id":"5f652a0c-d437-4139-94e3-faf403aacec8","block_type":"box","text":"adverse impact on consumer companies.","page_number":68,"box":{"x":46,"y":220,"width":262,"height":11}},{"id":"c82c9c97-c1c7-4dd2-952d-28c7860ee01f","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":68,"box":{"x":46,"y":244,"width":849,"height":10}},{"id":"88dc161d-323e-43a4-aff7-0ea7291d14ea","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":68,"box":{"x":46,"y":258,"width":882,"height":11}},{"id":"7e0a018c-bb0a-4746-af4c-d91abae1ffac","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":68,"box":{"x":46,"y":272,"width":855,"height":11}},{"id":"a3c9a72b-7bc6-4f14-8442-e7bdd27dc1e1","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":68,"box":{"x":46,"y":286,"width":560,"height":11}},{"id":"fb858237-fc09-44dc-9db4-d704cbd0cc66","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":68,"box":{"x":46,"y":309,"width":192,"height":11}},{"id":"f99bb358-4e5a-4820-a57f-b1d0dfa5777b","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and","page_number":68,"box":{"x":244,"y":309,"width":693,"height":11}},{"id":"79b4d9d1-9906-4446-9b4b-7bf35d3b08bd","block_type":"box","text":"underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are not required to pay or continue","page_number":68,"box":{"x":46,"y":324,"width":896,"height":10}},{"id":"19c3d3f7-a7e3-43f9-a33b-6010832672f0","block_type":"box","text":"paying dividends on such stocks. It is possible that issuers of dividend-paying stocks will not declare dividends in the future or will reduce or","page_number":68,"box":{"x":46,"y":338,"width":896,"height":11}},{"id":"07a72236-874c-4ef5-b222-37494bd0e7a9","block_type":"box","text":"eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or increases in the payment of dividends),","page_number":68,"box":{"x":46,"y":352,"width":879,"height":11}},{"id":"0be8b263-5042-4626-9964-1a2298893a50","block_type":"box","text":"which may adversely affect a Fund with such holdings. In addition, the value of dividend-paying stocks can decline when interest rates rise,","page_number":68,"box":{"x":45,"y":366,"width":888,"height":11}},{"id":"4610d7d3-85dd-40a9-9ad4-1234bcb2e355","block_type":"box","text":"as fixed-income investments become more attractive to investors.","page_number":68,"box":{"x":46,"y":380,"width":423,"height":9}},{"id":"e127102a-cda8-4818-aafa-697d3f0cdd18","block_type":"box","text":"Energy Companies Risk.","page_number":68,"box":{"x":46,"y":403,"width":166,"height":11}},{"id":"6196bf7c-1fc0-4c36-8c18-739bf0884f14","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":68,"box":{"x":217,"y":403,"width":644,"height":11}},{"id":"f9d19ae3-a0f3-49ba-bc41-18ce904176b4","block_type":"box","text":"supply-demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations,","page_number":68,"box":{"x":46,"y":418,"width":905,"height":10}},{"id":"abf27349-d603-4d7f-8b8a-a2cdac595560","block_type":"box","text":"war or other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector","page_number":68,"box":{"x":45,"y":432,"width":875,"height":11}},{"id":"9c41e091-9cf7-4be4-add2-ef81a2c4af99","block_type":"box","text":"generally is subject to substantial government regulation, and companies may incur significant costs in complying with environmental and","page_number":68,"box":{"x":46,"y":446,"width":882,"height":11}},{"id":"de7aaadf-314a-4e8b-bbf3-eec386522622","block_type":"box","text":"other laws. Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the","page_number":68,"box":{"x":46,"y":460,"width":838,"height":11}},{"id":"e125c33e-587b-425a-8e54-64bc9e0e2985","block_type":"box","text":"performance of energy companies.","page_number":68,"box":{"x":46,"y":474,"width":222,"height":11}},{"id":"3383f03c-d4af-4f5d-916d-478e39613c94","block_type":"box","text":"Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and","page_number":68,"box":{"x":46,"y":498,"width":892,"height":10}},{"id":"236b4a83-27a1-4bdc-81d5-134b1bb09848","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":68,"box":{"x":46,"y":512,"width":877,"height":11}},{"id":"7e65c4a6-c52a-4507-b903-a07f50c1e624","block_type":"box","text":"may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a","page_number":68,"box":{"x":46,"y":526,"width":885,"height":11}},{"id":"0f62f895-5fdd-4da5-abaa-86f49ec8c5c3","block_type":"box","text":"history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The","page_number":68,"box":{"x":46,"y":540,"width":866,"height":11}},{"id":"d3566383-0421-4e2a-b311-45d6b8afa9cd","block_type":"box","text":"operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks,","page_number":68,"box":{"x":46,"y":554,"width":883,"height":11}},{"id":"225a77d3-baf4-4a9f-bd5a-f9a62854032a","block_type":"box","text":"accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.","page_number":68,"box":{"x":46,"y":568,"width":799,"height":11}},{"id":"9d8b0895-56e5-4858-b3c1-328a397fa845","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to","page_number":68,"box":{"x":45,"y":592,"width":837,"height":11}},{"id":"4e3d470c-611d-47cc-a7e6-b32a9ad9f1a7","block_type":"box","text":"disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and","page_number":68,"box":{"x":46,"y":606,"width":882,"height":11}},{"id":"bdf0ab8b-dd13-40ae-babb-906406e1233a","block_type":"box","text":"demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on","page_number":68,"box":{"x":46,"y":620,"width":899,"height":11}},{"id":"179b3881-0eb4-4c73-bb4f-ef27782aee0a","block_type":"box","text":"business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of","page_number":68,"box":{"x":46,"y":634,"width":859,"height":11}},{"id":"da724678-9a8d-483b-9508-b15113c115f6","block_type":"box","text":"current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The","page_number":68,"box":{"x":46,"y":648,"width":868,"height":11}},{"id":"d39b5f9a-aeec-432e-962b-8b76cf8f9228","block_type":"box","text":"effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.","page_number":68,"box":{"x":46,"y":663,"width":867,"height":10}},{"id":"7b93aabc-2ae5-41c4-8b55-f5bc57b03d0b","block_type":"box","text":"Equity Securities Risk.","page_number":68,"box":{"x":46,"y":686,"width":155,"height":11}},{"id":"76baa69a-ad4f-4aa9-867f-ed44d83f1c16","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":68,"box":{"x":207,"y":686,"width":732,"height":11}},{"id":"e4ef9373-8f4f-4fff-9e15-e66c83882fcd","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":68,"box":{"x":46,"y":700,"width":876,"height":11}},{"id":"4c5cce1b-03b2-49e7-98ab-0c6e541c8b43","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":68,"box":{"x":45,"y":714,"width":905,"height":11}},{"id":"0202dacf-7b0f-45e1-86dc-eb510b0335f6","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":68,"box":{"x":46,"y":728,"width":875,"height":11}},{"id":"67c145ee-c47e-401a-acd1-b06eb029ed31","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":68,"box":{"x":46,"y":743,"width":812,"height":10}},{"id":"62c0b69d-b646-415e-a04d-0bedb2de3c10","block_type":"box","text":"Financial Companies Risk.","page_number":68,"box":{"x":46,"y":766,"width":180,"height":10}},{"id":"07f18896-4099-4add-bde0-93e571677696","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":68,"box":{"x":232,"y":766,"width":690,"height":11}},{"id":"17274922-6cdd-47e5-821e-5b8e6d5d301d","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":68,"box":{"x":46,"y":780,"width":892,"height":11}},{"id":"726065e1-7077-4161-8646-8479bb797529","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":68,"box":{"x":46,"y":794,"width":891,"height":11}},{"id":"5f4c0adf-99ea-4cfb-aa5b-ab4e22ed62a2","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":68,"box":{"x":46,"y":808,"width":887,"height":11}},{"id":"6c864a11-639c-475d-8c93-a77bcf7b983d","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":68,"box":{"x":46,"y":822,"width":871,"height":11}},{"id":"fb9e709c-34c1-4fd8-9fba-fe923c7dcff6","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":68,"box":{"x":46,"y":837,"width":767,"height":10}},{"id":"daee5915-4aa5-4c0a-9c2c-df463beb8507","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":68,"box":{"x":46,"y":860,"width":891,"height":11}},{"id":"9ed98a3c-bf77-4c16-8b4f-4e13b37a2de6","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":68,"box":{"x":46,"y":874,"width":848,"height":11}},{"id":"6095ac8b-62ba-4e0f-9006-c3f3745b52af","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":68,"box":{"x":46,"y":888,"width":884,"height":11}},{"id":"3f93b54f-fc95-4c76-b91f-c1c7223148a5","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":68,"box":{"x":45,"y":902,"width":889,"height":11}},{"id":"e6787b4b-9b70-46ec-9c51-fb33cf62f1af","block_type":"box","text":"6","page_number":68,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"165b1ad5-0697-49ff-aa8c-1be40ec01b0a","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":69,"box":{"x":46,"y":46,"width":856,"height":11}},{"id":"9b1957b9-551a-4aa3-8d91-7d9f62435ba1","block_type":"box","text":"financial sector generally.","page_number":69,"box":{"x":45,"y":61,"width":163,"height":10}},{"id":"a35c6b8a-8f06-4127-a0ad-1b8522fdb824","block_type":"box","text":"Geographic and Security Risks.","page_number":69,"box":{"x":46,"y":84,"width":215,"height":11}},{"id":"490fcbf0-7184-4a1c-99f9-1bd18ff0ed9d","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":69,"box":{"x":267,"y":84,"width":668,"height":11}},{"id":"27558c78-7378-4edc-b517-ae050f8bcc75","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":69,"box":{"x":46,"y":98,"width":884,"height":11}},{"id":"41ab1f42-477e-4d68-b15a-8a09939fdd5e","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":69,"box":{"x":46,"y":112,"width":840,"height":11}},{"id":"47ce5bf8-9b13-4da0-8165-1a7f4d92eb9a","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":69,"box":{"x":46,"y":126,"width":845,"height":11}},{"id":"2ff29c05-a509-4c8c-a991-0037bda5dedd","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":69,"box":{"x":46,"y":140,"width":570,"height":11}},{"id":"dfdf26f7-46d8-41c6-9190-9fe6ed7422dd","block_type":"box","text":"Healthcare Companies Risk.","page_number":69,"box":{"x":46,"y":164,"width":194,"height":10}},{"id":"6dab5a26-8db3-4d91-9c19-41a3a25212e8","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":69,"box":{"x":245,"y":164,"width":689,"height":11}},{"id":"9a4a51d5-1feb-4f86-b41c-d08671871b1b","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":69,"box":{"x":46,"y":178,"width":879,"height":11}},{"id":"a903458f-de63-493a-8d68-b8b18dfdf63c","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":69,"box":{"x":46,"y":192,"width":899,"height":11}},{"id":"e5c47819-ea1c-4f33-a500-31d1e90dfa4d","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":69,"box":{"x":46,"y":206,"width":888,"height":11}},{"id":"abdbc7ac-afc9-4572-a446-88c3d932ba5a","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":69,"box":{"x":46,"y":220,"width":891,"height":11}},{"id":"c6b7b829-c97e-4b01-a2d1-73dfdba5a93c","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":69,"box":{"x":46,"y":235,"width":881,"height":10}},{"id":"98794f83-a6c4-45cf-8aba-6c5b61abfd8b","block_type":"box","text":"product liability and similar claims.","page_number":69,"box":{"x":46,"y":249,"width":221,"height":11}},{"id":"fbc01c26-6e45-4789-9a46-dcadedbfe3bb","block_type":"box","text":"Home Construction Industry Risk.","page_number":69,"box":{"x":46,"y":272,"width":235,"height":11}},{"id":"42b68d66-30ed-4856-809d-cceefe0cf284","block_type":"box","text":"The home construction industry may be significantly affected by changes in government spending,","page_number":69,"box":{"x":286,"y":272,"width":630,"height":11}},{"id":"9403a31c-88cf-4c7c-9508-e74865f4ccf8","block_type":"box","text":"zoning laws, general economic conditions, interest rates, commodity prices, consumer confidence and spending, taxation, demographic","page_number":69,"box":{"x":45,"y":286,"width":870,"height":11}},{"id":"dc78380f-cb8b-4893-86e7-dac9e3b521e9","block_type":"box","text":"patterns, real estate values, overbuilding, housing starts, and new and existing home sales. Rising interest rates, reductions in mortgage","page_number":69,"box":{"x":46,"y":300,"width":871,"height":11}},{"id":"b5b52398-46cd-40a3-b567-7eb18f77f528","block_type":"box","text":"availability to consumers, increasing foreclosure rates or increases in the costs of owning a home could reduce the market for new homes","page_number":69,"box":{"x":46,"y":315,"width":883,"height":10}},{"id":"1a350195-70d9-4392-a99b-89d909a6b505","block_type":"box","text":"and adversely affect the profitability of home construction companies. Certain segments of the home construction industry can be","page_number":69,"box":{"x":46,"y":329,"width":834,"height":11}},{"id":"f8482449-c84a-4e91-b815-403dce4b6028","block_type":"box","text":"significantly affected by environmental clean-up costs and catastrophic events such as earthquakes, hurricanes, tornadoes and terrorist acts.","page_number":69,"box":{"x":46,"y":343,"width":905,"height":11}},{"id":"43799665-a719-426d-bf2d-f1a9c3b382c2","block_type":"box","text":"Home construction companies may lack diversification, due to ownership of a limited number of properties and concentration in a particular","page_number":69,"box":{"x":46,"y":357,"width":897,"height":11}},{"id":"0f90fe54-f9dc-4830-bfea-bfaca299ca02","block_type":"box","text":"geographic region or property type.","page_number":69,"box":{"x":46,"y":371,"width":225,"height":11}},{"id":"81e20094-ed16-4dd6-9497-831d966d5ee1","block_type":"box","text":"Illiquid Investments Risk.","page_number":69,"box":{"x":46,"y":394,"width":175,"height":11}},{"id":"ad995799-6e09-4da1-a3e3-142f61410f86","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":69,"box":{"x":226,"y":394,"width":719,"height":11}},{"id":"9af8623f-6ef3-4e20-a5e0-104c4f636987","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":69,"box":{"x":46,"y":409,"width":883,"height":10}},{"id":"de4d7922-b9ba-48fe-96da-c17b3fc8cc87","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":69,"box":{"x":46,"y":423,"width":885,"height":11}},{"id":"e1f64b37-a7ec-4da0-ac77-65e50d07a7ef","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":69,"box":{"x":46,"y":437,"width":902,"height":11}},{"id":"20000587-abdb-446d-a60e-6af08990d602","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":69,"box":{"x":46,"y":451,"width":890,"height":11}},{"id":"e39b0433-f7f0-4734-a237-605a7c673159","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":69,"box":{"x":46,"y":465,"width":752,"height":11}},{"id":"8613d5f1-24ed-4c1f-bc3d-7a13159c404b","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":69,"box":{"x":47,"y":489,"width":884,"height":10}},{"id":"bd1544ab-7fe5-472c-89cd-ecb675915fa9","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":69,"box":{"x":46,"y":503,"width":900,"height":11}},{"id":"79c98cad-a40b-40f2-8b44-25512fe16aef","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":69,"box":{"x":46,"y":517,"width":866,"height":11}},{"id":"b014cc02-251f-4d0a-9d39-dc230b8047f2","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":69,"box":{"x":46,"y":540,"width":901,"height":11}},{"id":"2bb13d57-7310-4105-8842-24f3c763f1e3","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":69,"box":{"x":46,"y":554,"width":889,"height":11}},{"id":"0cdb3b58-f0ee-4143-a0ca-b4bd1f5feb91","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":69,"box":{"x":46,"y":568,"width":828,"height":11}},{"id":"3ab7a456-431c-43f0-8a3a-3f39d3d25611","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":69,"box":{"x":46,"y":583,"width":874,"height":11}},{"id":"de51156b-f8bd-412d-bcd1-59c963a83354","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":69,"box":{"x":46,"y":597,"width":888,"height":11}},{"id":"afe89b60-e3c5-47dd-8cab-ed355b97a370","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":69,"box":{"x":46,"y":611,"width":897,"height":11}},{"id":"24412dd2-cfba-4408-a0f5-ed393650be83","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":69,"box":{"x":46,"y":625,"width":869,"height":11}},{"id":"d13e0431-8a87-4684-81b1-bcce93ed15c6","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":69,"box":{"x":46,"y":639,"width":887,"height":11}},{"id":"6448cbaa-4262-4519-b343-aa3826cb2d62","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":69,"box":{"x":46,"y":654,"width":858,"height":10}},{"id":"9d5d2485-df10-4a32-aef6-221ced4ad740","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":69,"box":{"x":46,"y":668,"width":253,"height":11}},{"id":"1f3f696a-3158-4625-9522-ddec2af2af97","block_type":"box","text":"Index-Related Risk.","page_number":69,"box":{"x":46,"y":691,"width":133,"height":8}},{"id":"0ad1418f-da69-4bfd-b924-b9c51122a404","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":69,"box":{"x":184,"y":691,"width":727,"height":11}},{"id":"432a14ea-3e13-44bc-8650-4e4235046e41","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":69,"box":{"x":46,"y":705,"width":869,"height":11}},{"id":"49587b21-54da-469c-910e-85ac0fe446ad","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":69,"box":{"x":46,"y":719,"width":873,"height":11}},{"id":"dcac053c-d3f3-40b5-887a-fc14f414720d","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":69,"box":{"x":46,"y":734,"width":863,"height":10}},{"id":"8e6addf5-c5b1-43a1-83d4-31d44a6793cc","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":69,"box":{"x":46,"y":748,"width":897,"height":11}},{"id":"e569193c-62dc-4932-96cb-d90302f7c485","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":69,"box":{"x":46,"y":762,"width":881,"height":11}},{"id":"7043d369-c603-4dec-95ab-0efb6b42b600","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":69,"box":{"x":45,"y":785,"width":852,"height":11}},{"id":"4ff9f45d-6635-42ff-9cd9-c858d7b705a1","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":69,"box":{"x":46,"y":799,"width":849,"height":11}},{"id":"119a6642-369a-4e06-b334-1ac3b66d4620","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":69,"box":{"x":46,"y":813,"width":877,"height":11}},{"id":"299f6ab3-c56d-4f37-b6fc-131dfd2a5edc","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":69,"box":{"x":46,"y":828,"width":906,"height":10}},{"id":"6e29b408-349f-40a6-b256-0d2f6558bd35","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":69,"box":{"x":46,"y":842,"width":903,"height":11}},{"id":"3be87696-ddfe-46e6-a531-1ecb3d24207a","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":69,"box":{"x":46,"y":856,"width":894,"height":11}},{"id":"9bf9cf2f-e7a1-4b27-948d-499e8b930702","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":69,"box":{"x":46,"y":870,"width":877,"height":11}},{"id":"3a15357f-4fba-4f8a-b379-d86ce2597e87","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":69,"box":{"x":46,"y":884,"width":881,"height":11}},{"id":"835ea8de-e768-4c3d-93f7-ee0ebc5d0813","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":69,"box":{"x":45,"y":899,"width":845,"height":10}},{"id":"ede97a5c-77db-4342-a4ae-b79b8481a162","block_type":"box","text":"7","page_number":69,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"b58c42ea-6ec1-46f8-90ca-388191af97c9","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":70,"box":{"x":46,"y":46,"width":879,"height":11}},{"id":"5e7d32ef-92cb-472b-8372-a675464082b5","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":70,"box":{"x":46,"y":61,"width":340,"height":10}},{"id":"d91a2041-b9fb-4f39-9177-090bf6c64d26","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":70,"box":{"x":46,"y":84,"width":858,"height":11}},{"id":"8b5d5ded-27a5-498e-bc9e-2bc101a571df","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":70,"box":{"x":46,"y":98,"width":880,"height":11}},{"id":"118c6fb4-f3a9-4999-9ea4-60db580340aa","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":70,"box":{"x":46,"y":112,"width":901,"height":11}},{"id":"6d847c5d-ce77-4869-9ebf-633ad4db9e51","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":70,"box":{"x":46,"y":126,"width":905,"height":11}},{"id":"b49d29ed-b0e0-4f77-8900-e5ab521122e8","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":70,"box":{"x":46,"y":140,"width":889,"height":11}},{"id":"25465063-342d-4f73-999b-c212e5e97209","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":70,"box":{"x":46,"y":155,"width":890,"height":11}},{"id":"728f4cfe-3889-44e8-8a8d-736266a841a3","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":70,"box":{"x":46,"y":169,"width":722,"height":11}},{"id":"06a5d8a0-b526-4e3d-9f08-79bde1c8af5b","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":70,"box":{"x":46,"y":192,"width":899,"height":11}},{"id":"e683df94-8fc2-47ce-8395-e83de3925cc2","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":70,"box":{"x":46,"y":206,"width":876,"height":11}},{"id":"f16c59c3-a25f-4cb5-bff9-79c4df6f67e0","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":70,"box":{"x":46,"y":220,"width":865,"height":11}},{"id":"371a70ae-8cab-4c6c-8a22-56633087f920","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":70,"box":{"x":46,"y":235,"width":896,"height":10}},{"id":"4587dc22-06dc-48b1-b08a-a8135d76125e","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":70,"box":{"x":46,"y":249,"width":213,"height":11}},{"id":"125130d2-3cd3-49c7-b916-cce640ea857c","block_type":"box","text":"Industrial Companies Risk.","page_number":70,"box":{"x":46,"y":272,"width":185,"height":11}},{"id":"a32acd30-40a3-4c5c-a744-fd2a7a799ac1","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":70,"box":{"x":237,"y":272,"width":673,"height":11}},{"id":"8765a5d9-43e9-4d1f-b47c-97142808dcea","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":70,"box":{"x":46,"y":286,"width":889,"height":11}},{"id":"281d243b-f567-4deb-8097-308ffa7a3c26","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":70,"box":{"x":46,"y":300,"width":878,"height":11}},{"id":"9f0416fc-bef7-495f-8dd4-c14429473510","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":70,"box":{"x":46,"y":315,"width":872,"height":10}},{"id":"7d202951-fd73-4ce9-9f6b-c198d15d67f7","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":70,"box":{"x":46,"y":329,"width":902,"height":11}},{"id":"c88b77b8-08bd-4d8c-85a1-59299a78ef4d","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":70,"box":{"x":46,"y":343,"width":871,"height":11}},{"id":"8248163f-2abc-4227-9742-963581163e98","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":70,"box":{"x":46,"y":357,"width":881,"height":11}},{"id":"6bdcd9eb-3baa-4036-bf8d-e51221eccd01","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":70,"box":{"x":46,"y":371,"width":892,"height":11}},{"id":"38e44146-1fb7-4ca3-9d0a-0bec7cdb381c","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":70,"box":{"x":46,"y":385,"width":322,"height":11}},{"id":"fa8dd8b3-ecdc-45fb-9b84-6f17e33e7248","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":70,"box":{"x":46,"y":409,"width":900,"height":10}},{"id":"9130d2d7-2892-47b8-8b27-5d4548f1f76c","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":70,"box":{"x":46,"y":423,"width":864,"height":11}},{"id":"9283c01d-1d26-4cae-9e9e-7de29f6349fa","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":70,"box":{"x":46,"y":437,"width":403,"height":11}},{"id":"0b430f9a-f2ea-4575-a3e0-e39113e1186a","block_type":"box","text":"Insurance Industry Risk.","page_number":70,"box":{"x":46,"y":460,"width":168,"height":11}},{"id":"b756dc8f-02e9-429f-8276-14e3da6d92ba","block_type":"box","text":"The insurance industry is subject to extensive government regulation in some countries and can be significantly","page_number":70,"box":{"x":219,"y":460,"width":716,"height":11}},{"id":"79affe30-d03b-43df-8931-3491d4135415","block_type":"box","text":"affected by changes in interest rates, general economic conditions, price and market competition, the imposition of premium rate caps or","page_number":70,"box":{"x":46,"y":474,"width":881,"height":11}},{"id":"fcce8e8a-f0f8-44b8-9522-9227a6abb5b8","block_type":"box","text":"other changes in government regulation or tax law. Certain segments of the insurance industry can be significantly affected by mortality and","page_number":70,"box":{"x":46,"y":489,"width":896,"height":10}},{"id":"13bf27db-a073-46c3-a97e-5cfd0727d1b8","block_type":"box","text":"morbidity rates, environmental clean-up costs and catastrophic events such as earthquakes, hurricanes and terrorist acts.","page_number":70,"box":{"x":46,"y":503,"width":781,"height":11}},{"id":"d958b85b-20e4-4c8b-b78f-c6c438c00e6a","block_type":"box","text":"Issuer Risk.","page_number":70,"box":{"x":46,"y":526,"width":80,"height":8}},{"id":"71cda481-4400-455c-b308-0b6c1f2129ca","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":70,"box":{"x":131,"y":526,"width":755,"height":11}},{"id":"a0da3bea-b809-4498-8a03-36028da6e43e","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":70,"box":{"x":46,"y":540,"width":861,"height":11}},{"id":"16027578-93a3-4052-a0ff-659bdcb9b272","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":70,"box":{"x":45,"y":554,"width":406,"height":11}},{"id":"c40b32c4-c269-4109-97aa-fac6e4c33de0","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":70,"box":{"x":46,"y":578,"width":257,"height":10}},{"id":"ae463dd8-4dfc-421b-80d7-53883c7234a1","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":70,"box":{"x":309,"y":578,"width":631,"height":10}},{"id":"8aa3c737-81b7-465e-b31f-42f16a5bcbe7","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":70,"box":{"x":46,"y":592,"width":881,"height":11}},{"id":"fae032f6-bd10-444f-adbe-c23ba82edb31","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":70,"box":{"x":46,"y":606,"width":890,"height":11}},{"id":"e9d501fa-1f74-4e92-a266-f771683728d6","block_type":"box","text":"performance of the broader securities markets.","page_number":70,"box":{"x":46,"y":620,"width":302,"height":11}},{"id":"86c96b9f-0f77-4a51-a903-0caeacaf10bf","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":70,"box":{"x":46,"y":643,"width":369,"height":11}},{"id":"3a6912bf-394e-460d-8d81-6409df4352b0","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":70,"box":{"x":420,"y":643,"width":517,"height":11}},{"id":"1b6d83ad-5daf-4342-88b2-04bee06a7c2a","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":70,"box":{"x":46,"y":657,"width":875,"height":11}},{"id":"e1ff773c-d0aa-4acf-a255-d38c22c0cb8d","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":70,"box":{"x":46,"y":672,"width":899,"height":10}},{"id":"70311f33-9a38-4932-9619-f6e55ba56109","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":70,"box":{"x":46,"y":686,"width":900,"height":11}},{"id":"dc87d357-aeef-432f-9fdd-899c8bd7018f","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":70,"box":{"x":46,"y":700,"width":887,"height":11}},{"id":"ca70131c-2d02-4d9d-a2ca-e842097d695c","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":70,"box":{"x":46,"y":714,"width":882,"height":11}},{"id":"b75749e1-7707-4715-b02e-fe094a07a93a","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":70,"box":{"x":46,"y":728,"width":888,"height":11}},{"id":"43a33e2b-5c46-4dd5-a4e7-1cd2f6c15110","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":70,"box":{"x":46,"y":743,"width":905,"height":10}},{"id":"cf7e7766-5c2f-4d08-97e7-f685ff6903dc","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":70,"box":{"x":46,"y":757,"width":903,"height":11}},{"id":"879d190b-4069-468f-9a8b-83b8b4f5c459","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":70,"box":{"x":46,"y":771,"width":854,"height":11}},{"id":"2df1509f-c5cd-4504-acba-c6993f81a95e","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":70,"box":{"x":46,"y":785,"width":892,"height":11}},{"id":"92cfb7b2-74c8-4a6c-b7df-f3caa8896837","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":70,"box":{"x":46,"y":799,"width":902,"height":11}},{"id":"635cb51d-79cb-403d-8b7a-b7cce9af3bc9","block_type":"box","text":"to price.","page_number":70,"box":{"x":46,"y":813,"width":51,"height":11}},{"id":"463258ae-0708-4f04-b701-72f84774d5dd","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":70,"box":{"x":45,"y":837,"width":841,"height":10}},{"id":"c19aae31-6b6d-4b86-b078-99a767cd91bb","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":70,"box":{"x":46,"y":851,"width":898,"height":11}},{"id":"d301ae2e-2fe8-4c7d-847c-44145b2146c9","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":70,"box":{"x":46,"y":865,"width":878,"height":11}},{"id":"4f03fe47-e40d-4349-b187-eb8c94849bc1","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":70,"box":{"x":46,"y":879,"width":792,"height":11}},{"id":"750f0500-e5a8-4661-b138-fb3f4ff86093","block_type":"box","text":"8","page_number":70,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"99a3ea2d-346e-418d-8082-0dc62613748c","block_type":"box","text":"Management Risk.","page_number":71,"box":{"x":46,"y":46,"width":127,"height":11}},{"id":"86e17144-84e8-43e4-9765-f6ed30adc084","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":71,"box":{"x":178,"y":46,"width":757,"height":11}},{"id":"96623608-bf94-412f-8f4b-bbf646bae9af","block_type":"box","text":"their investment merits. A Fund does not try to “beat” the Underlying Index it tracks. A Fund may be affected by a general decline in market","page_number":71,"box":{"x":46,"y":61,"width":892,"height":10}},{"id":"9deb2c98-563e-448c-9286-635403ec224f","block_type":"box","text":"segments related to its Underlying Index and does not attempt to take defensive positions under any market conditions, including declining","page_number":71,"box":{"x":46,"y":75,"width":891,"height":11}},{"id":"6bbd6689-ea6f-4eef-80cd-f6c41a7a1b6f","block_type":"box","text":"markets. Market disruptions and regulatory restrictions, among other factors, could have an adverse effect on a Fund’s ability to adjust its","page_number":71,"box":{"x":46,"y":89,"width":883,"height":11}},{"id":"e4353914-16eb-4170-aa40-f1a022c52ad7","block_type":"box","text":"exposure to the levels required to closely track its Underlying Index. Because BFA uses a representative sampling indexing strategy to","page_number":71,"box":{"x":46,"y":103,"width":855,"height":11}},{"id":"ccaf4692-de5b-44a3-a653-e55c6687a71b","block_type":"box","text":"manage index Funds, a Fund will not fully replicate its Underlying Index and may purchase and hold instruments not included in the","page_number":71,"box":{"x":46,"y":117,"width":837,"height":11}},{"id":"18c217f4-4b63-448d-a596-2763da07ae65","block_type":"box","text":"Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time. As a","page_number":71,"box":{"x":46,"y":131,"width":890,"height":11}},{"id":"1c46d9e7-bebf-4aff-9e99-4aafd9bcf5dc","block_type":"box","text":"result, a Fund is subject to the risk that BFA’s investment strategy, whose implementation is subject to a number of constraints, may not","page_number":71,"box":{"x":46,"y":146,"width":872,"height":10}},{"id":"35c29648-c904-4e74-9361-129c797e4a95","block_type":"box","text":"produce the intended results. There is no guarantee that a Fund’s investment results will have a high degree of correlation to those of its","page_number":71,"box":{"x":46,"y":160,"width":872,"height":11}},{"id":"245cf47b-fee7-41e2-aaa2-c79a6d6b5b96","block_type":"box","text":"Underlying Index or that a Fund will achieve its investment objective.","page_number":71,"box":{"x":46,"y":174,"width":439,"height":11}},{"id":"394ea357-3885-4620-a545-7400d34bd8d5","block_type":"box","text":"Market Risk.","page_number":71,"box":{"x":46,"y":197,"width":86,"height":9}},{"id":"e36db503-a8b5-4c5c-9cdd-9ce772e5a0ab","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":71,"box":{"x":137,"y":197,"width":763,"height":11}},{"id":"0a238c7f-e2e1-435b-80f7-ec44da9a26e8","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":71,"box":{"x":46,"y":211,"width":879,"height":11}},{"id":"38d13aed-c314-4ac4-86dc-c61157cf6e4a","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":71,"box":{"x":46,"y":226,"width":884,"height":10}},{"id":"c794d025-8bef-44b9-97be-d588d8372219","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":71,"box":{"x":46,"y":240,"width":904,"height":11}},{"id":"3ce83bba-2ad1-41cc-bfa8-098aeea2beb3","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":71,"box":{"x":45,"y":254,"width":858,"height":11}},{"id":"8c57d8e0-3eb1-4533-9545-b93872940c36","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":71,"box":{"x":45,"y":268,"width":869,"height":11}},{"id":"71148532-2363-41f5-83b0-7febc0799fd2","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":71,"box":{"x":46,"y":282,"width":885,"height":11}},{"id":"37997212-afad-4d1e-a9cb-79b047e4fa9c","block_type":"box","text":"and assets.","page_number":71,"box":{"x":46,"y":297,"width":71,"height":8}},{"id":"420431d7-a69f-44e4-88bc-ad5a505f277f","block_type":"box","text":"Market Trading Risk.","page_number":71,"box":{"x":46,"y":320,"width":141,"height":10}},{"id":"c2b36cad-3607-4c21-8166-f05ae03e1e24","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":71,"box":{"x":192,"y":320,"width":753,"height":11}},{"id":"cacb9b5b-986b-481f-974c-8a3a8924b7fa","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":71,"box":{"x":46,"y":334,"width":896,"height":11}},{"id":"6225b90b-35bc-44d7-8b38-b54ed5f9fa01","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":71,"box":{"x":46,"y":348,"width":877,"height":11}},{"id":"9a7a387a-e676-4011-abd9-731ea9c5080a","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":71,"box":{"x":46,"y":362,"width":447,"height":11}},{"id":"8279c147-79dc-4e83-89ce-5e8a03894a41","block_type":"box","text":"Absence of an Active Primary Market.","page_number":71,"box":{"x":45,"y":385,"width":235,"height":11}},{"id":"31fcb463-e61f-4b49-a5f2-48b382261163","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":71,"box":{"x":286,"y":385,"width":664,"height":11}},{"id":"57aa5900-a4bd-412a-8b95-a7442dc648f8","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":71,"box":{"x":46,"y":400,"width":826,"height":10}},{"id":"5421759e-3f57-46d6-ac30-462769b0f827","block_type":"box","text":"Secondary Listing Risks.","page_number":71,"box":{"x":46,"y":423,"width":151,"height":11}},{"id":"600046c8-ab8c-40c8-8f1b-69c1a4458ee9","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":71,"box":{"x":203,"y":423,"width":732,"height":11}},{"id":"50f6f2c4-ac57-4bf6-890e-b3a2d6580070","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":71,"box":{"x":45,"y":437,"width":842,"height":11}},{"id":"427ec0be-8666-4869-9b2d-719a1971a999","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":71,"box":{"x":46,"y":451,"width":889,"height":11}},{"id":"c79a855d-77d1-4978-8ccb-699c40a971e5","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":71,"box":{"x":46,"y":465,"width":879,"height":11}},{"id":"87908ed4-1459-4129-a1af-baed6bb3437b","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":71,"box":{"x":46,"y":480,"width":872,"height":10}},{"id":"9761ff90-6196-46d6-99cc-0b3afffeaf32","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":71,"box":{"x":46,"y":494,"width":897,"height":11}},{"id":"7c6145a9-36ad-4bb0-b119-fa8e46d7c2a7","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":71,"box":{"x":45,"y":508,"width":863,"height":11}},{"id":"c8a7700d-8c2f-4912-950e-3cd939056129","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":71,"box":{"x":46,"y":522,"width":579,"height":11}},{"id":"a1bcffe3-7906-49f6-b0c9-8d48eb1b9707","block_type":"box","text":"Secondary Market Trading Risk.","page_number":71,"box":{"x":46,"y":545,"width":196,"height":11}},{"id":"b90a25a7-2239-4596-9200-7c634de39906","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":71,"box":{"x":248,"y":545,"width":703,"height":11}},{"id":"72dae388-0b1a-40ca-872e-42432964003a","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":71,"box":{"x":46,"y":559,"width":896,"height":11}},{"id":"75b01278-6bab-4918-b9e9-19a6aa42977a","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":71,"box":{"x":46,"y":574,"width":880,"height":10}},{"id":"9295bd61-bd94-42ae-a951-10c0a2fa4dea","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":71,"box":{"x":46,"y":588,"width":900,"height":11}},{"id":"27e3346a-936c-4e75-ba09-2f2b619a0b58","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":71,"box":{"x":46,"y":602,"width":893,"height":11}},{"id":"bd0250e5-1466-4e25-8ef3-00394cd2d98d","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":71,"box":{"x":46,"y":616,"width":581,"height":11}},{"id":"6780e4df-aad8-4bc0-857d-f4e2130c5739","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":71,"box":{"x":46,"y":639,"width":901,"height":11}},{"id":"572c5857-ca35-47f7-aa5a-f86455d1b891","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":71,"box":{"x":46,"y":654,"width":547,"height":10}},{"id":"c51c2be8-6504-47ff-9feb-b20f34379bc1","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":71,"box":{"x":46,"y":677,"width":894,"height":11}},{"id":"7c82aed5-84cc-4be6-a25b-cfb58977558e","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":71,"box":{"x":46,"y":691,"width":904,"height":11}},{"id":"b9ed7bdf-bee8-46fe-b142-4451b913c6c1","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":71,"box":{"x":46,"y":705,"width":875,"height":11}},{"id":"94b4ad18-6772-4133-95e5-980cc861e4f2","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":71,"box":{"x":46,"y":719,"width":889,"height":11}},{"id":"6a757321-08fc-457f-8dba-cf6858d87426","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":71,"box":{"x":46,"y":733,"width":856,"height":11}},{"id":"ed516cb6-f666-4233-8d87-992c2c73a070","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":71,"box":{"x":46,"y":748,"width":891,"height":11}},{"id":"0afac973-128b-4ff7-8f30-53d82f08566c","block_type":"box","text":"substantial trading losses.","page_number":71,"box":{"x":46,"y":762,"width":166,"height":11}},{"id":"b4b338da-4bc8-43e6-9349-a495a311f73a","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":71,"box":{"x":46,"y":785,"width":873,"height":11}},{"id":"3be480ce-47a9-4c78-a334-1d2ee25b3298","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":71,"box":{"x":46,"y":799,"width":893,"height":11}},{"id":"5a73b5dd-e976-4d8d-807d-048005848733","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":71,"box":{"x":46,"y":813,"width":657,"height":11}},{"id":"35425d75-a5a6-4fe5-9975-d1b55e883e17","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":71,"box":{"x":46,"y":837,"width":309,"height":10}},{"id":"e60b6236-8160-48d3-a3b6-820428d1d1d7","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":71,"box":{"x":355,"y":837,"width":571,"height":10}},{"id":"b59e0d9e-584e-422a-bad9-fa3d091c8c86","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":71,"box":{"x":46,"y":851,"width":853,"height":11}},{"id":"3135ff0e-035e-4f9a-aaaa-0765477bbca7","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":71,"box":{"x":46,"y":865,"width":891,"height":11}},{"id":"805adc31-f2f0-4af8-a69b-081010737ec3","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":71,"box":{"x":46,"y":879,"width":886,"height":11}},{"id":"eaed6e35-84b2-4e12-b7cc-df099b882b30","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions.","page_number":71,"box":{"x":46,"y":893,"width":795,"height":11}},{"id":"4cb68b48-020a-468a-9110-d87c0ddf6ebf","block_type":"box","text":"9","page_number":71,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"95f4560e-ee3e-4d18-8a86-e8fa33c63621","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":72,"box":{"x":46,"y":46,"width":887,"height":11}},{"id":"7f7c805a-b52e-466e-ba77-40fcb4542fc6","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":72,"box":{"x":46,"y":61,"width":892,"height":10}},{"id":"ec505e9a-83b0-47cc-b6ee-9bf730412311","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":72,"box":{"x":46,"y":75,"width":899,"height":11}},{"id":"4cfd720e-6717-41dc-aa4a-543c2abb0a20","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":72,"box":{"x":46,"y":89,"width":899,"height":11}},{"id":"72f93596-83ba-415c-9db1-a4effa93b6cc","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":72,"box":{"x":46,"y":103,"width":878,"height":11}},{"id":"3b5cedb8-a7f2-4d3b-8b61-759bcc8532f4","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":72,"box":{"x":46,"y":117,"width":902,"height":11}},{"id":"5d809764-0979-4c76-a697-807c380a0fbf","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":72,"box":{"x":46,"y":131,"width":890,"height":11}},{"id":"67927bc8-3ed1-4190-aa61-10952febdf74","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":72,"box":{"x":46,"y":146,"width":848,"height":10}},{"id":"7b386302-196b-497c-8526-0645e9b3dbfd","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":72,"box":{"x":46,"y":160,"width":622,"height":11}},{"id":"ee0bba9f-94a5-4bb6-b371-41a1339e5697","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":72,"box":{"x":46,"y":183,"width":245,"height":11}},{"id":"fe1f9bbc-7e9b-4d71-b86d-8e0ced9bb8b4","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":72,"box":{"x":298,"y":183,"width":636,"height":11}},{"id":"3055a80e-a0af-452f-b1ae-e64bdaa8b266","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":72,"box":{"x":46,"y":197,"width":853,"height":11}},{"id":"b6736a11-7808-466d-8a3f-3851b3949e35","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":72,"box":{"x":46,"y":211,"width":895,"height":11}},{"id":"53ff3fbd-de63-435a-8216-718009f397ec","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":72,"box":{"x":46,"y":226,"width":865,"height":10}},{"id":"47b74567-c9a2-4999-8e9a-415fde09e570","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":72,"box":{"x":46,"y":240,"width":885,"height":11}},{"id":"03e86cc7-18c6-4f34-808d-b2987395c324","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":72,"box":{"x":46,"y":254,"width":892,"height":11}},{"id":"dc0b0d03-667e-4666-ade5-092f08a3b869","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":72,"box":{"x":46,"y":268,"width":900,"height":11}},{"id":"30846618-458b-4e6a-9e1f-c68b2f3abfcd","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":72,"box":{"x":46,"y":282,"width":858,"height":11}},{"id":"cafc16d2-16d5-4093-ae02-0d8f2f464c68","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":72,"box":{"x":46,"y":297,"width":418,"height":10}},{"id":"fc4c43e8-f471-4ae0-8be0-fe19e02e6eee","block_type":"box","text":"Materials Companies Risk.","page_number":72,"box":{"x":46,"y":320,"width":183,"height":10}},{"id":"7b61a339-0cb0-4993-8d5e-1f12c8116aa7","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":72,"box":{"x":234,"y":320,"width":660,"height":11}},{"id":"d6c3bf19-043f-40f4-9a65-1524a00f2fea","block_type":"box","text":"supply-demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social","page_number":72,"box":{"x":46,"y":334,"width":886,"height":11}},{"id":"659b1d8f-1141-4f2a-b94c-958f60c96236","block_type":"box","text":"and political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical","page_number":72,"box":{"x":46,"y":348,"width":856,"height":11}},{"id":"edf087aa-5196-4f4a-8e7d-c1818b79beb9","block_type":"box","text":"advances, labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for","page_number":72,"box":{"x":46,"y":362,"width":842,"height":11}},{"id":"e336e4bb-cee1-4b2a-9df5-344d02ffb371","block_type":"box","text":"environmental damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":72,"box":{"x":46,"y":376,"width":772,"height":11}},{"id":"6ce7f602-9ea6-4280-984a-d66794577bdc","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":72,"box":{"x":46,"y":400,"width":244,"height":10}},{"id":"82c067fb-1a8a-42bb-a926-873d307510d2","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":72,"box":{"x":296,"y":400,"width":607,"height":10}},{"id":"3c14c601-efc3-4d5e-a84a-2595edf2ea33","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":72,"box":{"x":46,"y":414,"width":875,"height":11}},{"id":"15ba2dcf-5e2c-45e1-916d-5ed7c0926839","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":72,"box":{"x":46,"y":428,"width":846,"height":11}},{"id":"a707c51a-c918-43c4-a5cb-0cea40a01d85","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":72,"box":{"x":45,"y":442,"width":890,"height":11}},{"id":"6dee4538-1f8d-4d91-83f0-c1d2724ad18d","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":72,"box":{"x":46,"y":456,"width":881,"height":11}},{"id":"c6490e66-ce25-41ae-bcc4-905f0a98b0f5","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":72,"box":{"x":45,"y":471,"width":474,"height":10}},{"id":"a28bee6b-e16f-44bd-9d29-b20477306432","block_type":"box","text":"Non-Diversification Risk.","page_number":72,"box":{"x":46,"y":494,"width":171,"height":8}},{"id":"eb973c1b-5672-4c1a-bb62-efd2315abae0","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":72,"box":{"x":222,"y":494,"width":711,"height":11}},{"id":"fd8c159e-53f1-4906-bf49-304828c29b91","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A","page_number":72,"box":{"x":46,"y":508,"width":822,"height":11}},{"id":"2a5d9cf3-7036-4aa8-9408-48913514ba2d","block_type":"box","text":"non-diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and","page_number":72,"box":{"x":46,"y":522,"width":871,"height":11}},{"id":"7bd2e863-bcec-4997-aadf-bd373d551261","block_type":"box","text":"losses on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a","page_number":72,"box":{"x":46,"y":536,"width":853,"height":11}},{"id":"d3fb4d57-1f6a-4c28-86cd-34becda598a4","block_type":"box","text":"diversified Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":72,"box":{"x":46,"y":550,"width":461,"height":11}},{"id":"740d7e5a-7e79-4af2-90d9-a9983fc03836","block_type":"box","text":"Operational and Technology Risks.","page_number":72,"box":{"x":46,"y":574,"width":239,"height":10}},{"id":"aa57aa74-b7c4-412b-9cfc-3d78fb5b334d","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":72,"box":{"x":290,"y":574,"width":648,"height":10}},{"id":"d006e3ef-0e72-425f-9b83-332eea50f225","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":72,"box":{"x":46,"y":588,"width":841,"height":11}},{"id":"632da5ce-df4a-4c00-910e-a5ca34f8bff6","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":72,"box":{"x":46,"y":602,"width":876,"height":11}},{"id":"4f3afb56-9a79-4a1e-ad8a-7261aeda2818","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":72,"box":{"x":46,"y":616,"width":844,"height":11}},{"id":"66687574-2b0e-4258-847b-62ab0003b7d3","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":72,"box":{"x":46,"y":630,"width":866,"height":11}},{"id":"ac9ee0b1-3eb5-4901-bd5a-63eb7815a24c","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":72,"box":{"x":46,"y":645,"width":892,"height":10}},{"id":"b23fe311-89fc-4101-9300-0093a7345ace","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":72,"box":{"x":46,"y":659,"width":889,"height":11}},{"id":"55285799-9aff-4c3a-a427-36ac39c2809f","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":72,"box":{"x":46,"y":673,"width":869,"height":11}},{"id":"8a00d807-d6c6-4621-9f4e-a9bd801838c6","block_type":"box","text":"risks.","page_number":72,"box":{"x":46,"y":687,"width":32,"height":9}},{"id":"53947211-9ed7-46df-8ff6-47c1c19becd2","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":72,"box":{"x":46,"y":710,"width":895,"height":11}},{"id":"8c4d10b1-48f3-4ee0-a1de-da9341f75bad","block_type":"box","text":"of its service providers. 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Power outages, natural disasters, equipment malfunctions and processing","page_number":72,"box":{"x":46,"y":838,"width":866,"height":11}},{"id":"3fac25a7-8fb6-42ea-84f8-95830a371331","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":72,"box":{"x":46,"y":852,"width":906,"height":11}},{"id":"f02cd726-e015-4ff0-9708-accf2a763f97","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":72,"box":{"x":46,"y":866,"width":904,"height":11}},{"id":"b47ebeeb-39d6-4259-a65c-a16213ad04d2","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":72,"box":{"x":46,"y":880,"width":884,"height":11}},{"id":"7bb0e1dc-935b-4d61-83a8-4f61b9fd062f","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":72,"box":{"x":46,"y":895,"width":873,"height":10}},{"id":"bcdb9bd5-5a51-4bc1-b12c-ca18a0ac7c8c","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":72,"box":{"x":46,"y":909,"width":855,"height":11}},{"id":"dde257c1-4aa6-4b88-a253-4a3e17ef7d17","block_type":"box","text":"10","page_number":72,"box":{"x":494,"y":944,"width":12,"height":8}},{"id":"24a84ba1-b8b6-46e8-9116-6f88d986c5bc","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":73,"box":{"x":46,"y":46,"width":856,"height":11}},{"id":"cd3865eb-d465-41ac-a2d5-b687c3b5918d","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":73,"box":{"x":46,"y":61,"width":896,"height":10}},{"id":"2020a6a9-1c0e-47f5-96fc-9d6b48d181e6","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":73,"box":{"x":46,"y":75,"width":886,"height":11}},{"id":"12c012e2-ae30-49e5-8d11-22768b63fd9d","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":73,"box":{"x":46,"y":89,"width":875,"height":11}},{"id":"fa55d4aa-9caa-4f3c-bf96-f8f23a27ba7a","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":73,"box":{"x":46,"y":103,"width":584,"height":11}},{"id":"5addfaef-8783-47ae-b67e-e0a1df5b49fc","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":73,"box":{"x":45,"y":126,"width":864,"height":11}},{"id":"7d8e51f5-3950-4855-b287-537d07b94b29","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":73,"box":{"x":46,"y":140,"width":888,"height":11}},{"id":"7e4f46c1-9891-46f4-bf9f-273942201b93","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":73,"box":{"x":46,"y":155,"width":840,"height":11}},{"id":"f72047a5-3b10-47cb-b779-8637aab1f755","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. 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A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":73,"box":{"x":46,"y":226,"width":882,"height":10}},{"id":"8de5be1f-4696-4f8e-a8a8-f5795b7c90d3","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":73,"box":{"x":46,"y":240,"width":659,"height":11}},{"id":"765621e5-5c48-4555-8b78-979fb3062be4","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":73,"box":{"x":47,"y":263,"width":829,"height":11}},{"id":"aa7c0e80-bca5-4ac9-90f3-1ca239b55ccf","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":73,"box":{"x":45,"y":277,"width":905,"height":11}},{"id":"632dde28-feea-47d5-a44d-e649f9071b43","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":73,"box":{"x":46,"y":291,"width":757,"height":11}},{"id":"15334394-0a62-4327-a214-b1d16442b380","block_type":"box","text":"Ownership Limitations Risk.","page_number":73,"box":{"x":46,"y":315,"width":195,"height":10}},{"id":"6c7f0b8b-f0df-4458-98e2-0974acc0a414","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":73,"box":{"x":247,"y":315,"width":697,"height":10}},{"id":"3b6a0937-18f8-4afa-8f18-614fa58f3b30","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":73,"box":{"x":47,"y":329,"width":900,"height":11}},{"id":"c4096d3d-f4f6-47bb-9dcd-494c68d42f54","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":73,"box":{"x":46,"y":343,"width":850,"height":11}},{"id":"1b2eb686-6f28-488c-b952-6fe5958c677e","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":73,"box":{"x":46,"y":357,"width":866,"height":11}},{"id":"43bf62a1-f142-4033-a6db-0558c4c44286","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":73,"box":{"x":46,"y":371,"width":903,"height":11}},{"id":"4aeb55ff-b830-4bf3-8430-2e5cc4486881","block_type":"box","text":"holdings.","page_number":73,"box":{"x":46,"y":385,"width":56,"height":11}},{"id":"a33ac218-4243-4725-9e3f-015e448f8921","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":73,"box":{"x":46,"y":409,"width":852,"height":10}},{"id":"a17ad2a7-68a6-4755-a98b-6dc1a84463bb","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":73,"box":{"x":46,"y":423,"width":890,"height":11}},{"id":"be64ff27-886a-4805-bebb-450b52a6f69d","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":73,"box":{"x":46,"y":437,"width":870,"height":11}},{"id":"da502775-de15-4e32-9cd8-19632e1887f4","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":73,"box":{"x":45,"y":451,"width":884,"height":11}},{"id":"48dbace4-5079-4344-b5e1-1488dade967b","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":73,"box":{"x":46,"y":465,"width":905,"height":11}},{"id":"a033c6a8-b868-4b20-b037-ae0bc3c2d49f","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":73,"box":{"x":46,"y":480,"width":886,"height":10}},{"id":"f12726a5-c034-46e2-92f3-d4a67113f1d7","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":73,"box":{"x":46,"y":494,"width":896,"height":11}},{"id":"38f3e3fc-677d-411d-bd6e-913681f0bef4","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":73,"box":{"x":46,"y":517,"width":885,"height":11}},{"id":"ff957df0-764d-4937-beaf-a9047928999c","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or","page_number":73,"box":{"x":46,"y":531,"width":821,"height":11}},{"id":"79b02d86-f9ae-442c-8f21-140799565ca6","block_type":"box","text":"non-disapproval that was obtained.","page_number":73,"box":{"x":46,"y":545,"width":224,"height":11}},{"id":"a545a9d2-cfb0-4fda-87cd-6c9e690c2f8a","block_type":"box","text":"Pharmaceuticals Industry Risk.","page_number":73,"box":{"x":46,"y":568,"width":216,"height":11}},{"id":"23a3ec83-5347-4127-b131-7e242f914641","block_type":"box","text":"Companies in the pharmaceuticals industry are subject to competitive forces that may make it difficult to","page_number":73,"box":{"x":267,"y":568,"width":675,"height":11}},{"id":"440b9f1e-5e70-4be9-abd0-99a00e7ef837","block_type":"box","text":"raise prices of their products and, in fact, may result in price discounting. The profitability of some companies in the pharmaceuticals","page_number":73,"box":{"x":46,"y":583,"width":850,"height":11}},{"id":"fced7514-0cb2-4e9d-b7a7-4063fbaa5c24","block_type":"box","text":"industry may be dependent on a relatively limited number of products. In addition, their products can become obsolete due to industry","page_number":73,"box":{"x":46,"y":597,"width":861,"height":11}},{"id":"7250066b-be32-4202-a096-5ebf4515a435","block_type":"box","text":"innovation, changes in technologies or other market developments. Recently, the U.S. codified the Inflation Reduction Act of 2022, which,","page_number":73,"box":{"x":46,"y":611,"width":882,"height":11}},{"id":"688c5b9a-24d6-46e0-8b74-01540ff1dfed","block_type":"box","text":"among other things, allows for the negotiation of prescription drug prices on behalf of Medicare recipients, which may result in reduced","page_number":73,"box":{"x":46,"y":625,"width":866,"height":11}},{"id":"5cb7d671-d516-4c3a-842a-683e7126615a","block_type":"box","text":"prescription prices. This could reduce some healthcare companies’ overall profitability. Pharmaceutical companies may be dependent on one","page_number":73,"box":{"x":46,"y":639,"width":902,"height":11}},{"id":"60c29dbf-3452-41d1-8bcb-4001154e9a5e","block_type":"box","text":"or more wholesalers (","page_number":73,"box":{"x":46,"y":654,"width":138,"height":10}},{"id":"cbbba5a9-90f9-4feb-b1db-5fab4e632226","block_type":"box","text":"e.g","page_number":73,"box":{"x":185,"y":656,"width":19,"height":8}},{"id":"075fd8f0-326a-4d51-b66a-3d5ff29ca2bc","block_type":"box","text":"., pharmacy benefit managers) for product distribution. Consolidation and integration of pharmacy retailers and","page_number":73,"box":{"x":204,"y":654,"width":712,"height":10}},{"id":"78d500ed-f5fd-4138-a31e-7e44a2a30ffb","block_type":"box","text":"wholesalers may increase competition and pricing pressures on pharmaceutical companies. Many new products in the pharmaceuticals","page_number":73,"box":{"x":45,"y":668,"width":869,"height":11}},{"id":"268f2a05-6021-414f-aa3e-00592573c511","block_type":"box","text":"industry are subject to government approvals, regulation and reimbursement rates, which may affect companies’ profitability. The process of","page_number":73,"box":{"x":46,"y":682,"width":901,"height":11}},{"id":"f01bdd2b-dfac-4d69-91a2-bc28b297ec10","block_type":"box","text":"obtaining government approvals may be long and costly. Many companies in the pharmaceuticals industry are heavily dependent on patents","page_number":73,"box":{"x":46,"y":696,"width":896,"height":11}},{"id":"1e1bf420-1a20-47d0-a24d-aff1feb63075","block_type":"box","text":"and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Companies","page_number":73,"box":{"x":46,"y":710,"width":894,"height":11}},{"id":"c3481fd4-b24f-4243-b293-c68438249912","block_type":"box","text":"in the pharmaceuticals industry may be subject to extensive litigation based on product liability and similar claims.","page_number":73,"box":{"x":46,"y":725,"width":732,"height":10}},{"id":"86f55cb5-3902-4252-a4dd-fe392eb283b9","block_type":"box","text":"Real Estate Companies Risk.","page_number":73,"box":{"x":46,"y":748,"width":197,"height":10}},{"id":"b0ef148e-d323-464c-9ea4-c183b8dcd2f4","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":73,"box":{"x":249,"y":748,"width":648,"height":11}},{"id":"03b0f8a7-fc94-44bd-b50c-f2e8b89ccb91","block_type":"box","text":"companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":73,"box":{"x":46,"y":762,"width":903,"height":11}},{"id":"0b502ad5-565f-4802-883e-68e07990481e","block_type":"box","text":"the risks from the way that such companies operate. Real estate companies and property values may be adversely affected by regulations","page_number":73,"box":{"x":46,"y":776,"width":883,"height":11}},{"id":"4d3ffa73-7605-4adf-a7fd-0f678cd50df0","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":73,"box":{"x":46,"y":790,"width":897,"height":11}},{"id":"ecc27d27-81d0-4e07-9e5e-5d42f2d0b693","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":73,"box":{"x":46,"y":804,"width":330,"height":11}},{"id":"84bceefc-d33c-45eb-8a52-0981c8e7a0f8","block_type":"box","text":"Real estate is highly sensitive to general and local economic conditions and can be subject to intense competition and periodic overbuilding.","page_number":73,"box":{"x":46,"y":828,"width":898,"height":10}},{"id":"673375fe-d643-45e7-aabd-465e25201172","block_type":"box","text":"Real estate companies may own a limited number of properties and concentrate their investments in a particular geographic region, industry","page_number":73,"box":{"x":46,"y":842,"width":900,"height":11}},{"id":"7b3ab920-e06c-4c5f-a424-5cc519d01a61","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":73,"box":{"x":46,"y":856,"width":409,"height":11}},{"id":"a91bc811-e032-44ee-9b47-a96b185577f4","block_type":"box","text":"e.g.","page_number":73,"box":{"x":456,"y":858,"width":21,"height":9}},{"id":"21d0d47f-6e70-4934-a9f6-ee3226c50e32","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":73,"box":{"x":479,"y":856,"width":446,"height":11}},{"id":"820d825e-c2a4-4d0f-a410-c08f9f633b43","block_type":"box","text":"type may lead to decreases in property values, leasing declines and defaults by borrowers or tenants. In the event of a default, a real estate","page_number":73,"box":{"x":46,"y":870,"width":891,"height":11}},{"id":"c87e4826-b02b-413d-ab08-d7892b1b768e","block_type":"box","text":"company may experience substantial delays and costs in enforcing its rights with respect to the property and protecting its investment. In","page_number":73,"box":{"x":46,"y":884,"width":882,"height":11}},{"id":"0c390d82-c5b9-40a7-9db0-f2fa0f364115","block_type":"box","text":"11","page_number":73,"box":{"x":494,"y":944,"width":10,"height":8}},{"id":"189617d7-69d0-414b-9987-66abb4b31920","block_type":"box","text":"addition, because real estate is relatively illiquid, a company may be constrained in its ability to diversify or liquidate its investments in","page_number":74,"box":{"x":46,"y":46,"width":858,"height":11}},{"id":"8eaafc01-7d24-4195-addb-8b5dd75f4c1f","block_type":"box","text":"response to economic conditions or other events.","page_number":74,"box":{"x":46,"y":61,"width":317,"height":10}},{"id":"95c1674e-18a3-43ae-8e93-3acd43a09fd4","block_type":"box","text":"Real estate companies may depend on the management skills of a few key individuals and may have limited financial resources. They may be","page_number":74,"box":{"x":46,"y":84,"width":901,"height":11}},{"id":"80cbda0e-9b41-4551-97b4-52f96556f94b","block_type":"box","text":"highly leveraged, which can magnify losses, and interest rate increases can make it difficult for them, as well as borrowers and tenants, to","page_number":74,"box":{"x":46,"y":98,"width":882,"height":11}},{"id":"f45a1045-6d4c-4ae4-839a-e3d7731ed435","block_type":"box","text":"obtain debt financing and meet payment obligations. Declining interest rates could result in increased prepayment on loans and require","page_number":74,"box":{"x":46,"y":112,"width":867,"height":11}},{"id":"116965b7-4b42-46e2-8fa0-2667f45a3653","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":74,"box":{"x":46,"y":126,"width":343,"height":11}},{"id":"4c2d3c93-3788-4301-8326-93b02ea3f547","block_type":"box","text":"Certain real estate companies, such as REITs, could fail to qualify for favorable tax or regulatory treatment, which could produce adverse","page_number":74,"box":{"x":46,"y":150,"width":874,"height":10}},{"id":"5d6ecd09-9122-42fe-9518-924f2ee5f2f8","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":74,"box":{"x":46,"y":164,"width":492,"height":11}},{"id":"ad1fc812-9c27-4c61-b6e5-bd053e6d2c28","block_type":"box","text":"Risk of Investing in the U.S.","page_number":74,"box":{"x":46,"y":187,"width":190,"height":11}},{"id":"97ba9a7c-8ef9-4504-a11e-7f9c1bfb4a90","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":74,"box":{"x":242,"y":187,"width":684,"height":11}},{"id":"c7874aaf-6617-4ffb-9715-5717060556a0","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":74,"box":{"x":46,"y":201,"width":897,"height":11}},{"id":"1a90de6f-1d02-4b9f-8f94-28dfae92d803","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":74,"box":{"x":46,"y":215,"width":902,"height":11}},{"id":"8ce46f57-08c9-45aa-9b45-ef3466a4d8ab","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":74,"box":{"x":46,"y":229,"width":886,"height":11}},{"id":"483ff1d9-8695-48f3-b3a2-6bb6d24d5e6b","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":74,"box":{"x":46,"y":244,"width":893,"height":10}},{"id":"9b355c67-bcd4-4efd-87be-e375e26ec153","block_type":"box","text":"financial markets or issuers.","page_number":74,"box":{"x":45,"y":258,"width":180,"height":8}},{"id":"16560562-89c2-4dd2-886e-604e1dfc95a3","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":74,"box":{"x":46,"y":281,"width":867,"height":11}},{"id":"4feb6149-c0b9-41ae-8e46-3d5805916a48","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":74,"box":{"x":46,"y":295,"width":868,"height":11}},{"id":"dd218411-cabf-46e8-9af6-74f5c214737f","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":74,"box":{"x":46,"y":309,"width":867,"height":11}},{"id":"a336f6c7-80dc-4c54-94ef-ad30876895e7","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":74,"box":{"x":46,"y":324,"width":899,"height":10}},{"id":"e0526f83-8e0e-4b1e-a88a-7633981bff76","block_type":"box","text":"system.","page_number":74,"box":{"x":46,"y":339,"width":48,"height":10}},{"id":"593d4996-4e27-41cb-adb4-366b06ba2a7a","block_type":"box","text":"Securities Lending Risk.","page_number":74,"box":{"x":46,"y":361,"width":166,"height":11}},{"id":"0c4df93c-bb3f-4ba8-b8f0-8a304ab399a2","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":74,"box":{"x":217,"y":361,"width":730,"height":11}},{"id":"7a29fb73-ae6c-47d0-9b0c-13a7d54e47cd","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":74,"box":{"x":46,"y":375,"width":897,"height":11}},{"id":"391559a4-dbfb-49f7-b6ff-11fa8456b21c","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":74,"box":{"x":46,"y":389,"width":892,"height":11}},{"id":"37e8071f-24a8-4bfa-8331-25495ae6ff92","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":74,"box":{"x":46,"y":403,"width":403,"height":11}},{"id":"5e447f28-c55f-4876-a083-8d52c528be59","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":74,"box":{"x":46,"y":427,"width":257,"height":10}},{"id":"e35defcd-d2c2-4ab4-8290-18683d3bd0dd","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":74,"box":{"x":309,"y":427,"width":617,"height":11}},{"id":"976423a3-cff8-42f5-b86d-22a2c38117a7","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":74,"box":{"x":46,"y":441,"width":862,"height":11}},{"id":"a6fafd9e-8971-4d69-8326-e9fe150e4317","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":74,"box":{"x":46,"y":455,"width":868,"height":11}},{"id":"bc5c8d7a-ceb3-4ffd-9cea-0a58a480f9fc","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":74,"box":{"x":46,"y":469,"width":895,"height":11}},{"id":"275cd09b-2af0-4c10-9aa4-01dc50d7cb1e","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":74,"box":{"x":46,"y":483,"width":899,"height":11}},{"id":"ff9510d7-fe98-4cd2-8c43-5f13037cd472","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":74,"box":{"x":45,"y":498,"width":901,"height":10}},{"id":"91bbb92e-be00-43f3-ae9a-de98b5be6470","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":74,"box":{"x":46,"y":512,"width":886,"height":11}},{"id":"86730b7a-b93c-4213-9754-b3c6e4f493fb","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":74,"box":{"x":45,"y":526,"width":355,"height":11}},{"id":"0b986ca8-c3a4-48cf-99fa-c15c7c2091df","block_type":"box","text":"Sustainability Risk.","page_number":74,"box":{"x":46,"y":549,"width":132,"height":11}},{"id":"eeb6aae1-e313-4cc6-87f7-5b004b8f87da","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":74,"box":{"x":183,"y":549,"width":762,"height":11}},{"id":"362a86a7-cd90-40ef-b9db-c9ecc9f5064b","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":74,"box":{"x":46,"y":563,"width":732,"height":11}},{"id":"5d623d3c-c0d2-4671-adcc-ab522546c6f6","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":74,"box":{"x":46,"y":587,"width":874,"height":10}},{"id":"1f62d4e6-f467-4ef0-a0d4-9e985d35c458","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":74,"box":{"x":46,"y":601,"width":875,"height":11}},{"id":"4df10fe4-d945-4ddf-91c9-42bf05a2384c","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":74,"box":{"x":46,"y":615,"width":901,"height":11}},{"id":"195a9e04-8295-4b86-b327-66ed98654dc7","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":74,"box":{"x":46,"y":629,"width":883,"height":11}},{"id":"493d9919-e361-4cb0-b71a-af5c35359938","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":74,"box":{"x":46,"y":643,"width":862,"height":11}},{"id":"77cb0fd0-337d-40b0-86ef-1f4ea384346b","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":74,"box":{"x":46,"y":657,"width":864,"height":11}},{"id":"6f465f0f-c62e-4ffd-be7a-7fd35abd8871","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":74,"box":{"x":46,"y":672,"width":885,"height":10}},{"id":"14348a15-f747-4621-aa65-058b70d5c784","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":74,"box":{"x":45,"y":695,"width":906,"height":11}},{"id":"248e24f9-463b-4393-8658-26d1fc88c44f","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":74,"box":{"x":45,"y":709,"width":852,"height":11}},{"id":"4821c303-e7b3-4828-8e0e-eb5b05ab585a","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":74,"box":{"x":46,"y":732,"width":875,"height":11}},{"id":"947ed86e-5882-4a3d-b6e1-0980f5ffd110","block_type":"box","text":"edit","page_number":74,"box":{"x":922,"y":732,"width":23,"height":9}},{"id":"636a242e-34ef-46bf-a832-ef6bfec465b4","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":74,"box":{"x":46,"y":746,"width":890,"height":11}},{"id":"6e568a1d-c58a-4455-8139-74d3e077bc6e","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":74,"box":{"x":46,"y":761,"width":343,"height":10}},{"id":"f4dbbfad-03b9-42eb-9f13-22947b35a996","block_type":"box","text":"e.g","page_number":74,"box":{"x":390,"y":763,"width":19,"height":8}},{"id":"7129746a-9ebe-4674-875b-ac4d0af993af","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":74,"box":{"x":409,"y":761,"width":535,"height":10}},{"id":"0d928346-6c67-4610-b5b5-8146a1b66b03","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":74,"box":{"x":46,"y":775,"width":467,"height":11}},{"id":"e1a6b382-14a4-4563-9831-8df4a6dddf17","block_type":"box","text":"e.g","page_number":74,"box":{"x":515,"y":777,"width":19,"height":9}},{"id":"c1f53dd8-74ab-430e-aae7-34798bbe2062","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":74,"box":{"x":534,"y":775,"width":411,"height":11}},{"id":"8a0d463b-b1d9-4985-832f-84acad7afabf","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":74,"box":{"x":46,"y":789,"width":845,"height":11}},{"id":"5eb867a0-3824-4bcf-95e1-a30efdd402f3","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":74,"box":{"x":46,"y":803,"width":776,"height":11}},{"id":"3b244718-806d-40d1-9c50-839b1efdb7dc","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":74,"box":{"x":45,"y":826,"width":903,"height":11}},{"id":"1e231dc1-cc7b-4243-b21b-094b6655c5ef","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":74,"box":{"x":46,"y":840,"width":840,"height":11}},{"id":"d796fb9f-e5ae-4591-b073-ea951b49527f","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":74,"box":{"x":46,"y":855,"width":898,"height":11}},{"id":"1322a8f9-4a34-4920-bcf8-1cde2783583e","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":74,"box":{"x":46,"y":869,"width":873,"height":11}},{"id":"423c79eb-f564-4098-b66e-3c77ff4437d6","block_type":"box","text":"transition risks.","page_number":74,"box":{"x":46,"y":883,"width":97,"height":9}},{"id":"46c46771-5172-46c8-a840-89367469abf0","block_type":"box","text":"12","page_number":74,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"75f8e139-1139-4ae2-ac3f-c729a0ed8697","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":75,"box":{"x":45,"y":46,"width":870,"height":11}},{"id":"aff71e25-788e-4de0-b1ab-509b90b4eee9","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":75,"box":{"x":46,"y":61,"width":442,"height":10}},{"id":"6bc14c64-e9a1-4880-86e4-0112460c7d4c","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":75,"box":{"x":45,"y":84,"width":851,"height":11}},{"id":"52149456-c1e8-40bd-9412-0759affe7dba","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":75,"box":{"x":46,"y":98,"width":889,"height":11}},{"id":"e574e24c-2ed4-4d6b-b7e9-8c4ba6a25413","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":75,"box":{"x":46,"y":112,"width":903,"height":11}},{"id":"1d49f5f1-9693-4e6f-b5b6-5a017a3f2331","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":75,"box":{"x":46,"y":126,"width":251,"height":11}},{"id":"1363832f-70e9-4cbd-9dad-e129ede74068","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":75,"box":{"x":45,"y":150,"width":830,"height":10}},{"id":"9761aa14-5888-4376-8333-37fdc1bb5e3f","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":75,"box":{"x":46,"y":164,"width":476,"height":11}},{"id":"3471fdc8-2295-47fd-8f03-0310d97ad0f5","block_type":"box","text":"Tracking Error Risk.","page_number":75,"box":{"x":45,"y":187,"width":135,"height":11}},{"id":"08ae8c2a-6266-42b9-8773-cfa8b73da9d0","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":75,"box":{"x":185,"y":187,"width":749,"height":11}},{"id":"f16ddfaa-0aed-46f9-9a57-82516c843ca4","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and","page_number":75,"box":{"x":45,"y":201,"width":872,"height":11}},{"id":"e4f5b99f-98f3-415d-bbb5-bb0352e97b49","block_type":"box","text":"other assets held in a Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value","page_number":75,"box":{"x":46,"y":215,"width":897,"height":11}},{"id":"d6e0401f-54ba-42b3-9724-585f80ea156d","block_type":"box","text":"securities and other assets; transaction costs and other expenses incurred by a Fund that the Underlying Index does not incur; a Fund’s","page_number":75,"box":{"x":46,"y":229,"width":867,"height":11}},{"id":"106e6d62-c35d-43aa-9073-d594c1c32cfa","block_type":"box","text":"holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by a Fund or","page_number":75,"box":{"x":46,"y":244,"width":824,"height":10}},{"id":"89764e7d-e236-4277-a3b4-4d98c6595e22","block_type":"box","text":"distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends","page_number":75,"box":{"x":46,"y":258,"width":904,"height":11}},{"id":"e69d5bcb-9a39-4839-a4e8-c161aaf6ab23","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain","page_number":75,"box":{"x":46,"y":272,"width":862,"height":11}},{"id":"e813a896-3d4c-4ced-a0c2-9263b01feea5","block_type":"box","text":"pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":75,"box":{"x":46,"y":286,"width":903,"height":11}},{"id":"31094702-3047-42ef-98a7-d327ca1bc8e2","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution, including the ability and timing of a Fund to","page_number":75,"box":{"x":46,"y":300,"width":901,"height":11}},{"id":"fa972d3f-241e-4069-a230-bcee8dcc47ae","block_type":"box","text":"adjust its portfolio to reflect changes in the Underlying Index; and impacts to a Fund of complying with certain regulatory requirements or","page_number":75,"box":{"x":46,"y":315,"width":880,"height":10}},{"id":"db73b326-b966-4d91-9e81-b7cf6b6656ec","block_type":"box","text":"limits. A Fund that tracks an index composed of a large number of components may experience greater tracking error than a Fund that tracks","page_number":75,"box":{"x":46,"y":329,"width":904,"height":11}},{"id":"9e009d3d-7ceb-4dc1-b697-3d8c234d32d1","block_type":"box","text":"a more narrow index. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":75,"box":{"x":46,"y":343,"width":887,"height":11}},{"id":"ab4efbdf-e59c-4e3c-be69-9d1aa1b2d025","block_type":"box","text":"Portfolio Holdings Information","page_number":75,"box":{"x":47,"y":372,"width":297,"height":17}},{"id":"1029647f-dc41-4480-8a6c-9bce857c61f1","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":75,"box":{"x":45,"y":401,"width":896,"height":11}},{"id":"2699cd48-c91a-4b2c-a05c-bb0cdfc4968e","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":75,"box":{"x":46,"y":415,"width":905,"height":11}},{"id":"c8341127-62a0-451b-a3b1-ee63a405ccad","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":75,"box":{"x":46,"y":429,"width":893,"height":11}},{"id":"e4e7764a-12bd-4ebe-9c82-10acf306dd6e","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":75,"box":{"x":46,"y":443,"width":256,"height":11}},{"id":"067ad858-02f4-4f36-a5e4-dd3962024aea","block_type":"box","text":"Management of the Funds","page_number":75,"box":{"x":47,"y":472,"width":258,"height":17}},{"id":"1ae2e519-d0e9-44e2-8c70-5ecc4b81ec0a","block_type":"box","text":"Investment Adviser","page_number":75,"box":{"x":46,"y":501,"width":135,"height":9}},{"id":"25e9a606-92ab-4aa5-8eed-8ddbe960ded8","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":75,"box":{"x":45,"y":525,"width":840,"height":11}},{"id":"b47d5300-daca-483e-9869-dcf2548dd116","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":75,"box":{"x":46,"y":539,"width":899,"height":11}},{"id":"931ea2c9-e4ff-4ffe-96f1-f1a7178b38f9","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":75,"box":{"x":46,"y":553,"width":886,"height":11}},{"id":"b4be6926-6953-4f81-8fff-21c359ca60ad","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":75,"box":{"x":46,"y":567,"width":853,"height":11}},{"id":"0e11db6e-423a-4387-92c5-6fbbd9a4a95a","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. 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These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":77,"box":{"x":46,"y":272,"width":861,"height":11}},{"id":"d22e1c8e-8d4c-4ac8-847a-8e776e3206ac","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":77,"box":{"x":46,"y":286,"width":411,"height":11}},{"id":"8fee6e52-87d4-4ffc-bb94-731120b98f27","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":77,"box":{"x":45,"y":309,"width":892,"height":11}},{"id":"037af57f-aa2b-45f3-bca0-14b98af20fc9","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":77,"box":{"x":46,"y":324,"width":863,"height":10}},{"id":"54615ba9-d38e-4a7c-b0ef-e983c741d8ea","block_type":"box","text":"compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other","page_number":77,"box":{"x":46,"y":338,"width":845,"height":11}},{"id":"c3f6cacb-e009-4950-bae9-0c868d99da4a","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":77,"box":{"x":46,"y":352,"width":695,"height":11}},{"id":"991c3a69-78c8-4385-a32c-70da40681fef","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":77,"box":{"x":45,"y":375,"width":872,"height":11}},{"id":"101b2b9b-28d1-410f-8995-30b3d7ea87c5","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":77,"box":{"x":46,"y":389,"width":348,"height":11}},{"id":"19170a55-dbf5-4f22-a45e-f21701a98bf3","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":77,"box":{"x":47,"y":412,"width":891,"height":11}},{"id":"83443cda-1e98-44c8-a3c7-0f94be6eb7fb","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":77,"box":{"x":45,"y":427,"width":874,"height":11}},{"id":"4dcfe114-1f12-4fc5-a925-dccbc5a3fe67","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":77,"box":{"x":46,"y":441,"width":903,"height":11}},{"id":"e974bb51-ffab-4a12-ac57-4b9a1e8155de","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":77,"box":{"x":45,"y":455,"width":898,"height":11}},{"id":"ac4fe018-8208-4b2f-8366-2e620fbd602e","block_type":"box","text":"possible.","page_number":77,"box":{"x":46,"y":469,"width":55,"height":11}},{"id":"fe8f9295-7df0-42bf-a857-c862373a1403","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":77,"box":{"x":46,"y":492,"width":889,"height":11}},{"id":"86341fb8-bdc5-47f0-90af-c28b3819ec9b","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":77,"box":{"x":46,"y":507,"width":857,"height":10}},{"id":"906cca6d-7b1a-4192-9d93-0594bbdb4b02","block_type":"box","text":"employees or clients.","page_number":77,"box":{"x":46,"y":521,"width":135,"height":11}},{"id":"cbfb4049-9648-4dab-9b47-dfef2d530762","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":77,"box":{"x":46,"y":544,"width":877,"height":11}},{"id":"4a9bef71-cf1b-482e-abf9-ef4d82dc481b","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":77,"box":{"x":46,"y":558,"width":851,"height":11}},{"id":"1e8247c7-fd9f-4a58-ba27-b99fed080b3f","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":77,"box":{"x":46,"y":572,"width":440,"height":11}},{"id":"d12cad18-04b3-45fb-9207-130e8ad7e3ae","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":77,"box":{"x":45,"y":596,"width":902,"height":10}},{"id":"1831db87-1566-4e55-8356-36089d2f1a64","block_type":"box","text":"such restrictions.","page_number":77,"box":{"x":46,"y":610,"width":109,"height":8}},{"id":"362a4a48-6776-48f6-92d3-9d8eba491542","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":77,"box":{"x":46,"y":633,"width":863,"height":11}},{"id":"0a0089f7-4ce6-4322-b6f8-22f65b8a8d8a","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":77,"box":{"x":46,"y":647,"width":855,"height":11}},{"id":"e2f18010-f090-4d00-b42d-45a950ad094a","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":77,"box":{"x":46,"y":661,"width":863,"height":11}},{"id":"e7b5eb0e-4f84-49a2-8e40-1ca54a2fa6fb","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":77,"box":{"x":46,"y":675,"width":877,"height":11}},{"id":"67a3e089-e5b2-47fb-9360-fa19d2d594d6","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":77,"box":{"x":46,"y":690,"width":363,"height":11}},{"id":"4c2ae650-553b-4bee-b106-18665a4632eb","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":77,"box":{"x":46,"y":713,"width":895,"height":11}},{"id":"f9aab70a-2faa-4513-9c00-4d11c05c37f3","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":77,"box":{"x":46,"y":727,"width":859,"height":11}},{"id":"babec956-178c-4ad6-939f-0299a62e672d","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":77,"box":{"x":46,"y":741,"width":855,"height":11}},{"id":"1714ba32-01ab-4953-94c8-bd5abea8c116","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":77,"box":{"x":46,"y":755,"width":894,"height":11}},{"id":"71e543f8-8529-4a02-aaea-a642300a98b2","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":77,"box":{"x":45,"y":770,"width":872,"height":10}},{"id":"b78b954d-2a29-4730-a24a-60c035eb1065","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":77,"box":{"x":46,"y":784,"width":848,"height":11}},{"id":"72574b70-3215-465a-b66a-d0f18bf6ed6c","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":77,"box":{"x":47,"y":798,"width":342,"height":11}},{"id":"fcc5a104-13d4-4de4-9a10-830a0c5e1f87","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":77,"box":{"x":47,"y":821,"width":893,"height":11}},{"id":"86d44b6b-5b32-4088-a7b1-56069f97947f","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":77,"box":{"x":46,"y":835,"width":885,"height":11}},{"id":"2467f2e4-a40d-4447-85c8-f5fcd9d7eb5d","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":77,"box":{"x":46,"y":850,"width":896,"height":10}},{"id":"7ee08c49-d8cb-4020-afee-7cf1e778650b","block_type":"box","text":"licensees.","page_number":77,"box":{"x":46,"y":864,"width":62,"height":8}},{"id":"d5760d19-9b7c-47c5-ab51-4ce83df490de","block_type":"box","text":"15","page_number":77,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"17f954d5-2697-4258-ac1f-168a69105824","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":78,"box":{"x":45,"y":46,"width":876,"height":11}},{"id":"88b88e77-4dea-413d-9da5-a35ac215acdc","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":78,"box":{"x":46,"y":61,"width":886,"height":10}},{"id":"e5d9f92e-6285-4bb0-baff-3748d2bdc155","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":78,"box":{"x":46,"y":75,"width":326,"height":8}},{"id":"780810da-c793-425a-8401-ef38b816490e","block_type":"box","text":"Shareholder Information","page_number":78,"box":{"x":46,"y":104,"width":241,"height":13}},{"id":"2b9224c1-fab7-4002-801b-abfaa468f958","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":78,"box":{"x":45,"y":133,"width":820,"height":11}},{"id":"15a211f3-3815-46c1-b017-fb392b550e05","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":78,"box":{"x":48,"y":147,"width":383,"height":11}},{"id":"e22b8e8e-dfea-4b5c-bab4-451014b8e4e3","block_type":"box","text":"Buying and Selling Shares","page_number":78,"box":{"x":46,"y":170,"width":181,"height":11}},{"id":"0c1eaf31-0b7c-416a-87a0-ff09679709d0","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":78,"box":{"x":45,"y":193,"width":840,"height":11}},{"id":"01285205-b3b2-473b-a965-8c5f0fef61c5","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":78,"box":{"x":46,"y":208,"width":584,"height":10}},{"id":"180f1f20-6f0f-4da4-8f8a-e00af7623522","block_type":"box","text":"i.e","page_number":78,"box":{"x":631,"y":208,"width":14,"height":8}},{"id":"7c22108d-e220-47a5-aafd-469ce92fa72f","block_type":"box","text":"., financial institutions that are authorized to","page_number":78,"box":{"x":647,"y":208,"width":282,"height":10}},{"id":"9362667b-ed79-4b0f-b5d6-66cb4840bee6","block_type":"box","text":"participate in such transactions), as described in the","page_number":78,"box":{"x":46,"y":222,"width":335,"height":11}},{"id":"36d7bb89-ee88-4099-9145-cfba45ad3bd9","block_type":"box","text":"Creations and Redemptions","page_number":78,"box":{"x":386,"y":222,"width":174,"height":10}},{"id":"972bef05-e06f-44c9-824b-f0ad057616a9","block_type":"box","text":"section below.","page_number":78,"box":{"x":565,"y":222,"width":90,"height":8}},{"id":"7c7aeaa8-7cec-4941-b608-aaf03be9a1bb","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":78,"box":{"x":46,"y":245,"width":904,"height":11}},{"id":"4918b613-45c3-4d4c-b3ae-707fa71f610e","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":78,"box":{"x":46,"y":259,"width":861,"height":11}},{"id":"4cf8b2c1-ca2f-45de-b697-60da84bd9340","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":78,"box":{"x":46,"y":273,"width":856,"height":11}},{"id":"a78eb929-6c9f-41cf-b49b-a266e6861b78","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":78,"box":{"x":46,"y":287,"width":597,"height":11}},{"id":"518b5a8c-c166-4dde-910d-f6625daf017a","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":78,"box":{"x":47,"y":311,"width":899,"height":11}},{"id":"ca97d749-47c7-40f6-a877-5296e79a9381","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":78,"box":{"x":46,"y":325,"width":868,"height":11}},{"id":"f3a0666c-e146-4af9-8f61-bf05d4b1345e","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":78,"box":{"x":46,"y":339,"width":888,"height":11}},{"id":"39248ede-eff5-442e-aee7-5458769388bf","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":78,"box":{"x":46,"y":353,"width":884,"height":11}},{"id":"9e8e2823-5de3-4971-a85f-fdaf234dc063","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":78,"box":{"x":45,"y":367,"width":905,"height":11}},{"id":"20b5245d-1cda-4472-8a15-742cf69306a1","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":78,"box":{"x":46,"y":382,"width":897,"height":10}},{"id":"2405b87a-54b1-4e1e-9f14-446ad16a3942","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":78,"box":{"x":45,"y":396,"width":888,"height":11}},{"id":"a4b83c91-85bb-49db-bf2c-84fb2c4924f6","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":78,"box":{"x":46,"y":410,"width":713,"height":11}},{"id":"e0ddbb1b-dc0f-4ea7-984f-a3d5e3919506","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":78,"box":{"x":45,"y":433,"width":903,"height":11}},{"id":"797d4896-5bc9-4ccc-8876-267f6062d1c3","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":78,"box":{"x":45,"y":447,"width":856,"height":11}},{"id":"9b80cb5f-6257-4787-9b1d-e8f0685e988d","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":78,"box":{"x":46,"y":462,"width":613,"height":10}},{"id":"7cef521d-4ed7-40bd-9049-7f55f43fcc79","block_type":"box","text":"Investments in Investment Companies","page_number":78,"box":{"x":46,"y":485,"width":269,"height":10}},{"id":"bb909272-53f5-4226-8043-89d81011b380","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":78,"box":{"x":46,"y":508,"width":873,"height":11}},{"id":"acbd72c5-7f17-4370-b49b-91d71bcca2fe","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":78,"box":{"x":46,"y":522,"width":888,"height":11}},{"id":"0e98b9f8-d2b5-4f3d-9e2b-171ad84975c2","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":78,"box":{"x":46,"y":536,"width":847,"height":11}},{"id":"6f617279-8f2b-465e-a320-c7475b604ba9","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":78,"box":{"x":46,"y":550,"width":897,"height":11}},{"id":"4b3af02d-1bfe-4dd9-aa76-e1f24ccea520","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":78,"box":{"x":46,"y":565,"width":890,"height":10}},{"id":"5e521792-ebf5-4b25-a4cf-cd016b54341a","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":78,"box":{"x":46,"y":579,"width":904,"height":11}},{"id":"79017d66-46cc-4e3f-9a72-446ab483c02a","block_type":"box","text":"investment companies and companies controlled by them.","page_number":78,"box":{"x":46,"y":593,"width":373,"height":11}},{"id":"a2779602-9412-4df0-93fb-2eaa782f8429","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in","page_number":78,"box":{"x":47,"y":616,"width":815,"height":11}},{"id":"01c655c7-bf72-4304-b93e-495d26bd974a","block_type":"box","text":"Section 12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an","page_number":78,"box":{"x":46,"y":630,"width":864,"height":11}},{"id":"a1a35ec9-d8cd-407f-90f7-ebb171277d76","block_type":"box","text":"Acquired Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund","page_number":78,"box":{"x":45,"y":645,"width":869,"height":10}},{"id":"708951e5-b123-4d1c-8cd1-1da637772d43","block_type":"box","text":"invests significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on","page_number":78,"box":{"x":46,"y":659,"width":890,"height":11}},{"id":"b986fcdb-7237-4d08-bb43-3e1e4c041c4f","block_type":"box","text":"Rule 12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund","page_number":78,"box":{"x":46,"y":673,"width":877,"height":11}},{"id":"4132f9dd-0618-466b-8583-0d45c6049449","block_type":"box","text":"beyond the limits set forth in Section 12(d)(1) should contact BFA.","page_number":78,"box":{"x":46,"y":687,"width":418,"height":11}},{"id":"a9112d09-97a4-4c0c-96d8-68fe60d26b25","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":78,"box":{"x":46,"y":710,"width":884,"height":11}},{"id":"15ca7849-0399-4a5f-94f0-fce789776f97","block_type":"box","text":"SEC no-action relief.","page_number":78,"box":{"x":46,"y":724,"width":130,"height":9}},{"id":"7ba84ff8-46ed-4559-bcaa-5cdaa378a3b8","block_type":"box","text":"Book Entry","page_number":78,"box":{"x":46,"y":748,"width":76,"height":10}},{"id":"545c2b37-44c2-4bd4-bcde-52e8e65fc64e","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":78,"box":{"x":46,"y":771,"width":891,"height":11}},{"id":"ea83360e-1650-4453-9d0c-5221cf62fe6d","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":78,"box":{"x":45,"y":785,"width":832,"height":11}},{"id":"0b973ac2-ab2a-41ae-bf62-616c2165f68d","block_type":"box","text":"outstanding shares of the Funds.","page_number":78,"box":{"x":46,"y":799,"width":209,"height":11}},{"id":"7eea57cc-8986-4216-aab1-7406385de3a7","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":78,"box":{"x":46,"y":822,"width":886,"height":11}},{"id":"30a28bb0-fc7d-407d-8f3a-64650f97f008","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":78,"box":{"x":46,"y":837,"width":863,"height":10}},{"id":"422f4b1a-8e37-4275-a409-01309e42bb41","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":78,"box":{"x":46,"y":851,"width":888,"height":11}},{"id":"11a27207-3498-4dc0-ab1c-6d7591771003","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":78,"box":{"x":46,"y":865,"width":873,"height":11}},{"id":"787f9561-c715-488d-834d-ea8cc2d6ac8c","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":78,"box":{"x":46,"y":879,"width":900,"height":11}},{"id":"f79c94c8-215f-468d-9825-ca6aa7e7ff3d","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":78,"box":{"x":46,"y":893,"width":329,"height":11}},{"id":"beacd5af-3f28-48a0-bb34-40ff8ddcf386","block_type":"box","text":"16","page_number":78,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"58505214-f742-4311-9d15-d787c67a255f","block_type":"box","text":"Share Prices","page_number":79,"box":{"x":46,"y":46,"width":87,"height":9}},{"id":"21ba6c98-351c-4c7a-a545-cc890d813465","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":79,"box":{"x":45,"y":70,"width":895,"height":10}},{"id":"7da6db05-733b-447b-ae31-b9436256c823","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":79,"box":{"x":46,"y":84,"width":876,"height":11}},{"id":"f4a54902-8208-49c1-aa28-a031e88cddb4","block_type":"box","text":"conditions.","page_number":79,"box":{"x":46,"y":98,"width":69,"height":8}},{"id":"94e1caba-8c35-4fe6-a6aa-3f105e0352ac","block_type":"box","text":"Determination of Net Asset Value","page_number":79,"box":{"x":46,"y":121,"width":233,"height":9}},{"id":"09d8e717-8509-4dbd-a35e-82ff25e00b81","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":79,"box":{"x":45,"y":144,"width":873,"height":11}},{"id":"e98f461b-7e66-49b3-8424-5cdad332b333","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":79,"box":{"x":46,"y":159,"width":904,"height":10}},{"id":"18d31c6b-a472-4b91-b8f1-cfe7d09c8dc0","block_type":"box","text":"on prices at the time of closing.","page_number":79,"box":{"x":46,"y":173,"width":200,"height":11}},{"id":"6183e663-038c-4f66-85fc-6d8265fe1979","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":79,"box":{"x":45,"y":196,"width":884,"height":11}},{"id":"f88dc38a-d527-4980-8542-3958039b5fbe","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":79,"box":{"x":46,"y":210,"width":554,"height":11}},{"id":"9357caa3-1b9e-41b9-9f62-f9d9e83d4f97","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":79,"box":{"x":45,"y":233,"width":501,"height":11}},{"id":"5912cc35-b6aa-4df3-8a83-21cbaa95be54","block_type":"box","text":"i.e","page_number":79,"box":{"x":547,"y":233,"width":15,"height":9}},{"id":"7dfaec4d-2cf1-4d2c-84fc-d58683efe3cd","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":79,"box":{"x":563,"y":233,"width":354,"height":11}},{"id":"8212c8bf-d745-42c6-a9af-4453b40f267c","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":79,"box":{"x":46,"y":247,"width":858,"height":11}},{"id":"06d0ccee-aaeb-4e7a-89b8-45644a8a930b","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":79,"box":{"x":46,"y":262,"width":884,"height":10}},{"id":"54649e5f-7e39-4da2-8702-5f07a48c75cb","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":79,"box":{"x":47,"y":276,"width":880,"height":11}},{"id":"5f13b144-9dae-40f3-987e-0ce7d75516ad","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market","page_number":79,"box":{"x":46,"y":299,"width":868,"height":11}},{"id":"ab62ebff-9b90-45c7-a6c7-0f5d6a5fe25d","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":79,"box":{"x":46,"y":313,"width":896,"height":11}},{"id":"2eee3fdc-2cd1-4680-801d-367c42d93691","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded","page_number":79,"box":{"x":46,"y":327,"width":903,"height":11}},{"id":"6492f11b-53c0-410c-8d79-053b6b2a2cc1","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":79,"box":{"x":46,"y":342,"width":897,"height":10}},{"id":"79871707-0f28-4480-998c-c31d025162cc","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":79,"box":{"x":46,"y":356,"width":887,"height":11}},{"id":"779052b2-c311-4a02-abe1-78c86d10a945","block_type":"box","text":"price.","page_number":79,"box":{"x":46,"y":370,"width":34,"height":11}},{"id":"035c9c12-1f70-459b-a421-eedb33d2531d","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":79,"box":{"x":46,"y":393,"width":905,"height":11}},{"id":"e30ee3e7-5bab-4df7-97df-1a1144904c2d","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":79,"box":{"x":46,"y":407,"width":891,"height":11}},{"id":"ec1a3a5f-fb13-4499-8196-51c0dd5c345d","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":79,"box":{"x":45,"y":422,"width":862,"height":10}},{"id":"964dc6f2-3ee1-4278-8da9-7948e3ea869b","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":79,"box":{"x":46,"y":436,"width":901,"height":11}},{"id":"d5639c0d-a8c1-4829-af5e-8acb1fed9053","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":79,"box":{"x":46,"y":450,"width":905,"height":11}},{"id":"c629505a-88d5-4fe2-bd03-ed318caf8a4f","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":79,"box":{"x":46,"y":464,"width":899,"height":11}},{"id":"bc3698f7-75d8-4dc2-9988-45efc30d6997","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":79,"box":{"x":46,"y":478,"width":903,"height":11}},{"id":"85519d28-33aa-4a92-86a0-cc7c73d1b87a","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":79,"box":{"x":47,"y":492,"width":491,"height":11}},{"id":"0befe98a-d57a-4737-ab0a-21b92e99eddb","block_type":"box","text":"Generally, trading in certain instruments (","page_number":79,"box":{"x":46,"y":516,"width":265,"height":10}},{"id":"8b29d9dd-116d-4712-b03e-edd67c199965","block_type":"box","text":"e.g","page_number":79,"box":{"x":312,"y":518,"width":19,"height":8}},{"id":"f022f51f-b7ca-4015-8ae8-8cd55b28fd68","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":79,"box":{"x":332,"y":516,"width":599,"height":10}},{"id":"cd5cd4fd-a518-4e2d-912d-67ab1785361c","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":79,"box":{"x":45,"y":530,"width":870,"height":11}},{"id":"0b76fa80-8a21-4757-ad49-8114cc8f14c6","block_type":"box","text":"determined as of such times.","page_number":79,"box":{"x":46,"y":544,"width":184,"height":8}},{"id":"a2023fd9-c56d-4a6c-867b-75185e0f8220","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":79,"box":{"x":46,"y":567,"width":886,"height":11}},{"id":"8586a579-f770-4dea-879f-7603f84a6ef6","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":79,"box":{"x":46,"y":581,"width":901,"height":11}},{"id":"ab8b95c8-4699-4080-8b75-ddffbe98e085","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":79,"box":{"x":46,"y":596,"width":904,"height":10}},{"id":"e96f1f0d-4c75-4622-82d4-0d45a066220a","block_type":"box","text":"a Fund’s pricing time.","page_number":79,"box":{"x":46,"y":610,"width":136,"height":11}},{"id":"0bf04b1e-28a7-4ae9-b7ef-cfe13ab9191e","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a mathematical","page_number":79,"box":{"x":46,"y":633,"width":877,"height":11}},{"id":"5ee3070f-d12a-468e-b7fc-d00afb3b963b","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":79,"box":{"x":46,"y":647,"width":392,"height":11}},{"id":"08083d52-8096-43cc-a8d2-152badb06096","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":79,"box":{"x":45,"y":670,"width":838,"height":11}},{"id":"e1510fec-bbab-4cc0-b54e-bf5f4857f38e","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":79,"box":{"x":46,"y":685,"width":874,"height":10}},{"id":"0891e3da-6ed6-443f-819e-792c12e804b0","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an","page_number":79,"box":{"x":46,"y":699,"width":834,"height":11}},{"id":"31fa6702-9bf0-4207-bd7e-0468a502b88e","block_type":"box","text":"arm’s-length transaction.","page_number":79,"box":{"x":46,"y":713,"width":160,"height":11}},{"id":"745e7dab-3e83-4c73-8a52-fde0f366b19c","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":79,"box":{"x":47,"y":736,"width":531,"height":11}},{"id":"3c44ba1b-602b-44f8-9f4c-8431f22b1a4b","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":79,"box":{"x":82,"y":754,"width":583,"height":11}},{"id":"db891286-155e-40df-9852-b1d4cb8923a0","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":79,"box":{"x":82,"y":772,"width":768,"height":11}},{"id":"39c27f42-6359-4a52-95cd-bd214c030794","block_type":"box","text":"An asset or liability is thinly traded;","page_number":79,"box":{"x":82,"y":790,"width":224,"height":11}},{"id":"57bb9a87-9be0-4150-8961-e4d1e4b6734f","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":79,"box":{"x":82,"y":808,"width":508,"height":11}},{"id":"72cdb2da-5d14-436d-8b5d-24a1964dd648","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":79,"box":{"x":82,"y":826,"width":854,"height":11}},{"id":"a8242954-0530-41db-b66d-1bb8c66bb8e6","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":79,"box":{"x":45,"y":850,"width":875,"height":10}},{"id":"a62c2bb4-2590-45f0-b061-9fbad1e74a9d","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":79,"box":{"x":46,"y":864,"width":875,"height":11}},{"id":"d1e86694-1ebb-4374-a96a-1198bc2472aa","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":79,"box":{"x":46,"y":878,"width":246,"height":8}},{"id":"59735fa6-c10b-41de-9408-2fc2d45832c8","block_type":"box","text":"17","page_number":79,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"e8ae92d5-9d18-45ca-a579-c2643ad684a7","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":80,"box":{"x":45,"y":46,"width":890,"height":11}},{"id":"53d98dcb-9600-4b5b-a98a-7a8ef1b57180","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":80,"box":{"x":46,"y":61,"width":888,"height":10}},{"id":"03ecd2ab-956b-458e-b1b2-401b83225922","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":80,"box":{"x":46,"y":75,"width":896,"height":11}},{"id":"e8d08e74-e08d-4a06-b88b-1cbf3e518af7","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":80,"box":{"x":46,"y":89,"width":871,"height":11}},{"id":"bd969dc2-6d03-48d4-9aa5-1002665a30bf","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":80,"box":{"x":46,"y":103,"width":414,"height":11}},{"id":"9a7a72b5-7e10-4fc3-9ce0-54b1a0b02a81","block_type":"box","text":"Dividends and Distributions","page_number":80,"box":{"x":46,"y":126,"width":193,"height":9}},{"id":"bf921755-f888-46a7-808b-0711565584f5","block_type":"box","text":"General Policies.","page_number":80,"box":{"x":46,"y":150,"width":103,"height":8}},{"id":"1d4a991b-77f4-4620-8707-cde15eb8046b","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":80,"box":{"x":155,"y":150,"width":781,"height":10}},{"id":"f44e0656-b613-4d52-a19d-833239c9252a","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":80,"box":{"x":46,"y":164,"width":888,"height":11}},{"id":"0feb7ef7-0aca-4fb0-802f-17ddba491e34","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":80,"box":{"x":45,"y":178,"width":905,"height":11}},{"id":"c77bf22e-0ec1-4825-946a-8af38f884117","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":80,"box":{"x":46,"y":192,"width":893,"height":11}},{"id":"f34b2796-ebd7-4d20-b562-96e450a8898b","block_type":"box","text":"or realized gains.","page_number":80,"box":{"x":46,"y":206,"width":107,"height":11}},{"id":"017004b3-15a5-496e-a59a-9e6e45e69bd9","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":80,"box":{"x":46,"y":229,"width":885,"height":11}},{"id":"d3835247-afb9-4699-a2de-a7112ac0d46a","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":80,"box":{"x":46,"y":244,"width":855,"height":10}},{"id":"ec1ce836-c71e-4a21-8ef2-ae589a95fe13","block_type":"box","text":"received from the Funds.","page_number":80,"box":{"x":46,"y":258,"width":158,"height":8}},{"id":"9169b906-ea22-49f4-9977-8b250df5b0e9","block_type":"box","text":"Dividend Reinvestment Service.","page_number":80,"box":{"x":46,"y":281,"width":196,"height":9}},{"id":"784316eb-3fc2-43d6-bfb4-6678d573a4c2","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":80,"box":{"x":249,"y":281,"width":667,"height":11}},{"id":"1c1f54be-fedc-4088-8769-cd727f02b138","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":80,"box":{"x":46,"y":295,"width":900,"height":11}},{"id":"ba397499-dc3c-4eac-bf59-52310c01f451","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":80,"box":{"x":46,"y":309,"width":869,"height":11}},{"id":"3b38ae6a-4f40-47a0-b990-d592fd43ab83","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":80,"box":{"x":46,"y":324,"width":895,"height":10}},{"id":"4673ae8e-7e46-4ed5-97aa-8b47801eb08c","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":80,"box":{"x":46,"y":338,"width":616,"height":11}},{"id":"113bb83d-cf34-42f2-bb84-0adc736f9200","block_type":"box","text":"Note on Tax Information.","page_number":80,"box":{"x":46,"y":361,"width":166,"height":8}},{"id":"fd53fa5f-fa7f-40ce-8bbd-d10066b53564","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":80,"box":{"x":219,"y":361,"width":723,"height":11}},{"id":"6ca0fc70-2676-40f6-868f-a1418c3bd696","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":80,"box":{"x":45,"y":375,"width":906,"height":11}},{"id":"89f0af81-8f57-4cbc-8f65-1748bc27b5e6","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":80,"box":{"x":45,"y":389,"width":894,"height":11}},{"id":"21a6cced-600d-4a58-8e1f-828d79cc86e6","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":80,"box":{"x":45,"y":403,"width":894,"height":11}},{"id":"ce424254-8923-46cd-8ef4-a2cc3107e7b2","block_type":"box","text":"laws.","page_number":80,"box":{"x":45,"y":418,"width":30,"height":8}},{"id":"dbccff99-0c0a-4316-82d4-968e55f61230","block_type":"box","text":"Taxes","page_number":80,"box":{"x":45,"y":441,"width":38,"height":8}},{"id":"7955a683-9ffc-4792-a75d-6c770151101a","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":80,"box":{"x":45,"y":464,"width":874,"height":11}},{"id":"9a0f8508-b278-450a-bcfd-b4d800f4d0d7","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":80,"box":{"x":45,"y":478,"width":877,"height":11}},{"id":"a468f168-f501-4cdc-bbd0-0dd5e6a1ebaf","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":80,"box":{"x":46,"y":492,"width":895,"height":11}},{"id":"b364bcba-6d3f-4f1f-8b45-ccafc1ec4bcd","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":80,"box":{"x":46,"y":507,"width":594,"height":10}},{"id":"00311af7-ebca-4ad6-96ed-0592a4c91bf7","block_type":"box","text":"Taxes on Fund Distributions","page_number":80,"box":{"x":45,"y":530,"width":195,"height":8}},{"id":"0739a35a-72f5-4f1a-b882-ed1ad28640ab","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":80,"box":{"x":46,"y":553,"width":863,"height":11}},{"id":"2fec3821-c6a4-4132-b8a2-013e049f3951","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":80,"box":{"x":46,"y":567,"width":873,"height":11}},{"id":"bca32ad0-83ab-487a-ae48-088502daeecf","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":80,"box":{"x":46,"y":581,"width":713,"height":11}},{"id":"bf014fad-9b58-43ac-8db7-208cf2777241","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":80,"box":{"x":46,"y":605,"width":903,"height":10}},{"id":"b8f7e387-7abf-4f0c-9a4b-48a79b3bf73e","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":80,"box":{"x":46,"y":619,"width":365,"height":11}},{"id":"8a02e069-8420-4826-9fea-38178407598c","block_type":"box","text":"Capital Gains.","page_number":80,"box":{"x":46,"y":642,"width":85,"height":11}},{"id":"2768b13c-ad47-4cd4-b7a6-a65828283692","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":80,"box":{"x":138,"y":642,"width":786,"height":11}},{"id":"6cfeb7fc-4b59-4fc2-88cb-1eb2394eb5bc","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":80,"box":{"x":46,"y":656,"width":856,"height":11}},{"id":"fc6a745b-5eeb-4562-9823-3c7889c1ac7d","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":80,"box":{"x":46,"y":670,"width":878,"height":11}},{"id":"6fc61861-43be-4eda-9eb8-83378ccc1e4e","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":80,"box":{"x":46,"y":685,"width":872,"height":10}},{"id":"fcc760ae-afd1-41a7-a869-13f2891210b3","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":80,"box":{"x":46,"y":699,"width":892,"height":11}},{"id":"623cea3d-b128-46ed-9efc-e5103945909a","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":80,"box":{"x":46,"y":713,"width":878,"height":11}},{"id":"a985a100-6ec4-4ef5-aa68-2333bdccdc03","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":80,"box":{"x":46,"y":727,"width":290,"height":11}},{"id":"86a31ee4-2bff-4c7a-83fb-588a0b8af6dd","block_type":"box","text":"Return of Capital.","page_number":80,"box":{"x":46,"y":750,"width":108,"height":11}},{"id":"f96fc1f3-8ff3-4ad3-ba0f-8bef1296b73b","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":80,"box":{"x":161,"y":750,"width":775,"height":11}},{"id":"1b3a9748-a8f0-4862-958b-5d23fd14d26c","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":80,"box":{"x":46,"y":764,"width":904,"height":11}},{"id":"3418b8b2-4337-49b2-9985-b09d1bd34e3e","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":80,"box":{"x":45,"y":779,"width":888,"height":10}},{"id":"ec065a06-d0ba-4659-9ee0-f5780c24cd0b","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":80,"box":{"x":45,"y":793,"width":843,"height":11}},{"id":"e1d5014b-1a6d-454f-a80e-532642c67a8d","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":80,"box":{"x":46,"y":807,"width":874,"height":11}},{"id":"42ffa29a-2fa9-4892-af62-fe0f33c0232b","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":80,"box":{"x":46,"y":821,"width":803,"height":11}},{"id":"b01e8df7-c401-4ca3-8f9f-d3d149eb03a2","block_type":"box","text":"Qualified Dividend Income.","page_number":80,"box":{"x":46,"y":844,"width":166,"height":9}},{"id":"65b5a3f7-4f0f-428c-accc-ac9b6f987539","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":80,"box":{"x":219,"y":844,"width":702,"height":11}},{"id":"63254b00-4dcc-4d44-886f-6b1c6c466025","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":80,"box":{"x":46,"y":859,"width":848,"height":10}},{"id":"626d1c66-1c13-4180-a99e-5e7078232354","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":80,"box":{"x":46,"y":873,"width":846,"height":11}},{"id":"f79c6bf5-cba2-4c80-a9e1-7d045d2641de","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":80,"box":{"x":46,"y":887,"width":872,"height":11}},{"id":"0d766d9a-c93b-47bb-8b10-c4268659263f","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":80,"box":{"x":45,"y":901,"width":892,"height":11}},{"id":"27153277-0f6a-43f6-9be7-648ce7b643eb","block_type":"box","text":"18","page_number":80,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"1a7b8db0-c9e2-4142-84cc-80d9fc0292bd","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":81,"box":{"x":46,"y":46,"width":886,"height":11}},{"id":"ec5d8b6d-8e9e-4ab8-86ad-7bc59925c2d5","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":81,"box":{"x":46,"y":61,"width":853,"height":10}},{"id":"f5c53037-e92c-4b79-8192-d40e0f643bad","block_type":"box","text":"company.","page_number":81,"box":{"x":46,"y":77,"width":60,"height":9}},{"id":"0924d329-5e48-4dfd-abff-f3b4d73caa5e","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":81,"box":{"x":46,"y":98,"width":905,"height":11}},{"id":"42e9105e-ffde-41e8-9dda-e0df04b2216c","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":81,"box":{"x":46,"y":112,"width":901,"height":11}},{"id":"83af6b6b-4bf4-42ea-b45c-8bdd8b814a08","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":81,"box":{"x":46,"y":126,"width":864,"height":11}},{"id":"ad74c8d7-3a71-4797-bb2a-d66c4ddce3fe","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":81,"box":{"x":46,"y":140,"width":895,"height":11}},{"id":"c47d46c7-1eba-4f18-bff4-e05a2dc82927","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":81,"box":{"x":45,"y":155,"width":428,"height":10}},{"id":"94ad4c19-e611-4617-aa48-d55aaa080b6f","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":81,"box":{"x":46,"y":178,"width":891,"height":11}},{"id":"9938a44f-e8c3-4b68-8aba-1cc3ef42db41","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":81,"box":{"x":46,"y":192,"width":862,"height":11}},{"id":"5ab60d49-a61b-4849-898b-fe84ae8bddf5","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":81,"box":{"x":46,"y":206,"width":883,"height":11}},{"id":"ec472d24-9876-4789-9442-95f0272eec47","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":81,"box":{"x":46,"y":220,"width":682,"height":11}},{"id":"5d28c655-662b-4638-b8d7-6bd8ebcad537","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":81,"box":{"x":46,"y":244,"width":873,"height":10}},{"id":"d2a06d05-4734-46dc-996b-7bc284475833","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":81,"box":{"x":46,"y":258,"width":604,"height":11}},{"id":"35fe433a-95bf-449d-9757-22d0f1f0d936","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":81,"box":{"x":46,"y":281,"width":876,"height":11}},{"id":"2288fd5f-4a15-4522-acc8-30fb60091861","block_type":"box","text":"Medicare Tax.","page_number":81,"box":{"x":46,"y":304,"width":85,"height":9}},{"id":"f43b3c3d-bac3-4bec-b164-fbe22a2f963f","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":81,"box":{"x":136,"y":304,"width":791,"height":11}},{"id":"1330a0cb-6e9b-486c-af74-711fe7049409","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":81,"box":{"x":46,"y":318,"width":875,"height":11}},{"id":"f261c63d-e2e6-4987-aef2-309b62d11194","block_type":"box","text":"trusts.","page_number":81,"box":{"x":46,"y":333,"width":39,"height":8}},{"id":"b0359b81-3dc1-4432-8a48-f34f173d6af9","block_type":"box","text":"Alternative Minimum Tax.","page_number":81,"box":{"x":45,"y":356,"width":157,"height":8}},{"id":"5be962d5-42ce-4bca-abd7-473655a7f85f","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":81,"box":{"x":208,"y":356,"width":738,"height":11}},{"id":"8e200312-6682-4099-b3ef-dd153e816fb9","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":81,"box":{"x":46,"y":370,"width":833,"height":11}},{"id":"706561c3-86db-44e6-b002-9dcc03804c5c","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":81,"box":{"x":46,"y":384,"width":877,"height":11}},{"id":"4aa4540e-4b3c-4622-92de-6138431aeebf","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":81,"box":{"x":46,"y":398,"width":903,"height":11}},{"id":"23c822ee-2998-4223-a3f5-caff525e41f3","block_type":"box","text":"liability and the regular income tax liability.","page_number":81,"box":{"x":46,"y":413,"width":272,"height":10}},{"id":"c89e1640-f6d4-4d65-8b4b-c4f7659b31c7","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":81,"box":{"x":46,"y":436,"width":406,"height":11}},{"id":"193b7d68-08e9-4806-a642-a7884b3fb843","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":81,"box":{"x":45,"y":459,"width":893,"height":11}},{"id":"5304ea03-f7a0-4bfb-9b71-bd741deb77ad","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":81,"box":{"x":46,"y":473,"width":874,"height":11}},{"id":"550c7706-feb6-4c88-95e7-ebd3b3bf45bd","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":81,"box":{"x":46,"y":487,"width":864,"height":11}},{"id":"8690f99e-3760-4b93-b2d0-faef192aba27","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":81,"box":{"x":46,"y":501,"width":894,"height":11}},{"id":"a61ffaad-7295-4f38-85bf-ff95d8b7cf74","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":81,"box":{"x":46,"y":516,"width":897,"height":10}},{"id":"63448b42-95a4-4da2-931d-cd7e0bca5c5e","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":81,"box":{"x":46,"y":530,"width":904,"height":11}},{"id":"d315ac5f-c81f-471f-9098-c77bebfe522c","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":81,"box":{"x":46,"y":544,"width":706,"height":11}},{"id":"f8f0bd87-91b3-481c-843c-d64344434709","block_type":"box","text":"Market Discount Bonds","page_number":81,"box":{"x":46,"y":567,"width":162,"height":9}},{"id":"f1b4f462-3a4a-494b-9dd9-44bb98e1a835","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":81,"box":{"x":45,"y":590,"width":898,"height":11}},{"id":"39e4d5be-df28-457a-932c-89c5dcf20aca","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":81,"box":{"x":46,"y":605,"width":903,"height":10}},{"id":"05682b3d-d147-4ce6-af50-74c863d9478f","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":81,"box":{"x":46,"y":619,"width":898,"height":11}},{"id":"71bd9f03-fe12-457d-875f-7692dda87c6f","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":81,"box":{"x":46,"y":633,"width":626,"height":11}},{"id":"19401119-60b6-4c8e-a68e-356b3def5249","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":81,"box":{"x":46,"y":656,"width":307,"height":11}},{"id":"ed1451be-b7ab-40c2-a540-0dec6e3fbd3e","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":81,"box":{"x":45,"y":679,"width":875,"height":11}},{"id":"becf2451-1b2c-459d-80c1-bc912cdea2f9","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":81,"box":{"x":45,"y":694,"width":861,"height":10}},{"id":"aae867b5-1ee2-4826-a52c-0e06a7b31856","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":81,"box":{"x":46,"y":708,"width":853,"height":11}},{"id":"91da0c42-bc4e-4cf9-b96c-e8ad61fc4ced","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":81,"box":{"x":46,"y":722,"width":863,"height":11}},{"id":"ff7b3adc-980c-4170-af4d-3c6e6f4d5aeb","block_type":"box","text":"Non-U.S. Income Taxes","page_number":81,"box":{"x":46,"y":745,"width":159,"height":9}},{"id":"cba76fa9-01b4-40c4-af62-5646d7330404","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":81,"box":{"x":46,"y":768,"width":837,"height":11}},{"id":"90b58479-f664-4e1c-9065-40528f7ee17a","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":81,"box":{"x":45,"y":782,"width":864,"height":11}},{"id":"381e0a5b-e781-44b4-aa45-215064fd907c","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":81,"box":{"x":46,"y":797,"width":866,"height":10}},{"id":"44c322b8-fb6f-4328-a57b-5ffac7ee9b90","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":81,"box":{"x":46,"y":811,"width":876,"height":11}},{"id":"f2a3888e-011c-47f2-a242-22b65650d267","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":81,"box":{"x":46,"y":825,"width":896,"height":11}},{"id":"9a559e87-1476-4f42-8810-3063efc1aee6","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":81,"box":{"x":46,"y":839,"width":887,"height":11}},{"id":"481b023a-e281-4532-82e1-a49b748a3260","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":81,"box":{"x":46,"y":853,"width":874,"height":11}},{"id":"72a933be-d87e-48d2-ae27-6333951f88ae","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":81,"box":{"x":46,"y":868,"width":896,"height":10}},{"id":"6cebe9e1-bb3a-4891-92cc-bb64249f43e4","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":81,"box":{"x":46,"y":882,"width":635,"height":11}},{"id":"4a653b24-3a8f-437d-b896-ed67514ea330","block_type":"box","text":"19","page_number":81,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"ce5ae6fe-48bd-4e5c-a6f4-b52221924386","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":82,"box":{"x":46,"y":46,"width":896,"height":11}},{"id":"741d2d6c-011d-455f-88f0-6598320fa5b5","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":82,"box":{"x":46,"y":61,"width":902,"height":10}},{"id":"810df7e7-0bd1-40b0-9553-fc4a38002028","block_type":"box","text":"could be reduced.","page_number":82,"box":{"x":46,"y":75,"width":113,"height":8}},{"id":"7ece4590-e3ea-44f3-9cc8-e75358bca261","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":82,"box":{"x":46,"y":98,"width":853,"height":11}},{"id":"2edced7a-7e7a-4b72-b224-f07ee170d02f","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":82,"box":{"x":46,"y":112,"width":899,"height":11}},{"id":"f86acc71-a4ce-48ff-9134-dc0ff835411f","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":82,"box":{"x":46,"y":126,"width":876,"height":11}},{"id":"8c59e142-b23a-448e-a200-26d840ba46ef","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":82,"box":{"x":46,"y":140,"width":509,"height":11}},{"id":"c462f5e8-c904-498c-a629-b7faeeca8e39","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":82,"box":{"x":46,"y":164,"width":880,"height":11}},{"id":"43e92285-3791-4886-89f8-8325e03f7acf","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":82,"box":{"x":46,"y":178,"width":406,"height":11}},{"id":"b44f6316-c031-419b-a9ed-20bc8f0e735b","block_type":"box","text":"Non-U.S. Shareholders","page_number":82,"box":{"x":46,"y":201,"width":157,"height":9}},{"id":"9e4935e8-1b41-42f7-a791-783dd1d0521a","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":82,"box":{"x":46,"y":224,"width":889,"height":11}},{"id":"2623fc89-54b7-4bff-bba0-903e84eeae05","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":82,"box":{"x":46,"y":238,"width":904,"height":11}},{"id":"2b917eeb-9e42-4a36-863b-d9da097f889c","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":82,"box":{"x":46,"y":253,"width":868,"height":10}},{"id":"5985a01d-a011-4884-be25-4a8cb26aa4d5","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by a Fund as capital gain","page_number":82,"box":{"x":46,"y":267,"width":903,"height":11}},{"id":"b3079d9f-2cba-4434-a411-5142b0e6a368","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":82,"box":{"x":46,"y":281,"width":468,"height":11}},{"id":"02e71393-d692-4ee2-8161-af21f0422314","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":82,"box":{"x":46,"y":304,"width":896,"height":11}},{"id":"441be36e-21b8-460d-9633-41a982e135a0","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":82,"box":{"x":46,"y":318,"width":894,"height":11}},{"id":"1dc22295-4466-48d0-a25b-694cb827cd6c","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":82,"box":{"x":46,"y":333,"width":263,"height":10}},{"id":"16c30f0f-9b58-431b-b5c1-2132b21b1afa","block_type":"box","text":"Real Property Interests","page_number":82,"box":{"x":46,"y":356,"width":161,"height":11}},{"id":"04061af1-23f6-4207-8614-0e4b5fd05842","block_type":"box","text":"If at least 50% of a Fund’s assets consist of U.S. real property interests, including certain REITs and U.S. real property holding corporations","page_number":82,"box":{"x":46,"y":378,"width":887,"height":11}},{"id":"6c462a69-9be2-4a58-9d53-129fc3238c83","block_type":"box","text":"(as defined in the Internal Revenue Code and Treasury regulations), special rules may apply to a foreign shareholder receiving a Fund","page_number":82,"box":{"x":46,"y":392,"width":848,"height":11}},{"id":"87a03414-2062-488f-a0a2-dd8b438733f8","block_type":"box","text":"distribution. Distributions that are attributable to gains from the disposition of a U.S. real property interest will be taxable as ordinary","page_number":82,"box":{"x":46,"y":406,"width":851,"height":11}},{"id":"fbacf36a-e061-451e-94b1-4eb615962b2b","block_type":"box","text":"dividends and subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s shares at any","page_number":82,"box":{"x":46,"y":420,"width":904,"height":11}},{"id":"50179d1e-c97b-4e38-bab6-b93ee8df9ccf","block_type":"box","text":"time during the one-year period ending on the date of the distribution. If the foreign shareholder held more than 5% of the Fund’s shares, the","page_number":82,"box":{"x":46,"y":434,"width":898,"height":11}},{"id":"d7d2d873-933e-4e64-a476-a268d4770fca","block_type":"box","text":"distribution will be treated as income effectively connected with a trade or business within the U.S. As a result, the foreign shareholder will","page_number":82,"box":{"x":46,"y":449,"width":887,"height":10}},{"id":"2caa1c11-824e-4886-9d33-48423423f948","block_type":"box","text":"be subject to withholding tax at a rate of 21% and generally will be required to file a U.S. federal income tax return.","page_number":82,"box":{"x":46,"y":463,"width":731,"height":11}},{"id":"95c07e97-1b5b-4859-b71f-81f2c4364363","block_type":"box","text":"Similar consequences generally will apply to a foreign shareholder’s gain on the sale of shares of a Fund with at least 50% of its assets in U.S.","page_number":82,"box":{"x":46,"y":485,"width":903,"height":11}},{"id":"9f5bbae5-e465-4452-a675-792ae6b1beab","block_type":"box","text":"real property interests, unless (i) the Fund is domestically controlled (meaning that more than 50% of the value of the Fund’s shares is held","page_number":82,"box":{"x":46,"y":499,"width":886,"height":11}},{"id":"4a7b43a4-925e-4157-ad3b-b98fb7837fe5","block_type":"box","text":"directly or indirectly by U.S. shareholders) or (ii) the foreign shareholder owns no more than 5% of the Fund’s shares at any time during the","page_number":82,"box":{"x":46,"y":513,"width":887,"height":11}},{"id":"5a38f21d-7272-447e-8da7-0ea1af44df4b","block_type":"box","text":"five-year period ending on the date of the sale","page_number":82,"box":{"x":45,"y":527,"width":294,"height":11}},{"id":"a3b45b5e-4f38-47e3-b9d3-16d3bc82bd5e","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisor about the potential tax consequences","page_number":82,"box":{"x":46,"y":549,"width":894,"height":11}},{"id":"4145d398-539c-4554-9676-3368e9fdbb28","block_type":"box","text":"to them of an investment in a Fund whose assets include U.S. real property interests.","page_number":82,"box":{"x":46,"y":563,"width":544,"height":11}},{"id":"a7c9a6e1-0295-428a-a13b-076f71cc3efd","block_type":"box","text":"Backup Withholding","page_number":82,"box":{"x":46,"y":587,"width":139,"height":10}},{"id":"bcd20401-d4e7-43ab-a9a6-2b486c880e79","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":82,"box":{"x":46,"y":610,"width":890,"height":11}},{"id":"d605eea3-c834-4339-b254-eb582ec231f5","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":82,"box":{"x":46,"y":624,"width":789,"height":11}},{"id":"241c8bf5-debb-4f56-a4cd-935ab83f2ec8","block_type":"box","text":"Securities Lending","page_number":82,"box":{"x":46,"y":647,"width":129,"height":11}},{"id":"c3e7c43a-8a30-4ed3-8277-41c6d6fc3ee6","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":82,"box":{"x":46,"y":670,"width":902,"height":11}},{"id":"72da2349-dd45-4e31-bfed-5b535b3637f0","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":82,"box":{"x":46,"y":685,"width":892,"height":10}},{"id":"411ea076-4c6a-4f9f-a980-ebf7bd94422e","block_type":"box","text":"through by the Fund.","page_number":82,"box":{"x":46,"y":699,"width":131,"height":11}},{"id":"5a2243ef-bceb-429d-9ddc-caa6e62da23a","block_type":"box","text":"Fund of Funds","page_number":82,"box":{"x":46,"y":722,"width":98,"height":8}},{"id":"48c18283-92bb-4fa9-99fd-8c72b18ae285","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":82,"box":{"x":46,"y":745,"width":844,"height":11}},{"id":"e1d8399e-e7f8-4ca9-8fbc-9c59c1e9b071","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":82,"box":{"x":46,"y":759,"width":869,"height":11}},{"id":"030478cc-1dff-4627-a9d7-b80ef5d1de33","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":82,"box":{"x":46,"y":773,"width":865,"height":11}},{"id":"57240ec2-67fa-45ee-9af9-1d75ef8faff1","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":82,"box":{"x":46,"y":788,"width":642,"height":10}},{"id":"4c328ad1-e14c-4e7d-99bf-a65211c9c877","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":82,"box":{"x":45,"y":811,"width":351,"height":11}},{"id":"18a3f08b-d039-46bd-a154-338b6ca045f2","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":82,"box":{"x":45,"y":834,"width":877,"height":11}},{"id":"0154adc3-927e-4d12-85e6-a5c8e0aeb961","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":82,"box":{"x":46,"y":848,"width":896,"height":11}},{"id":"64660fa5-73cd-43bc-8dda-d3c29b8ff72c","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":82,"box":{"x":46,"y":862,"width":870,"height":11}},{"id":"a704377b-d86b-4adf-8fa9-71e6630c38b0","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":82,"box":{"x":46,"y":877,"width":892,"height":10}},{"id":"edb14811-8711-45cc-a66a-bf9abf71e806","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":82,"box":{"x":46,"y":891,"width":891,"height":11}},{"id":"fd718edc-1ac6-4229-a349-66a56cd4e594","block_type":"box","text":"contribution tax mentioned above.","page_number":82,"box":{"x":46,"y":905,"width":219,"height":8}},{"id":"8c24e3b8-ee12-4d58-be66-154157734f61","block_type":"box","text":"20","page_number":82,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"702bbe90-aa65-4cf2-81f0-a0cefd073681","block_type":"box","text":"Creations and Redemptions","page_number":83,"box":{"x":46,"y":46,"width":192,"height":11}},{"id":"742603f7-149f-4fef-8d48-9ee79f16b064","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":83,"box":{"x":46,"y":70,"width":694,"height":10}},{"id":"c2083482-1c13-4c53-9a4e-fdb211e19ae2","block_type":"box","text":"i.e.","page_number":83,"box":{"x":741,"y":70,"width":17,"height":8}},{"id":"232dfb3f-4b38-42e2-90a3-15f8397a11ef","block_type":"box","text":", market makers, large","page_number":83,"box":{"x":760,"y":70,"width":143,"height":10}},{"id":"24e38f31-0815-40a3-8fca-62cb7cb3f1fd","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":83,"box":{"x":46,"y":84,"width":865,"height":11}},{"id":"8307310e-e4a8-4aea-894f-e13988287d2b","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":83,"box":{"x":46,"y":98,"width":650,"height":11}},{"id":"9c2fafd1-6f91-40e0-8d73-27833721a854","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":83,"box":{"x":46,"y":121,"width":833,"height":11}},{"id":"c1947fd5-0d8e-4944-a1ec-0b774edd2aa0","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":83,"box":{"x":46,"y":135,"width":891,"height":11}},{"id":"04f670f9-6217-4824-9d7d-dac39d9fdfd2","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":83,"box":{"x":46,"y":150,"width":874,"height":10}},{"id":"61182179-ab43-4dc6-9b5c-a4a9d0a91c71","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":83,"box":{"x":46,"y":164,"width":903,"height":11}},{"id":"8624e650-bb50-4b8d-a1b6-4411eadacaed","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":83,"box":{"x":46,"y":187,"width":875,"height":11}},{"id":"7289a86c-ed0e-44e5-8e87-bbbf32d599ed","block_type":"box","text":"cash.","page_number":83,"box":{"x":46,"y":201,"width":32,"height":9}},{"id":"4853b3fb-de9e-49ba-9cde-1aecc4865cf2","block_type":"box","text":"In-Kind","page_number":83,"box":{"x":46,"y":224,"width":45,"height":9}},{"id":"dae7f8c0-918e-48a3-8fb2-56687473134f","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":83,"box":{"x":91,"y":224,"width":861,"height":11}},{"id":"40fe28db-1a30-4081-9fdc-0756ed3c9a71","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":83,"box":{"x":46,"y":238,"width":897,"height":11}},{"id":"b0df579c-478c-4756-a482-eb5f4413c964","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":83,"box":{"x":46,"y":253,"width":852,"height":10}},{"id":"51cdce25-7237-4c15-b133-84111789b043","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":83,"box":{"x":46,"y":267,"width":685,"height":11}},{"id":"7ed2884a-9645-4c40-a9d9-cb10dcffa958","block_type":"box","text":"Partial Cash","page_number":83,"box":{"x":46,"y":290,"width":74,"height":9}},{"id":"bb2e3589-4bdd-466f-85b0-3eea417ff13f","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":83,"box":{"x":122,"y":290,"width":806,"height":11}},{"id":"7977128a-08b8-4c25-b2fa-56dbf032ea8f","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":83,"box":{"x":46,"y":304,"width":870,"height":11}},{"id":"ef90ed2a-c652-4ebb-b55e-8bc6786c0b42","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":83,"box":{"x":46,"y":318,"width":871,"height":11}},{"id":"15f5e6d6-a6a9-4ef8-8625-0ec0328ca5d7","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":83,"box":{"x":46,"y":333,"width":381,"height":10}},{"id":"12b1ee86-cabc-49ac-b9a2-3faab3a3450e","block_type":"box","text":"All Cash","page_number":83,"box":{"x":45,"y":356,"width":51,"height":8}},{"id":"5fb5c521-69c6-40c5-ae9b-243da819f105","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund an amount of cash specified by the Fund in exchange for","page_number":83,"box":{"x":98,"y":356,"width":832,"height":11}},{"id":"6b0dc1ba-f803-462e-8fc6-bc5106d4c36d","block_type":"box","text":"Creation Units. In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":83,"box":{"x":46,"y":370,"width":869,"height":11}},{"id":"3a07881b-e5e6-4d1c-8e22-fa99574afe0e","block_type":"box","text":"specified amount of cash.","page_number":83,"box":{"x":46,"y":384,"width":163,"height":11}},{"id":"0c2b2002-c126-48d5-b6aa-0ff7346757d7","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":83,"box":{"x":45,"y":407,"width":846,"height":11}},{"id":"8803a95d-813f-4757-817b-b2c95d9744ee","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":83,"box":{"x":46,"y":422,"width":408,"height":10}},{"id":"f506aecf-1365-404a-9ed7-9c90246fd477","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. In certain","page_number":83,"box":{"x":46,"y":445,"width":856,"height":11}},{"id":"2698f6a9-fca8-488e-8e43-10cdfb0d7d84","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":83,"box":{"x":46,"y":459,"width":455,"height":11}},{"id":"4508b246-29af-4d21-b6fe-c0edb3c1a6a4","block_type":"box","text":"e.g.","page_number":83,"box":{"x":502,"y":461,"width":20,"height":9}},{"id":"9cbe8440-3d18-4ece-845b-36613c484b8e","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":83,"box":{"x":525,"y":459,"width":353,"height":11}},{"id":"955766d0-3e1d-49c9-9985-a348d2b09779","block_type":"box","text":"Fund","page_number":83,"box":{"x":57,"y":490,"width":32,"height":9}},{"id":"e47be621-2a1c-4aea-98c8-87ccd77d4e41","block_type":"box","text":"In-Kind Partial All Cash","page_number":83,"box":{"x":590,"y":490,"width":297,"height":9}},{"id":"9d145089-4d42-41b3-9af8-1b38548800a8","block_type":"box","text":"iShares U.S. Aerospace & Defense ETF","page_number":83,"box":{"x":57,"y":508,"width":246,"height":11}},{"id":"90def556-f8af-4b3c-ba29-8af340a97e00","block_type":"box","text":"iShares U.S. Broker-Dealers & Securities Exchanges ETF","page_number":83,"box":{"x":57,"y":526,"width":358,"height":11}},{"id":"c1f6d786-6ca2-402b-ad67-af03e7919576","block_type":"box","text":"iShares U.S. Healthcare Providers ETF","page_number":83,"box":{"x":57,"y":544,"width":242,"height":9}},{"id":"2d4831dc-4f27-4d53-b820-adeaa3b2a2e0","block_type":"box","text":"iShares U.S. Home Construction ETF","page_number":83,"box":{"x":57,"y":562,"width":233,"height":9}},{"id":"2df4e9dc-1fb8-4e85-a48b-08388ea3de2c","block_type":"box","text":"iShares U.S. Insurance ETF","page_number":83,"box":{"x":57,"y":580,"width":171,"height":9}},{"id":"7b7af7e6-9c2f-4381-850f-c7298de5cc8b","block_type":"box","text":"iShares U.S. Medical Devices ETF","page_number":83,"box":{"x":57,"y":598,"width":213,"height":9}},{"id":"b5866e5a-260e-49f4-aeaf-44f87dae5579","block_type":"box","text":"iShares U.S. Oil & Gas Exploration & Production ETF","page_number":83,"box":{"x":57,"y":617,"width":330,"height":10}},{"id":"9cf515b9-fe90-422a-8566-55394da1b7d5","block_type":"box","text":"iShares U.S. Oil Equipment & Services ETF","page_number":83,"box":{"x":57,"y":635,"width":270,"height":10}},{"id":"7bce44e4-1be6-4adb-b73b-d84724fe686a","block_type":"box","text":"iShares U.S. Pharmaceuticals ETF","page_number":83,"box":{"x":57,"y":653,"width":215,"height":8}},{"id":"abc8b795-cfde-49ff-aa53-b021f455c1fb","block_type":"box","text":"iShares U.S. Real Estate ETF","page_number":83,"box":{"x":57,"y":671,"width":180,"height":8}},{"id":"812e4396-9b04-4f1b-bc3f-30513c57d835","block_type":"box","text":"iShares U.S. Regional Banks ETF","page_number":83,"box":{"x":57,"y":689,"width":206,"height":11}},{"id":"5116dc5c-47fa-42ff-897d-c481de821d49","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of a Fund’s NAV after a creation or redemption order","page_number":83,"box":{"x":45,"y":719,"width":897,"height":10}},{"id":"7412a136-94fb-46b3-b5ef-08bf93f979d0","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. 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The Board","page_number":83,"box":{"x":45,"y":822,"width":849,"height":11}},{"id":"f4ae8b77-1c6d-42c7-9322-74a1847b5cf4","block_type":"box","text":"determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of Fund shares","page_number":83,"box":{"x":46,"y":836,"width":876,"height":11}},{"id":"dc8bf1c6-a2d3-46c8-a86c-0e6997579d59","block_type":"box","text":"because each Fund generally sells and redeems its shares directly through transactions that are in-kind and/or for cash, with a deadline for","page_number":83,"box":{"x":46,"y":850,"width":894,"height":11}},{"id":"efa3e3dc-f0da-4de4-97ad-f82f2d59d71e","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":83,"box":{"x":46,"y":864,"width":897,"height":11}},{"id":"4e1d9656-dbee-4211-9ca0-b69da2dfe048","block_type":"box","text":"taken certain measures (","page_number":83,"box":{"x":46,"y":879,"width":158,"height":10}},{"id":"fdeb85c6-70e6-4507-a648-41d250461fc6","block_type":"box","text":"e.g.","page_number":83,"box":{"x":205,"y":881,"width":21,"height":8}},{"id":"5fa1f550-2ad5-476f-8c55-f8164e089e35","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":83,"box":{"x":228,"y":879,"width":695,"height":10}},{"id":"5cefb9b6-53d5-4e36-b51f-7bac466c9c9c","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":83,"box":{"x":46,"y":893,"width":835,"height":11}},{"id":"39f6d2dd-fa1b-4089-ad22-485c5bdceb53","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":83,"box":{"x":46,"y":907,"width":895,"height":11}},{"id":"986a3ca7-e8c7-4354-bcf7-c2b4e3e78e79","block_type":"box","text":"21","page_number":83,"box":{"x":492,"y":944,"width":12,"height":8}},{"id":"10f49fd7-2e58-4d5e-acdd-cc5344605f38","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":84,"box":{"x":46,"y":46,"width":899,"height":11}},{"id":"0f23ad3f-90a1-4142-923b-ff3e2072e731","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":84,"box":{"x":46,"y":61,"width":893,"height":10}},{"id":"05c74213-29fd-4eca-bec5-83d95a01d073","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":84,"box":{"x":45,"y":84,"width":899,"height":11}},{"id":"f295a43b-05dd-4a9b-a315-4158d5501b34","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":84,"box":{"x":45,"y":98,"width":897,"height":11}},{"id":"076318f8-370a-4e13-9489-f86dad62a9f4","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the 1933","page_number":84,"box":{"x":46,"y":112,"width":880,"height":11}},{"id":"623df549-1c47-49f0-95f9-d68eb46c27ee","block_type":"box","text":"Act. Further, an Authorized Participant that is not a “qualified institutional buyer,” as such term is defined in Rule 144A under the 1933 Act,","page_number":84,"box":{"x":45,"y":126,"width":887,"height":11}},{"id":"41476454-51ba-4ddf-a148-3601db9377e7","block_type":"box","text":"will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":84,"box":{"x":45,"y":140,"width":523,"height":11}},{"id":"231b1f87-7ee4-4930-a65f-3054283ef4ae","block_type":"box","text":"Because Fund shares may be created and issued on an ongoing basis, at any point during the life of a Fund a “distribution,” as such term is","page_number":84,"box":{"x":47,"y":164,"width":886,"height":11}},{"id":"063f5464-48f3-4af5-a29c-6ca52dafc6f9","block_type":"box","text":"used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":84,"box":{"x":46,"y":178,"width":903,"height":11}},{"id":"bdbe15f5-b5de-4b7e-aaf7-53236b387395","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":84,"box":{"x":46,"y":192,"width":868,"height":11}},{"id":"1725c784-4d24-49cb-83a7-355c7021576a","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":84,"box":{"x":46,"y":206,"width":901,"height":11}},{"id":"127f6648-b089-4e8d-ace2-6d9b1f190cfa","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":84,"box":{"x":46,"y":220,"width":464,"height":11}},{"id":"acbab978-5da2-4c34-9c48-5db2b5c8e697","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":84,"box":{"x":47,"y":244,"width":868,"height":10}},{"id":"f313d89a-421c-48d3-8d0a-29c1fb9408a6","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":84,"box":{"x":46,"y":258,"width":889,"height":11}},{"id":"44f7aa85-9027-41c5-9d82-a6c47f8e5e95","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery","page_number":84,"box":{"x":48,"y":272,"width":892,"height":11}},{"id":"9d40ddab-288c-4749-ac15-bcdacf2542f6","block_type":"box","text":"of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to","page_number":84,"box":{"x":46,"y":286,"width":892,"height":11}},{"id":"ec2942d9-ccfc-442e-b86d-b96b001336c2","block_type":"box","text":"transactions on a national securities exchange.","page_number":84,"box":{"x":46,"y":300,"width":300,"height":11}},{"id":"4bc8d282-510f-4ae7-becc-4602f61cbd32","block_type":"box","text":"Householding","page_number":84,"box":{"x":46,"y":324,"width":95,"height":10}},{"id":"9873ce81-7d5a-47a6-9d88-47d8a4663621","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery, based on the preference of the individual","page_number":84,"box":{"x":46,"y":347,"width":904,"height":11}},{"id":"85897e67-6fae-4859-b5db-221fea990a36","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":84,"box":{"x":46,"y":361,"width":880,"height":11}},{"id":"e266da04-2cf1-408b-87df-2652772a6afe","block_type":"box","text":"accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":84,"box":{"x":46,"y":375,"width":862,"height":11}},{"id":"4537d8fd-7c74-420d-9dd6-b5518ccc9941","block_type":"box","text":"receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to","page_number":84,"box":{"x":46,"y":389,"width":856,"height":11}},{"id":"fafcffc0-e547-43a7-bc8d-e9f7254a4cd6","block_type":"box","text":"change your householding status.","page_number":84,"box":{"x":46,"y":404,"width":214,"height":10}},{"id":"617d2c66-febb-4cca-85f2-2ecb5d1c2d8a","block_type":"box","text":"Distribution","page_number":84,"box":{"x":47,"y":432,"width":113,"height":14}},{"id":"a2494634-a0dc-4c99-844c-530537f03505","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary","page_number":84,"box":{"x":45,"y":461,"width":860,"height":11}},{"id":"588f55aa-61fe-4554-ab9b-fa9a53a15066","block_type":"box","text":"market in shares of the Funds. The Distributor has no role in determining the policies of the Funds or the securities or other assets (as","page_number":84,"box":{"x":46,"y":476,"width":857,"height":11}},{"id":"34c67c0d-6f82-4756-9fb7-3a8a45e1292f","block_type":"box","text":"applicable) that are purchased or sold by the Funds. The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001.","page_number":84,"box":{"x":46,"y":490,"width":824,"height":11}},{"id":"b000c8d5-4cff-4730-80ff-c357105bdd21","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":84,"box":{"x":47,"y":513,"width":807,"height":11}},{"id":"1a92534d-c050-4fb4-8ca7-90c35573efdf","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":84,"box":{"x":46,"y":527,"width":843,"height":11}},{"id":"0be494c2-ff4e-42eb-bb10-5a90b1b5b893","block_type":"box","text":"technology platforms and reporting systems, data provision services, or their making shares of the Funds available to their customers","page_number":84,"box":{"x":46,"y":541,"width":855,"height":11}},{"id":"6f48ec94-d9f6-49c6-a263-d008359c42fa","block_type":"box","text":"generally and in certain investment programs. Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":84,"box":{"x":46,"y":556,"width":870,"height":10}},{"id":"009dd3e3-62a4-4be2-a016-bffbf9e0520a","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":84,"box":{"x":46,"y":570,"width":895,"height":11}},{"id":"06c2e345-435f-4f7e-b058-3e39a7ab1ce6","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. A financial intermediary may make decisions","page_number":84,"box":{"x":46,"y":584,"width":867,"height":11}},{"id":"910e6a53-7a88-46e8-8129-2aab04804870","block_type":"box","text":"about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments","page_number":84,"box":{"x":46,"y":598,"width":905,"height":11}},{"id":"0b9c34f7-ba55-4495-b660-280e05bb43cb","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. Therefore, such payments or other financial incentives that are offered or","page_number":84,"box":{"x":46,"y":612,"width":895,"height":11}},{"id":"211384a3-eef0-4521-b012-98d72559fee4","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":84,"box":{"x":46,"y":626,"width":844,"height":11}},{"id":"44bddcfb-d328-4bae-ab6c-cbf2cb4200ac","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":84,"box":{"x":46,"y":641,"width":814,"height":11}},{"id":"e6265630-3084-4c2f-9122-c6df5d905b86","block_type":"box","text":"Please","page_number":84,"box":{"x":866,"y":641,"width":44,"height":8}},{"id":"aa099162-a4dd-4014-9c0b-7f07c76f6ec6","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":84,"box":{"x":46,"y":655,"width":879,"height":11}},{"id":"887cc4cd-b6a0-4205-9ae0-b18f7be2b2f1","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":84,"box":{"x":46,"y":669,"width":263,"height":11}},{"id":"7dbfefc6-4809-40d8-b6e4-c19a929b3397","block_type":"box","text":"Financial Highlights","page_number":84,"box":{"x":47,"y":698,"width":192,"height":17}},{"id":"8e112161-46c0-4068-914b-6d8b08d64058","block_type":"box","text":"The financial highlights table for each Fund is intended to help you understand the Fund’s financial performance for the past five fiscal years","page_number":84,"box":{"x":45,"y":727,"width":896,"height":11}},{"id":"724d72fc-9af1-4b33-9f16-f87c90f1a19b","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total return","page_number":84,"box":{"x":46,"y":741,"width":870,"height":11}},{"id":"f136273e-7b93-4b22-b8e6-6ad9ec57062f","block_type":"box","text":"information represents the rate that an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of all","page_number":84,"box":{"x":46,"y":755,"width":865,"height":11}},{"id":"ee81070a-d4f2-4d8d-bb21-366b047093b0","block_type":"box","text":"dividends and distributions. This information has been audited by PricewaterhouseCoopers LLP, whose report, along with each Fund’s","page_number":84,"box":{"x":46,"y":770,"width":856,"height":10}},{"id":"2f64f176-b2cc-44d5-ad85-29f04d70008f","block_type":"box","text":"financial statements, is included in each Fund’s Form N-CSR (available upon request).","page_number":84,"box":{"x":45,"y":784,"width":548,"height":11}},{"id":"9490db9a-4459-40b7-a2e6-7c44d1d17dde","block_type":"box","text":"22","page_number":84,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"201dd42b-0630-4807-b6cd-b37331d56074","block_type":"box","text":"For a share outstanding throughout each period:","page_number":85,"box":{"x":46,"y":46,"width":340,"height":11}},{"id":"eb31cdc2-946c-4f75-968a-81008a15acb7","block_type":"box","text":"iShares U.S. Aerospace & Defense ETF","page_number":85,"box":{"x":646,"y":68,"width":177,"height":8}},{"id":"80fd48c4-5d3d-4908-922d-a5a8a1371fd5","block_type":"box","text":"Year 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