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Each product’s","page_number":9,"box":{"x":549,"y":201,"width":372,"height":11}},{"id":"366326bb-3bed-4a5b-8fda-17ef5796780c","block_type":"box","text":"revenues are multiplied by its respective innovation scores to","page_number":9,"box":{"x":549,"y":215,"width":392,"height":11}},{"id":"9884bda5-9b5b-4920-a9e9-2095acddb262","block_type":"box","text":"determine its product score. Product X’s resulting product score","page_number":9,"box":{"x":549,"y":229,"width":411,"height":11}},{"id":"67f164da-b2b5-487c-86f5-9b0dcc2dc8f9","block_type":"box","text":"is 2.15 (71.7% times 3), and Product Y’s resulting product score is","page_number":9,"box":{"x":549,"y":244,"width":416,"height":10}},{"id":"0c8ab988-90e4-4a82-8985-bd01d4b14133","block_type":"box","text":"0.57 (28.3% times 2). Company A’s resulting aggregate score is","page_number":9,"box":{"x":549,"y":258,"width":404,"height":11}},{"id":"ceb2a95b-3916-45f5-a6e0-0412302d66cd","block_type":"box","text":"2.72, resulting in a Tier 1 designation.","page_number":9,"box":{"x":550,"y":272,"width":239,"height":11}},{"id":"9162ed5d-cfa1-4895-b9b7-cd0ffc9d139d","block_type":"box","text":"Once Morningstar calculates each constituent’s aggregate score,","page_number":9,"box":{"x":549,"y":294,"width":416,"height":11}},{"id":"20f1e325-6932-40c9-8d84-ec7462418069","block_type":"box","text":"Morningstar designates each constituent as either Tier 1 or Tier 2","page_number":9,"box":{"x":550,"y":308,"width":416,"height":11}},{"id":"e515be52-cb50-4088-a519-20e0823719e8","block_type":"box","text":"based on their aggregate score. Tier 1 issuers are those with an","page_number":9,"box":{"x":549,"y":322,"width":406,"height":11}},{"id":"d2586bb7-875e-44ac-bec0-66aca42c452b","block_type":"box","text":"aggregate score of 1.5 or higher. Tier 2 issuers are those with an","page_number":9,"box":{"x":549,"y":336,"width":410,"height":11}},{"id":"c60193b3-5e83-4b29-8dc1-9241b3216368","block_type":"box","text":"aggregate score of less than 1.5. All Tier 1 constituents are","page_number":9,"box":{"x":549,"y":351,"width":376,"height":10}},{"id":"924521f2-4dda-4b5f-8dbc-543b6cbdd1f3","block_type":"box","text":"selected for the Underlying Index. Morningstar ranks Tier 2","page_number":9,"box":{"x":549,"y":365,"width":375,"height":11}},{"id":"94dcddd1-7982-444b-abab-6a03203a005f","block_type":"box","text":"issuers with preference given to issuers with a higher aggregate","page_number":9,"box":{"x":549,"y":379,"width":407,"height":11}},{"id":"0f605330-73a2-4270-8de8-bab0a4bcbe5e","block_type":"box","text":"score over a lower aggregate score, then a smaller market","page_number":9,"box":{"x":549,"y":393,"width":372,"height":11}},{"id":"e890d017-2aee-4027-aea7-965b82052ebb","block_type":"box","text":"capitalization over a larger market capitalization. If there are","page_number":9,"box":{"x":549,"y":407,"width":385,"height":11}},{"id":"882e5994-f68f-405b-9b9e-4d0dfc0e104f","block_type":"box","text":"fewer than 50 Tier 1 constituents, the shortfall is filled with Tier 2","page_number":9,"box":{"x":549,"y":421,"width":416,"height":11}},{"id":"d20aa28d-d9cc-4b52-b3eb-9467e3a5d92e","block_type":"box","text":"constituents, and the Underlying Index is capped at 50","page_number":9,"box":{"x":549,"y":436,"width":349,"height":10}},{"id":"84315c31-805d-4eaf-b8c6-e0af289e46c6","block_type":"box","text":"constituents.","page_number":9,"box":{"x":549,"y":450,"width":82,"height":8}},{"id":"2455c0c4-9964-444f-b1ff-d12c95d923a1","block_type":"box","text":"Constituents are float market capitalization-weighted with a 6%","page_number":9,"box":{"x":553,"y":472,"width":403,"height":11}},{"id":"ec6fc0b3-62c7-4c26-994b-22bb8243b84b","block_type":"box","text":"cap for individual stocks and each industry is capped at 15%.","page_number":9,"box":{"x":549,"y":486,"width":386,"height":11}},{"id":"587a8247-69d3-4ab8-a0e7-0bdb80d69149","block_type":"box","text":"Additionally, individual constituents with weights of 4.5% or","page_number":9,"box":{"x":549,"y":500,"width":379,"height":11}},{"id":"ef3c6dfa-816b-4279-8ad7-11a225932cf2","block_type":"box","text":"greater in aggregate cannot compose more than 45% of the","page_number":9,"box":{"x":549,"y":514,"width":380,"height":11}},{"id":"fe2567e0-d3ef-45c7-a0f9-00b713af5929","block_type":"box","text":"Underlying Index. The Underlying Index is reconstituted annually","page_number":9,"box":{"x":550,"y":529,"width":410,"height":10}},{"id":"9366a94a-0195-4bf5-8f82-6b159703cafc","block_type":"box","text":"each December and rebalanced quarterly. The Index Provider","page_number":9,"box":{"x":549,"y":543,"width":391,"height":10}},{"id":"9d8b5b47-b7aa-4c2c-b82b-14d6a49787d1","block_type":"box","text":"does not require that each of the eight sustainable themes be","page_number":9,"box":{"x":549,"y":557,"width":394,"height":11}},{"id":"e5c00c45-d041-46e9-a683-08d68f0b2da8","block_type":"box","text":"included in the Underlying Index, nor does it require the inclusion","page_number":9,"box":{"x":549,"y":571,"width":416,"height":11}},{"id":"4c708699-c353-4b34-b24d-2e2876ad1116","block_type":"box","text":"of a minimum number of Tier 1 constituents. In addition,","page_number":9,"box":{"x":549,"y":585,"width":359,"height":10}},{"id":"7a63917a-8de4-40e9-a6c2-7fce144cc210","block_type":"box","text":"constituents may operate business lines that generate revenues","page_number":9,"box":{"x":549,"y":599,"width":410,"height":11}},{"id":"c370f510-3181-4a26-8a0f-0996c16d0892","block_type":"box","text":"in industries in addition to those related to breakthrough","page_number":9,"box":{"x":549,"y":614,"width":361,"height":10}},{"id":"ab94485e-35cb-4e41-9f89-e9f941ad3274","block_type":"box","text":"innovations and new technologies and may be associated with","page_number":9,"box":{"x":549,"y":628,"width":398,"height":11}},{"id":"359790a3-bcc6-41d2-92f7-4e470d72739b","block_type":"box","text":"multiple industries or sectors.","page_number":9,"box":{"x":549,"y":642,"width":190,"height":11}},{"id":"1673b593-9b7a-4ecd-95c1-9c59d086ef58","block_type":"box","text":"The Underlying Index includes small-, mid- and large","page_number":9,"box":{"x":552,"y":664,"width":339,"height":11}},{"id":"cfc8dcf6-ed0c-4a19-9b0c-530e5bd5c02e","block_type":"box","text":"capitalization companies and may change over time. As of July 31,","page_number":9,"box":{"x":549,"y":678,"width":420,"height":11}},{"id":"29097ce4-1cf4-4e01-ad63-63d5776d54bc","block_type":"box","text":"2025, a significant portion of the Underlying Index is represented","page_number":9,"box":{"x":550,"y":692,"width":416,"height":11}},{"id":"7cc8a234-9788-4157-8d21-1b5ece50be25","block_type":"box","text":"by securities of companies in the consumer goods and services,","page_number":9,"box":{"x":549,"y":706,"width":409,"height":11}},{"id":"8b6950d5-3f0d-47c8-94e1-bc84bc474072","block_type":"box","text":"industrials and technology industries or sectors. As of July 31,","page_number":9,"box":{"x":549,"y":721,"width":392,"height":10}},{"id":"aa42dc4c-4ffb-4795-ad79-ad1a935335f6","block_type":"box","text":"2025, the Underlying Index consisted of securities from the","page_number":9,"box":{"x":550,"y":735,"width":379,"height":11}},{"id":"139f02bf-73fc-4452-9791-d4c039aff56b","block_type":"box","text":"following countries: China, Denmark, Finland, Germany, Japan,","page_number":9,"box":{"x":549,"y":749,"width":399,"height":11}},{"id":"01f715dd-154f-436d-b8f8-d6daae292bf3","block_type":"box","text":"South Korea, Taiwan, and the U.S.","page_number":9,"box":{"x":549,"y":763,"width":215,"height":10}},{"id":"60fbf991-c72d-4512-834a-52440321c706","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":9,"box":{"x":550,"y":786,"width":376,"height":11}},{"id":"2346ebfb-20a2-4cc8-bc89-c4d3b8a8c79e","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":9,"box":{"x":549,"y":800,"width":417,"height":11}},{"id":"efe6c5aa-5136-4ab1-8186-b4c562f41fe6","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":9,"box":{"x":549,"y":815,"width":396,"height":10}},{"id":"5d0c52d5-e92d-4938-bd1e-38d49906e171","block_type":"box","text":"markets decline or appear overvalued.","page_number":9,"box":{"x":549,"y":829,"width":244,"height":11}},{"id":"ea816950-cf65-4d9a-b0b1-0fd7e2fb947b","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":9,"box":{"x":550,"y":852,"width":420,"height":11}},{"id":"d51f37c9-48a7-423d-ad71-229727cabaf4","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":9,"box":{"x":549,"y":866,"width":421,"height":11}},{"id":"8261d6dc-1ada-48b1-8185-a8728a5cccdc","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":9,"box":{"x":549,"y":880,"width":386,"height":11}},{"id":"659edd37-2f70-417a-8a19-b044b4409768","block_type":"box","text":"S-2","page_number":9,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"976f2c06-9128-4c77-869d-6c9731f220a5","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":10,"box":{"x":83,"y":23,"width":370,"height":11}},{"id":"2dbd41ca-b5e1-46bb-904e-77787ad9908f","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":10,"box":{"x":83,"y":37,"width":356,"height":11}},{"id":"6dca4914-3ce6-44c7-9aa3-902c357e6b45","block_type":"box","text":"comparison to actively managed investment companies.","page_number":10,"box":{"x":83,"y":52,"width":359,"height":10}},{"id":"fce51f89-ca8a-48e4-9680-4450d866aa99","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":10,"box":{"x":84,"y":75,"width":411,"height":11}},{"id":"b1827ac8-dbc5-4007-b9a2-df008153ee5f","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":10,"box":{"x":83,"y":89,"width":411,"height":11}},{"id":"b2a4f3af-0eb4-4584-953c-e93d6de544b1","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":10,"box":{"x":83,"y":103,"width":424,"height":11}},{"id":"9e90634b-9bf7-4853-99fd-749586f77fd6","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":10,"box":{"x":83,"y":117,"width":410,"height":11}},{"id":"2d2a6472-b5ab-4d02-aba5-1d6661c6f075","block_type":"box","text":"that of an applicable underlying index. 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Currency exchange rates can be very volatile and can","page_number":11,"box":{"x":549,"y":320,"width":404,"height":10}},{"id":"644c4623-f6e6-4b43-a7d1-e3a240edd24d","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":11,"box":{"x":549,"y":334,"width":395,"height":11}},{"id":"63ba4554-f1a5-4a95-9d95-a8b6289aadbb","block_type":"box","text":"may change quickly and without warning. 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These issues may have an","page_number":11,"box":{"x":549,"y":442,"width":406,"height":11}},{"id":"74e4397d-f654-4e2d-b323-d40caadbcbe2","block_type":"box","text":"adverse impact on the Fund, including losses or delays in","page_number":11,"box":{"x":549,"y":456,"width":364,"height":11}},{"id":"707134f9-b026-4148-bb9e-d7938a7b1ee4","block_type":"box","text":"payments, delivery or recovery of money or other assets.","page_number":11,"box":{"x":549,"y":470,"width":364,"height":11}},{"id":"14a04d81-3b8d-4458-967d-a7a90ea09bf0","block_type":"box","text":"Industrial Companies Risk.","page_number":11,"box":{"x":549,"y":494,"width":181,"height":10}},{"id":"bab6416c-7b7b-43ac-8ff6-20cf9c048ea6","block_type":"box","text":"Industrial companies face a number","page_number":11,"box":{"x":736,"y":494,"width":229,"height":10}},{"id":"9eb06a17-3ab2-45b7-a47e-3a092feb628b","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":11,"box":{"x":549,"y":508,"width":378,"height":11}},{"id":"191abb04-d08d-40f8-9a35-d80114ae0336","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":11,"box":{"x":549,"y":522,"width":416,"height":11}},{"id":"e6545734-d13c-4064-b167-74948b4dca91","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":11,"box":{"x":549,"y":536,"width":380,"height":11}},{"id":"3dbbbbcf-424f-4cfa-bea5-b171a2e4cbd8","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":11,"box":{"x":549,"y":550,"width":418,"height":11}},{"id":"aad127d1-6adf-48ac-9afe-64a080f2e5cd","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":11,"box":{"x":549,"y":565,"width":394,"height":10}},{"id":"9ebf50d5-f351-4879-9f4b-50c247421cbb","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":11,"box":{"x":549,"y":579,"width":388,"height":11}},{"id":"117a2586-1a88-4404-806f-0517fdc95c0d","block_type":"box","text":"affected by technological developments, labor relations,","page_number":11,"box":{"x":549,"y":593,"width":358,"height":11}},{"id":"28a8fcb6-061a-4984-ac32-6fb645cf07f2","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":11,"box":{"x":549,"y":607,"width":420,"height":11}},{"id":"d1530332-bdc5-4bdf-aa55-de6d80dea53d","block_type":"box","text":"and changes in domestic and international economies.","page_number":11,"box":{"x":549,"y":621,"width":348,"height":11}},{"id":"987fece6-44e5-479c-b939-81f52be5edac","block_type":"box","text":"Issuer Risk","page_number":11,"box":{"x":549,"y":644,"width":75,"height":9}},{"id":"224dcb4e-7ebc-413b-8cca-63a19a243eb2","block_type":"box","text":".","page_number":11,"box":{"x":624,"y":651,"width":3,"height":2}},{"id":"58bb2616-ede4-44ec-977f-b22fa175c5b4","block_type":"box","text":"The performance of the Fund depends on the","page_number":11,"box":{"x":632,"y":644,"width":288,"height":11}},{"id":"69dae3b5-53d7-4f30-bce0-17f2e847c86c","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":11,"box":{"x":549,"y":659,"width":412,"height":10}},{"id":"6786034a-0907-48a2-a58d-5e8401394a44","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":11,"box":{"x":550,"y":673,"width":402,"height":11}},{"id":"b4aa29fe-3f02-4c06-93ca-fb2c0ab60168","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":11,"box":{"x":549,"y":687,"width":418,"height":11}},{"id":"a8795f91-b22e-437d-970c-1a82057778c0","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":11,"box":{"x":549,"y":701,"width":414,"height":11}},{"id":"8019fec4-b4ac-4c19-816b-ef5886aad464","block_type":"box","text":"counterparty.","page_number":11,"box":{"x":549,"y":716,"width":84,"height":10}},{"id":"12095ae1-1fba-419f-aaa3-35b81b7d024a","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":11,"box":{"x":549,"y":739,"width":252,"height":10}},{"id":"5208eb15-f170-402f-a5c0-7f3fd65f864f","block_type":"box","text":"Large-capitalization","page_number":11,"box":{"x":808,"y":739,"width":124,"height":10}},{"id":"bc2af1e6-a106-4b99-8ad3-4b35dd536d3f","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":11,"box":{"x":549,"y":753,"width":352,"height":11}},{"id":"56a39495-3281-4ad4-8e8f-2228ffe98e5b","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":11,"box":{"x":549,"y":767,"width":352,"height":11}},{"id":"c5c2a2d8-9f02-45e9-979a-325a136b986e","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":11,"box":{"x":549,"y":781,"width":405,"height":11}},{"id":"e71cf6c8-a34e-41e1-89cd-a8b32304cea1","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":11,"box":{"x":549,"y":795,"width":371,"height":11}},{"id":"f65eb074-a34f-4a26-b2fb-4475202305a2","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":11,"box":{"x":549,"y":810,"width":340,"height":10}},{"id":"db82ad23-9686-4b18-806f-988505e3bc53","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":11,"box":{"x":549,"y":824,"width":390,"height":11}},{"id":"2b6c84bb-56df-4fb2-92c8-137759f9497d","block_type":"box","text":"overall performance of the broader securities markets.","page_number":11,"box":{"x":549,"y":838,"width":349,"height":11}},{"id":"b4b7e973-8334-4f02-9296-7a77cbbf843e","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":11,"box":{"x":549,"y":861,"width":360,"height":11}},{"id":"a5c2fd44-6e26-4c65-9cab-c7b525fac9cd","block_type":"box","text":"Certain","page_number":11,"box":{"x":915,"y":861,"width":45,"height":9}},{"id":"97dad1d4-c8e9-40c0-9caa-a2d8e2ef2668","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":11,"box":{"x":549,"y":875,"width":405,"height":11}},{"id":"7a4fbe4a-fd23-4274-8561-82b03436b155","block_type":"box","text":"S-4","page_number":11,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"64ed8cd8-5996-4e19-a726-f2cc72167b1b","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":12,"box":{"x":83,"y":23,"width":409,"height":11}},{"id":"9aa7f195-aeea-4426-b940-09d25dbf0bc8","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":12,"box":{"x":83,"y":37,"width":419,"height":11}},{"id":"c9ef30cb-0e7d-471a-b62c-e1ecb759abc4","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":12,"box":{"x":83,"y":51,"width":417,"height":11}},{"id":"cbd627ff-1a3b-4107-827e-c811a3f75e99","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":12,"box":{"x":83,"y":66,"width":424,"height":10}},{"id":"79815502-7a8d-4d00-a080-da8a1d06b553","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":12,"box":{"x":83,"y":80,"width":387,"height":11}},{"id":"60e2004e-b80f-4338-9107-6811017682c7","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":12,"box":{"x":83,"y":94,"width":420,"height":11}},{"id":"f91b3a48-e088-4b58-adf2-6096c8be339f","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":12,"box":{"x":83,"y":108,"width":413,"height":11}},{"id":"c583913d-b482-42c6-a4bd-8690b485eb55","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":12,"box":{"x":83,"y":122,"width":416,"height":11}},{"id":"cb76521e-2fb6-4c88-b6ac-860fc3e3a977","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":12,"box":{"x":83,"y":137,"width":411,"height":10}},{"id":"db1d56e7-64d3-49d7-930d-5a3dd28d4d90","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":12,"box":{"x":83,"y":151,"width":414,"height":8}},{"id":"6e572808-a8ca-483e-818d-93ab3398b5a2","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":12,"box":{"x":83,"y":165,"width":400,"height":10}},{"id":"8c8daba4-7cd3-4b3c-bfa0-04d94b700ba9","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":12,"box":{"x":83,"y":179,"width":404,"height":11}},{"id":"f1b93130-03f5-4ed5-9797-2d2e79654c9a","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":12,"box":{"x":83,"y":193,"width":415,"height":11}},{"id":"e776c73f-ce17-4905-909f-fa5d8d76b381","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":12,"box":{"x":82,"y":208,"width":413,"height":10}},{"id":"c882d445-1981-45a2-ae78-c0241faa091c","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":12,"box":{"x":83,"y":222,"width":352,"height":10}},{"id":"fc6bbc8c-6ef8-4476-9a0e-15d5efa7992c","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":12,"box":{"x":83,"y":236,"width":415,"height":11}},{"id":"8075bcd1-a5e7-4243-88e8-2eedfe673369","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":12,"box":{"x":82,"y":250,"width":417,"height":11}},{"id":"3dbb82c1-3bf9-4c23-a4d5-fa0013d70716","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":12,"box":{"x":83,"y":264,"width":387,"height":11}},{"id":"d39d4608-abfb-45cd-abdb-4a11c97bc37e","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":12,"box":{"x":82,"y":278,"width":419,"height":11}},{"id":"e6d8d71c-006d-485f-9575-cbb8701959d3","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":12,"box":{"x":83,"y":293,"width":389,"height":10}},{"id":"688ffe37-d703-45ae-b0c3-7a07248b7eed","block_type":"box","text":"price of Fund shares.","page_number":12,"box":{"x":83,"y":307,"width":133,"height":10}},{"id":"3f6ef926-667a-4f14-bdb9-60e1ef89491d","block_type":"box","text":"Management Risk","page_number":12,"box":{"x":83,"y":330,"width":122,"height":11}},{"id":"b283cfac-f74e-4d04-9300-d27737f73327","block_type":"box","text":".","page_number":12,"box":{"x":206,"y":337,"width":2,"height":1}},{"id":"86e5642e-6e9c-41d7-b533-8da01ed5f6a4","block_type":"box","text":"The Fund generally does not attempt to take","page_number":12,"box":{"x":213,"y":330,"width":283,"height":11}},{"id":"65fb226c-bbe9-43ec-94c0-da459018e045","block_type":"box","text":"defensive positions under any market conditions, including","page_number":12,"box":{"x":83,"y":344,"width":376,"height":11}},{"id":"27ab29d3-600d-465b-a536-cc0f5668eb22","block_type":"box","text":"declining markets. 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Securities lending involves the risk that the Fund may","page_number":13,"box":{"x":549,"y":509,"width":397,"height":11}},{"id":"442d982a-2848-4b70-9cb8-b4a6ec7c6424","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":13,"box":{"x":549,"y":523,"width":418,"height":11}},{"id":"7ebdca70-71db-491f-b341-9e5b4edd9e8a","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":13,"box":{"x":549,"y":538,"width":409,"height":10}},{"id":"df3537ec-d1dd-491a-85fc-f7b7ab495c7e","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":13,"box":{"x":549,"y":552,"width":416,"height":10}},{"id":"b3a4d155-bf71-418f-afc7-cc335c0f9d4b","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":13,"box":{"x":549,"y":566,"width":389,"height":11}},{"id":"1ece613c-b4f5-42f4-a770-5425ef58fa4b","block_type":"box","text":"investments made with cash collateral. 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As a result, the Fund’s share price may","page_number":13,"box":{"x":549,"y":688,"width":415,"height":11}},{"id":"aba5c077-e1c4-4b06-8b43-0bb5dc6c3572","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":13,"box":{"x":549,"y":702,"width":407,"height":11}},{"id":"3e5ea202-6d7e-4388-a7da-c34fc8bc5cab","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":13,"box":{"x":549,"y":717,"width":220,"height":11}},{"id":"3ce1b7f3-8ea2-44fd-b7a5-835b4acfcf95","block_type":"box","text":"Small Fund Risk.","page_number":13,"box":{"x":548,"y":740,"width":111,"height":8}},{"id":"c137917b-c8c1-498f-8a50-e9fd7cfef384","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":13,"box":{"x":665,"y":740,"width":282,"height":11}},{"id":"86f843af-f0ca-4ceb-b117-7af98f2e7afd","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":13,"box":{"x":549,"y":754,"width":397,"height":11}},{"id":"09d9cc69-3f41-4e43-824c-7efbb22603ce","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":13,"box":{"x":550,"y":768,"width":396,"height":11}},{"id":"a3773977-4470-4c15-8c49-c6aadf6846e8","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":13,"box":{"x":549,"y":782,"width":387,"height":11}},{"id":"8d71593d-671e-4a36-8d37-d629ad240a16","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it","page_number":13,"box":{"x":549,"y":797,"width":417,"height":10}},{"id":"794924dd-90bc-43b6-b2cf-8dd7a039bd62","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":13,"box":{"x":549,"y":811,"width":408,"height":11}},{"id":"bbeaef28-3751-485b-87d2-bb30ebffb7c7","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":13,"box":{"x":549,"y":825,"width":375,"height":11}},{"id":"71e815be-66ef-4688-ade7-c8a377b303be","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":13,"box":{"x":549,"y":839,"width":420,"height":11}},{"id":"c29b2931-bac9-4a3e-bb81-cde422e5a9a7","block_type":"box","text":"its shareholders.","page_number":13,"box":{"x":549,"y":853,"width":105,"height":9}},{"id":"1151a9fc-24e2-4629-97ca-50e92e8d1e25","block_type":"box","text":"S-6","page_number":13,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"42c58bb7-a2c8-4eac-bdb6-35954a472e6c","block_type":"box","text":"Technology Companies Risk","page_number":14,"box":{"x":84,"y":23,"width":190,"height":11}},{"id":"33d77372-0610-4f74-8c3d-aa3cd2fdf655","block_type":"box","text":".","page_number":14,"box":{"x":274,"y":30,"width":2,"height":2}},{"id":"61784f9b-2085-4d90-b6eb-49073210ed31","block_type":"box","text":"Technology companies and","page_number":14,"box":{"x":281,"y":23,"width":172,"height":11}},{"id":"1d62a343-c792-46a1-a80d-cb06efb885f7","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":14,"box":{"x":83,"y":37,"width":412,"height":11}},{"id":"7a0540b3-fbd9-4e2a-bc30-4515046f137c","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":14,"box":{"x":83,"y":51,"width":414,"height":11}},{"id":"e3d79f05-59ae-42f6-bee7-e328af2d18ea","block_type":"box","text":"and personnel. These companies typically face intense","page_number":14,"box":{"x":83,"y":66,"width":348,"height":10}},{"id":"15d0ebb4-f0f6-4822-b9d4-e5cc58495ac5","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":14,"box":{"x":83,"y":80,"width":418,"height":11}},{"id":"46bbaa96-a242-482e-9e6d-cce29924a47d","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":14,"box":{"x":83,"y":94,"width":381,"height":11}},{"id":"73813b89-22c6-4d4c-88a0-6cf4b5d4674b","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":14,"box":{"x":83,"y":108,"width":367,"height":11}},{"id":"0f7a0497-eac3-458e-a724-51ede8a26261","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":14,"box":{"x":83,"y":122,"width":423,"height":11}},{"id":"ccdfd0bf-ae71-4627-8de7-098a7c03afe9","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":14,"box":{"x":82,"y":137,"width":369,"height":10}},{"id":"4a022276-cd5f-4134-9978-b44093ba83b9","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":14,"box":{"x":83,"y":151,"width":384,"height":11}},{"id":"b53bf96c-373c-4c91-a3fc-fd1880e07edd","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":14,"box":{"x":83,"y":165,"width":384,"height":11}},{"id":"ef328a2b-04fb-4cec-a979-288e089be21b","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":14,"box":{"x":83,"y":179,"width":397,"height":11}},{"id":"501cff13-442d-4ffa-934e-671a2cefbe2b","block_type":"box","text":"government or legal action.","page_number":14,"box":{"x":83,"y":193,"width":174,"height":11}},{"id":"0eb05c3b-6d14-4969-873c-da5ef7452d29","block_type":"box","text":"Tracking Error Risk","page_number":14,"box":{"x":84,"y":216,"width":128,"height":11}},{"id":"099130c5-02a6-468a-a08a-a3bc1e0201fa","block_type":"box","text":".","page_number":14,"box":{"x":212,"y":223,"width":2,"height":2}},{"id":"a1df1987-a2cc-4f06-801a-c8ae60751059","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":14,"box":{"x":219,"y":217,"width":284,"height":10}},{"id":"92e684d9-146f-4d63-947d-1ce796c20425","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":14,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"9228158f-3d14-4349-a5ca-e8148989b097","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":14,"box":{"x":83,"y":245,"width":425,"height":11}},{"id":"ba45b11c-b44e-4d3d-86c3-32b2626b016c","block_type":"box","text":"factors, including differences between the securities and other","page_number":14,"box":{"x":82,"y":259,"width":402,"height":11}},{"id":"a7cfbb5c-8a38-4771-9d64-7c06298f0a36","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":14,"box":{"x":83,"y":273,"width":381,"height":11}},{"id":"14083ded-e7a6-46b2-8955-ed3f65040d15","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":14,"box":{"x":83,"y":287,"width":396,"height":11}},{"id":"7bf53abb-f07c-491c-b782-3851a6de3eb0","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":14,"box":{"x":83,"y":302,"width":407,"height":10}},{"id":"acdfacd1-7134-4422-b96e-8359c79640cb","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":14,"box":{"x":83,"y":316,"width":400,"height":11}},{"id":"34aef558-3718-4d22-aa4a-365167df9c80","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":14,"box":{"x":83,"y":330,"width":421,"height":11}},{"id":"fea92d32-94ff-4565-83be-0252a184cd25","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":14,"box":{"x":83,"y":344,"width":373,"height":11}},{"id":"c3e225a5-9bd1-4999-8ef8-c9e232d20410","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":14,"box":{"x":83,"y":358,"width":370,"height":11}},{"id":"73f7c4bd-de2b-4499-8d33-57ed6f4cf1d2","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":14,"box":{"x":83,"y":372,"width":372,"height":11}},{"id":"b0e4ba0a-0f02-4ef1-b445-e59a753bce89","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":14,"box":{"x":83,"y":387,"width":420,"height":11}},{"id":"19663be8-c6db-4f17-9b6e-0259038b793e","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":14,"box":{"x":83,"y":401,"width":386,"height":11}},{"id":"3c788fec-8871-4e9b-af40-b7d3404191b9","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":14,"box":{"x":82,"y":415,"width":378,"height":11}},{"id":"57343b95-116f-49e3-b34e-92aa8c3a3c1a","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":14,"box":{"x":549,"y":23,"width":380,"height":11}},{"id":"84a24878-ee0b-4677-b4f6-f212e2eb7be1","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":14,"box":{"x":549,"y":37,"width":366,"height":11}},{"id":"e5d28e55-a768-43d8-a984-13eafb5be69a","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":14,"box":{"x":549,"y":51,"width":414,"height":11}},{"id":"f0a13991-224a-4396-a305-fdd7a56c9bc1","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":14,"box":{"x":550,"y":66,"width":386,"height":11}},{"id":"2e25c0e4-9ced-49c6-b4b4-a84d2e2427f4","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":14,"box":{"x":549,"y":80,"width":414,"height":11}},{"id":"599cd777-2c8f-4ab7-990b-0d364c8663bf","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":14,"box":{"x":549,"y":94,"width":420,"height":11}},{"id":"62dc9e7b-b474-4fc4-9916-eed385b2fd17","block_type":"box","text":"unusual market conditions. Until the Fund reaches greater scale,","page_number":14,"box":{"x":549,"y":108,"width":413,"height":11}},{"id":"5e37d1f0-f868-481e-8bb9-6f9f82696557","block_type":"box","text":"it may experience higher tracking error than is typical for similar","page_number":14,"box":{"x":549,"y":122,"width":410,"height":11}},{"id":"1e500149-a881-491b-be31-10c01d2fc6cd","block_type":"box","text":"index ETFs. A Fund that tracks an index with exposure to non-U.S.","page_number":14,"box":{"x":549,"y":137,"width":421,"height":10}},{"id":"a7776cc1-4755-4aa6-ad68-4f6479cd8901","block_type":"box","text":"issuers may experience higher tracking error than ETFs that do","page_number":14,"box":{"x":549,"y":151,"width":401,"height":11}},{"id":"066dfb08-61c7-4f69-b29a-d944a38f7ce5","block_type":"box","text":"not track such indexes.","page_number":14,"box":{"x":549,"y":165,"width":147,"height":8}},{"id":"ea508f89-9907-49c3-b150-5f802d2177de","block_type":"box","text":"Valuation Risk","page_number":14,"box":{"x":550,"y":188,"width":96,"height":9}},{"id":"dddd04c2-b48e-400d-a7ef-0912b78b4d78","block_type":"box","text":".","page_number":14,"box":{"x":646,"y":195,"width":2,"height":2}},{"id":"f3693784-5283-4c93-9ea2-cc614deaa753","block_type":"box","text":"The price that the Fund could receive upon the","page_number":14,"box":{"x":653,"y":188,"width":298,"height":11}},{"id":"cbddf80e-9c23-4e46-8349-7f7c9b93ddd9","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":14,"box":{"x":549,"y":202,"width":408,"height":11}},{"id":"bc247b4f-a0df-4920-94a4-8dc2624dae1c","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":14,"box":{"x":549,"y":216,"width":355,"height":11}},{"id":"d9cd3c2b-1bcc-441d-b74f-4ee55e15fc3c","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":14,"box":{"x":549,"y":231,"width":418,"height":10}},{"id":"358afa24-5591-48ab-bd46-eeac81fe7a0d","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":14,"box":{"x":549,"y":245,"width":347,"height":11}},{"id":"78af5a83-0e33-4afd-b0ab-a4851b0abe50","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":14,"box":{"x":549,"y":259,"width":418,"height":11}},{"id":"df4f9ed0-0fa8-4391-8308-e95b0e2fd3e6","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":14,"box":{"x":549,"y":273,"width":406,"height":11}},{"id":"c2b5e0e5-cc28-4339-9dd9-b6db60be50b7","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":14,"box":{"x":549,"y":287,"width":411,"height":11}},{"id":"710cafc7-bea8-4dec-9c8f-8e8a9b8a3a82","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":14,"box":{"x":549,"y":302,"width":392,"height":10}},{"id":"8c5f66d3-831e-42f0-9a3b-abb5b95cd8f8","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":14,"box":{"x":549,"y":316,"width":414,"height":11}},{"id":"2437363a-09c4-49fb-8a7b-f85ec1aabe54","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":14,"box":{"x":549,"y":330,"width":394,"height":11}},{"id":"8abb602d-dccd-4911-ae38-24e26e8dc4f0","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":14,"box":{"x":548,"y":344,"width":383,"height":11}},{"id":"49cf6b84-67b9-470f-9bc7-affcbc5389f1","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":14,"box":{"x":549,"y":358,"width":414,"height":11}},{"id":"2e8ec74b-493e-418f-af2b-7354c68d9ea8","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":14,"box":{"x":549,"y":372,"width":392,"height":9}},{"id":"18749fac-da6d-4111-8fc1-228e9b11c654","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":14,"box":{"x":548,"y":387,"width":425,"height":10}},{"id":"bf27e758-ed0d-4394-8627-30911b0c1aaa","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":14,"box":{"x":548,"y":401,"width":400,"height":11}},{"id":"005c7575-206b-42a3-a703-66bac4fd461d","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":14,"box":{"x":549,"y":415,"width":405,"height":11}},{"id":"713d2971-493e-4d08-b173-8a56bbcc1d89","block_type":"box","text":"S-7","page_number":14,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"a1be37db-cdad-4de6-bd21-28567218e588","block_type":"box","text":"Performance Information","page_number":15,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"a0e814cd-1f67-45b0-a705-c29fca39569b","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":15,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"d31c5d91-2f22-479e-a8fe-3289428e434b","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":15,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"37ad9794-0dcc-4004-9e87-5f72478908c6","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":15,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"27670ca2-6d7d-4011-bdd6-1167fbb2c5e8","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":15,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"eda1e5cf-7b4d-4362-aa05-81766782090e","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":15,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"755d1be0-7828-40a1-9f20-27eb1c89cc93","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":15,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"bb1b2a49-c805-40a6-aa87-16aaa76e6134","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":15,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"0a5714ec-2acf-40a4-a2c8-c07936618fb8","block_type":"box","text":"Calendar Year-by-Year 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(Net)","page_number":15,"box":{"x":124,"y":565,"width":421,"height":10}},{"id":"009820fb-78d5-4e97-bd13-f4968fbfdba4","block_type":"box","text":"1","page_number":15,"box":{"x":547,"y":564,"width":3,"height":5}},{"id":"2f13c82a-3643-427b-9a86-86ee233d1c44","block_type":"box","text":"(Returns do not reflect deductions","page_number":15,"box":{"x":556,"y":565,"width":195,"height":10}},{"id":"499feb87-0286-4e10-8fc6-7ae3ca21626d","block_type":"box","text":"for fees, expenses or taxes except for withholding taxes on reinvested dividends) -17.28% -11.43%","page_number":15,"box":{"x":136,"y":578,"width":785,"height":10}},{"id":"08d41cfe-255a-4d5d-9460-898a7a4bc663","block_type":"box","text":"1","page_number":15,"box":{"x":112,"y":607,"width":2,"height":4}},{"id":"7007605c-690d-48df-a7af-02d74c184bd0","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":15,"box":{"x":124,"y":608,"width":793,"height":10}},{"id":"bf4492cd-312c-430b-a249-58102b6d718b","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":15,"box":{"x":123,"y":618,"width":843,"height":10}},{"id":"158aa09c-a361-4789-938c-95ba29662afa","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":15,"box":{"x":123,"y":629,"width":835,"height":9}},{"id":"ed7f4749-79ba-4c34-81c6-96db4ec1dbb6","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":15,"box":{"x":123,"y":639,"width":650,"height":10}},{"id":"05041a53-4555-4116-82e7-18fccb6a5638","block_type":"box","text":"S-8","page_number":15,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"3ec21caf-8769-4fae-a083-0873f7658e89","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":15,"box":{"x":82,"y":659,"width":882,"height":11}},{"id":"dbfdc5dd-6f6e-42da-a1a4-362786aeb058","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":15,"box":{"x":83,"y":672,"width":871,"height":11}},{"id":"7faa20c5-7647-44a3-b4a9-2da807ba44b8","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":15,"box":{"x":83,"y":685,"width":860,"height":11}},{"id":"3472fdb4-69cb-4f81-a0c0-18a22c2f7ad1","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":15,"box":{"x":82,"y":723,"width":861,"height":11}},{"id":"915df618-dc2c-4e94-b3a4-7edccecad143","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":15,"box":{"x":83,"y":736,"width":359,"height":11}},{"id":"ff29d5cf-55e8-4886-b8b3-7c1450935cce","block_type":"box","text":"Management","page_number":16,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"21286751-104e-4cdf-ad08-b87881158c75","block_type":"box","text":"Investment Adviser.","page_number":16,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"316b5fb5-505c-435c-b4fc-acaabe7526fe","block_type":"box","text":"BlackRock Fund Advisors.","page_number":16,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"3bc77a84-fbd4-4fd4-8602-10c8dd9ffd00","block_type":"box","text":"Portfolio Managers.","page_number":16,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"33c817b6-3a43-4391-8f5a-c2ef9d925dc3","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":16,"box":{"x":223,"y":71,"width":281,"height":10}},{"id":"8e03d467-4902-46ad-918c-90394ff6e74a","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":16,"box":{"x":83,"y":85,"width":367,"height":11}},{"id":"704cdc81-a18d-4217-8d8c-bd7ad60a62ca","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":16,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"27c486f3-d476-45da-855c-ffc1ea051c0b","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":16,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"ddab6da6-9a76-4859-a921-defc9d3ef834","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":16,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"09b3599f-7c81-4217-a551-845aabccdc3d","block_type":"box","text":"Portfolio Managers of the Fund since 2023, 2025, 2025 and","page_number":16,"box":{"x":84,"y":142,"width":383,"height":11}},{"id":"d2651f1d-649d-4d15-a51a-5968c1cdd47b","block_type":"box","text":"2025, respectively.","page_number":16,"box":{"x":83,"y":156,"width":121,"height":11}},{"id":"d6b5a741-4db0-44bd-ab9b-60aeb032c023","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":16,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"9b058b75-d22c-47e1-898c-a4861af00af9","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":16,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"c1db6369-86d9-4250-a3c3-0569185ac9a2","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":16,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"0a8cde39-cea1-4965-bdc1-52c2e4b41821","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":16,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"05b827a9-13e8-4765-92ea-bef016e7bc8a","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":16,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"9ebbbe9b-55ec-4bd0-b284-d52a6db42630","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":16,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"ece87a07-cfb8-4b64-bc27-cd9ec62892b1","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":16,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"13bba047-4db3-4118-aa66-88cecce2f7ff","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":16,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"03b36654-e640-4b3b-8c4a-f45568c0aa0d","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":16,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"a1845ab5-c6c1-49e7-a4f4-3929317a691d","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":16,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"89dd740d-392e-4716-ac28-092c7c818317","block_type":"box","text":"Tax Information","page_number":16,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"61e4c1da-6543-477b-8172-c4ddd53dfaf9","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":16,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"66ffcb46-5d2c-43b6-8bef-9f89dadc1125","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":16,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"8f98f2d4-6517-42fd-8b39-c77882fe253a","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":16,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"e129677d-b8bf-43d5-938c-0701fa1d9d9b","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":16,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"e295ff5f-1d57-471d-a088-11c49a405a4d","block_type":"box","text":"distributions generally will be taxed when withdrawn.","page_number":16,"box":{"x":549,"y":104,"width":337,"height":11}},{"id":"60ef6fa6-5af7-48c8-98a2-f8d2548dcb50","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":16,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"15c85fce-fc83-4c6e-92a1-dd6920aba0ea","block_type":"box","text":"Intermediaries","page_number":16,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"049834e9-c384-481a-ab50-fdaf9b0bcad1","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":16,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"b09048d9-f8e5-4116-bea3-da22e83d2687","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":16,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"3719a60c-57f4-4574-acfb-0bcaaa5060d1","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":16,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"904750c6-c1ba-4716-a56e-dc9f3a128901","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":16,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"5c5a7db0-2900-4b59-b1ec-52d142c47b22","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":16,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"b37eb5ff-904a-4656-881e-ad0f984b6d1f","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":16,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"d44b1ba1-34a5-4642-b5c0-632be6e9d7ec","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":16,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"f50e8477-e102-4abb-996e-91f79fc2d46b","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":16,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"b31c9f9b-0b2f-49fd-ba4e-6b21bae30deb","block_type":"box","text":"recommend the Fund over another investment. 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The Fund may or may not hold all of","page_number":18,"box":{"x":83,"y":804,"width":410,"height":11}},{"id":"1edbc445-ca82-4142-b16e-6effe737a778","block_type":"box","text":"the components of the Underlying Index.","page_number":18,"box":{"x":83,"y":819,"width":259,"height":10}},{"id":"e47d702e-6054-44e7-83fc-efda56e65464","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":18,"box":{"x":82,"y":842,"width":390,"height":11}},{"id":"803e2727-3a4f-478a-ba7a-1ea1ca98b9dd","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":18,"box":{"x":83,"y":856,"width":410,"height":11}},{"id":"588c1ec5-118a-4bb2-81d6-35cbdfcaa65e","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":18,"box":{"x":83,"y":870,"width":421,"height":11}},{"id":"41cdc154-827c-42d5-864d-55079a43fe94","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":18,"box":{"x":549,"y":23,"width":335,"height":11}},{"id":"d3e7222b-5b46-4734-8f81-d47718d2d539","block_type":"box","text":"i.e.","page_number":18,"box":{"x":885,"y":23,"width":17,"height":9}},{"id":"2d4e8936-f2d4-4231-ada7-9c13874a29a0","block_type":"box","text":",","page_number":18,"box":{"x":904,"y":30,"width":3,"height":3}},{"id":"fe9cbab3-e880-4c82-9a17-5b0ea8dd8c2c","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":18,"box":{"x":549,"y":37,"width":388,"height":11}},{"id":"bd14a0d2-8d43-4b7b-8488-bec7c3698f16","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":18,"box":{"x":550,"y":51,"width":403,"height":11}},{"id":"eebcbd83-0c9a-4817-a0d3-a82bc3085b11","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":18,"box":{"x":549,"y":66,"width":418,"height":11}},{"id":"ff10c863-bf6b-4b7b-ac21-9a795d0e1413","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":18,"box":{"x":549,"y":80,"width":411,"height":11}},{"id":"2b7cd01a-c992-4e0e-911f-a2c20fe72f68","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":18,"box":{"x":549,"y":94,"width":388,"height":11}},{"id":"b1fbe0e6-d411-41c8-8ba7-859c53776c55","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":18,"box":{"x":549,"y":108,"width":414,"height":11}},{"id":"f6b8ac51-d007-444c-87c3-adebe30db2de","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":18,"box":{"x":549,"y":122,"width":360,"height":11}},{"id":"1239ecf2-800e-414e-8826-efa72a98aa6a","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":18,"box":{"x":549,"y":137,"width":407,"height":10}},{"id":"9aedc9b8-0936-4270-8132-c2a40409144e","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":18,"box":{"x":549,"y":151,"width":421,"height":11}},{"id":"a303b2fd-5d69-4deb-aa0e-d5684d7500f5","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":18,"box":{"x":549,"y":165,"width":392,"height":11}},{"id":"52367ee8-8585-4ee6-9011-f1ef1508e2b8","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":18,"box":{"x":549,"y":179,"width":404,"height":11}},{"id":"5cb63755-7c06-4a6a-869f-13e7118de7d8","block_type":"box","text":"Fund.","page_number":18,"box":{"x":550,"y":193,"width":33,"height":9}},{"id":"c7195352-ddbf-472e-99ce-cfccef4b7a09","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":18,"box":{"x":549,"y":216,"width":411,"height":11}},{"id":"801e7115-e638-407d-974c-3477cbe7b7e0","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":18,"box":{"x":548,"y":231,"width":371,"height":11}},{"id":"6baa388f-0297-47da-af32-a5a18364c042","block_type":"box","text":"collateral received).","page_number":18,"box":{"x":549,"y":245,"width":125,"height":11}},{"id":"a60718c6-7514-406d-9f94-d81d6d87865e","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":18,"box":{"x":549,"y":268,"width":408,"height":11}},{"id":"9f98cc35-dbfa-46c5-b61d-2c8aaf3a3dbf","block_type":"box","text":"the Index Provider, which is independent of the Fund and BFA. The","page_number":18,"box":{"x":549,"y":282,"width":423,"height":11}},{"id":"8e1ac756-9b0a-4187-98ba-8bf37339b466","block_type":"box","text":"Index Provider determines the composition and relative","page_number":18,"box":{"x":550,"y":296,"width":353,"height":11}},{"id":"cd5ae265-19f2-4fb1-be1f-5475033fa653","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes","page_number":18,"box":{"x":549,"y":311,"width":419,"height":10}},{"id":"2dab43a4-43ce-449f-b567-d2710e695f94","block_type":"box","text":"information regarding the market value of the Underlying Index.","page_number":18,"box":{"x":549,"y":325,"width":405,"height":11}},{"id":"23575daa-fb6e-4372-b07b-1b6684e60a0d","block_type":"box","text":"Industry Concentration Policy.","page_number":18,"box":{"x":550,"y":348,"width":209,"height":11}},{"id":"678b9f4d-2df2-4c05-b16b-70aa66aee7d0","block_type":"box","text":"The Fund will concentrate its","page_number":18,"box":{"x":764,"y":348,"width":184,"height":8}},{"id":"6e9cbfe0-e0e6-4266-ae28-0cc20358f952","block_type":"box","text":"investments (","page_number":18,"box":{"x":549,"y":362,"width":86,"height":11}},{"id":"03406e66-f2da-42e4-95a7-aad13ef64f6b","block_type":"box","text":"i.e.","page_number":18,"box":{"x":635,"y":362,"width":17,"height":9}},{"id":"924256dc-93ea-4093-a818-0084e805b4c7","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":18,"box":{"x":655,"y":362,"width":264,"height":11}},{"id":"0dff73c7-30ae-49fd-8b0d-6e12767b239b","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":18,"box":{"x":549,"y":376,"width":394,"height":11}},{"id":"e15f0924-8c85-4ff5-a627-232aab15ef50","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":18,"box":{"x":549,"y":391,"width":377,"height":10}},{"id":"1d6304bd-c513-478e-bc76-d2b9d1377a71","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":18,"box":{"x":549,"y":405,"width":389,"height":11}},{"id":"34c869e8-ebfd-49ac-a035-b3b5121ccb90","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":18,"box":{"x":549,"y":419,"width":389,"height":11}},{"id":"5b48f8bf-2078-4aac-8c27-4ad90e40e4e1","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":18,"box":{"x":549,"y":433,"width":410,"height":11}},{"id":"a74e7839-9e53-4eab-8b87-668c14aad5b0","block_type":"box","text":"considered to be issued by members of any industry.","page_number":18,"box":{"x":549,"y":447,"width":337,"height":11}},{"id":"e014c29c-c5bc-4413-8f51-51aaa4a0bd04","block_type":"box","text":"Summary of Principal Risks","page_number":18,"box":{"x":549,"y":476,"width":235,"height":14}},{"id":"59815b62-5589-42bf-be1a-6d0869ff3c2b","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":18,"box":{"x":549,"y":501,"width":362,"height":11}},{"id":"71b3cd65-4c3a-4b26-b92b-43d02a3d2402","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":18,"box":{"x":549,"y":516,"width":402,"height":10}},{"id":"9208f61e-e74b-4f1d-97c1-477250d95448","block_type":"box","text":"that of other investments. 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Currency exchange rates can be very volatile and can","page_number":19,"box":{"x":549,"y":367,"width":404,"height":11}},{"id":"74ee04b9-9291-42b2-9138-bacc2969d0e2","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":19,"box":{"x":549,"y":382,"width":395,"height":10}},{"id":"52bac4d5-d09a-4e63-9b7a-cf8b95cb0430","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":19,"box":{"x":549,"y":396,"width":398,"height":11}},{"id":"cc242245-e1ea-4b1b-b6dc-16b80517ef8f","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":19,"box":{"x":549,"y":410,"width":392,"height":11}},{"id":"d02ece20-e0ef-470b-9c3f-7742dc8b9053","block_type":"box","text":"dollars and foreign currencies.","page_number":19,"box":{"x":549,"y":424,"width":193,"height":11}},{"id":"f4d5cb79-cacc-49f6-a7f1-e6ad0a152868","block_type":"box","text":"Issuer Risk","page_number":19,"box":{"x":549,"y":447,"width":75,"height":9}},{"id":"4cc3ce32-0d05-427f-ab6b-3f84c9ebee6b","block_type":"box","text":".","page_number":19,"box":{"x":624,"y":454,"width":3,"height":2}},{"id":"2036616e-e0da-40e1-8595-d1aae0f3d0ab","block_type":"box","text":"The performance of the Fund depends on the","page_number":19,"box":{"x":632,"y":447,"width":288,"height":11}},{"id":"defc8ad4-b5c2-4f15-a74a-db7ca23318ca","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":19,"box":{"x":549,"y":461,"width":412,"height":11}},{"id":"0c49e533-d2af-4230-b799-9f88fcb03dbb","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":19,"box":{"x":550,"y":476,"width":402,"height":10}},{"id":"4ab29fcd-bea7-4938-8293-9fa051a7be84","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":19,"box":{"x":549,"y":490,"width":418,"height":11}},{"id":"29020160-e9b5-4873-8c8b-814dce22d377","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":19,"box":{"x":549,"y":504,"width":414,"height":11}},{"id":"bc88c842-6f1f-4801-935f-98cc8e5926d7","block_type":"box","text":"counterparty.","page_number":19,"box":{"x":549,"y":519,"width":84,"height":10}},{"id":"1d13c56e-11e9-49a2-945e-8fda1cb0e674","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":19,"box":{"x":549,"y":541,"width":252,"height":11}},{"id":"d1aa396d-b593-4908-b0e7-2827e21eb3d7","block_type":"box","text":"Large-capitalization","page_number":19,"box":{"x":808,"y":541,"width":124,"height":11}},{"id":"881ac0cf-a314-4bb8-9602-0ee93cda28ff","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":19,"box":{"x":549,"y":556,"width":352,"height":10}},{"id":"1b6062d8-18a8-4a6d-a1f5-0fd67f95834c","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":19,"box":{"x":549,"y":570,"width":352,"height":11}},{"id":"51d6867b-7642-4d46-b92c-0790875e7810","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":19,"box":{"x":549,"y":584,"width":405,"height":11}},{"id":"61d3cf51-39cf-4239-af37-96f1216c05e8","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":19,"box":{"x":549,"y":598,"width":371,"height":11}},{"id":"3e646002-73f2-4916-ba84-89c1f929f26e","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":19,"box":{"x":549,"y":612,"width":340,"height":11}},{"id":"234d52c2-3b35-4660-8318-13d59d260ba5","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":19,"box":{"x":549,"y":626,"width":390,"height":11}},{"id":"2b5fe1af-177a-4bc9-a53b-2881ba9ca369","block_type":"box","text":"overall performance of the broader securities markets.","page_number":19,"box":{"x":549,"y":641,"width":349,"height":10}},{"id":"b8381d08-dd5f-4a18-af8f-463ed5a30b74","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":19,"box":{"x":549,"y":664,"width":360,"height":11}},{"id":"d9a7413e-4096-4a77-9770-57282e41e470","block_type":"box","text":"Certain","page_number":19,"box":{"x":915,"y":664,"width":45,"height":8}},{"id":"7eea0666-bc8a-4c9e-b743-0b847bb7b754","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":19,"box":{"x":549,"y":678,"width":405,"height":11}},{"id":"3dffeb17-3acf-4984-ad12-aa1506864671","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":19,"box":{"x":549,"y":692,"width":409,"height":11}},{"id":"a3a8455f-1f29-4725-8232-1dcdcd5f5093","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":19,"box":{"x":549,"y":706,"width":419,"height":11}},{"id":"4a8b76d3-48b1-4b96-8dd9-674eb45a27f7","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":19,"box":{"x":549,"y":721,"width":417,"height":10}},{"id":"d67e3920-0a2c-4c76-b0de-a35bf35e452b","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":19,"box":{"x":549,"y":735,"width":424,"height":10}},{"id":"9e921cc4-240f-4c28-a29a-de9a7bd86bde","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":19,"box":{"x":549,"y":749,"width":387,"height":11}},{"id":"b708b484-8211-4630-b694-5c3ff07449a5","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":19,"box":{"x":549,"y":763,"width":421,"height":11}},{"id":"f903f52f-eef3-4432-92f7-9a597566b190","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":19,"box":{"x":549,"y":777,"width":413,"height":11}},{"id":"f52f2cbd-d625-41f2-9738-0928cb3f6937","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":19,"box":{"x":549,"y":791,"width":416,"height":11}},{"id":"b5ac2d62-dc34-42d2-b9d2-0e2960812f75","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":19,"box":{"x":549,"y":806,"width":411,"height":10}},{"id":"01346b11-b8cd-4922-8b69-fd4af571d058","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":19,"box":{"x":549,"y":820,"width":415,"height":8}},{"id":"a01d099f-a13a-4c2e-a6f9-7cabf0eb897e","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":19,"box":{"x":549,"y":834,"width":400,"height":10}},{"id":"8f3612e9-8622-4854-be22-d6bd9e32cacb","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":19,"box":{"x":549,"y":848,"width":404,"height":11}},{"id":"07aa9097-ed1d-4004-ae43-16e665aeec74","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":19,"box":{"x":549,"y":862,"width":415,"height":11}},{"id":"63b0b2d1-1d0b-40ca-856b-a6989fbeb878","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":19,"box":{"x":549,"y":877,"width":412,"height":10}},{"id":"245a1b91-4c2d-4aae-8e51-5b87120c99b6","block_type":"box","text":"S-12","page_number":19,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"a4dc6d3c-c6d0-4ab3-b168-23fd5bd46855","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":20,"box":{"x":83,"y":23,"width":352,"height":11}},{"id":"1ec2e138-68ae-4f5c-908c-40f3ca1c5682","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":20,"box":{"x":83,"y":37,"width":415,"height":11}},{"id":"848d92dc-743b-40ce-a81b-b37d52c47ac6","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":20,"box":{"x":82,"y":51,"width":417,"height":11}},{"id":"f586400b-6002-492d-bcb4-956e57a9b952","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":20,"box":{"x":83,"y":66,"width":387,"height":11}},{"id":"0a4720f1-58ad-481d-b7e6-2661e8ad683d","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":20,"box":{"x":82,"y":80,"width":419,"height":11}},{"id":"25a3f2c3-09e1-47d5-b39a-d7d769535d43","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":20,"box":{"x":83,"y":94,"width":389,"height":11}},{"id":"b6284a2f-b5e8-4f52-9516-b6a12a723721","block_type":"box","text":"price of Fund shares.","page_number":20,"box":{"x":83,"y":108,"width":133,"height":11}},{"id":"6bc44a6a-ccc0-42e7-bb5c-763b4e3b3fc1","block_type":"box","text":"Management Risk","page_number":20,"box":{"x":83,"y":131,"width":122,"height":11}},{"id":"1cb8e452-c908-4cfc-9339-fa92a1c35adf","block_type":"box","text":".","page_number":20,"box":{"x":206,"y":138,"width":2,"height":2}},{"id":"556a22f3-80c3-4911-b601-c7c7c37245ab","block_type":"box","text":"The Fund generally does not attempt to take","page_number":20,"box":{"x":213,"y":132,"width":283,"height":10}},{"id":"fad64304-619f-4529-a88e-2a93f7636a74","block_type":"box","text":"defensive positions under any market conditions, including","page_number":20,"box":{"x":83,"y":146,"width":376,"height":10}},{"id":"a55549e6-3d54-495b-b178-4868ac3c07f1","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":20,"box":{"x":83,"y":160,"width":362,"height":11}},{"id":"3bf97449-49ec-494d-b285-9b43f985a48f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":20,"box":{"x":83,"y":174,"width":388,"height":11}},{"id":"241fd83c-c374-46de-92ee-93b83cd276e3","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":20,"box":{"x":83,"y":188,"width":409,"height":11}},{"id":"76cc6dff-ecec-40f1-b850-348bda31e05f","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":20,"box":{"x":83,"y":202,"width":419,"height":11}},{"id":"c415ee28-24d6-4c08-b576-9718665c0a4e","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":20,"box":{"x":82,"y":217,"width":420,"height":10}},{"id":"2524db4f-732b-46f0-b971-8b0e09f7d534","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":20,"box":{"x":83,"y":231,"width":402,"height":11}},{"id":"6c2a5327-6f14-45b5-9f7e-8e1b7565b1b8","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":20,"box":{"x":83,"y":245,"width":323,"height":10}},{"id":"e0b17519-53cb-445d-8b7a-5383c55e1d53","block_type":"box","text":"Market Trading Risk","page_number":20,"box":{"x":83,"y":268,"width":136,"height":11}},{"id":"d8361fb1-18c4-4a45-bdbe-900e38c1ea7d","block_type":"box","text":".","page_number":20,"box":{"x":219,"y":275,"width":2,"height":1}},{"id":"c58974de-4706-41c1-8f20-e373951a8635","block_type":"box","text":"The Fund faces numerous market trading","page_number":20,"box":{"x":226,"y":268,"width":263,"height":11}},{"id":"977804c3-b722-4bee-805d-459b1aed4da5","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":20,"box":{"x":83,"y":282,"width":394,"height":11}},{"id":"9bcf1d7c-d5cc-481e-b471-9be28722649b","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":20,"box":{"x":83,"y":296,"width":401,"height":11}},{"id":"09392ba7-4714-43d7-936b-4c93488949c2","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":20,"box":{"x":83,"y":311,"width":404,"height":10}},{"id":"9399ed53-f71f-4c4b-a9a2-b5daf1dbbf10","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":20,"box":{"x":83,"y":325,"width":416,"height":11}},{"id":"83205a17-5f23-4268-9141-704d9b55790f","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":20,"box":{"x":82,"y":339,"width":405,"height":11}},{"id":"23d993ef-fee6-48a7-bb06-6d06b4eb16ba","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":20,"box":{"x":83,"y":353,"width":411,"height":11}},{"id":"6ddfbb37-ac46-46e1-8b62-c3adfe5e0bd3","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. 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The","page_number":20,"box":{"x":83,"y":476,"width":405,"height":10}},{"id":"f4375cba-0ece-45c3-8d62-ae1551681423","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":20,"box":{"x":83,"y":490,"width":407,"height":11}},{"id":"a88399c3-6577-4299-9727-67e0e0beeea1","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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Any reduction in this trading may have an","page_number":20,"box":{"x":549,"y":495,"width":383,"height":11}},{"id":"98f28e0b-13b5-41b3-bda6-e3b6909719c4","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":20,"box":{"x":549,"y":509,"width":424,"height":11}},{"id":"42eabde2-79d2-42ae-8df4-cd2339fd8354","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":20,"box":{"x":549,"y":523,"width":404,"height":11}},{"id":"90453bca-f8f8-4f9f-947a-904c337d68f4","block_type":"box","text":"Asian Economic Risk","page_number":20,"box":{"x":548,"y":537,"width":145,"height":9}},{"id":"913430f0-79ef-4d44-ac45-bf617eccaa59","block_type":"box","text":"and","page_number":20,"box":{"x":698,"y":538,"width":22,"height":8}},{"id":"700ca1f9-e3b5-4ab4-89d5-b019d20027ea","block_type":"box","text":"North American Economic Risk","page_number":20,"box":{"x":727,"y":537,"width":216,"height":9}},{"id":"5f478502-f3cb-4606-a88d-ab2b2649c573","block_type":"box","text":".","page_number":20,"box":{"x":944,"y":545,"width":2,"height":1}},{"id":"d796e862-6928-4340-a270-65254a245214","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":20,"box":{"x":549,"y":561,"width":276,"height":10}},{"id":"3cceba22-3b28-43b5-8f53-405f0406cff3","block_type":"box","text":".","page_number":20,"box":{"x":826,"y":567,"width":2,"height":2}},{"id":"6f8b6901-215a-4983-a45b-a990b431383d","block_type":"box","text":"The Fund’s","page_number":20,"box":{"x":834,"y":561,"width":68,"height":8}},{"id":"4a84c826-5989-49a0-b81e-9ef4f00ef1fe","block_type":"box","text":"investment in developed country issuers will subject the Fund to","page_number":20,"box":{"x":549,"y":575,"width":415,"height":11}},{"id":"fcb86ead-b4e4-412f-a432-f7fbdfa1b81d","block_type":"box","text":"legal, regulatory, political, currency, security, economic and other","page_number":20,"box":{"x":549,"y":589,"width":420,"height":11}},{"id":"60092502-b91a-49a2-bda9-cfd16b9caace","block_type":"box","text":"risks associated with developed countries. Developed countries","page_number":20,"box":{"x":549,"y":603,"width":407,"height":11}},{"id":"4e29afa9-ab48-4efb-86d5-7ed40e29158e","block_type":"box","text":"tend to represent a significant portion of the global economy and","page_number":20,"box":{"x":549,"y":617,"width":415,"height":11}},{"id":"cf8a9b3f-9f11-402b-a209-4f171b9980de","block_type":"box","text":"have generally experienced slower economic growth than some","page_number":20,"box":{"x":549,"y":632,"width":406,"height":10}},{"id":"b0644e3f-17a8-476d-8ce4-cb160a43aeb7","block_type":"box","text":"less developed countries. Certain developed countries have","page_number":20,"box":{"x":549,"y":646,"width":381,"height":11}},{"id":"89994aff-e679-4ab6-8f75-8eab8f744b89","block_type":"box","text":"experienced security concerns, such as war, terrorism and","page_number":20,"box":{"x":549,"y":660,"width":373,"height":11}},{"id":"9ef01245-f6de-4f8b-8480-e774d751c6a3","block_type":"box","text":"strained international relations. 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In","page_number":20,"box":{"x":549,"y":702,"width":383,"height":11}},{"id":"d338f510-dff4-41c6-be22-7915d5f970f1","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":20,"box":{"x":549,"y":717,"width":387,"height":10}},{"id":"60ec4045-532b-4c35-b7a4-b33e00e18113","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":20,"box":{"x":549,"y":731,"width":372,"height":11}},{"id":"54d71d5a-f70e-4b30-b783-e5542a4985f8","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":20,"box":{"x":549,"y":745,"width":381,"height":11}},{"id":"92273402-7127-4495-8cfd-8bcc6c33465c","block_type":"box","text":"availability of certain commodities.","page_number":20,"box":{"x":549,"y":759,"width":222,"height":11}},{"id":"0bb9ebd2-5ffc-4d99-a31c-b966003b56e5","block_type":"box","text":"Risk of Investing in the U.S","page_number":20,"box":{"x":549,"y":782,"width":182,"height":11}},{"id":"b16d0aba-3328-460b-8a03-abe1f72bf259","block_type":"box","text":".","page_number":20,"box":{"x":732,"y":789,"width":2,"height":2}},{"id":"c7bb778a-9482-45c8-88a5-ca6d173bee38","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":20,"box":{"x":740,"y":782,"width":210,"height":11}},{"id":"7f32a97f-1bec-4770-9995-5a6e208284f5","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":20,"box":{"x":549,"y":797,"width":391,"height":10}},{"id":"84fd0a0b-3dd8-4d56-ba09-4a927f1d6608","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":20,"box":{"x":549,"y":811,"width":423,"height":11}},{"id":"f331a1bb-de5c-4128-bf18-6f5abfeb3023","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":20,"box":{"x":550,"y":825,"width":412,"height":11}},{"id":"c869bbce-aefc-41d3-a390-16db18e56f69","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":20,"box":{"x":549,"y":839,"width":396,"height":11}},{"id":"3a74916d-c862-4e22-8b62-377b14dd8b16","block_type":"box","text":"Securities Lending Risk.","page_number":20,"box":{"x":548,"y":862,"width":162,"height":11}},{"id":"fd1851e4-0222-440f-8ec5-48d8e6121b19","block_type":"box","text":"The Fund may engage in securities","page_number":20,"box":{"x":716,"y":862,"width":221,"height":11}},{"id":"86619c06-de8d-4eac-b9dc-f2560d10b97e","block_type":"box","text":"lending. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":22,"box":{"x":83,"y":663,"width":871,"height":10}},{"id":"e219f34f-889d-450c-acce-01d0cb2db82d","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":22,"box":{"x":83,"y":675,"width":860,"height":11}},{"id":"221b07b8-77b6-46ba-9120-f9195697af01","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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Ms.","page_number":23,"box":{"x":84,"y":108,"width":410,"height":11}},{"id":"48e43e5d-54d3-4b81-998a-5a336e48d53a","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":23,"box":{"x":84,"y":121,"width":366,"height":10}},{"id":"adcf9187-4812-41c5-9e81-a1692d7abc9f","block_type":"box","text":"Portfolio Managers of the Fund since 2019, 2025, 2025 and 2025,","page_number":23,"box":{"x":84,"y":134,"width":422,"height":11}},{"id":"70b1ee3b-503f-4f5d-aca4-b9bb29d12ac8","block_type":"box","text":"respectively.","page_number":23,"box":{"x":83,"y":147,"width":79,"height":11}},{"id":"3c48021e-5e8b-4fdb-86d7-25017223f245","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":23,"box":{"x":84,"y":175,"width":290,"height":10}},{"id":"4f2b8070-790a-4398-aec8-c4c440458675","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":23,"box":{"x":82,"y":200,"width":391,"height":11}},{"id":"a9e69dd7-8a96-40a8-9152-2abd7ecc78b7","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":23,"box":{"x":83,"y":213,"width":420,"height":10}},{"id":"1fc1345e-7d2f-4688-be53-2b75713bee30","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":23,"box":{"x":84,"y":226,"width":399,"height":10}},{"id":"60f62d6d-af61-44b6-9f02-a4d64ae47fba","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":23,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"987b9e91-76f3-43af-91c2-302dc9550b1a","block_type":"box","text":"than NAV (a discount). 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In addition, the Fund","page_number":27,"box":{"x":83,"y":547,"width":398,"height":10}},{"id":"8e29190c-d8ea-4708-9c60-f10b939a617d","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":27,"box":{"x":83,"y":561,"width":392,"height":11}},{"id":"f4e31407-85c4-4630-aa48-b1c8f8d55820","block_type":"box","text":"dollars and foreign currencies.","page_number":27,"box":{"x":83,"y":575,"width":193,"height":11}},{"id":"1148f2ab-caee-458f-9858-5e5e07b076bb","block_type":"box","text":"Custody Risk","page_number":27,"box":{"x":83,"y":598,"width":89,"height":11}},{"id":"64e87296-951f-43dd-a92c-11d300e1d43e","block_type":"box","text":".","page_number":27,"box":{"x":172,"y":605,"width":2,"height":2}},{"id":"b1f0ea38-d200-4e36-b120-881764bab203","block_type":"box","text":"Less developed securities markets are more likely","page_number":27,"box":{"x":180,"y":598,"width":319,"height":11}},{"id":"0644f4b6-57e7-448f-aa8d-13a4174e6433","block_type":"box","text":"to experience problems with the clearing and settlement of","page_number":27,"box":{"x":83,"y":612,"width":378,"height":11}},{"id":"49e6032f-7cfb-4a66-9b21-6f7633af5414","block_type":"box","text":"trades, as well as the custody of securities and other assets by","page_number":27,"box":{"x":83,"y":626,"width":401,"height":11}},{"id":"81d3b94a-50a7-4aeb-acb6-f1c4fafff8f7","block_type":"box","text":"local banks, agents and depositories. These issues may have an","page_number":27,"box":{"x":83,"y":641,"width":406,"height":10}},{"id":"3e147257-1f17-4dd0-a02b-1fcabc46075b","block_type":"box","text":"adverse impact on the Fund, including losses or delays in","page_number":27,"box":{"x":83,"y":655,"width":364,"height":11}},{"id":"a22e809f-dbab-47a2-91cf-2621467abc9b","block_type":"box","text":"payments, delivery or recovery of money or other assets.","page_number":27,"box":{"x":83,"y":669,"width":364,"height":11}},{"id":"72a5d8b6-2788-48a2-b9d0-f692563f4456","block_type":"box","text":"Industrial Companies Risk.","page_number":27,"box":{"x":83,"y":692,"width":180,"height":11}},{"id":"4faaf2ff-d361-4b85-862b-87db6f881b80","block_type":"box","text":"Industrial companies face a number","page_number":27,"box":{"x":270,"y":692,"width":229,"height":11}},{"id":"8391e703-2a8b-465b-a563-ed03749b4480","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":27,"box":{"x":83,"y":706,"width":378,"height":11}},{"id":"e3a26604-8291-49fb-9160-68252673fef4","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":27,"box":{"x":83,"y":721,"width":415,"height":10}},{"id":"5ed5130c-cc91-4d02-802e-e2a5f37778a7","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":27,"box":{"x":83,"y":735,"width":380,"height":11}},{"id":"8db8a5de-5c93-4ccd-b0cc-85f73c6075aa","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":27,"box":{"x":83,"y":749,"width":418,"height":11}},{"id":"00162bb5-ad59-459d-9c79-2826a71fe005","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":27,"box":{"x":83,"y":763,"width":393,"height":11}},{"id":"a8cb768d-1536-40d0-ba1d-b8c7b14ffe0d","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":27,"box":{"x":83,"y":777,"width":388,"height":11}},{"id":"4e5654e2-a4f5-4013-a9f8-96b21fad935f","block_type":"box","text":"affected by technological developments, labor relations,","page_number":27,"box":{"x":83,"y":791,"width":358,"height":11}},{"id":"3fc0d810-7d57-44ef-86f9-4920560e6b82","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":27,"box":{"x":83,"y":806,"width":420,"height":10}},{"id":"ce6bb086-a814-44ba-86a9-12820deb7bbf","block_type":"box","text":"and changes in domestic and international economies.","page_number":27,"box":{"x":83,"y":820,"width":348,"height":11}},{"id":"6998721b-294d-4e7d-9cde-0a60e5a32eb6","block_type":"box","text":"Issuer Risk","page_number":27,"box":{"x":83,"y":843,"width":75,"height":9}},{"id":"41795f09-d6b9-49a8-91d9-223bfff877ea","block_type":"box","text":".","page_number":27,"box":{"x":158,"y":850,"width":3,"height":1}},{"id":"c1f991b2-93b2-4040-8195-969ca8f37f31","block_type":"box","text":"The performance of the Fund depends on the","page_number":27,"box":{"x":166,"y":843,"width":288,"height":11}},{"id":"dc3e71ec-b948-4985-98d7-fe29c2b8a4af","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":27,"box":{"x":83,"y":857,"width":412,"height":11}},{"id":"2e98b276-d1f4-49bb-b07c-b73e91aad9e6","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":27,"box":{"x":84,"y":871,"width":401,"height":11}},{"id":"399f7c53-b904-4a74-a4f9-16cf5ae3a642","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":27,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"4bd759be-6c8b-402d-98b6-9fb1e21d30b3","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":27,"box":{"x":549,"y":37,"width":414,"height":11}},{"id":"6fa56524-f2fa-4812-9479-d02b42d26840","block_type":"box","text":"counterparty.","page_number":27,"box":{"x":549,"y":52,"width":84,"height":10}},{"id":"990b8a34-3271-4b42-8e6d-b4cf5fc04fc7","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":27,"box":{"x":549,"y":75,"width":252,"height":10}},{"id":"43df4f31-9cd3-48c0-a39a-9cbaab2fd531","block_type":"box","text":"Large-capitalization","page_number":27,"box":{"x":808,"y":75,"width":124,"height":11}},{"id":"c5ea67e8-e1aa-4135-bb1a-842432a11eb6","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":27,"box":{"x":549,"y":89,"width":352,"height":11}},{"id":"6a373e74-87f8-4188-a0ca-373e47f2bb4f","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":27,"box":{"x":549,"y":103,"width":352,"height":11}},{"id":"88c7573b-a77a-45fd-bedf-6c638dac1acb","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":27,"box":{"x":549,"y":117,"width":405,"height":11}},{"id":"7d2e07c1-38ae-49b6-b3f2-af49fe0ae804","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":27,"box":{"x":549,"y":131,"width":371,"height":11}},{"id":"3268bbfc-bb5b-4ad8-8640-f7e676a0f347","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":27,"box":{"x":549,"y":146,"width":340,"height":10}},{"id":"c004b4cd-451f-4cda-a5f5-f4599b128f49","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":27,"box":{"x":549,"y":160,"width":390,"height":11}},{"id":"9e08435a-70d3-45ba-aa3a-ef5548ca438e","block_type":"box","text":"overall performance of the broader securities markets.","page_number":27,"box":{"x":549,"y":174,"width":349,"height":11}},{"id":"b4a2d407-05c7-4f42-9280-b9482dd96460","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":27,"box":{"x":549,"y":197,"width":360,"height":11}},{"id":"dfc88792-7645-4756-a185-294f60a85745","block_type":"box","text":"Certain","page_number":27,"box":{"x":915,"y":197,"width":45,"height":9}},{"id":"3e4351a3-9304-4ad7-9162-1d5a5ee0fd69","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":27,"box":{"x":549,"y":211,"width":405,"height":11}},{"id":"afdc1cb0-639a-45bd-85ad-599dd5bc40f4","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":27,"box":{"x":549,"y":226,"width":409,"height":10}},{"id":"70e90569-c721-4a49-8ce0-dd3811a6b243","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":27,"box":{"x":549,"y":240,"width":419,"height":11}},{"id":"956f8896-12cb-485f-8aaf-1d0c7e77a7ac","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":27,"box":{"x":549,"y":254,"width":417,"height":11}},{"id":"5eb2e5f1-2d1a-48e4-be4a-b424399ac251","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":27,"box":{"x":549,"y":268,"width":424,"height":11}},{"id":"1548c63b-3685-4420-9c8a-c4d43908cd5b","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":27,"box":{"x":549,"y":282,"width":387,"height":11}},{"id":"d87f0c57-72bd-405f-b03e-7c47d72d9b01","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":27,"box":{"x":549,"y":296,"width":421,"height":11}},{"id":"8895f667-b8e7-47df-bfb3-7d2cedd43cdc","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":27,"box":{"x":549,"y":311,"width":413,"height":10}},{"id":"5af1686b-aea4-4e07-a170-3be9d1dfe42d","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":27,"box":{"x":549,"y":325,"width":416,"height":11}},{"id":"2dbfa9d7-1229-4085-abe1-00914237b3c8","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":27,"box":{"x":549,"y":339,"width":411,"height":11}},{"id":"b4938d0e-d1c6-4611-a9b4-d35353aabf95","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":27,"box":{"x":549,"y":353,"width":415,"height":9}},{"id":"3502b48c-68eb-45be-b2ad-f0ec863055c1","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":27,"box":{"x":549,"y":367,"width":400,"height":10}},{"id":"0a16d8cc-90bc-4298-9fe8-759520276145","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":27,"box":{"x":549,"y":382,"width":404,"height":10}},{"id":"48c6a0ca-12e2-403c-a8c9-236a01d0bec6","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":27,"box":{"x":549,"y":396,"width":415,"height":11}},{"id":"f2f314e9-53b9-4e9f-8e55-693dfb37a3a9","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":27,"box":{"x":549,"y":410,"width":412,"height":11}},{"id":"2565e1b2-e3ae-48d9-b060-99a9d5fa7fb6","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":27,"box":{"x":549,"y":424,"width":352,"height":11}},{"id":"b82ff125-ddd8-45c0-8b3d-8d87dbcdd763","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":27,"box":{"x":549,"y":438,"width":415,"height":11}},{"id":"a9df8a62-0c4b-41dd-ad63-a7ffd5df8c23","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":27,"box":{"x":549,"y":452,"width":416,"height":11}},{"id":"efdd6736-2618-4baf-a6a0-21173edda4ee","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":27,"box":{"x":549,"y":467,"width":387,"height":10}},{"id":"dff4eda9-6724-4591-a939-a9b16c7304d1","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":27,"box":{"x":549,"y":481,"width":419,"height":11}},{"id":"25d51db7-994b-4abd-8720-c1afd8b7c57f","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":27,"box":{"x":549,"y":495,"width":389,"height":11}},{"id":"5d4f3f73-f12a-4532-8b5a-5b619bac9714","block_type":"box","text":"price of Fund shares.","page_number":27,"box":{"x":549,"y":509,"width":133,"height":11}},{"id":"797ca168-7aee-4a86-ae95-b52064e458df","block_type":"box","text":"Management Risk","page_number":27,"box":{"x":549,"y":532,"width":123,"height":11}},{"id":"00a8d390-a35b-4fb9-b6b9-67553c130418","block_type":"box","text":".","page_number":27,"box":{"x":672,"y":539,"width":2,"height":2}},{"id":"7dd7cef2-bb2d-4db5-bd98-cf81d245612f","block_type":"box","text":"The Fund generally does not attempt to take","page_number":27,"box":{"x":679,"y":532,"width":283,"height":11}},{"id":"72b4563c-f046-4a01-87fd-25cce52a811d","block_type":"box","text":"defensive positions under any market conditions, including","page_number":27,"box":{"x":549,"y":546,"width":376,"height":11}},{"id":"666a453a-b487-4ebc-8c0a-3dca2ff65112","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":27,"box":{"x":549,"y":561,"width":362,"height":11}},{"id":"b4514cd3-9a80-4f57-b950-128f81f74d4f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":27,"box":{"x":550,"y":575,"width":387,"height":11}},{"id":"cf80038d-d2f5-468b-9433-a4dc0d09b7b1","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":27,"box":{"x":549,"y":589,"width":409,"height":11}},{"id":"88ad5991-e00f-4fc1-aa8d-01305973c39e","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":27,"box":{"x":549,"y":603,"width":419,"height":11}},{"id":"a88ad632-d549-486e-9f5a-e66d099d60b5","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":27,"box":{"x":549,"y":617,"width":420,"height":11}},{"id":"f244c8d2-ce76-488c-a785-56475e0dbbc1","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":27,"box":{"x":549,"y":632,"width":403,"height":10}},{"id":"dfff0329-e8b7-428a-929e-8a67925c7f1f","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":27,"box":{"x":549,"y":646,"width":323,"height":10}},{"id":"f6e1ca84-c426-4775-8976-6549241e587b","block_type":"box","text":"Market Trading Risk","page_number":27,"box":{"x":549,"y":669,"width":136,"height":11}},{"id":"23011860-abb1-4d2d-947b-e63987aec0a5","block_type":"box","text":".","page_number":27,"box":{"x":685,"y":676,"width":2,"height":1}},{"id":"deaa6bf6-a692-4bdb-909c-95d7307a3f61","block_type":"box","text":"The Fund faces numerous market trading","page_number":27,"box":{"x":692,"y":669,"width":264,"height":11}},{"id":"6ca7fc47-6a4a-47c5-8de0-e156c0b41fcf","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":27,"box":{"x":549,"y":683,"width":394,"height":11}},{"id":"2b2a40e1-d897-4c2c-a986-856f7bb076aa","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":27,"box":{"x":549,"y":697,"width":401,"height":11}},{"id":"82f133e8-6abc-4793-ae85-19e3e42dffc1","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":27,"box":{"x":549,"y":712,"width":404,"height":10}},{"id":"c52bb146-cad6-4de1-a7b1-ea350cf3a018","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":27,"box":{"x":549,"y":726,"width":416,"height":11}},{"id":"7c164458-9151-4a15-b42e-11f1155450d2","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":27,"box":{"x":549,"y":740,"width":404,"height":11}},{"id":"b1741dc1-dff9-4c7b-aec1-258af47d17a3","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":27,"box":{"x":549,"y":754,"width":411,"height":11}},{"id":"ff13f665-82b1-48ee-bfdb-628a02e04f3c","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. 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Securities lending involves the risk that the Fund may","page_number":29,"box":{"x":83,"y":834,"width":396,"height":11}},{"id":"d76869ff-3057-455f-9afb-7a75910d13db","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":29,"box":{"x":83,"y":848,"width":418,"height":11}},{"id":"687f3983-c5fb-44b6-b524-f8312ec208ce","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":29,"box":{"x":83,"y":862,"width":408,"height":11}},{"id":"811ea151-fe73-4a15-bfd8-726dc6ad49e0","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":29,"box":{"x":83,"y":877,"width":416,"height":10}},{"id":"b22f3b4c-dcb2-4bb0-9b57-f4dde9da4553","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":29,"box":{"x":549,"y":23,"width":389,"height":11}},{"id":"304a0089-a9f8-4b82-957c-bb10ba465cea","block_type":"box","text":"investments made with cash collateral. 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The","page_number":29,"box":{"x":549,"y":211,"width":397,"height":11}},{"id":"7a3db0c9-1cbf-46ae-985a-cd1efd166387","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":29,"box":{"x":550,"y":226,"width":396,"height":10}},{"id":"c245ca99-3ea3-4985-9f05-f3fc70d3b077","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":29,"box":{"x":549,"y":240,"width":387,"height":11}},{"id":"09660985-d2e8-4df2-a89e-d2c30fd26211","block_type":"box","text":"base. 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There is no","page_number":29,"box":{"x":549,"y":362,"width":359,"height":11}},{"id":"fe2dfcc3-45b1-4bc1-b081-5736697c14bf","block_type":"box","text":"guarantee that the Underlying Index or the Fund will reflect the","page_number":29,"box":{"x":549,"y":376,"width":401,"height":11}},{"id":"04fa24b6-efe8-4be7-b8bc-3f490457de9f","block_type":"box","text":"intended theme and sub-theme exposures. The Fund’s","page_number":29,"box":{"x":549,"y":391,"width":347,"height":10}},{"id":"2e35bb53-5477-44fc-9694-59f67e3a9030","block_type":"box","text":"performance may suffer if such securities are not correctly","page_number":29,"box":{"x":549,"y":405,"width":376,"height":11}},{"id":"c13454c3-a6ed-4f42-812f-970426782226","block_type":"box","text":"identified, if a theme or sub-theme develops in an unexpected","page_number":29,"box":{"x":549,"y":419,"width":395,"height":11}},{"id":"abdcd686-d3b3-47fd-b344-902a2f17055a","block_type":"box","text":"manner, or if securities in the Underlying Index do not benefit","page_number":29,"box":{"x":549,"y":433,"width":392,"height":11}},{"id":"07c78eb9-4ca2-4d4f-b056-34296a3dfb06","block_type":"box","text":"from the development of a theme or sub-theme. The Fund’s","page_number":29,"box":{"x":549,"y":447,"width":380,"height":11}},{"id":"00f0e239-85b4-4ab3-9780-11ca2f682600","block_type":"box","text":"performance may also be impacted if securities that are not","page_number":29,"box":{"x":549,"y":461,"width":383,"height":11}},{"id":"27f0955c-4533-460e-ae6a-2e38a813fabb","block_type":"box","text":"related to the theme or sub-theme are included in the Underlying","page_number":29,"box":{"x":549,"y":476,"width":416,"height":10}},{"id":"d62d5f5a-3245-4b79-bf77-65c3de00cc40","block_type":"box","text":"Index.","page_number":29,"box":{"x":550,"y":490,"width":36,"height":8}},{"id":"332fc045-56b2-48ac-92e6-c57ab6b2e798","block_type":"box","text":"Tracking Error Risk","page_number":29,"box":{"x":550,"y":513,"width":128,"height":11}},{"id":"275a8cbf-f4c3-4efd-ba03-7fe871d0cf43","block_type":"box","text":".","page_number":29,"box":{"x":678,"y":520,"width":3,"height":1}},{"id":"acfde162-9c8a-4e72-b23a-3845fea8cd0c","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":29,"box":{"x":686,"y":513,"width":284,"height":11}},{"id":"4035f4b4-799e-4b33-9c52-3bbf0c26f4d1","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":29,"box":{"x":549,"y":527,"width":404,"height":11}},{"id":"2472c229-083b-4f04-8dfa-c427f296aa33","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":29,"box":{"x":549,"y":541,"width":425,"height":11}},{"id":"e5cb6ef2-cf95-472c-8afd-10dde7ad8c7b","block_type":"box","text":"factors, including differences between the securities and other","page_number":29,"box":{"x":549,"y":556,"width":401,"height":10}},{"id":"9f9c0042-7184-424c-b4c5-eb39a1a2a8f0","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":29,"box":{"x":549,"y":570,"width":381,"height":10}},{"id":"85994e25-dd92-4275-b018-ea94f6a60cc6","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":29,"box":{"x":550,"y":584,"width":396,"height":11}},{"id":"6b1a2219-bf73-4da2-8d26-eaca9660dcfc","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":29,"box":{"x":549,"y":598,"width":407,"height":10}},{"id":"df57f57c-6926-4117-a0e7-b76c4cbf4090","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":29,"box":{"x":549,"y":612,"width":400,"height":11}},{"id":"38c21c9f-3e96-4d43-a213-4339ddf848ed","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":29,"box":{"x":549,"y":626,"width":421,"height":11}},{"id":"41c285ea-b21d-4b14-b1d0-c903513143bd","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":29,"box":{"x":549,"y":641,"width":374,"height":10}},{"id":"b31f0e5a-fc2a-4b54-a102-17be8ba3724c","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":29,"box":{"x":549,"y":655,"width":370,"height":11}},{"id":"5fd98857-6565-4018-8205-0f78440fe461","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":29,"box":{"x":549,"y":669,"width":372,"height":11}},{"id":"820f0b1c-037b-4a26-9518-b471368e4b89","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":29,"box":{"x":549,"y":683,"width":420,"height":11}},{"id":"14efb9cb-73a3-43fe-adb3-96730c739773","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":29,"box":{"x":549,"y":697,"width":387,"height":11}},{"id":"aa70af3c-e7a8-40c4-ac81-91b289f7068b","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":29,"box":{"x":549,"y":712,"width":377,"height":10}},{"id":"398b8f0a-9d93-4d44-9d7d-7f5883315f08","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":29,"box":{"x":549,"y":726,"width":380,"height":11}},{"id":"5179ec31-8749-4ca8-b634-ad2dc192c23e","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":29,"box":{"x":549,"y":740,"width":366,"height":11}},{"id":"3b51b3ff-4869-4d8b-b068-f0b4b4da9b5e","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":29,"box":{"x":549,"y":754,"width":414,"height":11}},{"id":"e59a7fa7-a93a-4e4a-b774-5c428e8fd965","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":29,"box":{"x":550,"y":768,"width":386,"height":11}},{"id":"03de8522-ac20-480f-852b-0e6f2dcba591","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":29,"box":{"x":549,"y":782,"width":414,"height":11}},{"id":"cd66ded5-d999-499f-b286-cf0b3046b4ab","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":29,"box":{"x":549,"y":797,"width":420,"height":10}},{"id":"d0c5e0ac-4698-4599-8ab3-c089adf5de1a","block_type":"box","text":"unusual market conditions. Until the Fund reaches greater scale,","page_number":29,"box":{"x":549,"y":811,"width":413,"height":11}},{"id":"e0b93282-9ece-4083-9d81-cfa7f25104e6","block_type":"box","text":"it may experience higher tracking error than is typical for similar","page_number":29,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"7e88fc77-d068-4e35-972e-d2a2ebac644b","block_type":"box","text":"index ETFs. A Fund that tracks an index with exposure to non-U.S.","page_number":29,"box":{"x":549,"y":839,"width":421,"height":11}},{"id":"888bb652-d9b0-4bd4-81c0-5253bf3bc5e0","block_type":"box","text":"issuers may experience higher tracking error than ETFs that do","page_number":29,"box":{"x":549,"y":853,"width":401,"height":11}},{"id":"9993f45e-c28f-4f91-9641-595d927241f8","block_type":"box","text":"not track such indexes.","page_number":29,"box":{"x":549,"y":868,"width":147,"height":8}},{"id":"036e15a1-f362-405d-9eca-74dd59d515db","block_type":"box","text":"S-22","page_number":29,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"bcadf3e0-acf2-41d6-bb41-6af6c92d7e5e","block_type":"box","text":"Valuation Risk","page_number":30,"box":{"x":84,"y":23,"width":96,"height":9}},{"id":"91ce0d27-8329-4c40-ac51-c9e1ed071906","block_type":"box","text":".","page_number":30,"box":{"x":180,"y":30,"width":2,"height":2}},{"id":"8b18cd0a-e712-47de-b908-93f7db8bc962","block_type":"box","text":"The price that the Fund could receive upon the","page_number":30,"box":{"x":187,"y":23,"width":298,"height":11}},{"id":"11fc02c1-df94-4a09-854d-d99e25a3a450","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":30,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"bc2a4029-2447-414b-b700-54ed1bf91cc3","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":30,"box":{"x":82,"y":51,"width":356,"height":11}},{"id":"59c674d6-568c-4816-8acb-01ac80be420f","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":30,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"dd319fac-1c2c-48aa-b553-d4bd00159a5a","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":30,"box":{"x":83,"y":80,"width":347,"height":11}},{"id":"a42dbadf-6921-42b9-ac20-07d9006f86d2","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":30,"box":{"x":83,"y":94,"width":418,"height":11}},{"id":"6437193e-65cb-4448-a95d-0adef1c8b3ae","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":30,"box":{"x":83,"y":108,"width":406,"height":11}},{"id":"7afc107d-458c-45b9-ac54-5ccc87d9f3ae","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":30,"box":{"x":83,"y":122,"width":411,"height":11}},{"id":"00672245-3f82-46f5-9ba9-f30857aa314a","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":30,"box":{"x":83,"y":137,"width":392,"height":10}},{"id":"62ab1f2a-602c-4c85-b477-eeb162d4ee81","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":30,"box":{"x":83,"y":151,"width":414,"height":11}},{"id":"71b820ce-01fc-4844-bf90-36cab632daef","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":30,"box":{"x":83,"y":165,"width":394,"height":11}},{"id":"22368652-742d-452b-b8c3-acc6a90a7091","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":30,"box":{"x":82,"y":179,"width":383,"height":11}},{"id":"db4e52b6-d227-4fb5-8d1e-0ecd1a68f2ae","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":30,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"a08c1b7c-69d2-446a-8893-29951d7a0678","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":30,"box":{"x":549,"y":37,"width":392,"height":9}},{"id":"6db08a6d-2d97-47e0-b57d-18a4b3940058","block_type":"box","text":"valued or been valued using a different methodology. 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Each","page_number":31,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"b481c639-b69b-4c3b-a054-95f174856410","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":31,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"bcc32d68-b396-42e2-a4ea-7eb85e763835","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":31,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"ddf8ac04-4d86-4f15-af41-4a5b8570f59d","block_type":"box","text":"Portfolio Managers of the Fund since 2024, 2025, 2025 and","page_number":31,"box":{"x":84,"y":142,"width":383,"height":11}},{"id":"317d0488-9c24-4921-b4c5-03b3c3c55dbe","block_type":"box","text":"2025, respectively.","page_number":31,"box":{"x":83,"y":156,"width":121,"height":11}},{"id":"2bee8396-c5a6-4da7-96a4-fe69d9d6fc97","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":31,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"eea169a6-1a32-4154-94de-79e7a47d97f3","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":31,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"fbc902d6-205c-4a2c-b191-a487835cf1a9","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":31,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"30c803fd-7537-4566-b16f-56b199a5f02d","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":31,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"c94c1cda-6424-4e9d-b60e-a0c6dad54d61","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":31,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"842fe1df-3eac-454e-af59-60c454a31a6f","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":31,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"966a883d-f5cd-4aea-95b8-9ee6b9cdb971","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":31,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"634b60e7-58f9-4c8b-946f-d5f26bfa5748","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":31,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"563685f9-333f-4913-a92d-96b7d34adac4","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":31,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"b4e54e56-ca3f-492e-9954-a8629c0e4d5c","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":31,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"da530f12-88ea-4756-b4c4-b12245792d7d","block_type":"box","text":"Tax Information","page_number":31,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"68ce4cc5-b1ee-4fff-a7e3-5ee455a0dbc1","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":31,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"eb6f8f00-1f83-41ce-a905-0e7188449c3c","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":31,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"a31e554b-5b5d-4210-8fa0-047194abf510","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":31,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"2e6ce152-1b96-4ff1-a3ca-12c1bb28ad27","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":31,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"efb6c114-5f59-404e-9b23-1b3c89e99cf8","block_type":"box","text":"distributions generally will be taxed when withdrawn.","page_number":31,"box":{"x":549,"y":104,"width":337,"height":11}},{"id":"861e3d1d-27fa-49a4-b8a5-98f54c07ac6f","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":31,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"8bc33638-2acd-419b-9cf5-d7ea2f81816a","block_type":"box","text":"Intermediaries","page_number":31,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"982d57c5-6ecb-4823-8b5c-3af9471dcea8","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":31,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"69db483c-14bb-4b01-a9d0-4606f709e5d3","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":31,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"42120002-ea69-4747-8d33-7e4cdc74e0bc","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":31,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"bf5e0325-3406-4799-9c24-cbc1b8b43881","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":31,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"0d0690f8-2bc9-4f2d-b50a-63521be297c3","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":31,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"ffc665e5-180b-4c74-8e4d-4ef1455624e8","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":31,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"c13007c4-4d31-47b6-b158-63622cf6f55c","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":31,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"cd67eef2-b876-4b5f-91dc-2254bc9415fc","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":31,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"bc94c98f-2659-48ed-92f0-76f0e8b76673","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":31,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"f61fc132-93fa-4420-a5de-e8cf71a89ea6","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":31,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"31a75295-74e8-432c-bbbb-740f19eeb9e9","block_type":"box","text":"information.","page_number":31,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"284ef84e-ae33-436d-9323-9345ed590cf6","block_type":"box","text":"S-24","page_number":31,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"6687e312-6d09-4543-a06e-9f352e950453","block_type":"box","text":"iSHARES","page_number":32,"box":{"x":149,"y":24,"width":118,"height":15}},{"id":"4d97dfa6-d9fe-45de-9849-96253ffae31d","block_type":"box","text":"®","page_number":32,"box":{"x":270,"y":17,"width":11,"height":8}},{"id":"8bf31066-a29b-4f78-abad-8176ff432687","block_type":"box","text":"FUTURE EXPONENTIAL TECHNOLOGIES ETF","page_number":32,"box":{"x":292,"y":24,"width":617,"height":15}},{"id":"15f11754-0296-4c87-9687-13d756bf34d2","block_type":"box","text":"Ticker: XT Stock Exchange: Nasdaq","page_number":32,"box":{"x":296,"y":53,"width":459,"height":12}},{"id":"29fd4677-f3ec-4b5b-bc4a-c784e43724d3","block_type":"box","text":"Investment Objective","page_number":32,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"82d9fa56-7cd5-40b3-834e-f4a959b1b92d","block_type":"box","text":"The iShares Future Exponential Technologies ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of","page_number":32,"box":{"x":82,"y":116,"width":861,"height":11}},{"id":"dabb546f-fa17-4995-8188-c45112304070","block_type":"box","text":"developed and emerging market companies that create or use exponential technologies.","page_number":32,"box":{"x":83,"y":130,"width":565,"height":11}},{"id":"29f082b0-c066-4a94-88df-16434f1ff51f","block_type":"box","text":"Fees and Expenses","page_number":32,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"359222ce-5153-4eed-8fa9-525e16c38eb9","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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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":32,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"4e1fd6c0-3c82-434f-a6e0-d0baead1f25b","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":32,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"8574ef20-eac2-4404-ac19-21d495e3f2bd","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":32,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"3974356d-34aa-4dde-8a09-9951953ec149","block_type":"box","text":"the tables and examples below.","page_number":32,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"0f9ec7c4-6f23-41ef-860c-14d4a23880bf","block_type":"box","text":"Annual Fund Operating 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Fees","page_number":32,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"04bf3cf3-689e-4165-9be3-4e9682224bd3","block_type":"box","text":"Other","page_number":32,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"ff643e84-4686-45c4-9c6c-c0b5aad74e4a","block_type":"box","text":"Expenses","page_number":32,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"9c684e73-1d9d-41df-8e54-37aadbfc4b73","block_type":"box","text":"Total Annual","page_number":32,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"a9be63e9-e418-41f0-86eb-0d0eb1452749","block_type":"box","text":"Fund","page_number":32,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"8b1eb096-193b-4dab-b858-395849c22020","block_type":"box","text":"Operating","page_number":32,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"1da5b01e-5fac-4778-b503-55bc6eb595d6","block_type":"box","text":"Expenses","page_number":32,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"94a3a0b6-421c-4b06-8f5e-1d8ea60f4d1c","block_type":"box","text":"0.46% None 0.00% 0.46%","page_number":32,"box":{"x":193,"y":403,"width":673,"height":8}},{"id":"2b1c755c-7b12-44da-bc40-7700f2c2fc14","block_type":"box","text":"1","page_number":32,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"9125be0e-5959-474b-8e45-f838e5d60157","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":32,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"944416ae-734d-4d3e-b749-c0a2201e5291","block_type":"box","text":"2","page_number":32,"box":{"x":111,"y":444,"width":4,"height":5}},{"id":"d3063145-835f-49a6-a8d5-3de8d0f2448e","block_type":"box","text":"Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect expected fees in","page_number":32,"box":{"x":124,"y":446,"width":830,"height":9}},{"id":"86a6e30e-4f1c-4624-93b7-29e48fb3b2db","block_type":"box","text":"the current year.","page_number":32,"box":{"x":123,"y":456,"width":93,"height":10}},{"id":"78fde829-69fe-4b7e-9b85-1cc2c1e4eeb2","block_type":"box","text":"Example.","page_number":32,"box":{"x":83,"y":476,"width":62,"height":10}},{"id":"46240b3e-dc3f-460b-b6b5-c97214391f88","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 other funds.","page_number":32,"box":{"x":150,"y":476,"width":800,"height":10}},{"id":"f4017206-c7ab-4374-a9cc-863714b33005","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":32,"box":{"x":82,"y":489,"width":891,"height":12}},{"id":"fa47f4d8-25c4-421a-8b39-58cb06acbb0d","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":32,"box":{"x":83,"y":504,"width":862,"height":11}},{"id":"ad296816-de53-4a1e-a270-55cbb87450c8","block_type":"box","text":"same. 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No Authorized","page_number":34,"box":{"x":549,"y":546,"width":378,"height":11}},{"id":"1ce0d91c-d3cd-4b4d-b9fd-fa827f582e1f","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":34,"box":{"x":550,"y":561,"width":379,"height":11}},{"id":"3f7b3fab-9be5-465c-afa8-26d365732102","block_type":"box","text":"transactions. 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The impact of a closed foreign","page_number":35,"box":{"x":549,"y":216,"width":376,"height":11}},{"id":"24eb7985-f682-47f1-84ba-a91b96793155","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":35,"box":{"x":549,"y":231,"width":420,"height":11}},{"id":"c4340db8-6c76-4924-a23f-6411ec434181","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":35,"box":{"x":549,"y":245,"width":403,"height":11}},{"id":"25a0acc0-73d5-4dfa-afba-978687f3c7d3","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":35,"box":{"x":549,"y":259,"width":360,"height":11}},{"id":"06e3a1bb-3e20-44e4-807f-19e99cc064b2","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":35,"box":{"x":549,"y":273,"width":398,"height":11}},{"id":"60f11b8b-d676-475b-85ef-a3fdcd6637e4","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":35,"box":{"x":550,"y":287,"width":410,"height":11}},{"id":"fcfea2e8-5b8c-49fa-bdbc-81989ff92a34","block_type":"box","text":"Non-U.S. Securities Risk","page_number":35,"box":{"x":549,"y":311,"width":165,"height":8}},{"id":"8845c0fb-523b-436e-af10-dfe4561c1510","block_type":"box","text":".","page_number":35,"box":{"x":714,"y":317,"width":2,"height":2}},{"id":"b0c36969-3a7b-4154-adde-1c8d4dec399a","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":35,"box":{"x":722,"y":311,"width":236,"height":10}},{"id":"11f709aa-efee-4686-a9fb-cc693b134d70","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":35,"box":{"x":549,"y":325,"width":382,"height":11}},{"id":"cc4adfd9-d70a-4e78-8994-a7cf56f92670","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":35,"box":{"x":549,"y":339,"width":406,"height":11}},{"id":"d7bbdfe1-816e-4286-9726-205e40d3c7b6","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":35,"box":{"x":549,"y":353,"width":369,"height":11}},{"id":"61463d31-c5cc-47f5-9f91-fb469012fd98","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":35,"box":{"x":548,"y":367,"width":356,"height":11}},{"id":"06c86283-ebed-4ef3-98f1-c950594da6e1","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":35,"box":{"x":549,"y":381,"width":407,"height":11}},{"id":"e7521698-3ed6-42a4-be2b-a77f9bdf2329","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":35,"box":{"x":549,"y":396,"width":397,"height":11}},{"id":"5e442a52-525b-4428-bfe2-bc5a9bd9b92e","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":35,"box":{"x":549,"y":410,"width":403,"height":11}},{"id":"cf9dc0ce-4f2e-406d-a145-b7b396c616a7","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":35,"box":{"x":549,"y":424,"width":371,"height":11}},{"id":"00789592-303e-44e8-8052-bc1291bfbcd4","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":35,"box":{"x":549,"y":438,"width":386,"height":11}},{"id":"1c51a0fe-af4b-4055-a7ab-de34265403a0","block_type":"box","text":"publicly available information about non-U.S. issuers. 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In","page_number":36,"box":{"x":549,"y":245,"width":383,"height":11}},{"id":"c7d220b0-6a1d-4f5b-ab92-8851ecaff29d","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":36,"box":{"x":549,"y":259,"width":387,"height":11}},{"id":"5a6c2b6a-7214-4ff2-80ce-eb4e95c7c2c1","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":36,"box":{"x":549,"y":273,"width":372,"height":11}},{"id":"726b5e13-a3ab-488a-8e26-54d5862d4c54","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":36,"box":{"x":549,"y":287,"width":381,"height":11}},{"id":"79b77a5a-ea20-4cd2-b262-e2dc007672ec","block_type":"box","text":"availability of certain commodities.","page_number":36,"box":{"x":549,"y":302,"width":222,"height":10}},{"id":"9867112b-3e63-4530-b4bd-e94d2016a24e","block_type":"box","text":"Risk of Investing in the U.S","page_number":36,"box":{"x":549,"y":325,"width":182,"height":11}},{"id":"d0ca4727-58b5-4993-8925-0a65565f5610","block_type":"box","text":".","page_number":36,"box":{"x":732,"y":331,"width":2,"height":2}},{"id":"5f0e1d3a-10c8-4bfd-acb6-42d59d484761","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":36,"box":{"x":740,"y":325,"width":210,"height":11}},{"id":"ac131fc8-8258-4589-bbdf-43a142994d80","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":36,"box":{"x":549,"y":339,"width":391,"height":11}},{"id":"0632ba54-7466-4b7a-aaac-43d3505a30f4","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":36,"box":{"x":549,"y":353,"width":423,"height":11}},{"id":"67df2bf8-5535-4bc0-8319-684189a0f426","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":36,"box":{"x":550,"y":367,"width":412,"height":11}},{"id":"954847c5-11fe-45c8-bbcc-718f5ed403cf","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":36,"box":{"x":549,"y":381,"width":396,"height":11}},{"id":"7c3b11f9-f17f-483b-a48e-5370caa03017","block_type":"box","text":"Securities Lending Risk.","page_number":36,"box":{"x":548,"y":405,"width":162,"height":10}},{"id":"7ab40fe9-147e-44c8-add4-035909ed0b00","block_type":"box","text":"The Fund may engage in securities","page_number":36,"box":{"x":716,"y":405,"width":221,"height":11}},{"id":"59765532-e3b9-4a12-b647-babf68b0e807","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":36,"box":{"x":549,"y":419,"width":397,"height":11}},{"id":"cb9946e2-2efb-4068-9426-1f4b91a2f434","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":36,"box":{"x":549,"y":433,"width":418,"height":11}},{"id":"c9d06b52-5758-4511-ae09-57c1e51907a1","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":36,"box":{"x":549,"y":447,"width":409,"height":11}},{"id":"39a134a7-aa37-43f7-a579-2dea0280d36d","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":36,"box":{"x":549,"y":461,"width":416,"height":11}},{"id":"9e7c0fa8-3399-456c-9928-9935e506596d","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":36,"box":{"x":549,"y":476,"width":389,"height":10}},{"id":"8f10016a-240c-4177-80c4-61afc9674bf9","block_type":"box","text":"investments made with cash collateral. 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They may face","page_number":36,"box":{"x":549,"y":598,"width":381,"height":11}},{"id":"15c8d860-f9bd-4d08-aca5-45fa265bdcc2","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":36,"box":{"x":549,"y":612,"width":367,"height":11}},{"id":"257de288-4ae8-441c-bc34-4805553d7c95","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":36,"box":{"x":549,"y":626,"width":424,"height":11}},{"id":"1e557e90-83c5-42d8-807c-d873a53dabd0","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":36,"box":{"x":549,"y":641,"width":368,"height":10}},{"id":"e3364eb7-b2fd-48de-b25e-0d865637684e","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":36,"box":{"x":549,"y":655,"width":384,"height":11}},{"id":"a0e45606-4a9a-46ed-9cc2-b7b0306fbf5b","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":36,"box":{"x":549,"y":669,"width":384,"height":11}},{"id":"fae3a58f-8a50-4f2b-b6ab-15b4b6ed79ef","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":36,"box":{"x":549,"y":683,"width":397,"height":11}},{"id":"c9a2808c-6ffd-4b11-8e8f-272050f8f8c2","block_type":"box","text":"government or legal action.","page_number":36,"box":{"x":549,"y":697,"width":174,"height":11}},{"id":"dac1031e-b398-4ff5-8049-22690c3d3de5","block_type":"box","text":"Tracking Error Risk","page_number":36,"box":{"x":550,"y":721,"width":128,"height":10}},{"id":"2c074c91-ac45-4bdc-a86b-997d5be3ba46","block_type":"box","text":".","page_number":36,"box":{"x":678,"y":727,"width":3,"height":2}},{"id":"045a85c9-cb8d-489b-8f2d-e11f6e70ae37","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":36,"box":{"x":686,"y":721,"width":284,"height":10}},{"id":"f89ce80b-d9e8-4f7d-bd06-867b53f498a9","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":36,"box":{"x":549,"y":735,"width":404,"height":11}},{"id":"f260ef33-0748-4c75-852e-4def9d40a035","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":36,"box":{"x":549,"y":749,"width":425,"height":11}},{"id":"a3733aa5-3294-43a9-b70c-9dcb2b9af17f","block_type":"box","text":"factors, including differences between the securities and other","page_number":36,"box":{"x":549,"y":763,"width":401,"height":11}},{"id":"1f1c2dea-e140-4a50-b272-773c17853662","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":36,"box":{"x":549,"y":777,"width":381,"height":11}},{"id":"30656b56-b7fa-48f8-91bd-f567232ebcd1","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":36,"box":{"x":550,"y":791,"width":396,"height":11}},{"id":"490f981e-e950-4c75-ab80-e7950d480016","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":36,"box":{"x":549,"y":806,"width":407,"height":10}},{"id":"10a1b3b0-8c0c-45fd-8853-ecbfe118cd9f","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":36,"box":{"x":549,"y":820,"width":400,"height":11}},{"id":"a10fe535-ba40-42aa-9b0a-69d3efde817b","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":36,"box":{"x":549,"y":834,"width":421,"height":11}},{"id":"79615a17-9097-48e4-b975-abcf6636510a","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":36,"box":{"x":549,"y":848,"width":374,"height":11}},{"id":"a7d8e610-8685-489d-a139-1a8678e8bfe3","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":36,"box":{"x":549,"y":862,"width":370,"height":11}},{"id":"3437d975-5c3c-41d7-b69e-7a39a4d2ea40","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":36,"box":{"x":549,"y":877,"width":372,"height":10}},{"id":"2831be10-99b5-4dff-9714-fee99fe75904","block_type":"box","text":"S-29","page_number":36,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"856f030b-4ed4-41b7-89b3-4558ac7d341c","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":37,"box":{"x":83,"y":23,"width":420,"height":11}},{"id":"53ff0a9a-7b1d-4281-931c-248c6aee050e","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":37,"box":{"x":83,"y":37,"width":386,"height":11}},{"id":"97c73094-1759-44e2-85f3-97af13a11173","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":37,"box":{"x":82,"y":51,"width":378,"height":11}},{"id":"1b03c0ab-c594-4304-a432-d0e82e489412","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":37,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"4483bcb3-0561-4285-bb20-7e76a27662fa","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":37,"box":{"x":83,"y":80,"width":366,"height":11}},{"id":"bec5ea08-4622-4d41-b1da-f60b46bd20d1","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":37,"box":{"x":83,"y":94,"width":414,"height":11}},{"id":"681fc570-0a4f-4dbe-82ab-5051d294b59b","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":37,"box":{"x":83,"y":108,"width":387,"height":11}},{"id":"1aac316d-da88-49a2-ae2c-1a86d8e5dd7b","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":37,"box":{"x":83,"y":151,"width":382,"height":8}},{"id":"88b0053c-63e2-4e84-b5a5-f8e11499ee73","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":37,"box":{"x":83,"y":165,"width":390,"height":11}},{"id":"b47b2991-21cd-4334-a33f-a5bbbc0532d1","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":37,"box":{"x":83,"y":179,"width":299,"height":9}},{"id":"889cb8de-33c5-4c34-994c-dfd77edca73f","block_type":"box","text":"Valuation Risk","page_number":37,"box":{"x":84,"y":202,"width":96,"height":9}},{"id":"a39d274a-d3c5-412f-9730-a597d83b403a","block_type":"box","text":".","page_number":37,"box":{"x":180,"y":209,"width":2,"height":2}},{"id":"0bfaf46d-d6a4-4db3-a74e-10742c3462c3","block_type":"box","text":"The price that the Fund could receive upon the","page_number":37,"box":{"x":187,"y":202,"width":298,"height":11}},{"id":"1ccd9dcf-3c37-4f90-aebe-5c78f9937d2f","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":37,"box":{"x":83,"y":216,"width":408,"height":11}},{"id":"eb6d1e8f-8369-40c0-99f5-d8a897017270","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":37,"box":{"x":82,"y":231,"width":356,"height":10}},{"id":"21571cb5-3810-48e2-b0d8-0ebace7fbe84","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":37,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"585b1a0c-d9cb-4ec1-8ef1-db853fa8cf6a","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":37,"box":{"x":549,"y":37,"width":347,"height":11}},{"id":"1a5c3e05-5002-484c-a00a-006adb10fd57","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":37,"box":{"x":549,"y":51,"width":418,"height":11}},{"id":"9a7ce065-00c6-400d-82db-8ad1a3e6d118","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":37,"box":{"x":549,"y":66,"width":406,"height":11}},{"id":"f0a00686-6aa7-4a41-b147-821b2d74e614","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":37,"box":{"x":549,"y":80,"width":411,"height":11}},{"id":"1ed269ce-ec76-4962-a2f6-22edf7b49de5","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":37,"box":{"x":549,"y":94,"width":392,"height":11}},{"id":"921cd7b7-d2d8-4bdf-9426-2dbc3014a400","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":37,"box":{"x":549,"y":108,"width":414,"height":11}},{"id":"d2463385-b5e5-4378-b3dd-455147640b8a","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":37,"box":{"x":549,"y":122,"width":394,"height":11}},{"id":"3a4a31c0-0c5e-4c26-be76-ba63e61e3e5c","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":37,"box":{"x":548,"y":137,"width":383,"height":10}},{"id":"4d3b0338-d459-458a-ad97-7171d9934f11","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":37,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"dfdd5c90-16c4-4049-99c4-3b0a716194dc","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":37,"box":{"x":549,"y":165,"width":392,"height":8}},{"id":"9dccd5fe-bfb1-47c1-9618-3d0ec0f0825f","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":37,"box":{"x":548,"y":179,"width":425,"height":11}},{"id":"4c870ddc-7ca1-4d24-a9a9-bee9a8430424","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":37,"box":{"x":548,"y":193,"width":400,"height":11}},{"id":"b39f91e2-37ab-4ffd-af3b-56b954c19642","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":37,"box":{"x":549,"y":208,"width":405,"height":10}},{"id":"1b42ae1b-ce65-4f37-8485-e5f06487afde","block_type":"box","text":"S-30","page_number":37,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a89f90c9-a190-4bd7-99cb-59feb4acc455","block_type":"box","text":"Performance Information","page_number":38,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"49f8d363-7ffb-44c9-9f44-65d5a5bee11d","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":38,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"73f1e3c3-e76f-45a3-b30e-f8fa58a656fc","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":38,"box":{"x":83,"y":61,"width":872,"height":10}},{"id":"52be06ad-888f-4f34-8b73-024ce8eeeaf4","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":38,"box":{"x":83,"y":73,"width":867,"height":11}},{"id":"9a1a3d1e-44b9-447e-ba9a-27f3061d223a","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":38,"box":{"x":83,"y":86,"width":863,"height":11}},{"id":"df25f3c8-be45-471b-a92b-5abebf6402ac","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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country","page_number":38,"box":{"x":124,"y":599,"width":793,"height":10}},{"id":"7e92c340-c268-4f5c-be77-813836fed548","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. 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Each","page_number":39,"box":{"x":83,"y":95,"width":395,"height":11}},{"id":"c1f3827e-9c85-457c-af47-846bf25bec47","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. 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Neither the Fund nor BFA can offer","page_number":42,"box":{"x":83,"y":66,"width":406,"height":10}},{"id":"da331e99-4ef3-42a8-a816-dd430bf37e97","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":42,"box":{"x":83,"y":80,"width":408,"height":11}},{"id":"c8ecbac5-d142-4bca-b198-bc2177384a9e","block_type":"box","text":"information will provide an accurate assessment of included","page_number":42,"box":{"x":83,"y":94,"width":384,"height":11}},{"id":"55c14cf0-60af-4d01-904d-a1d44419c561","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":42,"box":{"x":83,"y":108,"width":387,"height":11}},{"id":"01a6d5f2-cf7c-45fd-94ce-f2e2ee55584c","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":42,"box":{"x":83,"y":122,"width":366,"height":11}},{"id":"4795a1f3-324c-4f77-b178-8d896847a68f","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":42,"box":{"x":83,"y":137,"width":377,"height":10}},{"id":"4b72df95-f58b-4457-89bb-81c6c331abf0","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":42,"box":{"x":83,"y":151,"width":413,"height":11}},{"id":"a593d87b-f2b1-4196-ab57-c1fc2036c188","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":42,"box":{"x":83,"y":165,"width":396,"height":11}},{"id":"c15f728e-f9ef-434f-8e34-af28fa6a1613","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":42,"box":{"x":83,"y":179,"width":367,"height":11}},{"id":"b471b2bc-bb9e-489c-8ac6-e12e64b63f3b","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":42,"box":{"x":83,"y":193,"width":400,"height":11}},{"id":"f15ad984-ee73-44ef-bdd5-0cd75b5b76c1","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":42,"box":{"x":83,"y":208,"width":409,"height":10}},{"id":"467da6ef-c39f-4946-8f88-e6d7b0362da0","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":42,"box":{"x":83,"y":222,"width":414,"height":10}},{"id":"97504f71-2bec-488a-9dec-a384ae35e451","block_type":"box","text":"to postpone a scheduled rebalance. 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No Authorized","page_number":42,"box":{"x":83,"y":467,"width":378,"height":10}},{"id":"2479573b-3820-435c-b743-696c58dcdfbe","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":42,"box":{"x":84,"y":481,"width":379,"height":11}},{"id":"8528de88-4f24-4e94-a5d1-b0769104ec4f","block_type":"box","text":"transactions. 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Currency exchange rates can be very volatile and can","page_number":42,"box":{"x":83,"y":740,"width":404,"height":11}},{"id":"0ea2e30d-a5db-4b65-b799-7ecf100a402c","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":42,"box":{"x":83,"y":754,"width":394,"height":11}},{"id":"3617c745-73d9-4e1f-9975-098064f96ca3","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":42,"box":{"x":83,"y":768,"width":398,"height":11}},{"id":"bba4f0a7-58e7-4f7e-905b-b84c72e57d98","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":42,"box":{"x":83,"y":782,"width":392,"height":11}},{"id":"a9831cf3-007a-4442-8a96-90928c26d965","block_type":"box","text":"dollars and foreign currencies.","page_number":42,"box":{"x":83,"y":797,"width":193,"height":10}},{"id":"2560a79b-0a2e-4abd-baab-8837bd774336","block_type":"box","text":"Issuer Risk","page_number":42,"box":{"x":83,"y":820,"width":75,"height":8}},{"id":"1f358c90-3d5c-4760-a4e3-02a3ec9ab1c6","block_type":"box","text":".","page_number":42,"box":{"x":158,"y":826,"width":3,"height":2}},{"id":"b8688415-9b0e-4df8-9f89-e6debcb93222","block_type":"box","text":"The performance of the Fund depends on the","page_number":42,"box":{"x":166,"y":820,"width":288,"height":11}},{"id":"107de126-5c54-4774-9ebf-f166ce53f04f","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":42,"box":{"x":83,"y":834,"width":412,"height":11}},{"id":"59f6bfc8-e7a4-4fc1-b6cd-7b6782d8c0fe","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":42,"box":{"x":84,"y":848,"width":401,"height":11}},{"id":"94c1068e-0177-4aac-8560-c10d900c66be","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":42,"box":{"x":83,"y":862,"width":418,"height":11}},{"id":"70e0fc73-a786-4dea-83f9-41bd42011b7a","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":42,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"525f7d3b-8ac5-4e9f-84fc-43e43b8f50c8","block_type":"box","text":"counterparty.","page_number":42,"box":{"x":549,"y":38,"width":84,"height":10}},{"id":"1d3f8d00-f580-472c-9bc9-d5699e5896fa","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":42,"box":{"x":549,"y":60,"width":252,"height":11}},{"id":"accf62fc-c1fc-469f-86ad-5be5164f4d1b","block_type":"box","text":"Large-capitalization","page_number":42,"box":{"x":808,"y":61,"width":124,"height":10}},{"id":"915c26c4-a5c1-47dd-98d6-94dea843bd69","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":42,"box":{"x":549,"y":75,"width":352,"height":11}},{"id":"00c0bd72-6e29-4dc7-bfe2-387bd76e95d5","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":42,"box":{"x":549,"y":89,"width":352,"height":11}},{"id":"6b3494e3-0715-4c9f-8b29-bde6699f423f","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":42,"box":{"x":549,"y":103,"width":405,"height":11}},{"id":"f52efbab-8b2f-47f3-b7eb-6103511f7484","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":42,"box":{"x":549,"y":117,"width":371,"height":11}},{"id":"2466d504-3c50-41f8-a38c-1c1da8ce800f","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":42,"box":{"x":549,"y":131,"width":340,"height":11}},{"id":"91580ce3-c5e2-47f2-9ad5-841861ca9f31","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":42,"box":{"x":549,"y":146,"width":390,"height":10}},{"id":"13162347-6210-46af-8828-eccd1fb69e9c","block_type":"box","text":"overall performance of the broader securities markets.","page_number":42,"box":{"x":549,"y":160,"width":349,"height":11}},{"id":"7a1000be-3b95-48a2-ac26-b062361a4d06","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":42,"box":{"x":549,"y":183,"width":360,"height":11}},{"id":"4604c158-4f60-4bb6-9b50-e8b705f10078","block_type":"box","text":"Certain","page_number":42,"box":{"x":915,"y":183,"width":45,"height":8}},{"id":"263d0936-403c-4710-870f-78bdd1fbbc87","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":42,"box":{"x":549,"y":197,"width":405,"height":11}},{"id":"e6b6acbe-4536-4250-ad20-5bfaa5685c44","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":42,"box":{"x":549,"y":211,"width":409,"height":11}},{"id":"0c4a5dce-40c9-4b9e-919c-bf2414b30e5e","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":42,"box":{"x":549,"y":226,"width":419,"height":10}},{"id":"5cf752ac-47b1-4915-a031-5c06a8ad68e1","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":42,"box":{"x":549,"y":240,"width":417,"height":11}},{"id":"e037345a-ebc2-4163-829a-5c3180ee67f0","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":42,"box":{"x":549,"y":254,"width":424,"height":11}},{"id":"b785e136-f45b-47ac-be61-a078b16f7dd2","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":42,"box":{"x":549,"y":268,"width":387,"height":11}},{"id":"100af918-2d44-4812-a733-db2606a107d9","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":42,"box":{"x":549,"y":282,"width":421,"height":11}},{"id":"36a07fbe-80fd-4f5f-ac6f-f38aa4d7c835","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":42,"box":{"x":549,"y":296,"width":413,"height":11}},{"id":"0ccfd8ce-0f53-40c3-ba2d-45a14df6de15","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":42,"box":{"x":549,"y":311,"width":416,"height":10}},{"id":"4e1c5a96-d782-4b64-9337-0fa3e0057182","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":42,"box":{"x":549,"y":325,"width":411,"height":11}},{"id":"c46a5788-6849-47f6-8b00-f9cac51ba1f0","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":42,"box":{"x":549,"y":339,"width":415,"height":8}},{"id":"46089bd0-efd6-4fa7-8f07-15c2124b194a","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":42,"box":{"x":549,"y":353,"width":400,"height":10}},{"id":"e2a459d3-fb60-4c37-b485-96de0c40e838","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":42,"box":{"x":549,"y":367,"width":404,"height":11}},{"id":"0a39558d-7a35-45a6-bc0c-b0c9841227cf","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":42,"box":{"x":549,"y":382,"width":415,"height":10}},{"id":"230e24ac-927f-4574-8a61-036797380c70","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":42,"box":{"x":549,"y":396,"width":412,"height":10}},{"id":"a621ae44-f9e5-46ad-9e82-7e944f240f60","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":42,"box":{"x":549,"y":410,"width":352,"height":11}},{"id":"e9aef02f-c1c8-4504-b139-7542f59be54a","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":42,"box":{"x":549,"y":424,"width":415,"height":11}},{"id":"39bb9367-4e4c-4574-96bd-99ea24556d9c","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":42,"box":{"x":549,"y":438,"width":416,"height":11}},{"id":"682bdcb6-87fa-41d5-9b6e-3326e42633d3","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":42,"box":{"x":549,"y":452,"width":387,"height":11}},{"id":"1f80c102-0e39-4e33-89ab-9b20e1539318","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":42,"box":{"x":549,"y":467,"width":419,"height":10}},{"id":"dc5a0695-b5c8-43b3-947c-9af22c79b07f","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":42,"box":{"x":549,"y":481,"width":389,"height":11}},{"id":"eec93efa-26fe-4bda-85cd-df36ecca5a11","block_type":"box","text":"price of Fund shares.","page_number":42,"box":{"x":549,"y":495,"width":133,"height":11}},{"id":"2d27f212-efb5-43f4-b9c3-50c7b87a3e80","block_type":"box","text":"Management Risk","page_number":42,"box":{"x":549,"y":518,"width":123,"height":11}},{"id":"31ce9873-0241-4f86-9c2c-8811094575dd","block_type":"box","text":".","page_number":42,"box":{"x":672,"y":525,"width":2,"height":2}},{"id":"bd11fa47-46af-471e-9745-6230d79b0a64","block_type":"box","text":"The Fund generally does not attempt to take","page_number":42,"box":{"x":679,"y":518,"width":283,"height":11}},{"id":"26cdc37a-4d73-417d-976b-a32456cdb57f","block_type":"box","text":"defensive positions under any market conditions, including","page_number":42,"box":{"x":549,"y":532,"width":376,"height":11}},{"id":"93dd6b0c-b02d-4aa1-8c82-e81a3874adc1","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":42,"box":{"x":549,"y":546,"width":362,"height":11}},{"id":"a351e38b-24bd-4ee2-bb5a-6e5dda98e32b","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":42,"box":{"x":550,"y":561,"width":387,"height":11}},{"id":"bdf918ca-3ae6-4f6e-bd95-79a2c63e8d1b","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":42,"box":{"x":549,"y":575,"width":409,"height":11}},{"id":"ec0bf1b8-85d2-4ede-8cfe-472204a650da","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":42,"box":{"x":549,"y":589,"width":419,"height":11}},{"id":"7c851031-87cd-478f-b359-45baf5f5e991","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":42,"box":{"x":549,"y":603,"width":420,"height":11}},{"id":"1e52826f-63a2-4936-8819-48cbab60f48e","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":42,"box":{"x":549,"y":617,"width":403,"height":11}},{"id":"4cb45a8a-6d45-4b9e-a86e-584d0524f1a9","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":42,"box":{"x":549,"y":632,"width":323,"height":10}},{"id":"0a6c8751-56ff-4d21-93a0-e89d5b2fd54f","block_type":"box","text":"Market Trading Risk","page_number":42,"box":{"x":549,"y":655,"width":136,"height":11}},{"id":"c1d507fb-ecce-4d33-8748-8799a46235d1","block_type":"box","text":".","page_number":42,"box":{"x":685,"y":661,"width":2,"height":2}},{"id":"2af12efe-38df-44ce-9f00-7a64b0cc3309","block_type":"box","text":"The Fund faces numerous market trading","page_number":42,"box":{"x":692,"y":655,"width":264,"height":11}},{"id":"c29b8b83-331f-4286-8129-0dd61688dba9","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":42,"box":{"x":549,"y":669,"width":394,"height":11}},{"id":"f5d005d2-0e4a-40ab-935a-f1860c8d689c","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":42,"box":{"x":549,"y":683,"width":401,"height":11}},{"id":"c109327b-a9a4-4371-8cdb-d642f96e7cf7","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":42,"box":{"x":549,"y":697,"width":404,"height":11}},{"id":"47eb093e-6c46-4b34-bd69-a7ba07e88a69","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":42,"box":{"x":549,"y":712,"width":416,"height":10}},{"id":"3c5a6cf8-b0f2-4e9c-92bd-91ccb01c229e","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":42,"box":{"x":549,"y":726,"width":404,"height":11}},{"id":"b4bba503-09f8-48f9-9435-75b19f5f383d","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":42,"box":{"x":549,"y":740,"width":411,"height":11}},{"id":"1f8b726a-616e-4cd0-9319-6358ef525324","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. 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Chinese markets generally continue to experience","page_number":43,"box":{"x":549,"y":108,"width":387,"height":11}},{"id":"e60390a9-33f6-4b7c-83d3-a45c0c30b995","block_type":"box","text":"inefficiency, a lack of publicly available information and/or","page_number":43,"box":{"x":549,"y":122,"width":375,"height":11}},{"id":"cbe1349d-61da-413a-b4b0-f48a87763c99","block_type":"box","text":"political and social instability and may be subject to volatility and","page_number":43,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"c324cb09-593e-43ca-ad44-fc8112926d00","block_type":"box","text":"pricing anomalies resulting from governmental influence. Internal","page_number":43,"box":{"x":549,"y":151,"width":416,"height":11}},{"id":"2bb9961c-a017-4aa4-92ba-9e6f529bf77e","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":43,"box":{"x":549,"y":165,"width":395,"height":11}},{"id":"37c90443-43ed-4514-8239-af6b05ecf6a8","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":43,"box":{"x":549,"y":179,"width":415,"height":11}},{"id":"518e66fe-3547-48fa-a141-a74e25d6ca56","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":43,"box":{"x":549,"y":193,"width":391,"height":11}},{"id":"49576cc6-21ce-4e9e-990a-7411e270c0e7","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":43,"box":{"x":549,"y":207,"width":421,"height":11}},{"id":"ab1f6f33-f9f3-48fb-9d43-e336114e4e31","block_type":"box","text":"and higher inflation.","page_number":43,"box":{"x":549,"y":222,"width":126,"height":10}},{"id":"e30eb544-9d85-4638-965c-0b2c9258445b","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":43,"box":{"x":549,"y":245,"width":409,"height":11}},{"id":"c3322618-d2b6-4143-a2f8-b467e640ed11","block_type":"box","text":"strained international relations. 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The Fund does not select investments based on","page_number":44,"box":{"x":82,"y":52,"width":383,"height":8}},{"id":"688266db-36dc-4fa2-a8fa-bf9018edb155","block_type":"box","text":"investor protection considerations.","page_number":44,"box":{"x":83,"y":66,"width":223,"height":10}},{"id":"052a214e-2a74-4eb9-b6e9-ad08dbdd8b62","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":44,"box":{"x":83,"y":89,"width":276,"height":11}},{"id":"c9df0d72-0aef-4355-a6cc-9f2cebebd959","block_type":"box","text":".","page_number":44,"box":{"x":360,"y":95,"width":2,"height":2}},{"id":"1c6689b9-432e-4ba6-bb17-c29799899c9a","block_type":"box","text":"The Fund’s","page_number":44,"box":{"x":367,"y":89,"width":69,"height":8}},{"id":"bcd82f2a-a722-4f5e-8fd5-83979f13db71","block_type":"box","text":"investment in developed country issuers will subject the Fund to","page_number":44,"box":{"x":83,"y":103,"width":415,"height":11}},{"id":"f1629f2f-7991-4dd9-9011-6b9977252521","block_type":"box","text":"legal, regulatory, political, currency, security, economic and other","page_number":44,"box":{"x":83,"y":117,"width":419,"height":11}},{"id":"d7be9ef1-2857-4d60-b67f-51171bf65cd7","block_type":"box","text":"risks associated with developed countries. 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In","page_number":44,"box":{"x":83,"y":231,"width":382,"height":10}},{"id":"5dfc4004-0854-4502-8acd-11bcd64fb82e","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":44,"box":{"x":83,"y":245,"width":387,"height":11}},{"id":"39b8a7a4-c722-48ef-8f87-a402d8cdc31d","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":44,"box":{"x":83,"y":259,"width":371,"height":11}},{"id":"b39e76dd-5449-4760-9c95-62c657312c50","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":44,"box":{"x":83,"y":273,"width":381,"height":11}},{"id":"b31df520-cbdc-4f45-9260-2de5be39e6db","block_type":"box","text":"availability of certain commodities.","page_number":44,"box":{"x":83,"y":287,"width":222,"height":11}},{"id":"2210ffd7-f3ee-432f-8423-0a18840b4d2c","block_type":"box","text":"Risk of Investing in the U.S","page_number":44,"box":{"x":83,"y":311,"width":182,"height":10}},{"id":"bfb2d59f-64d0-4472-97ac-1ff207e50ca6","block_type":"box","text":".","page_number":44,"box":{"x":266,"y":317,"width":2,"height":2}},{"id":"5bee4a94-9b1b-49cb-ac3b-1bcfe274aa53","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":44,"box":{"x":274,"y":311,"width":210,"height":10}},{"id":"153ea16e-106c-47cc-994c-8073d74bfc70","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":44,"box":{"x":83,"y":325,"width":391,"height":11}},{"id":"7ae9acbf-1b78-4352-83dd-b681ef2e2063","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":44,"box":{"x":83,"y":339,"width":423,"height":11}},{"id":"0938b3eb-84d6-48b0-9bca-829eeb93206f","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":44,"box":{"x":83,"y":353,"width":413,"height":11}},{"id":"ca4959ba-6678-42b8-a23f-c56e2bda03e0","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":44,"box":{"x":82,"y":367,"width":397,"height":11}},{"id":"a6fec8ce-8248-4b7c-ba81-8e3d8bb1453f","block_type":"box","text":"Securities Lending Risk.","page_number":44,"box":{"x":82,"y":391,"width":162,"height":10}},{"id":"72b6941b-702c-425f-9942-357f0579e869","block_type":"box","text":"The Fund may engage in securities","page_number":44,"box":{"x":249,"y":391,"width":221,"height":10}},{"id":"131e4e0c-77e7-4988-b6ca-25627957ef43","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":44,"box":{"x":83,"y":405,"width":396,"height":11}},{"id":"7bb73740-b690-468c-a2ce-220badf87dd7","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":44,"box":{"x":83,"y":419,"width":418,"height":11}},{"id":"94ca07a8-e847-41e5-affb-f4bab3f58e20","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":44,"box":{"x":83,"y":433,"width":408,"height":11}},{"id":"481d3ac9-4cb9-40e1-97f1-04fbf6724155","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":44,"box":{"x":83,"y":447,"width":416,"height":11}},{"id":"f47e66a8-3bd8-4d6f-b8b7-4f76c0289dfd","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":44,"box":{"x":83,"y":461,"width":389,"height":11}},{"id":"b4ff10a0-ec85-4d31-9da8-a90e41c596b6","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":44,"box":{"x":83,"y":476,"width":406,"height":8}},{"id":"da6a4721-b415-41a4-8f2c-35572a5a6f1f","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":44,"box":{"x":83,"y":490,"width":301,"height":11}},{"id":"f4ae5d16-bf40-46a9-aa88-41ac96abd647","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":44,"box":{"x":82,"y":513,"width":250,"height":11}},{"id":"8a1bc0b2-629c-4c71-a3fb-27f1af84f304","block_type":"box","text":".","page_number":44,"box":{"x":332,"y":520,"width":3,"height":1}},{"id":"7f5fcfbe-7992-44a1-8091-1ecb30af6174","block_type":"box","text":"Compared to mid- and","page_number":44,"box":{"x":340,"y":513,"width":143,"height":11}},{"id":"667b97c5-9460-45b2-9693-2474ceab8324","block_type":"box","text":"large-capitalization companies, small-capitalization companies","page_number":44,"box":{"x":83,"y":527,"width":400,"height":11}},{"id":"e5d20859-5c4e-4912-951c-2ab5ccc64287","block_type":"box","text":"may be less stable and more susceptible to adverse","page_number":44,"box":{"x":83,"y":541,"width":330,"height":11}},{"id":"7155c816-fb5b-4d23-ac00-80715eef5c17","block_type":"box","text":"developments. The securities of small-capitalization companies","page_number":44,"box":{"x":83,"y":556,"width":404,"height":10}},{"id":"9bb176ee-07c4-4f02-9e26-f7954815c723","block_type":"box","text":"may be more volatile and less liquid than those of mid- and large","page_number":44,"box":{"x":83,"y":570,"width":417,"height":11}},{"id":"ccc8e60c-8ca0-46a8-ba21-54f96e622725","block_type":"box","text":"capitalization companies. As a result, the Fund’s share price may","page_number":44,"box":{"x":83,"y":584,"width":415,"height":11}},{"id":"4b495801-74f6-4750-a69b-30ce25669b74","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":44,"box":{"x":83,"y":598,"width":407,"height":11}},{"id":"a0ecd1f0-7c1f-46b2-a82d-5b3f7e8dd505","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":44,"box":{"x":83,"y":612,"width":220,"height":11}},{"id":"2e219a29-6624-4720-a46e-8d2c3e554e1c","block_type":"box","text":"Tracking Error Risk","page_number":44,"box":{"x":550,"y":23,"width":128,"height":11}},{"id":"605e4acb-644a-4168-8c82-503a158d271e","block_type":"box","text":".","page_number":44,"box":{"x":678,"y":30,"width":3,"height":2}},{"id":"4594f89f-524a-460b-bae2-186cc8e9f96b","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":44,"box":{"x":686,"y":23,"width":284,"height":11}},{"id":"f521e551-980a-4ae1-8ec3-1772439033d5","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":44,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"22b9df99-eedf-40bf-a2fa-ee834cba7c31","block_type":"box","text":"the Underlying Index. 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6/11/2019)","page_number":45,"box":{"x":123,"y":495,"width":174,"height":9}},{"id":"a4e6898a-e618-48ab-85de-5a42e3787b25","block_type":"box","text":"Return Before Taxes","page_number":45,"box":{"x":137,"y":506,"width":113,"height":8}},{"id":"5ba0a8a6-7401-4270-9b19-ba4c76ae5a03","block_type":"box","text":"-0.99% -4.75% -0.65%","page_number":45,"box":{"x":713,"y":506,"width":205,"height":8}},{"id":"fcdc1655-9a44-4298-9ad8-51ee02104487","block_type":"box","text":"Return After Taxes on Distributions -1.23% -4.93% -0.88%","page_number":45,"box":{"x":137,"y":518,"width":781,"height":7}},{"id":"90e3515b-1d4a-4dc7-a46d-7e8e0def2719","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares -0.44% -3.52% -0.50%","page_number":45,"box":{"x":137,"y":529,"width":781,"height":8}},{"id":"3faa0bdc-c8ba-42d2-ae3a-55e1d9c87f14","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":45,"box":{"x":124,"y":541,"width":216,"height":10}},{"id":"cf3fe395-fb5f-4869-a70b-1428443e8fda","block_type":"box","text":"1","page_number":45,"box":{"x":343,"y":540,"width":3,"height":4}},{"id":"397230bb-ee05-4013-930e-f344c2082c88","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":45,"box":{"x":352,"y":541,"width":319,"height":10}},{"id":"c984bb4d-1ad1-4c74-a052-b1d425bca72d","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 17.49% 10.06% 11.10%","page_number":45,"box":{"x":136,"y":554,"width":782,"height":10}},{"id":"4214199e-2a7b-47f8-aaef-b1a37fe2daa8","block_type":"box","text":"NYSE FactSet Global Genomics and Immuno Biopharma Index (Net)","page_number":45,"box":{"x":124,"y":565,"width":416,"height":10}},{"id":"232ac507-82e2-499d-83f3-0154eb54c5cc","block_type":"box","text":"1","page_number":45,"box":{"x":543,"y":564,"width":3,"height":5}},{"id":"f3aee540-bb36-4e5f-9c95-b2f9f4dd214e","block_type":"box","text":"(Returns do not reflect","page_number":45,"box":{"x":552,"y":565,"width":129,"height":10}},{"id":"1291b3f5-aabb-4b19-976a-e8299d3a3814","block_type":"box","text":"deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) -1.13% -4.61% -0.55%","page_number":45,"box":{"x":137,"y":578,"width":781,"height":10}},{"id":"ab115de0-15f4-49ad-8323-9a9c9827ffff","block_type":"box","text":"1","page_number":45,"box":{"x":112,"y":607,"width":2,"height":4}},{"id":"0b25e912-a9c0-4d0a-9e23-654cda4d7efe","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":45,"box":{"x":124,"y":608,"width":793,"height":10}},{"id":"8b535b65-eed8-41ff-a492-b9959c0df1ce","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":45,"box":{"x":123,"y":618,"width":843,"height":10}},{"id":"1e557770-c57a-43ca-89f9-f5eaab62b5ac","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":45,"box":{"x":123,"y":629,"width":835,"height":9}},{"id":"fcd38aee-17d7-40f3-b4ef-b8fdf01c6ed5","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":45,"box":{"x":123,"y":639,"width":650,"height":10}},{"id":"59517b6b-ab33-477f-94bb-4d68b9045d83","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":45,"box":{"x":82,"y":659,"width":882,"height":11}},{"id":"c68df4e2-75f8-4e58-a263-8099f1eed3ec","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":45,"box":{"x":83,"y":673,"width":871,"height":11}},{"id":"8299b2a1-13f2-49e7-af7d-eb5ee6b7d43b","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":45,"box":{"x":83,"y":687,"width":860,"height":11}},{"id":"78ed2964-90c8-4d4a-a5a5-473bbf027c48","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":45,"box":{"x":83,"y":701,"width":855,"height":11}},{"id":"cc4c8da6-89dc-4f14-a9f7-93c36c0d8d97","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":45,"box":{"x":83,"y":715,"width":883,"height":11}},{"id":"69b61eec-476a-49fc-9b3e-c6a5ced4c789","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":45,"box":{"x":82,"y":730,"width":861,"height":10}},{"id":"6afc85be-a9cc-432e-92f8-1fe3300befd4","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":45,"box":{"x":83,"y":744,"width":359,"height":10}},{"id":"d5838217-8cfe-40bf-bb4f-3fd0721ef0ee","block_type":"box","text":"S-38","page_number":45,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2780343f-4c00-42de-b907-672d30350c6e","block_type":"box","text":"Management","page_number":46,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"217837d4-5da8-401f-b6e2-dbf4b5335cb1","block_type":"box","text":"Investment Adviser.","page_number":46,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"41f2e089-9a8e-4cdb-afc1-763aa130f9b1","block_type":"box","text":"BlackRock Fund Advisors.","page_number":46,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"05d1075b-4258-43bc-b8d6-dc4bb8b084f6","block_type":"box","text":"Portfolio Managers.","page_number":46,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"bac9a08c-4d46-4c7b-a21c-8454ffce5d76","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":46,"box":{"x":223,"y":71,"width":281,"height":10}},{"id":"7fd6dc9b-0283-4455-be1c-b06210bc3e72","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":46,"box":{"x":83,"y":85,"width":367,"height":11}},{"id":"f559aed0-0e77-4983-81f1-dcfe88a7ffaf","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":46,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"45010dde-ea37-45a0-91b7-8cf5cf914c94","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":46,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"26f2a14e-cb42-4aa4-ae4d-fce950f88f38","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":46,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"dc37eef4-f058-49cd-88f4-c6203e90c368","block_type":"box","text":"Portfolio Managers of the Fund since 2019, 2025, 2025 and 2025,","page_number":46,"box":{"x":84,"y":142,"width":422,"height":11}},{"id":"067d3f85-851d-4ee7-93ad-b67a602f90b9","block_type":"box","text":"respectively.","page_number":46,"box":{"x":83,"y":156,"width":79,"height":11}},{"id":"5cf4dba5-c7bd-4541-bed7-42534bf8b26b","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":46,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"075c715e-45fb-4c2c-9a79-a014f0f3af79","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":46,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"cdacc877-5243-4b70-8c99-8795584c1d55","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":46,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"4986ea87-948f-4a0a-b7c7-da41a497b743","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":46,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"88374a14-cdd4-4a7b-847a-779413b55a62","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":46,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"a7f67401-99bc-4dfa-9280-4c458aedd19b","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":46,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"781a1a45-7e2a-4feb-a7b2-3949425b7878","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":46,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"aac634e8-f042-48f9-bb54-dc9c05e15581","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":46,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"8c7a07ae-6fae-42dd-b6b3-b5ea5255620a","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":46,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"9bf50778-358d-4c4b-8d1e-e8c6bcbe334f","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":46,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"26438a18-00d8-4f0a-b018-ac96704d6d15","block_type":"box","text":"Tax Information","page_number":46,"box":{"x":82,"y":352,"width":133,"height":11}},{"id":"b5985961-c4de-48f9-b8e8-38fffd1faf58","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":46,"box":{"x":82,"y":378,"width":423,"height":10}},{"id":"3c304f00-70ae-44ef-acff-c785c620d4c5","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":46,"box":{"x":83,"y":392,"width":385,"height":11}},{"id":"833c849e-f0ea-47c5-aab0-c522fbca5820","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":46,"box":{"x":83,"y":406,"width":406,"height":11}},{"id":"022f72a4-f72e-4e39-8de9-e683536b7650","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":46,"box":{"x":550,"y":23,"width":418,"height":11}},{"id":"b169cdf1-f576-4a1d-80ea-f6b4acfaffc4","block_type":"box","text":"withdrawn.","page_number":46,"box":{"x":549,"y":37,"width":69,"height":9}},{"id":"1ecb01f5-e70d-40f5-92b4-6f1d0df658c8","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":46,"box":{"x":550,"y":66,"width":410,"height":14}},{"id":"2b20b3b5-491c-4840-9f66-678c9d897ca6","block_type":"box","text":"Intermediaries","page_number":46,"box":{"x":550,"y":83,"width":123,"height":11}},{"id":"bf3d35a0-8d2c-4d72-91f1-470b34f00c6f","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":46,"box":{"x":550,"y":108,"width":393,"height":11}},{"id":"b990393a-a468-4151-af36-c5bdd3d551d4","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":46,"box":{"x":549,"y":122,"width":421,"height":11}},{"id":"9c5af69c-0aad-48eb-97a9-53504c9c7a57","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":46,"box":{"x":549,"y":137,"width":415,"height":10}},{"id":"fd8a2dd0-157e-4369-b570-cef7fe85401b","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":46,"box":{"x":549,"y":151,"width":403,"height":11}},{"id":"bd62d790-2334-4e55-ba88-574c2d9b4cdb","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":46,"box":{"x":549,"y":165,"width":403,"height":11}},{"id":"c13dee49-c62b-4e6e-893c-e187e6be1815","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":46,"box":{"x":549,"y":179,"width":420,"height":11}},{"id":"fbfe5bd4-2197-48da-80b6-b7cc5e226be6","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":46,"box":{"x":549,"y":193,"width":387,"height":11}},{"id":"5728a557-5d8d-4ad2-93af-768a6d6197ce","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":46,"box":{"x":549,"y":208,"width":384,"height":10}},{"id":"7146db39-0cf4-4f58-b691-50562c49d23f","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":46,"box":{"x":549,"y":222,"width":361,"height":10}},{"id":"05687a2a-10b7-47f9-b158-08f720be2c5d","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":46,"box":{"x":549,"y":236,"width":421,"height":11}},{"id":"89baeda9-8462-4df4-b4f1-36479eaec7d5","block_type":"box","text":"information.","page_number":46,"box":{"x":549,"y":250,"width":76,"height":9}},{"id":"0f122351-ab98-4e72-8116-bad53c0d2731","block_type":"box","text":"S-39","page_number":46,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"53d9905a-dfc8-4e75-9ce7-cbb007fca120","block_type":"box","text":"iSHARES","page_number":47,"box":{"x":180,"y":24,"width":119,"height":15}},{"id":"6c9938f9-99a2-4a8a-8629-a7288ed257f6","block_type":"box","text":"®","page_number":47,"box":{"x":302,"y":17,"width":10,"height":8}},{"id":"4a4430b2-5a45-43e7-8f2a-950a06b0f062","block_type":"box","text":"NEUROSCIENCE AND HEALTHCARE ETF","page_number":47,"box":{"x":324,"y":24,"width":554,"height":15}},{"id":"eea2d98d-c9d6-459a-86d4-6cbc607ab2e9","block_type":"box","text":"Ticker: IBRN Stock Exchange: NYSE Arca","page_number":47,"box":{"x":282,"y":53,"width":487,"height":12}},{"id":"62a4b8ae-1286-48c3-b658-c3268e418a24","block_type":"box","text":"Investment Objective","page_number":47,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"2fcc4bec-1d8b-42b9-ae06-a538d1f1ac33","block_type":"box","text":"The iShares Neuroscience and Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non","page_number":47,"box":{"x":82,"y":116,"width":872,"height":11}},{"id":"03a67ba7-5152-477c-b415-a16364e7b55c","block_type":"box","text":"U.S. companies that could benefit from the growth and innovation in neuroscience.","page_number":47,"box":{"x":83,"y":130,"width":531,"height":11}},{"id":"c679d1f3-8293-457b-8cc8-3819dd6205ce","block_type":"box","text":"Fees and Expenses","page_number":47,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"294d8399-b5eb-4b02-892d-82b23bb03821","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 in the table","page_number":47,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"b50a4e35-e344-4d79-b77e-d5481391633d","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":47,"box":{"x":83,"y":198,"width":863,"height":11}},{"id":"939bd14d-e83d-4f22-b970-64fe3bde23e1","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":47,"box":{"x":83,"y":213,"width":825,"height":10}},{"id":"b795868e-8db9-427e-a05b-fa294fdb35a5","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":47,"box":{"x":83,"y":227,"width":834,"height":11}},{"id":"946896ff-3e9f-403e-bec0-36ddc88248df","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":47,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"ee237885-a0d4-4a29-8cbd-e8d2ea18074c","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":47,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"11917337-7dfd-4606-996b-0769f330fe7c","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":47,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"0aed1e55-6d10-4be9-957c-63d5a48b1c76","block_type":"box","text":"the tables and examples below.","page_number":47,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"faccee16-93ee-4b69-9548-2061e93d5ba9","block_type":"box","text":"Annual Fund Operating 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Fees","page_number":47,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"b181ea6d-bd4c-4844-a947-27ac6072ec79","block_type":"box","text":"Other","page_number":47,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"ade5afe8-8f6c-4e76-b628-699cffeb06f1","block_type":"box","text":"Expenses","page_number":47,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"2489b5d6-e0c9-4e53-b0d1-99e63bc9e49a","block_type":"box","text":"Total Annual","page_number":47,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"e3556ed7-9163-4a73-a449-0058353d63f6","block_type":"box","text":"Fund","page_number":47,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"5fae4996-39f2-4a74-ba9a-a30dc2bd6189","block_type":"box","text":"Operating","page_number":47,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"9f690ff2-2e9a-4c88-8988-b0b026a5347a","block_type":"box","text":"Expenses","page_number":47,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"bff0dcd2-312d-4623-abc0-2b31aa802aeb","block_type":"box","text":"0.47% None 0.00% 0.47%","page_number":47,"box":{"x":193,"y":403,"width":672,"height":8}},{"id":"e6590afe-59e6-47c7-b1d1-47e54ea9c57a","block_type":"box","text":"1","page_number":47,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"1b7a6d10-2be3-45f0-992f-6fb6783996fa","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":47,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"f7347a16-c341-496e-920e-14c13d83204a","block_type":"box","text":"Example.","page_number":47,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"c07b0cb8-083b-462e-9893-6cd22e3fef20","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 other funds.","page_number":47,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"6b40116d-a3b4-48d9-b017-7c097db8cbef","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":47,"box":{"x":82,"y":468,"width":891,"height":12}},{"id":"1a2d9353-212a-418f-9ad0-6f37eaa311ba","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":47,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"cfca93c2-3142-42af-b000-7139445ae710","block_type":"box","text":"same. 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Errors in index data, index computations or the","page_number":49,"box":{"x":83,"y":447,"width":366,"height":11}},{"id":"27388612-124f-4277-a35d-32b831f67f4d","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":49,"box":{"x":83,"y":461,"width":377,"height":11}},{"id":"305f0b29-ff48-4f23-835c-6915465dcdbe","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":49,"box":{"x":83,"y":476,"width":413,"height":10}},{"id":"7653bbff-f0d6-460d-ae53-852e9a4aaf00","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":49,"box":{"x":83,"y":490,"width":396,"height":11}},{"id":"cbce970c-fcc0-4403-9c5d-17f67bd2343f","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":49,"box":{"x":83,"y":504,"width":367,"height":11}},{"id":"261ceddd-3fb2-4e85-a60d-fba37e64851c","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":49,"box":{"x":83,"y":518,"width":400,"height":11}},{"id":"32f6928f-ecca-45cd-92af-17c17b93d2b4","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":49,"box":{"x":83,"y":532,"width":409,"height":11}},{"id":"2a5c05cd-7400-4cdd-bb92-dd4b4b04491a","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":49,"box":{"x":83,"y":547,"width":414,"height":10}},{"id":"35be3073-8944-4459-b83e-6fd4fe777b8a","block_type":"box","text":"to postpone a scheduled rebalance. 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Only an Authorized Participant","page_number":49,"box":{"x":83,"y":871,"width":407,"height":11}},{"id":"1f298f31-5d93-4303-8c0a-08fd610f21e4","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":49,"box":{"x":549,"y":23,"width":409,"height":11}},{"id":"5468c343-1293-4813-b900-b15bfbe0864c","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":49,"box":{"x":549,"y":37,"width":412,"height":11}},{"id":"a8ec0d43-1a54-40e3-8bf8-f237add12064","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":49,"box":{"x":549,"y":51,"width":403,"height":11}},{"id":"07938f08-a3ff-47b7-9c7c-ddf372b35a83","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":49,"box":{"x":549,"y":66,"width":378,"height":10}},{"id":"15d41481-c9f9-431c-a4e1-a578ef33ffef","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":49,"box":{"x":550,"y":80,"width":379,"height":11}},{"id":"30779629-f7e8-43f9-a3a9-0eda900fd83b","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":49,"box":{"x":549,"y":94,"width":404,"height":11}},{"id":"eee0dd0b-58ec-49c2-ace9-0496b6da3d12","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":49,"box":{"x":549,"y":108,"width":399,"height":11}},{"id":"c61cb528-b7bd-4ef9-a941-f3e9d1a41426","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":49,"box":{"x":550,"y":122,"width":391,"height":11}},{"id":"2fcb14e8-a69e-4909-ad29-167fd38ce845","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":49,"box":{"x":549,"y":137,"width":408,"height":10}},{"id":"d5c0493b-7493-4058-83ba-f280c64e4443","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":49,"box":{"x":549,"y":151,"width":273,"height":11}},{"id":"1d7e3f96-adb6-4051-b1bb-0b1a4d0b4a67","block_type":"box","text":"Concentration Risk.","page_number":49,"box":{"x":549,"y":174,"width":132,"height":8}},{"id":"e090b0d8-b8f3-461d-9620-018cecfa6a45","block_type":"box","text":"The Fund may be susceptible to an","page_number":49,"box":{"x":687,"y":174,"width":221,"height":11}},{"id":"3addf7bb-c212-4179-b4ca-3c67b4a5eac4","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":49,"box":{"x":549,"y":187,"width":419,"height":11}},{"id":"387e4cac-9279-4b70-bfcf-687ad594e08c","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":49,"box":{"x":549,"y":200,"width":408,"height":10}},{"id":"164854d0-f2b0-4bba-a554-d794c3c274e1","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":49,"box":{"x":549,"y":213,"width":418,"height":8}},{"id":"4171b072-a459-431a-9920-a8e881e80084","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":49,"box":{"x":549,"y":226,"width":395,"height":10}},{"id":"df538640-4a36-48a5-89f1-44972b598371","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":49,"box":{"x":549,"y":238,"width":388,"height":11}},{"id":"a8e6441e-5c35-4a3f-af5a-2f27e8a45389","block_type":"box","text":"asset classes.","page_number":49,"box":{"x":549,"y":251,"width":88,"height":9}},{"id":"0970a853-fbc2-42eb-b8b7-e3e7c0b16b67","block_type":"box","text":"Currency Risk","page_number":49,"box":{"x":549,"y":273,"width":96,"height":11}},{"id":"c688f1d4-7322-4d1a-b92f-1f99b1f872ea","block_type":"box","text":".","page_number":49,"box":{"x":645,"y":280,"width":2,"height":2}},{"id":"21c21414-8f51-4cae-9e56-3b3af08b7a3c","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":49,"box":{"x":653,"y":273,"width":292,"height":9}},{"id":"1a935a9d-d07e-4c77-95d8-1b7402ada2e8","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":49,"box":{"x":549,"y":286,"width":388,"height":11}},{"id":"838df436-8b42-493f-a8c4-65960b7ecfd3","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":49,"box":{"x":549,"y":299,"width":395,"height":11}},{"id":"2f0e4877-05f9-457e-be9b-ff49e7451025","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":49,"box":{"x":549,"y":312,"width":415,"height":11}},{"id":"3e1f6858-4fc5-407e-b0a1-8bc92e62034f","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":49,"box":{"x":549,"y":325,"width":404,"height":11}},{"id":"382eef0b-6aa5-46af-a23e-030d5650da2e","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":49,"box":{"x":549,"y":338,"width":395,"height":11}},{"id":"3fabcc7f-1e31-4f71-9748-d0da762318e7","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":49,"box":{"x":549,"y":351,"width":398,"height":10}},{"id":"75a256d6-fac5-493a-b7d0-821dd3763ead","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":49,"box":{"x":549,"y":363,"width":392,"height":11}},{"id":"97fa3d62-f07f-4ce8-85a9-61e4d607666c","block_type":"box","text":"dollars and foreign currencies.","page_number":49,"box":{"x":549,"y":376,"width":193,"height":11}},{"id":"7d27219a-2a0b-43c0-be37-a61c0af85cb4","block_type":"box","text":"Issuer Risk","page_number":49,"box":{"x":549,"y":398,"width":75,"height":9}},{"id":"4f147d62-2787-487d-bb17-5d894a875fb3","block_type":"box","text":".","page_number":49,"box":{"x":624,"y":405,"width":3,"height":2}},{"id":"37846752-e486-4312-b629-39c923d7f9cc","block_type":"box","text":"The performance of the Fund depends on the","page_number":49,"box":{"x":632,"y":398,"width":288,"height":11}},{"id":"56217bb8-44fe-4c6c-b1f1-d02d0d0899d4","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":49,"box":{"x":549,"y":411,"width":412,"height":11}},{"id":"33947aaf-efef-4876-93b5-4c102521a71c","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":49,"box":{"x":550,"y":424,"width":402,"height":11}},{"id":"18da45c5-8625-4491-9de3-6ab4ee4c55ea","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":49,"box":{"x":549,"y":437,"width":418,"height":11}},{"id":"a64bddf9-70c0-4ab5-9d28-fc03f6b23865","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":49,"box":{"x":549,"y":450,"width":414,"height":11}},{"id":"62f5c921-c5e7-4e7d-8b64-db58350c489d","block_type":"box","text":"counterparty.","page_number":49,"box":{"x":549,"y":464,"width":84,"height":10}},{"id":"51603071-37cf-48d5-a8af-f3059693b171","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":49,"box":{"x":549,"y":485,"width":360,"height":10}},{"id":"78c120c0-acc6-4bba-afb1-fd61061dce16","block_type":"box","text":"Certain","page_number":49,"box":{"x":915,"y":485,"width":45,"height":8}},{"id":"fe781d98-4f58-4220-b829-e8a50fd24093","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":49,"box":{"x":549,"y":499,"width":405,"height":11}},{"id":"b5f01198-fc10-401a-b062-c70fa3d1e507","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":49,"box":{"x":549,"y":513,"width":409,"height":11}},{"id":"e5617898-059f-4127-a05a-ef39aac71a6f","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":49,"box":{"x":549,"y":527,"width":419,"height":11}},{"id":"f668f52b-1415-4b0f-96ea-e2acb68be7c2","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":49,"box":{"x":549,"y":541,"width":417,"height":11}},{"id":"144d084d-71e5-4809-b407-6e6658582fd8","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Redemptions of","page_number":49,"box":{"x":549,"y":584,"width":421,"height":11}},{"id":"c2e757c1-79cc-4f16-86be-5441f2156c8b","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":49,"box":{"x":549,"y":598,"width":413,"height":11}},{"id":"8c7bc44d-9526-4d7a-a342-5106b7cae124","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":49,"box":{"x":549,"y":612,"width":416,"height":11}},{"id":"3ccf7f67-0b7e-40f2-944e-9b68bf58857b","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":49,"box":{"x":549,"y":626,"width":411,"height":11}},{"id":"f8d00963-3880-410d-ba3b-676fcf7ebf57","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":49,"box":{"x":549,"y":641,"width":415,"height":8}},{"id":"7f6b6bfe-0f34-4fc1-9443-74e98408c5ce","block_type":"box","text":"than the Fund otherwise would have. 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Foreign","page_number":50,"box":{"x":83,"y":697,"width":391,"height":11}},{"id":"9e18f4e4-583b-499d-992d-8e0256e0639f","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":50,"box":{"x":83,"y":712,"width":351,"height":10}},{"id":"06cc1e50-6029-4e71-aafe-39533f3dcbcf","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":50,"box":{"x":83,"y":726,"width":413,"height":11}},{"id":"f7ba190f-8427-4eac-ae3d-e51895ed44f0","block_type":"box","text":"engage in portfolio transactions. 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The Fund could","page_number":51,"box":{"x":83,"y":721,"width":408,"height":10}},{"id":"385794cb-d76a-464c-984f-b4fdcfa86541","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":51,"box":{"x":83,"y":735,"width":416,"height":11}},{"id":"afbe1297-5de4-4fbb-89cf-3f53a4792fb7","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":51,"box":{"x":83,"y":749,"width":389,"height":11}},{"id":"7a79e4d8-3bfd-4050-ae6c-0222aa3c3c01","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":51,"box":{"x":83,"y":763,"width":406,"height":9}},{"id":"5c09c7b6-de23-4c91-91ca-9d0aa6b855cd","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":51,"box":{"x":83,"y":777,"width":301,"height":11}},{"id":"bd65f642-e2c4-402b-afc9-1d8c9d17b74e","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":51,"box":{"x":82,"y":800,"width":250,"height":11}},{"id":"dadfb21e-4037-404b-b4ad-f52d04a2aafb","block_type":"box","text":".","page_number":51,"box":{"x":332,"y":807,"width":3,"height":2}},{"id":"c79761c9-4f6f-4815-bab0-62f423bd59be","block_type":"box","text":"Compared to mid- and","page_number":51,"box":{"x":340,"y":800,"width":143,"height":11}},{"id":"ba849012-a94f-49d5-b8cf-fa4426218eb0","block_type":"box","text":"large-capitalization companies, small-capitalization companies","page_number":51,"box":{"x":83,"y":815,"width":400,"height":10}},{"id":"2505cb40-fb82-4247-ba4b-833956e186f1","block_type":"box","text":"may be less stable and more susceptible to adverse","page_number":51,"box":{"x":83,"y":829,"width":330,"height":11}},{"id":"bf012799-249e-42cc-83b4-71be3cdbe522","block_type":"box","text":"developments. The securities of small-capitalization companies","page_number":51,"box":{"x":83,"y":843,"width":404,"height":11}},{"id":"ab4c5721-7f78-4efe-a6b8-e34b6176ec2e","block_type":"box","text":"may be more volatile and less liquid than those of mid- and large","page_number":51,"box":{"x":549,"y":23,"width":417,"height":11}},{"id":"2c0f5a3d-bd2b-414e-a97f-11b2258b22a7","block_type":"box","text":"capitalization companies. As a result, the Fund’s share price may","page_number":51,"box":{"x":549,"y":37,"width":415,"height":11}},{"id":"6b471d3e-d52b-4263-bfec-3e5e7dd4908a","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":51,"box":{"x":549,"y":51,"width":407,"height":11}},{"id":"c14939f2-41fa-4b39-8166-5220b17f199d","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":51,"box":{"x":549,"y":66,"width":220,"height":11}},{"id":"38ad776b-fc67-4422-89a4-db384e7f5aa5","block_type":"box","text":"Small Fund Risk.","page_number":51,"box":{"x":548,"y":89,"width":111,"height":8}},{"id":"a22821da-62ac-4c6b-afcb-95d652fc9030","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":51,"box":{"x":665,"y":89,"width":282,"height":11}},{"id":"9a6d0607-c171-4104-99e2-a2af88587475","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":51,"box":{"x":549,"y":103,"width":397,"height":11}},{"id":"0920f1fe-e454-4859-bac9-e076f3c4b3ae","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":51,"box":{"x":550,"y":117,"width":396,"height":11}},{"id":"6ee79171-3813-493f-ab50-c3e0d34d9f7e","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":51,"box":{"x":549,"y":131,"width":387,"height":11}},{"id":"5b50065a-145d-4b98-ba67-be5764255d47","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it","page_number":51,"box":{"x":549,"y":146,"width":417,"height":10}},{"id":"baad3f41-41d9-4dcf-a222-31ca7e3daed9","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":51,"box":{"x":549,"y":160,"width":408,"height":11}},{"id":"65ad0e7a-0ff9-4add-8d17-9a5e472e65db","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":51,"box":{"x":549,"y":174,"width":375,"height":11}},{"id":"5644c426-ba9d-4dda-ade0-13b9107f3e27","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":51,"box":{"x":549,"y":188,"width":420,"height":11}},{"id":"e99036c5-2164-47f1-9216-dcc18098a57c","block_type":"box","text":"its shareholders.","page_number":51,"box":{"x":549,"y":202,"width":105,"height":9}},{"id":"cea2066e-cd55-48a0-bcf3-571c8f5de95a","block_type":"box","text":"Tracking Error Risk","page_number":51,"box":{"x":550,"y":225,"width":128,"height":11}},{"id":"f59e6006-6849-4d3e-9450-5653e0696509","block_type":"box","text":".","page_number":51,"box":{"x":678,"y":232,"width":3,"height":2}},{"id":"05c3efce-b35b-450f-a61a-de4dc87775cd","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":51,"box":{"x":686,"y":226,"width":284,"height":10}},{"id":"64050f4c-44a5-42be-9307-cb7585e9cd8e","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":51,"box":{"x":549,"y":240,"width":404,"height":11}},{"id":"4e3ffd80-7cba-4e5e-b7e2-623125186617","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":51,"box":{"x":549,"y":254,"width":425,"height":11}},{"id":"a27c4a34-801a-415d-83e6-a6c1c3a861b1","block_type":"box","text":"factors, including differences between the securities and other","page_number":51,"box":{"x":549,"y":268,"width":401,"height":11}},{"id":"2af203ae-4fdd-456e-816a-179e4279dcc1","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":51,"box":{"x":549,"y":282,"width":381,"height":11}},{"id":"e2a58dcb-4109-4fe0-af22-a0710114a077","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":51,"box":{"x":550,"y":296,"width":396,"height":11}},{"id":"8856d9bd-ccc2-4c1a-a2bb-c7f8dff88cc1","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":51,"box":{"x":549,"y":311,"width":407,"height":10}},{"id":"3e90e1e6-b567-4106-ade3-55650da9570a","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":51,"box":{"x":549,"y":325,"width":400,"height":11}},{"id":"8e1a65be-2464-4152-8305-534f390d9d8c","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":51,"box":{"x":549,"y":339,"width":421,"height":11}},{"id":"3bf56870-40f6-4589-b69c-f4b164f1be20","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":51,"box":{"x":549,"y":353,"width":374,"height":11}},{"id":"e26b9578-187c-4f86-822d-d2b69d66f3c0","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":51,"box":{"x":549,"y":367,"width":370,"height":11}},{"id":"5793e90d-38bd-472d-8204-7dbdaaf226be","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":51,"box":{"x":549,"y":381,"width":372,"height":11}},{"id":"23ab5817-2383-4cee-94aa-34656d97cacd","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":51,"box":{"x":549,"y":396,"width":420,"height":11}},{"id":"1170f424-1e2d-41d9-bdcf-6d3ba8b29ee1","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":51,"box":{"x":549,"y":410,"width":387,"height":11}},{"id":"1647b8b2-99a8-497d-a98e-fa6a854bbd2d","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":51,"box":{"x":549,"y":424,"width":377,"height":11}},{"id":"2bdbbd7f-62d0-4d2c-ae57-15e57f7ad8b8","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":51,"box":{"x":549,"y":438,"width":380,"height":11}},{"id":"db5ab8b2-5968-4975-9604-c483f48bc4a4","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":51,"box":{"x":549,"y":452,"width":366,"height":11}},{"id":"64d0b69e-7c6f-4e0a-90f2-4e61591b7043","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":51,"box":{"x":549,"y":467,"width":414,"height":10}},{"id":"35af27a6-ceb2-4712-853e-ffba26bdc473","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":51,"box":{"x":550,"y":481,"width":386,"height":11}},{"id":"8e38b519-87f7-4783-b2c3-0d0a59855278","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":51,"box":{"x":549,"y":495,"width":414,"height":11}},{"id":"db4be162-c9a9-49f9-b41e-9a9b5d308b3d","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":51,"box":{"x":549,"y":509,"width":420,"height":11}},{"id":"0447061a-04d4-46de-b135-d7a121da9e81","block_type":"box","text":"unusual market conditions. Until the Fund reaches greater scale,","page_number":51,"box":{"x":549,"y":523,"width":413,"height":11}},{"id":"6b5a6280-6803-40d5-a034-c2596970759a","block_type":"box","text":"it may experience higher tracking error than is typical for similar","page_number":51,"box":{"x":549,"y":537,"width":410,"height":11}},{"id":"fc06b397-bffc-4cad-9e93-db368a7ac107","block_type":"box","text":"index ETFs. A Fund that tracks an index with exposure to non-U.S.","page_number":51,"box":{"x":549,"y":552,"width":421,"height":10}},{"id":"e1a42263-654f-4038-b741-9c7ff3f3be93","block_type":"box","text":"issuers may experience higher tracking error than ETFs that do","page_number":51,"box":{"x":549,"y":566,"width":401,"height":11}},{"id":"b043a481-6cfc-40cc-9367-7925b4d956ee","block_type":"box","text":"not track such indexes.","page_number":51,"box":{"x":549,"y":580,"width":147,"height":9}},{"id":"baf70423-77ed-4883-8a07-b454f71cb5e6","block_type":"box","text":"Valuation Risk","page_number":51,"box":{"x":550,"y":603,"width":96,"height":9}},{"id":"74e0baad-9d74-4097-a3f4-dcf8d36f97e6","block_type":"box","text":".","page_number":51,"box":{"x":646,"y":610,"width":2,"height":2}},{"id":"f778e730-d833-45a1-976e-4c69bfc9e4f4","block_type":"box","text":"The price that the Fund could receive upon the","page_number":51,"box":{"x":653,"y":603,"width":298,"height":11}},{"id":"58b17015-db02-4a4a-abb9-bfcfeaa509e6","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":51,"box":{"x":549,"y":617,"width":408,"height":11}},{"id":"fb042633-afd8-4b3f-a664-2fd9a6693dab","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":51,"box":{"x":549,"y":632,"width":355,"height":10}},{"id":"7d9ded55-4182-4472-b362-a93ce8b90137","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":51,"box":{"x":549,"y":646,"width":418,"height":11}},{"id":"360475c0-1cae-4ec3-9c24-baa2093e3b7f","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":51,"box":{"x":549,"y":660,"width":347,"height":11}},{"id":"872f388d-7f41-4489-9531-ed0999ce9109","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":51,"box":{"x":549,"y":674,"width":418,"height":11}},{"id":"9f98d1be-f900-408a-a7cf-6c301b22d2a9","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":51,"box":{"x":549,"y":688,"width":406,"height":11}},{"id":"4d22540e-884c-4bd7-9ec8-b348a3e32482","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":51,"box":{"x":549,"y":702,"width":411,"height":11}},{"id":"a9ba210c-7e20-4222-8b2f-f8b508b01eb7","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":51,"box":{"x":549,"y":717,"width":392,"height":11}},{"id":"4027476f-e00e-4bab-8514-92e883a452be","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":51,"box":{"x":549,"y":731,"width":414,"height":11}},{"id":"e7782538-01c1-46ad-a7cf-bf60ba4b61d2","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":51,"box":{"x":549,"y":745,"width":394,"height":11}},{"id":"dcb322c3-2f1e-4f02-8ef8-b837bfaeab39","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":51,"box":{"x":548,"y":759,"width":383,"height":11}},{"id":"2aafe0f2-990c-4cee-b0d0-104005437857","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":51,"box":{"x":549,"y":773,"width":414,"height":11}},{"id":"2db52fd7-d028-4b19-9ebc-f255e1caa848","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":51,"box":{"x":549,"y":788,"width":392,"height":8}},{"id":"ec35d849-3edf-40b2-ace6-9035f3c04381","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":51,"box":{"x":548,"y":802,"width":425,"height":11}},{"id":"f5acbf73-3bc6-4cf7-8d4c-861e529d28f6","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":51,"box":{"x":548,"y":816,"width":400,"height":11}},{"id":"d50801f1-eab7-4e8f-aafb-f6ec0dde3ab5","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":51,"box":{"x":549,"y":830,"width":405,"height":11}},{"id":"0d648287-2f12-4f67-8d80-8971ccd60b26","block_type":"box","text":"S-44","page_number":51,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e186fd99-2a81-42c7-99ff-0ce48fcbe588","block_type":"box","text":"Performance Information","page_number":52,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"56fb8a16-43fd-4eeb-8562-e019a6a638ed","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":52,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"f76c162b-2044-46ea-9bc2-e76fb6cca00e","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":52,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"c6f57f16-8666-45bb-b8a1-f60e7a1ec361","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":52,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"b8e35886-e7ee-42f3-9333-41762846764d","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":52,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"db3c0b5b-f032-417e-9799-5c2b2653c805","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":52,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"3af2224f-8053-47ff-ad4f-f2c796355fd5","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":52,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"801d4503-07bc-4fe8-a6b9-737336355f7b","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":52,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"9e3c57ec-f389-42d7-bdee-4f10c5281366","block_type":"box","text":"Calendar Year-by-Year 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This could cause the","page_number":56,"box":{"x":549,"y":768,"width":362,"height":11}},{"id":"93269515-1272-49b9-a8b9-0c98d85369a8","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":56,"box":{"x":550,"y":782,"width":422,"height":11}},{"id":"17ee7fe5-013a-4bc9-92b1-0184f5a3ca0c","block_type":"box","text":"Asset Class Risk.","page_number":56,"box":{"x":548,"y":806,"width":114,"height":8}},{"id":"9796ece8-4f66-4de8-ab6a-97798b8904e3","block_type":"box","text":"The securities and other assets in the","page_number":56,"box":{"x":668,"y":806,"width":239,"height":8}},{"id":"99262ebd-cef4-473e-88be-d668e779b0e4","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":56,"box":{"x":550,"y":820,"width":405,"height":11}},{"id":"89b445e8-ff35-4060-aa15-3ee94f09ee7f","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":56,"box":{"x":549,"y":834,"width":405,"height":11}},{"id":"6030e3fa-b7b3-4087-a53b-5e75ae72746a","block_type":"box","text":"market, another index, or other asset classes.","page_number":56,"box":{"x":549,"y":848,"width":292,"height":10}},{"id":"ce8e1f46-99f1-4b09-9a15-ebf1cb8c8afb","block_type":"box","text":"S-49","page_number":56,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"9b06beb7-b1dd-42a0-b463-237c87f9901d","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":57,"box":{"x":81,"y":23,"width":290,"height":11}},{"id":"f1587e52-3884-45ff-97e6-318d6eba016d","block_type":"box","text":"An “Authorized","page_number":57,"box":{"x":381,"y":23,"width":93,"height":9}},{"id":"b19d723e-7a99-468a-a80f-9041a93a30e0","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":57,"box":{"x":84,"y":37,"width":379,"height":11}},{"id":"7561f5a7-1897-4af1-ba1e-8653e2fb2d77","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":57,"box":{"x":83,"y":52,"width":411,"height":10}},{"id":"dcd7f90d-b5bf-4bcb-9ed5-60dcda60f96a","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":57,"box":{"x":84,"y":66,"width":395,"height":10}},{"id":"121e76bf-fb5b-4fa6-9c82-f6290abd79d7","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":57,"box":{"x":84,"y":80,"width":399,"height":11}},{"id":"1e69684b-9fcc-477b-a4c2-12d69680adf1","block_type":"box","text":"creation units (“Creation Units”). 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These issues may have an","page_number":57,"box":{"x":83,"y":749,"width":406,"height":11}},{"id":"c324e9d6-d8e2-4a27-bc1c-12e5ccd5c622","block_type":"box","text":"adverse impact on the Fund, including losses or delays in","page_number":57,"box":{"x":83,"y":763,"width":364,"height":11}},{"id":"ac1c8aad-6304-4688-ac02-1d152ab75e02","block_type":"box","text":"payments, delivery or recovery of money or other assets.","page_number":57,"box":{"x":83,"y":777,"width":364,"height":11}},{"id":"6cc3cf7e-880d-440d-9923-925197910cb6","block_type":"box","text":"Industrial Companies Risk.","page_number":57,"box":{"x":83,"y":800,"width":180,"height":11}},{"id":"6dacc286-9b81-4769-a7d7-bce26d797a04","block_type":"box","text":"Industrial companies face a number","page_number":57,"box":{"x":270,"y":800,"width":229,"height":11}},{"id":"89b515aa-8b61-4c70-9f0c-2ef7a4015894","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":57,"box":{"x":83,"y":815,"width":378,"height":10}},{"id":"c4965612-87de-463d-ade6-34f662a2697f","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":57,"box":{"x":83,"y":829,"width":415,"height":11}},{"id":"5a38cdf2-e869-447f-b820-349e9e0ff5d0","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":57,"box":{"x":83,"y":843,"width":380,"height":11}},{"id":"fdc960dd-aea2-47e8-a6d9-0106a5d1e29b","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":57,"box":{"x":83,"y":857,"width":418,"height":11}},{"id":"f3e0b25a-8390-433b-ae71-0b994103e2d0","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":57,"box":{"x":83,"y":871,"width":393,"height":11}},{"id":"ec506bf8-4750-4686-8649-872491048b30","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":57,"box":{"x":549,"y":23,"width":388,"height":11}},{"id":"014488df-5ce5-4e9f-ac29-3d1b933e7193","block_type":"box","text":"affected by technological developments, labor relations,","page_number":57,"box":{"x":549,"y":37,"width":358,"height":11}},{"id":"2e8e5d4d-7ec9-4586-bdf8-e9c4e3c43de2","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":57,"box":{"x":549,"y":52,"width":420,"height":10}},{"id":"c4adc86a-eea9-40e3-ac9d-a383fb4ddc18","block_type":"box","text":"and changes in domestic and international economies.","page_number":57,"box":{"x":549,"y":66,"width":348,"height":11}},{"id":"078235f3-3978-4de9-a383-7ceb54279f01","block_type":"box","text":"Issuer Risk","page_number":57,"box":{"x":549,"y":89,"width":75,"height":8}},{"id":"ca67fec3-3588-47b4-8822-568e73f9a0ce","block_type":"box","text":".","page_number":57,"box":{"x":624,"y":95,"width":3,"height":2}},{"id":"3f43ff3c-3b61-4d93-87ea-5266e0afa01b","block_type":"box","text":"The performance of the Fund depends on the","page_number":57,"box":{"x":632,"y":89,"width":288,"height":11}},{"id":"cabb06dd-2e8c-4da6-922c-1bb32e8980fa","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":57,"box":{"x":549,"y":103,"width":412,"height":11}},{"id":"2c53a44c-bbc9-43f9-86a3-a4468c7cd0f3","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":57,"box":{"x":550,"y":117,"width":402,"height":11}},{"id":"f4e7d410-de6e-4ee2-8d29-94bf97564922","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":57,"box":{"x":549,"y":131,"width":418,"height":11}},{"id":"28bf3208-417c-4a64-afd6-60d500a7062b","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":57,"box":{"x":549,"y":146,"width":414,"height":10}},{"id":"4ac0b1f6-61bf-433d-a87b-41ea04fa3f7e","block_type":"box","text":"counterparty.","page_number":57,"box":{"x":549,"y":161,"width":84,"height":10}},{"id":"afbf64b0-1c00-4c8c-8fe1-6aaf266eb656","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":57,"box":{"x":549,"y":183,"width":252,"height":11}},{"id":"f10f6eca-6cec-4359-92b8-0736dc95de53","block_type":"box","text":"Large-capitalization","page_number":57,"box":{"x":808,"y":183,"width":124,"height":11}},{"id":"6efca807-d308-4509-a7f0-7b1a66363d44","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":57,"box":{"x":549,"y":197,"width":352,"height":11}},{"id":"ae75b46c-5b70-496a-8e6e-efa03997cea5","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":57,"box":{"x":549,"y":211,"width":352,"height":11}},{"id":"7d8f933e-433a-49e5-9fc0-2e55f73fd143","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":57,"box":{"x":549,"y":226,"width":405,"height":10}},{"id":"4a75f137-e059-4f8a-8bd1-0aa56479863d","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":57,"box":{"x":549,"y":240,"width":371,"height":11}},{"id":"14e6fec7-1f40-4f3f-b337-04e9140c2825","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":57,"box":{"x":549,"y":254,"width":340,"height":11}},{"id":"e6697b02-c671-45f1-82ab-c059b1b512cd","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":57,"box":{"x":549,"y":268,"width":390,"height":11}},{"id":"2f15673f-cd3e-4784-b135-0c3b2faee125","block_type":"box","text":"overall performance of the broader securities markets.","page_number":57,"box":{"x":549,"y":282,"width":349,"height":11}},{"id":"b7686e04-5bfa-4795-b15b-c6a1e1132200","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":57,"box":{"x":549,"y":305,"width":360,"height":11}},{"id":"299347d7-cece-4e69-9688-65e8efc8d3d2","block_type":"box","text":"Certain","page_number":57,"box":{"x":915,"y":305,"width":45,"height":9}},{"id":"0652baaa-8169-4981-b804-6e4ef5428d53","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":57,"box":{"x":549,"y":320,"width":405,"height":10}},{"id":"d29e2d38-f0ba-475a-93cd-1d8e2fb4b898","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":57,"box":{"x":549,"y":334,"width":409,"height":11}},{"id":"4a2bea49-9487-449d-81b5-a23829633ff0","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":57,"box":{"x":549,"y":348,"width":419,"height":11}},{"id":"0a90a467-5695-431e-9ad5-3f450e826b61","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":57,"box":{"x":549,"y":362,"width":417,"height":11}},{"id":"33e4cab8-9cc3-4aef-b5d0-27d6eed48cd5","block_type":"box","text":"their investment in the Fund for a limited period of time. 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The","page_number":58,"box":{"x":83,"y":197,"width":405,"height":11}},{"id":"ec33edeb-6538-49e5-b814-5f99a467a354","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":58,"box":{"x":83,"y":211,"width":407,"height":11}},{"id":"681ccf34-37ee-4cd2-83b8-2ca4782cdd1e","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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Non-U.S. issuers","page_number":58,"box":{"x":83,"y":706,"width":403,"height":11}},{"id":"fc74830d-0a65-467f-ae86-0a727afbd1cd","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":58,"box":{"x":83,"y":721,"width":371,"height":10}},{"id":"e910e74c-63ca-44d2-82df-60191ff5f006","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":58,"box":{"x":83,"y":735,"width":386,"height":11}},{"id":"4ea3ab48-27d4-40fb-89d9-d5163b9cba66","block_type":"box","text":"publicly available information about non-U.S. issuers. 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Operational and technology risks for the","page_number":58,"box":{"x":549,"y":165,"width":411,"height":11}},{"id":"03213c29-0267-4456-9d5b-f675b37bf5be","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":58,"box":{"x":549,"y":179,"width":391,"height":9}},{"id":"41047cf7-f4bb-44bf-a014-286044e50c95","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":58,"box":{"x":549,"y":193,"width":422,"height":11}},{"id":"31746c48-507c-4d84-bd21-8472d67dc4ae","block_type":"box","text":"investments in such issuers to lose value.","page_number":58,"box":{"x":549,"y":208,"width":264,"height":8}},{"id":"0031afb8-dc19-4f33-b3b9-5f77fca5d059","block_type":"box","text":"Risk of Investing in China","page_number":58,"box":{"x":549,"y":231,"width":172,"height":10}},{"id":"e3cbaccd-df29-4684-a20e-16b855bb9f3c","block_type":"box","text":".","page_number":58,"box":{"x":722,"y":237,"width":3,"height":2}},{"id":"9c28734c-bbf2-45c0-82de-4079f6627296","block_type":"box","text":"Investments in Chinese securities,","page_number":58,"box":{"x":731,"y":231,"width":218,"height":10}},{"id":"343caa3e-6745-4424-a959-f04dedfa8d77","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, are","page_number":58,"box":{"x":549,"y":245,"width":412,"height":11}},{"id":"59163687-25ad-46e5-9fc5-3201fd36c541","block_type":"box","text":"subject to risks specific to China. China may be subject to","page_number":58,"box":{"x":549,"y":259,"width":371,"height":11}},{"id":"2a7c8af8-f083-4bbd-bea4-34110b467fba","block_type":"box","text":"considerable degrees of economic, political and social instability.","page_number":58,"box":{"x":549,"y":273,"width":415,"height":11}},{"id":"b8da440a-e07d-4241-8702-7cb0f9fc7d54","block_type":"box","text":"Despite economic and market reforms in recent decades, the","page_number":58,"box":{"x":550,"y":287,"width":391,"height":11}},{"id":"7bd48f1e-8929-4c80-8da7-0161e8d8e62d","block_type":"box","text":"Chinese government’s control over certain sectors and","page_number":58,"box":{"x":549,"y":302,"width":350,"height":10}},{"id":"eceab14b-023d-4253-82e1-80e27e58adc8","block_type":"box","text":"enterprises and significant regulation of investment and industry","page_number":58,"box":{"x":549,"y":316,"width":413,"height":11}},{"id":"c3057954-7352-4ae8-981b-1268e50929bc","block_type":"box","text":"are still pervasive. Chinese companies are subject to the risk that","page_number":58,"box":{"x":549,"y":330,"width":419,"height":11}},{"id":"be76c466-6c3e-4f7f-b3b4-90d20f05f2f3","block_type":"box","text":"Chinese authorities can intervene in their operations and","page_number":58,"box":{"x":549,"y":344,"width":363,"height":11}},{"id":"7f879c17-db32-43ea-aea5-9e7423fd42c7","block_type":"box","text":"structure. Chinese markets generally continue to experience","page_number":58,"box":{"x":549,"y":358,"width":387,"height":11}},{"id":"b2fa3842-f4a4-4009-88e6-52b9f5b9a9f8","block_type":"box","text":"inefficiency, a lack of publicly available information and/or","page_number":58,"box":{"x":549,"y":372,"width":375,"height":11}},{"id":"14313efd-a2c2-4c3b-8fbb-b65a5c4f721d","block_type":"box","text":"political and social instability and may be subject to volatility and","page_number":58,"box":{"x":549,"y":387,"width":414,"height":10}},{"id":"8922c2db-0775-48c0-9086-e8ac73a70360","block_type":"box","text":"pricing anomalies resulting from governmental influence. Internal","page_number":58,"box":{"x":549,"y":401,"width":416,"height":11}},{"id":"dfd51220-ebe0-48bf-a8db-ba0b93194117","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":58,"box":{"x":549,"y":415,"width":395,"height":11}},{"id":"46e9c104-d860-4aaa-bb4c-affbac419713","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":58,"box":{"x":549,"y":429,"width":415,"height":11}},{"id":"81dc9c62-9a02-401a-85ea-5a65d2135e54","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":58,"box":{"x":549,"y":443,"width":391,"height":11}},{"id":"91ed3e7c-9ccd-4877-88a0-372541a6b2cd","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":58,"box":{"x":549,"y":458,"width":421,"height":10}},{"id":"9c3768be-c6a9-4801-9944-d19d68b7963b","block_type":"box","text":"and higher inflation.","page_number":58,"box":{"x":549,"y":472,"width":126,"height":11}},{"id":"8f10a01a-765d-4a5f-8d79-465bcd1bb2d0","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":58,"box":{"x":549,"y":495,"width":409,"height":11}},{"id":"be047386-2cc9-45b3-be6e-d55512d61f3d","block_type":"box","text":"strained international relations. 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Actual and threatened","page_number":58,"box":{"x":549,"y":537,"width":383,"height":11}},{"id":"d4e0fa66-dfa9-439f-a6de-6c65aa8e66d6","block_type":"box","text":"responses to such activity and strained international relations,","page_number":58,"box":{"x":549,"y":552,"width":398,"height":10}},{"id":"6e1915aa-9c12-4d71-93a5-27a697c77c6e","block_type":"box","text":"including purchasing restrictions, sanctions, export controls,","page_number":58,"box":{"x":549,"y":566,"width":386,"height":11}},{"id":"8dedea9e-eae3-49d0-bde9-9793212e1f08","block_type":"box","text":"tariffs or cyberattacks on the Chinese government or Chinese","page_number":58,"box":{"x":549,"y":580,"width":394,"height":11}},{"id":"02c08e5f-2bd5-4752-ae72-09996d644e22","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers in","page_number":58,"box":{"x":549,"y":594,"width":412,"height":11}},{"id":"9db8aa0b-e4ac-488b-94db-0bc8dba6ad12","block_type":"box","text":"which the Fund invests. Incidents involving China’s or the region’s","page_number":58,"box":{"x":549,"y":608,"width":420,"height":11}},{"id":"b3b8456d-3862-496e-b3e3-2707a34f7815","block_type":"box","text":"security may adversely affect the Chinese economy and markets","page_number":58,"box":{"x":549,"y":623,"width":413,"height":10}},{"id":"3a028cf1-2d00-41fa-8c88-ebc6006560d1","block_type":"box","text":"and the Fund’s investments.","page_number":58,"box":{"x":549,"y":637,"width":179,"height":8}},{"id":"701835ab-e9a0-485c-9ae8-cc720db818cd","block_type":"box","text":"The Chinese economy is highly reliant on trade. 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The Underlying Index may","page_number":58,"box":{"x":549,"y":759,"width":378,"height":11}},{"id":"c40c9736-ed39-4f44-a92d-c4eb02420298","block_type":"box","text":"include companies that are subject to economic or trade","page_number":58,"box":{"x":549,"y":773,"width":362,"height":11}},{"id":"77935f23-8f6c-4d8f-ad23-a595838d6cbe","block_type":"box","text":"restrictions (but not investment restrictions) imposed by the U.S.","page_number":58,"box":{"x":549,"y":788,"width":416,"height":10}},{"id":"8280d53d-8721-47fc-9c6f-735283022c26","block_type":"box","text":"or other governments due to national security, human rights or","page_number":58,"box":{"x":549,"y":802,"width":402,"height":11}},{"id":"f7fe805b-1b1b-4193-8744-a0d37623fd41","block_type":"box","text":"other concerns of such government. So long as these restrictions","page_number":58,"box":{"x":549,"y":816,"width":418,"height":11}},{"id":"5e5dfc5b-d70b-44fb-bbff-9bd91c3c3a78","block_type":"box","text":"do not include restrictions on investments, the Fund is generally","page_number":58,"box":{"x":549,"y":830,"width":410,"height":11}},{"id":"40e9b931-4148-4c96-8c69-f49e6458abff","block_type":"box","text":"expected to invest in such companies, consistent with its","page_number":58,"box":{"x":549,"y":844,"width":365,"height":11}},{"id":"43eeecb3-9b73-44d4-bde8-f69375f1dc1d","block_type":"box","text":"objective to track the performance of the Underlying Index.","page_number":58,"box":{"x":549,"y":858,"width":378,"height":11}},{"id":"8175385d-2618-468c-8a30-b69c30bdaef4","block_type":"box","text":"S-51","page_number":58,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"3e45aa5d-f486-4060-ae2c-e5ade5fb9b5a","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are","page_number":59,"box":{"x":83,"y":23,"width":419,"height":11}},{"id":"856db1e9-86a3-49da-aa19-f8dbcff9f393","block_type":"box","text":"not subject to the same degree of regulatory requirements,","page_number":59,"box":{"x":83,"y":37,"width":378,"height":11}},{"id":"b5dbe0cf-ad5d-47e6-9593-e1a867a4b899","block_type":"box","text":"accounting standards or auditor oversight as companies in more","page_number":59,"box":{"x":83,"y":52,"width":412,"height":10}},{"id":"e8210493-41f0-431f-9fd2-441d2611d12b","block_type":"box","text":"developed countries. 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4/16/2019)","page_number":61,"box":{"x":123,"y":495,"width":175,"height":9}},{"id":"54cbf9d3-065d-4c64-b9c7-0fc3fd7e4d26","block_type":"box","text":"Return Before Taxes","page_number":61,"box":{"x":137,"y":506,"width":113,"height":8}},{"id":"eb282710-16f3-4ccd-bf9c-8b13a9de41cb","block_type":"box","text":"-16.04% 3.21% 4.45%","page_number":61,"box":{"x":710,"y":506,"width":210,"height":8}},{"id":"86fd2eea-9299-436e-b614-b5bf2f0dd49b","block_type":"box","text":"Return After Taxes on Distributions -16.56% 2.86% 4.09%","page_number":61,"box":{"x":137,"y":518,"width":783,"height":7}},{"id":"0f908188-50cb-4efc-8cd9-a3defbd2fe85","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares -9.12% 2.63% 3.60%","page_number":61,"box":{"x":137,"y":529,"width":783,"height":8}},{"id":"3daa359b-c7d7-4325-adea-f4e2a6b4cca1","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":61,"box":{"x":124,"y":541,"width":216,"height":10}},{"id":"b109bc5e-baf8-45ca-ba34-65fd016565a8","block_type":"box","text":"1","page_number":61,"box":{"x":343,"y":540,"width":3,"height":4}},{"id":"ea6cf187-eb94-4662-bf5c-5cc4ec2a2c92","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":61,"box":{"x":352,"y":541,"width":319,"height":10}},{"id":"11054608-7192-41b1-bd11-c95953cb2e33","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends) 17.49% 10.06% 10.56%","page_number":61,"box":{"x":136,"y":554,"width":784,"height":10}},{"id":"a4726e59-796b-45bb-b007-17cd775f315d","block_type":"box","text":"NYSE FactSet Global Autonomous Driving and Electric Vehicle Index (Net)","page_number":61,"box":{"x":124,"y":565,"width":456,"height":10}},{"id":"430d5b6d-a126-45b1-971e-7ec902e1e3da","block_type":"box","text":"1","page_number":61,"box":{"x":583,"y":564,"width":2,"height":5}},{"id":"b5ff7075-35e0-422d-96e4-82d1ab604dce","block_type":"box","text":"(Returns do not","page_number":61,"box":{"x":592,"y":566,"width":88,"height":9}},{"id":"70058057-c514-4e93-b1df-04aae8ef041d","block_type":"box","text":"reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested","page_number":61,"box":{"x":137,"y":578,"width":504,"height":10}},{"id":"6767aabd-2a6a-4eb9-aaab-025bd2db234a","block_type":"box","text":"dividends)","page_number":61,"box":{"x":137,"y":591,"width":56,"height":10}},{"id":"04c7a549-dfcf-4e9a-b30e-60839e53916f","block_type":"box","text":"-16.51% 3.05% 4.30%","page_number":61,"box":{"x":711,"y":591,"width":209,"height":8}},{"id":"a04bf067-0657-438d-afcb-9455ea069ed2","block_type":"box","text":"1","page_number":61,"box":{"x":112,"y":620,"width":2,"height":4}},{"id":"2ec380ee-6862-4a5c-b25c-c016d0722f6e","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":61,"box":{"x":124,"y":621,"width":793,"height":10}},{"id":"4147fc53-eeb9-4b66-9433-7483275651d0","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":61,"box":{"x":123,"y":631,"width":843,"height":10}},{"id":"0c076562-fb7a-4c31-b186-8c4044843085","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":61,"box":{"x":123,"y":642,"width":835,"height":9}},{"id":"9c7d7530-68b0-4873-ae0b-55b2ffd7d30a","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":61,"box":{"x":123,"y":652,"width":650,"height":10}},{"id":"dd5dc326-443f-4d0e-8439-91ca82800ea6","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":61,"box":{"x":82,"y":672,"width":882,"height":10}},{"id":"eeba36df-4b3e-4d5e-a565-6a61d3046e48","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":61,"box":{"x":83,"y":686,"width":871,"height":11}},{"id":"c73bb9c5-3b17-4f13-9bf9-a6d734ad1221","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":61,"box":{"x":83,"y":700,"width":860,"height":11}},{"id":"644fe506-ad7c-40d5-8fe1-ecdd8473fe18","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":61,"box":{"x":83,"y":714,"width":855,"height":11}},{"id":"c936006d-2b93-47e6-b3f7-fbc27c764619","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":61,"box":{"x":83,"y":728,"width":883,"height":11}},{"id":"6f352dd4-a380-40fe-81bf-3a2a03da89a7","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":61,"box":{"x":82,"y":742,"width":861,"height":11}},{"id":"6ccc3e21-4502-40b5-99a4-ecbdbfd47cf0","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":61,"box":{"x":83,"y":757,"width":359,"height":10}},{"id":"9118b193-6be3-4b5f-88cf-00ecd51111a8","block_type":"box","text":"S-54","page_number":61,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3fd3dbcf-f076-4094-87f7-703c9304806f","block_type":"box","text":"Management","page_number":62,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"e83ad2a1-cd37-4ec8-bf41-8c5284fe618a","block_type":"box","text":"Investment Adviser.","page_number":62,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"e67d2298-f542-45a9-9290-dad32fe0f610","block_type":"box","text":"BlackRock Fund Advisors.","page_number":62,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"5331c44c-3d6a-4063-bef5-79d9777b272b","block_type":"box","text":"Portfolio Managers.","page_number":62,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"efdf05eb-a5e2-45f0-b9b4-1fff8ad01c8d","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":62,"box":{"x":223,"y":71,"width":281,"height":10}},{"id":"96a9443b-b91c-444f-ae8d-44c2c76f235c","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":62,"box":{"x":83,"y":85,"width":367,"height":11}},{"id":"a3ef0e86-9676-43dc-9978-eea14e4b9f98","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":62,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"d50d8b23-6430-4537-93b4-9f6c5a0bab7b","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":62,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"6679b75e-1811-46b6-bcfe-79e47f757657","block_type":"box","text":"Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been","page_number":62,"box":{"x":84,"y":128,"width":366,"height":10}},{"id":"cc058069-1219-442f-9b07-cf20d1621cd5","block_type":"box","text":"Portfolio Managers of the Fund since 2019, 2025, 2025 and 2025,","page_number":62,"box":{"x":84,"y":142,"width":422,"height":11}},{"id":"92e05d9d-cb6e-421f-9c60-e090b2c62ff0","block_type":"box","text":"respectively.","page_number":62,"box":{"x":83,"y":156,"width":79,"height":11}},{"id":"32f9f343-02d4-4858-b982-2924073746f7","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":62,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"bb391c90-3e41-4a1d-a4b6-7b01eb88f0c8","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":62,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"0b9dcec9-efdd-42f3-b36d-062ca78a03bc","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":62,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"cd96d560-9a18-4c8f-9596-84e27ac3188c","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":62,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"0ef7ac1e-3c40-4556-99f3-b65752a2d6e9","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":62,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"d65cd4ca-c3e5-49d7-a07e-7ea487dbb82a","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":62,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"0f37d84c-8d96-4e92-adb1-4cc9f7812b13","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":62,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"7295cc6a-661d-4f69-9be9-35c7a3b9d222","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":62,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"e4af54bc-b1ca-4e3d-8ce6-e0f797af4c2b","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":62,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"71722e42-1932-452e-a1d1-3f1c4ccaeb9a","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":62,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"418209d0-b8d7-4337-9b40-8f76d3f0bb91","block_type":"box","text":"Tax Information","page_number":62,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"1bab5b1c-d3bd-439a-84ea-3cff1483365f","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":62,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"cdc634c6-fa49-4c14-a0e0-eba7959dd9f2","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":62,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"baf8dc1e-82a8-4a27-ab35-7316da1f5967","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":62,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"15604cdb-9005-4ab7-b25d-c36644ff97e5","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":62,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"8a4b2c47-944e-4180-9c79-9455aef5a2b7","block_type":"box","text":"withdrawn.","page_number":62,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"a6574f30-b378-4dbb-a27e-248a4608636c","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":62,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"8d4e6766-7646-4bac-bf3e-f026ce301005","block_type":"box","text":"Intermediaries","page_number":62,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"50180509-8395-41ec-9185-e6e0cdf7a39c","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":62,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"834251c2-50f5-4627-b5ee-f2a7d4894cce","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":62,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"f3e7aa51-2c0f-4017-b4dc-c40b0502a9dd","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":62,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"bea4bc53-1d5a-4dc1-88fa-a8458e60f6c3","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":62,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"8959890a-9f4d-4a72-abf1-c7219b271bca","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":62,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"a8a1a95d-05af-463e-8121-5df611fa4c4c","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":62,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"1d1ae400-1ce7-4345-8f23-32a50ea4e640","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":62,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"5f00c24d-b50c-43c3-bb3a-5460f5b3d83f","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":62,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"f570bb46-353a-4fe9-8fa1-ca715257773e","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":62,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"a622f57d-33e6-4797-8973-0a0a5f4ce6f3","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":62,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"fd8c1e07-f770-483d-b1db-abf808b534fe","block_type":"box","text":"information.","page_number":62,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"f7b225ea-e67c-4cbb-b243-ce5470e7997d","block_type":"box","text":"S-55","page_number":62,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d4588914-6098-48c2-8456-3647963c2d55","block_type":"box","text":"iSHARES","page_number":63,"box":{"x":131,"y":24,"width":119,"height":15}},{"id":"1630de33-9179-4f00-a76d-07905e58f9cf","block_type":"box","text":"®","page_number":63,"box":{"x":253,"y":17,"width":10,"height":8}},{"id":"dadad100-d667-499e-bcd7-eaab0ec13062","block_type":"box","text":"U.S. TECH BREAKTHROUGH MULTISECTOR ETF","page_number":63,"box":{"x":274,"y":24,"width":653,"height":15}},{"id":"fcb13f25-36af-4221-8103-48117aa599b3","block_type":"box","text":"Ticker: TECB Stock Exchange: NYSE Arca","page_number":63,"box":{"x":282,"y":53,"width":487,"height":12}},{"id":"4413e9eb-4912-4093-84c4-59330ab14fbf","block_type":"box","text":"Investment Objective","page_number":63,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"28eec1ec-55f2-40e9-b4c5-1bcc69bcf45a","block_type":"box","text":"The iShares U.S. Tech Breakthrough Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":63,"box":{"x":82,"y":116,"width":849,"height":11}},{"id":"e592ae75-9b04-4945-9bef-80d459a6945a","block_type":"box","text":"companies that could benefit from various breakthrough technologies, including robotics and artificial intelligence, cloud and data tech,","page_number":63,"box":{"x":83,"y":130,"width":867,"height":11}},{"id":"753e9d58-36df-46a4-8030-5b2f6d9a13a7","block_type":"box","text":"cybersecurity, genomics and immunology, and financial technology.","page_number":63,"box":{"x":83,"y":144,"width":431,"height":11}},{"id":"995c6983-ea73-4676-b411-1c3e0d88f064","block_type":"box","text":"Fees and Expenses","page_number":63,"box":{"x":84,"y":174,"width":160,"height":13}},{"id":"04cb94a8-8ea0-4aa7-a07b-86f2e6f8a833","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 in the table","page_number":63,"box":{"x":82,"y":198,"width":869,"height":11}},{"id":"54fa7ae0-a85d-4322-92d6-4e90050ee6aa","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":63,"box":{"x":83,"y":213,"width":863,"height":10}},{"id":"7ebdb0ed-3475-4c21-8b36-d3bbdcf9c5c5","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating","page_number":63,"box":{"x":83,"y":227,"width":825,"height":11}},{"id":"4611ba26-11cc-45f8-ac4c-0407574ba6d2","block_type":"box","text":"expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":63,"box":{"x":83,"y":241,"width":834,"height":11}},{"id":"58156f98-5e99-4de9-89a8-ec7c80b5fc08","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":63,"box":{"x":83,"y":255,"width":833,"height":11}},{"id":"f5dd5239-69f2-4b53-b8cf-d7637e6ac909","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":63,"box":{"x":83,"y":269,"width":575,"height":11}},{"id":"c0edeecd-e4bb-4bea-82a6-42f82cd1720a","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":63,"box":{"x":82,"y":292,"width":883,"height":12}},{"id":"1b9a3fcd-4095-4593-9f7d-77d90a19aadb","block_type":"box","text":"the tables and examples below.","page_number":63,"box":{"x":83,"y":307,"width":220,"height":10}},{"id":"943ea0c0-5678-46b3-ba3e-77df85f1e982","block_type":"box","text":"Annual Fund Operating 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Fees","page_number":63,"box":{"x":393,"y":398,"width":73,"height":10}},{"id":"83c07752-e37e-4b8f-9285-76f4bf6f911b","block_type":"box","text":"Other","page_number":63,"box":{"x":621,"y":388,"width":35,"height":7}},{"id":"04c25ae7-c6ca-410d-b9ec-1ed71d605ea0","block_type":"box","text":"Expenses","page_number":63,"box":{"x":610,"y":398,"width":57,"height":9}},{"id":"ab08fe2f-a9aa-471b-bec2-ac127982a8e3","block_type":"box","text":"Total Annual","page_number":63,"box":{"x":810,"y":367,"width":76,"height":8}},{"id":"2ddcc539-bb5c-4234-a98a-9f7b7f79efa1","block_type":"box","text":"Fund","page_number":63,"box":{"x":834,"y":377,"width":29,"height":8}},{"id":"0e16a3c7-d6af-4439-ac6b-c28833cf7b08","block_type":"box","text":"Operating","page_number":63,"box":{"x":818,"y":388,"width":61,"height":9}},{"id":"d61ba3a4-0f21-4120-800e-da37615e187e","block_type":"box","text":"Expenses","page_number":63,"box":{"x":820,"y":398,"width":58,"height":9}},{"id":"0d4b4556-b88a-4b68-88f0-eac098e4d852","block_type":"box","text":"0.30% None 0.00% 0.30%","page_number":63,"box":{"x":193,"y":417,"width":673,"height":8}},{"id":"f4b5af80-a24b-43e8-be3b-020d800f093f","block_type":"box","text":"1","page_number":63,"box":{"x":112,"y":448,"width":2,"height":5}},{"id":"239b122d-53fd-4a7a-a1ca-8ead062bc288","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":63,"box":{"x":123,"y":449,"width":706,"height":10}},{"id":"084c67a1-9f61-4840-abbb-e78ec76861c2","block_type":"box","text":"Example.","page_number":63,"box":{"x":83,"y":469,"width":62,"height":11}},{"id":"8e369278-692a-422e-9597-8c3ec768c97c","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 other funds.","page_number":63,"box":{"x":150,"y":469,"width":800,"height":11}},{"id":"8dea23cd-4283-455c-980c-29ca671f2640","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":63,"box":{"x":82,"y":483,"width":891,"height":11}},{"id":"9c56f1d6-2c13-4f16-b3b3-949c467c057d","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":63,"box":{"x":83,"y":498,"width":862,"height":10}},{"id":"afac5a1c-dd74-4f73-a6fb-d7be683fc60c","block_type":"box","text":"same. 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The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":67,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"a5eb011f-933d-43b0-aece-4dcd3977b2b6","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":67,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"c6802d3e-2d64-4d89-ba30-6264dcd93b0f","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":67,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"15cc032a-8d76-4084-a743-ed951919d3ce","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Updated performance information, including the Fund’s current NAV,","page_number":67,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"566b2eb0-b0d6-4753-91fa-57faf4dd673c","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":67,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"932fd161-4068-49ce-b2ee-9a067384ccdc","block_type":"box","text":"Calendar Year-by-Year 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(%) Period Ended","page_number":67,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"325787b7-a212-4405-82b3-576925271e3b","block_type":"box","text":"Calendar Year-to-Date Return","page_number":67,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"f5fad82e-3643-42cb-84b3-5e390ce95703","block_type":"box","text":"13.72% September 30, 2025","page_number":67,"box":{"x":563,"y":366,"width":176,"height":9}},{"id":"fee72c84-72b6-4ede-9606-e05400eca74f","block_type":"box","text":"During the periods shown in the chart:","page_number":67,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"8b3b5086-0b73-4159-bb45-6b3c56f18b51","block_type":"box","text":"Best Quarter 21.67% March 31, 2023","page_number":67,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"226f71a6-9020-4535-9398-555241768282","block_type":"box","text":"Worst Quarter -22.70% June 30, 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01/08/2020)","page_number":67,"box":{"x":123,"y":495,"width":185,"height":9}},{"id":"8a4015d1-cf60-4d4f-989e-728778ca99e4","block_type":"box","text":"Return Before Taxes","page_number":67,"box":{"x":137,"y":506,"width":113,"height":8}},{"id":"71788f67-ef8c-43f3-b93a-789ac8112123","block_type":"box","text":"24.46% 16.79%","page_number":67,"box":{"x":797,"y":506,"width":122,"height":8}},{"id":"f188f62e-e80c-481c-a331-7fc698081b8f","block_type":"box","text":"Return After Taxes on Distributions","page_number":67,"box":{"x":137,"y":518,"width":197,"height":7}},{"id":"d9ab55ce-47fe-4f26-9269-1ece0ed1196e","block_type":"box","text":"24.35% 16.63%","page_number":67,"box":{"x":797,"y":518,"width":122,"height":7}},{"id":"a8b5fdf0-acc0-49ea-92f0-0c094eea6359","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 14.55% 13.56%","page_number":67,"box":{"x":137,"y":529,"width":782,"height":8}},{"id":"57fa8688-a8e5-4d01-bfb5-9e177c6aad83","block_type":"box","text":"ICE U.S. 3000 Index","page_number":67,"box":{"x":124,"y":541,"width":121,"height":8}},{"id":"8dde5cf5-5435-4c28-8199-57e2f1b083e1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 23.67% 13.70%","page_number":67,"box":{"x":250,"y":541,"width":669,"height":10}},{"id":"16e261e4-9c56-46f0-948f-804ce7d11d31","block_type":"box","text":"NYSE FactSet U.S. Tech Breakthrough Index","page_number":67,"box":{"x":124,"y":553,"width":271,"height":9}},{"id":"2b91cf79-0de2-4a00-a0a8-5bbb12613e40","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 24.82% 17.08%","page_number":67,"box":{"x":399,"y":553,"width":520,"height":9}},{"id":"25eaaf37-ef93-4f63-8555-f207f5b3d47b","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":67,"box":{"x":82,"y":583,"width":882,"height":10}},{"id":"4fbe05ac-73cb-47b9-8261-23d193b43e74","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":67,"box":{"x":83,"y":597,"width":871,"height":11}},{"id":"24406600-788c-40fb-89b8-5ec8e22e0842","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":67,"box":{"x":83,"y":611,"width":860,"height":11}},{"id":"27ab71d3-ad56-44d6-9edf-6008b0b078ac","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":67,"box":{"x":83,"y":625,"width":855,"height":11}},{"id":"55aea497-ef9c-4dd5-959f-db018d7d7c57","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":67,"box":{"x":83,"y":639,"width":883,"height":11}},{"id":"910bd63d-fa5c-4ed4-b7bd-e9ec4e952e5f","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":67,"box":{"x":82,"y":654,"width":861,"height":10}},{"id":"e5ab5b6c-b25e-49fa-b433-c620aade747b","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":67,"box":{"x":83,"y":668,"width":359,"height":10}},{"id":"c7d43902-dfa9-42d2-8d44-df1bf96ebcee","block_type":"box","text":"S-60","page_number":67,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"498f3540-aae7-434e-8dd7-825534a77bed","block_type":"box","text":"Management","page_number":68,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"dc93f69a-81fc-41a6-9afc-4a3d2100b48e","block_type":"box","text":"Investment Adviser.","page_number":68,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"d7bd8f85-80f3-4d89-aad2-1d34d965e170","block_type":"box","text":"BlackRock Fund Advisors.","page_number":68,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"06032d42-2a3e-4537-9e26-2d14725e8145","block_type":"box","text":"Portfolio Managers.","page_number":68,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"e7c8a7e3-2c41-4760-81d4-44fc0498e69f","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema","page_number":68,"box":{"x":223,"y":71,"width":281,"height":10}},{"id":"3eef721e-4812-49b1-9c12-1166476a9f95","block_type":"box","text":"and Steven White (the “Portfolio Managers”) are primarily","page_number":68,"box":{"x":83,"y":85,"width":367,"height":11}},{"id":"e645f269-ff71-4107-8c37-ded94850ddf5","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":68,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"7a31a141-9866-4a02-a962-54c3d25e6a44","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. 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Any company which receives either a controversy","page_number":71,"box":{"x":76,"y":52,"width":891,"height":10}},{"id":"431c9301-9e94-40f3-a56d-bfb0a6dec380","block_type":"box","text":"score of 5, or is not assessed at all, is excluded from the Underlying Index.","page_number":71,"box":{"x":76,"y":66,"width":475,"height":11}},{"id":"bfc197ed-362e-4308-998a-119b50b6454f","block_type":"box","text":"The Index Provider also excludes issuers from the Underlying Index if they exceed any of the following revenue and ownership thresholds:","page_number":71,"box":{"x":76,"y":89,"width":879,"height":11}},{"id":"9f72df50-abec-41b5-b2d5-355be2478566","block_type":"box","text":"over 5% of an issuer’s revenue is derived from thermal coal extraction or generation;","page_number":71,"box":{"x":113,"y":107,"width":539,"height":11}},{"id":"d6c0d987-055a-4dcc-a0c4-1e0ecfc64fb1","block_type":"box","text":"over 5% of an issuer’s revenue is derived from oil sands extraction;","page_number":71,"box":{"x":113,"y":125,"width":425,"height":10}},{"id":"53f13820-98c2-448a-978d-1cc99c868f25","block_type":"box","text":"over 5% of an issuer’s business is involved in the retail or distribution of assault or non-assault weapons;","page_number":71,"box":{"x":113,"y":143,"width":666,"height":11}},{"id":"a0bc0fc9-b6a1-4227-a256-e91e556cbfe7","block_type":"box","text":"over 5% of an issuer’s business is involved in the retail of tobacco products or tobacco related products and services; or","page_number":71,"box":{"x":113,"y":161,"width":767,"height":11}},{"id":"11822895-049c-4557-8930-6bc2aec238ad","block_type":"box","text":"an issuer owns over 20% of a business involved in antipersonnel mines, biological and chemical weapons, cluster weapons, depleted","page_number":71,"box":{"x":113,"y":179,"width":846,"height":11}},{"id":"b3cc1c5b-637e-44aa-a393-11bc6868e410","block_type":"box","text":"uranium, nuclear weapons, or white phosphorous.","page_number":71,"box":{"x":113,"y":193,"width":319,"height":11}},{"id":"971ffffb-9415-464b-86a5-293cab3eac41","block_type":"box","text":"The Index Provider will apply a series of revenue screens on the resulting eligible constituents.","page_number":71,"box":{"x":76,"y":216,"width":601,"height":11}},{"id":"ab106244-9aee-468e-8a57-fbe524982143","block_type":"box","text":"3","page_number":71,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"3c79ae53-26b2-45d1-98b9-c993ae40dc17","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":72,"box":{"x":76,"y":22,"width":455,"height":14}},{"id":"5782d4af-50a3-4f43-8c6e-2ead9efdd600","block_type":"box","text":"Each Fund is subject to various risks, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet","page_number":72,"box":{"x":77,"y":51,"width":888,"height":11}},{"id":"b6bfe1e2-db52-4e0c-81b7-2b0ac7cfb0a5","block_type":"box","text":"its investment objective. 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industrialization in recent years, but there is no","page_number":75,"box":{"x":228,"y":475,"width":694,"height":10}},{"id":"017de2f2-f6e2-4bce-8f38-74f0837e4f8a","block_type":"box","text":"assurance that this growth rate will be maintained. 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Geopolitical hostility, political instability, and economic or environmental even","page_number":75,"box":{"x":76,"y":503,"width":880,"height":11}},{"id":"98ceb6fa-7877-44ce-82d0-9eb06b5da820","block_type":"box","text":"ts","page_number":75,"box":{"x":958,"y":504,"width":10,"height":8}},{"id":"24a35dd1-4397-430b-95b2-7491daf3c6e1","block_type":"box","text":"in any one Asian country may have a significant economic effect on the entire Asian region, as well as on major trading partners outside Asia.","page_number":75,"box":{"x":76,"y":517,"width":903,"height":11}},{"id":"2324227c-4d50-47bd-aa42-c780f06950fa","block_type":"box","text":"An adverse event in the Asian markets may have a significant adverse effect on some or all of the economies of the countries in which a Fund","page_number":75,"box":{"x":76,"y":531,"width":904,"height":11}},{"id":"b008c3fa-de5f-4e14-b4e3-1c8012f79281","block_type":"box","text":"invests. Because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners, such as","page_number":75,"box":{"x":76,"y":546,"width":888,"height":10}},{"id":"f0fa5d15-5f61-4c22-ad2a-18fe903be784","block_type":"box","text":"China and the U.S., may have a region-wide economic impact. Strains in these relations could adversely affect Asian issuers that rely on the","page_number":75,"box":{"x":76,"y":560,"width":894,"height":11}},{"id":"da7f26eb-06ec-411b-ac48-0803db243837","block_type":"box","text":"U.S. or China for trade and the region as a whole. 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China has a","page_number":75,"box":{"x":77,"y":625,"width":865,"height":11}},{"id":"372bb012-6e41-4a48-9fe7-764bcacf598d","block_type":"box","text":"complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary.","page_number":75,"box":{"x":76,"y":640,"width":876,"height":11}},{"id":"841ae0cb-c194-4faa-8fe4-88147f87fdff","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on economies throughout the region and on the value of a Fund’s","page_number":75,"box":{"x":76,"y":654,"width":905,"height":11}},{"id":"9eee6710-0385-4f23-aaf6-484eda3796be","block_type":"box","text":"investments, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may otherwise make such","page_number":75,"box":{"x":76,"y":668,"width":833,"height":11}},{"id":"5351377b-94a7-419e-81a2-644cd94b9d1b","block_type":"box","text":"investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a risk of escalation","page_number":75,"box":{"x":76,"y":682,"width":856,"height":11}},{"id":"96562f78-ebc3-4d1e-b3be-10f1d8aaa130","block_type":"box","text":"potentially leading to military conflict. In addition, many Asian countries are subject to social and labor risks associated with demands for","page_number":75,"box":{"x":76,"y":696,"width":879,"height":11}},{"id":"cc015e7a-53f8-4356-a2e6-049c81f783fd","block_type":"box","text":"improved political, economic and social conditions. These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":75,"box":{"x":76,"y":711,"width":889,"height":10}},{"id":"d2357b0b-69a1-480d-bfee-604175d5f9c3","block_type":"box","text":"exposure to Asia.","page_number":75,"box":{"x":76,"y":725,"width":109,"height":11}},{"id":"b7d097f4-34a0-487e-9195-a23ab13c2fcd","block_type":"box","text":"Asset Class Risk.","page_number":75,"box":{"x":76,"y":748,"width":117,"height":8}},{"id":"02e7ed82-1b7a-4f10-9d19-fabaefe13d1b","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":75,"box":{"x":198,"y":748,"width":706,"height":11}},{"id":"6d1f0075-7876-488e-a955-ffb31c3421c6","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":75,"box":{"x":76,"y":762,"width":878,"height":11}},{"id":"c170a0c2-928c-42b6-9eb7-9381e8ca17df","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":75,"box":{"x":76,"y":776,"width":869,"height":11}},{"id":"8c298cbb-a543-4730-87cf-beeb0f84d1d3","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":75,"box":{"x":76,"y":790,"width":857,"height":11}},{"id":"ce4634f7-534b-450e-9622-51a290fda035","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":75,"box":{"x":76,"y":805,"width":900,"height":11}},{"id":"07649605-1dcf-4236-ae8f-1d9ab53ba00b","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":75,"box":{"x":76,"y":819,"width":512,"height":11}},{"id":"0f56e5bc-6668-4049-9ad6-411b00b2a4a0","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":75,"box":{"x":76,"y":842,"width":273,"height":11}},{"id":"a14112aa-c457-4bf8-a118-3d913290fe06","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":75,"box":{"x":355,"y":842,"width":613,"height":11}},{"id":"13449850-a475-4afc-994c-2af55e72b6d5","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":75,"box":{"x":76,"y":856,"width":879,"height":11}},{"id":"c658c3ce-62eb-45ca-9c5a-e2965f20a97f","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":75,"box":{"x":76,"y":870,"width":841,"height":11}},{"id":"a019f77d-f631-408f-b13c-d54a01651424","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":75,"box":{"x":76,"y":885,"width":426,"height":10}},{"id":"7fa033f1-7f8e-415f-9c7b-57380ca412a9","block_type":"box","text":"7","page_number":75,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"9a6f6d6c-0e9d-4c2a-8f9f-e748d7f98f48","block_type":"box","text":"Australasian Economic Risk.","page_number":76,"box":{"x":76,"y":23,"width":196,"height":9}},{"id":"6b0d7b47-959a-4bb1-8bd8-1c9b8888c8a0","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":76,"box":{"x":277,"y":23,"width":696,"height":11}},{"id":"6e9d1953-9370-467a-946f-3125ad6023ea","block_type":"box","text":"agricultural and mining sectors and, as a result, are susceptible to fluctuations in the commodity markets. These economies also increasingly","page_number":76,"box":{"x":76,"y":37,"width":903,"height":11}},{"id":"e41fc27e-978a-4344-8645-7868536bbb86","block_type":"box","text":"depend on their growing service industries. The Australasian economies depend on the economies of their key trading partners, which","page_number":76,"box":{"x":76,"y":51,"width":857,"height":11}},{"id":"ccf392a3-db14-4e2a-83e5-5c27854433ec","block_type":"box","text":"include China, Japan, South Korea, the U.S. and certain European countries. Reduced spending by any of these trading partners on","page_number":76,"box":{"x":76,"y":66,"width":834,"height":11}},{"id":"ebe5adf2-364a-4bf0-b266-f89789f08d86","block_type":"box","text":"Australasian products and services, or negative changes in any of these economies, may have an adverse impact on some or all of the","page_number":76,"box":{"x":76,"y":80,"width":858,"height":11}},{"id":"fc3c1f0d-0208-4a16-9a56-98d12a5e2592","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":76,"box":{"x":76,"y":94,"width":813,"height":11}},{"id":"0ddb5c5b-e824-4549-a8b3-2cdbfc5f1d2a","block_type":"box","text":"Other risks to Australasian countries include natural disasters that may occur in the region (e.g., droughts, earthquakes, fires, tsunamis) and","page_number":76,"box":{"x":76,"y":117,"width":898,"height":11}},{"id":"381810ac-7987-4dd3-9e2e-f7f27a7d5fc6","block_type":"box","text":"national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely affect the","page_number":76,"box":{"x":76,"y":131,"width":847,"height":11}},{"id":"a7cce28f-49fa-4c0a-9638-5a5a78f611fa","block_type":"box","text":"Australasian economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s investments.","page_number":76,"box":{"x":76,"y":146,"width":840,"height":10}},{"id":"ca6d0519-9644-4071-9608-58c53886dd97","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":76,"box":{"x":76,"y":169,"width":296,"height":11}},{"id":"0ef91756-6e61-42ed-8318-180ab4b447e1","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":76,"box":{"x":378,"y":169,"width":578,"height":11}},{"id":"c73ae1ce-6bfd-4bb1-85cb-2cf135a787c9","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":76,"box":{"x":76,"y":183,"width":894,"height":11}},{"id":"4feb8c8d-d445-4362-a35e-b84ae11d2253","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":76,"box":{"x":76,"y":197,"width":882,"height":11}},{"id":"57d18b42-c9f8-4d04-9c86-58ae824e46fa","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":76,"box":{"x":76,"y":211,"width":888,"height":11}},{"id":"85a3bea6-6845-42de-a64b-8143bd8a456e","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":76,"box":{"x":76,"y":226,"width":889,"height":10}},{"id":"7c329152-2227-49d2-9a75-208df1080415","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":76,"box":{"x":77,"y":240,"width":885,"height":11}},{"id":"4fbadc4a-8d58-4e28-b4cf-de8ea5b04d98","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":76,"box":{"x":76,"y":254,"width":893,"height":11}},{"id":"9b513d68-25d7-4189-b992-5c7aeeba5d5f","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":76,"box":{"x":76,"y":268,"width":521,"height":11}},{"id":"58112729-a929-4b37-8e8c-9496cbea5353","block_type":"box","text":"Automotive Sub-Industry Risk.","page_number":76,"box":{"x":76,"y":291,"width":212,"height":11}},{"id":"93e94e89-d7a1-4271-a292-f6411f42f2f9","block_type":"box","text":"The automotive sub-industry can be highly cyclical and companies in this sub-industry may suffer periodic","page_number":76,"box":{"x":293,"y":291,"width":678,"height":11}},{"id":"9d4599ce-c71f-4b1f-86e0-c140a9adda61","block_type":"box","text":"operating losses. Companies in this sub-industry face intense competition, both domestically and internationally, which may have an adverse","page_number":76,"box":{"x":76,"y":305,"width":903,"height":11}},{"id":"57636f24-628b-4f27-bff7-909cca7ec951","block_type":"box","text":"effect on their profitability. The sub-industry can be significantly affected by labor relations, fluctuating component and material prices,","page_number":76,"box":{"x":76,"y":320,"width":863,"height":10}},{"id":"0252a702-b03b-4674-b3f5-241d9adedcb5","block_type":"box","text":"product recalls, domestic and international economic downturns and consumer demands. Government regulation and increased competition","page_number":76,"box":{"x":76,"y":334,"width":901,"height":11}},{"id":"2334f370-e6f3-4880-96c8-ea0ebee93224","block_type":"box","text":"may also negatively affect automotive manufacturers. Some automotive manufacturers are small or financially vulnerable and can be non","page_number":76,"box":{"x":76,"y":348,"width":884,"height":11}},{"id":"b321de64-300c-48af-9a79-41e715471dbf","block_type":"box","text":"diversified in both product line and consumer base, and may be more susceptible to adverse developments. The automotive sub-industry is","page_number":76,"box":{"x":76,"y":362,"width":891,"height":11}},{"id":"43dac72e-3cea-46e4-9077-959be75e7abf","block_type":"box","text":"currently experiencing a global semiconductor supply shortage, which has affected suppliers that incorporate semiconductors into the parts","page_number":76,"box":{"x":76,"y":376,"width":897,"height":11}},{"id":"0ed57ec9-274f-4e98-8faf-4da24e34bbe1","block_type":"box","text":"they supply to customers in the automotive sub-industry. As a result, companies in the automotive sub-industry may experience decreased","page_number":76,"box":{"x":76,"y":391,"width":890,"height":10}},{"id":"3a5b10ff-a811-4276-a48e-dafc02b185b8","block_type":"box","text":"sales due to lost or delayed production volume, which may in turn adversely affect the performance of securities of issuers in the automotive","page_number":76,"box":{"x":76,"y":405,"width":901,"height":11}},{"id":"228ea1c6-f813-4cc1-8c91-3766a6382de4","block_type":"box","text":"sub-industry.","page_number":76,"box":{"x":76,"y":419,"width":82,"height":11}},{"id":"5d1480c0-af5b-4b12-8927-eed186f1aec4","block_type":"box","text":"Autonomous Driving Sector Risk.","page_number":76,"box":{"x":76,"y":442,"width":229,"height":11}},{"id":"fdfd2acd-f6f9-4344-9503-1f3784cdb109","block_type":"box","text":"Companies involved in, or exposed to, autonomous driving-related businesses may have limited product","page_number":76,"box":{"x":310,"y":442,"width":667,"height":11}},{"id":"094f00f0-3d0e-4f53-8f33-b5fa6daccee7","block_type":"box","text":"lines, markets, financial resources or personnel. Autonomous driving technology is a relatively new technology and is subject to risks","page_number":76,"box":{"x":77,"y":456,"width":849,"height":11}},{"id":"80e492aa-3a8f-4d1d-a028-0ac5f7d90e47","block_type":"box","text":"associated with a developing industry. These risks include intense competition, delays or other complications in connection with production,","page_number":76,"box":{"x":76,"y":470,"width":897,"height":11}},{"id":"962149c3-bc81-46ae-a52b-292923f833de","block_type":"box","text":"rapid product obsolescence, increased government regulation and market volatility. As a new technology, any product defects, delays in the","page_number":76,"box":{"x":77,"y":485,"width":894,"height":10}},{"id":"1785bbc3-fc04-4721-b06c-fb462ef2fc4c","block_type":"box","text":"implementation of full autonomous driving or legal restrictions could have an adverse effect on the businesses of autonomous driving","page_number":76,"box":{"x":76,"y":499,"width":853,"height":11}},{"id":"cd43bb20-8fa0-4377-80de-5230125bb420","block_type":"box","text":"companies. In addition, certain autonomous driving companies are dependent upon the services of certain key personnel and are susceptible","page_number":76,"box":{"x":76,"y":513,"width":904,"height":11}},{"id":"c3cbf02b-56ad-40b4-afc5-0cd6fa83758f","block_type":"box","text":"to instability and volatility caused by the actions of or changes to key personnel. Autonomous vehicle technology could face increasing","page_number":76,"box":{"x":76,"y":527,"width":861,"height":11}},{"id":"05b342e9-624e-4d89-a06f-992b2fd2d890","block_type":"box","text":"regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop","page_number":76,"box":{"x":77,"y":541,"width":865,"height":11}},{"id":"f4c0186e-e298-4a52-8af4-fbd05d45f81c","block_type":"box","text":"and/or utilize this technology. In addition, existing regulations that may apply to autonomous vehicle technology continue to rapidly change,","page_number":76,"box":{"x":76,"y":556,"width":896,"height":10}},{"id":"8fbc2ae5-8cbe-4ab8-b6ff-e2d508e86f58","block_type":"box","text":"which could adversely affect the businesses of autonomous driving companies. The prices of securities of companies involved in a new","page_number":76,"box":{"x":76,"y":570,"width":862,"height":11}},{"id":"63b18b0e-f89a-4cea-bc91-fa35dd081659","block_type":"box","text":"industry may be more volatile than those in more mature industries.","page_number":76,"box":{"x":76,"y":584,"width":434,"height":11}},{"id":"cfc91840-36bd-4842-93ef-e93f21bcf64d","block_type":"box","text":"Many companies involved in, or exposed to, autonomous driving-related businesses may not be exclusively or substantially exposed to the","page_number":76,"box":{"x":77,"y":607,"width":884,"height":11}},{"id":"66edb857-dd2d-4b8e-8518-3c528075fb2e","block_type":"box","text":"autonomous driving sector, but may be substantially exposed to the market and business risks of other industries or sectors, and the Fund","page_number":76,"box":{"x":76,"y":621,"width":886,"height":11}},{"id":"44e6e58d-d288-4c7b-9090-4c72a61f07cb","block_type":"box","text":"may be adversely affected by negative developments impacting those companies, industries or sectors. In addition, these companies may be","page_number":76,"box":{"x":76,"y":635,"width":902,"height":11}},{"id":"85b33847-d57d-4e5e-913a-a94d8fdf6c42","block_type":"box","text":"adversely affected by loss or impairment of intellectual property rights. There can be no assurance that companies involved in autonomous","page_number":76,"box":{"x":76,"y":650,"width":889,"height":10}},{"id":"dcea29b6-90e6-45ad-8707-1a22e6b7a172","block_type":"box","text":"driving technology will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that","page_number":76,"box":{"x":76,"y":664,"width":891,"height":11}},{"id":"08ef6ed8-bffc-4777-b6b3-a9166657bcca","block_type":"box","text":"competitors will not develop technology that is substantially similar or superior to such companies’ technology.","page_number":76,"box":{"x":76,"y":678,"width":710,"height":11}},{"id":"c5c7f7cc-07b2-48ab-bd0c-8ebd750120af","block_type":"box","text":"Autonomous driving companies typically engage in significant amounts of spending on research and development, and there is no guarantee","page_number":76,"box":{"x":76,"y":701,"width":898,"height":11}},{"id":"f3824217-074a-4287-985e-dceb5379d6f0","block_type":"box","text":"that the products or services produced by these companies will be successful. These companies are also susceptible to litigation based on","page_number":76,"box":{"x":76,"y":715,"width":886,"height":11}},{"id":"342e3f4e-79bb-4ee2-a0ec-be1ac97cb755","block_type":"box","text":"product liability claims and can be significantly affected by insurance costs. In addition, autonomous driving companies may not maintain as","page_number":76,"box":{"x":76,"y":730,"width":896,"height":10}},{"id":"6fd6344d-e1b6-48e4-a4f9-0d18b48b0f0a","block_type":"box","text":"much insurance coverage as other types of companies and any insurance coverage may not be sufficient to cover all losses or claims. A loss","page_number":76,"box":{"x":76,"y":744,"width":898,"height":11}},{"id":"7515a106-965a-40c5-8e69-fe42c8413164","block_type":"box","text":"that is uninsured or that exceeds policy limits may require a company to pay substantial amounts, which could adversely affect the financial","page_number":76,"box":{"x":76,"y":758,"width":893,"height":11}},{"id":"d9794478-3588-45ed-a9dc-43d8080d4c4d","block_type":"box","text":"condition of the company.","page_number":76,"box":{"x":76,"y":772,"width":165,"height":11}},{"id":"642145eb-0276-484d-b331-b1e25fa1d444","block_type":"box","text":"Autonomous driving vehicle technology companies could be adversely affected by cybersecurity breaches, traffic accidents related to","page_number":76,"box":{"x":76,"y":795,"width":854,"height":11}},{"id":"38ce5cc3-dc23-422b-a970-6f1b7ef03e59","block_type":"box","text":"autonomous vehicles, and other issues that could lead to litigation and/or additional regulation. 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Any cyber-attack or","page_number":76,"box":{"x":76,"y":838,"width":902,"height":11}},{"id":"6b255eb1-c146-4b1c-a72f-7a68f7db5d26","block_type":"box","text":"data breach of the information technology systems could negatively affect the brand, reputation and financial condition of the company.","page_number":76,"box":{"x":76,"y":852,"width":869,"height":11}},{"id":"067ac402-0fc1-4817-b8fd-1619cbe92610","block_type":"box","text":"8","page_number":76,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"9c8e746c-fe6d-48b0-9a47-f9e92c7210aa","block_type":"box","text":"Biopharmaceuticals Industry Risk.","page_number":77,"box":{"x":77,"y":23,"width":237,"height":11}},{"id":"0d6e2071-e7ba-4afd-ad90-4b3e9d396ae4","block_type":"box","text":"The biopharmaceutical industry includes companies from each of the biotechnology, pharmaceutical","page_number":77,"box":{"x":319,"y":23,"width":644,"height":11}},{"id":"8e6ddc1a-420d-4594-bc08-87e450b3fbfc","block_type":"box","text":"and life sciences industries. Such companies are engaged in the research and development of a variety of products and services including","page_number":77,"box":{"x":76,"y":37,"width":883,"height":11}},{"id":"0737c246-c957-40e0-839e-4dcee3865b40","block_type":"box","text":"but not limited to products and services for use in internal medicine, vaccines, oncology, immunology, rare diseases and consumer","page_number":77,"box":{"x":76,"y":51,"width":838,"height":11}},{"id":"a1cea488-c985-41e0-b0c3-9ea7c666a0a8","block_type":"box","text":"healthcare. Biopharmaceutical companies may also engage in product research and development related to genomics, which generally refers","page_number":77,"box":{"x":77,"y":66,"width":903,"height":11}},{"id":"359a3246-436c-4b70-a006-bb925817e887","block_type":"box","text":"to the use of genomic information in the provision of medical care. Set forth below are specific risk considerations with respect to each of","page_number":77,"box":{"x":76,"y":80,"width":883,"height":11}},{"id":"2f42ec2c-72a9-42c6-ae19-2641d6bc8887","block_type":"box","text":"the biotechnology, life sciences and pharmaceutical industries, which includes those companies that could benefit from long-term growth","page_number":77,"box":{"x":76,"y":94,"width":880,"height":11}},{"id":"26b61005-cc15-489c-b7ee-8b4d19f6e040","block_type":"box","text":"and innovation in genomics, immunology and bioengineering. Such risks collectively represent the risks applicable to the biopharmaceutical","page_number":77,"box":{"x":76,"y":108,"width":894,"height":11}},{"id":"261d233b-6cee-4128-bfb4-99a2c80a6800","block_type":"box","text":"industry. Companies in the biopharmaceutical industry may be highly volatile for the reasons discussed below.","page_number":77,"box":{"x":76,"y":122,"width":705,"height":11}},{"id":"88220f39-1e4a-4dd5-8a39-a627b872d5d0","block_type":"box","text":"Biotechnology Industry Risk","page_number":77,"box":{"x":76,"y":146,"width":175,"height":10}},{"id":"d8a932f6-a4c3-480a-959b-22f4ad381f60","block_type":"box","text":". Companies in the biotechnology industry spend heavily on research and development, and their products or","page_number":77,"box":{"x":251,"y":146,"width":698,"height":10}},{"id":"e529299a-3ea2-4983-a643-b0752b19be4d","block_type":"box","text":"services may not prove commercially successful or may become obsolete quickly. The biotechnology industry is subject to a significant","page_number":77,"box":{"x":76,"y":160,"width":865,"height":11}},{"id":"9ff41a91-b537-4e9a-a575-7e4617303928","block_type":"box","text":"amount of governmental regulation, and changes in governmental policies and the need for regulatory approvals may have a material adverse","page_number":77,"box":{"x":76,"y":174,"width":905,"height":11}},{"id":"9b621e7a-0646-45eb-9a38-de2b580693ec","block_type":"box","text":"effect on this industry. Companies in the biotechnology industry are subject to risks of new technologies and competitive pressures and are","page_number":77,"box":{"x":76,"y":188,"width":894,"height":11}},{"id":"c077721b-5a0c-4599-9d11-da701a7e4b3b","block_type":"box","text":"heavily dependent on patents and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of","page_number":77,"box":{"x":77,"y":202,"width":894,"height":11}},{"id":"d7e66830-bc62-439f-84a2-db94551c0219","block_type":"box","text":"these companies.","page_number":77,"box":{"x":76,"y":217,"width":112,"height":10}},{"id":"6675d5fb-fd75-4cce-b16a-0a2044d51d18","block_type":"box","text":"Pharmaceuticals Industry Risk","page_number":77,"box":{"x":76,"y":240,"width":190,"height":10}},{"id":"011390ed-b8e6-4b6e-a559-cd28ed9eaa7a","block_type":"box","text":". Companies in the pharmaceuticals industry are subject to competitive forces that may make it difficult to","page_number":77,"box":{"x":266,"y":240,"width":681,"height":11}},{"id":"0b998f8b-1ef3-4384-a771-9a06904897de","block_type":"box","text":"raise prices and, in fact, may result in price discounting. 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Many companies in the","page_number":77,"box":{"x":77,"y":296,"width":848,"height":11}},{"id":"5feee38a-24ec-4dbd-a9e3-b42c4477e841","block_type":"box","text":"pharmaceuticals industry are heavily dependent on patents and intellectual property rights. The loss or impairment of these rights may","page_number":77,"box":{"x":76,"y":311,"width":862,"height":10}},{"id":"6004c775-29ce-48b9-af49-09c3055d3c2d","block_type":"box","text":"adversely affect the profitability of these companies. Companies in the pharmaceutical industry may be subject to extensive litigation based","page_number":77,"box":{"x":76,"y":325,"width":896,"height":11}},{"id":"26e0ae80-1054-40a0-bda6-ce645dea8aa2","block_type":"box","text":"on product liability and similar claims. Pharmaceutical companies may also be dependent on one or more wholesalers for product","page_number":77,"box":{"x":76,"y":339,"width":830,"height":11}},{"id":"da8c135e-fd41-4276-95be-f30f928c9c33","block_type":"box","text":"distribution. If a significant pharmaceutical wholesaler should encounter financial or other difficulties, a pharmaceutical company might be","page_number":77,"box":{"x":76,"y":353,"width":886,"height":11}},{"id":"cada101e-fa9f-4f76-8a91-dede78e36bd3","block_type":"box","text":"unable to collect all or any of the amounts that the wholesaler owes such company. In addition, consolidation and integration of pharmacy","page_number":77,"box":{"x":77,"y":367,"width":883,"height":11}},{"id":"590336a7-4a24-4886-85bd-c37ca28d5ca1","block_type":"box","text":"chains and wholesalers may increase competitive and pricing pressures on pharmaceutical companies.","page_number":77,"box":{"x":76,"y":382,"width":659,"height":10}},{"id":"75585819-6148-448e-be62-ce71465fd762","block_type":"box","text":"Life Sciences Industry Risk","page_number":77,"box":{"x":76,"y":405,"width":169,"height":10}},{"id":"555b13c7-1d38-4c13-b029-72920e1d6c93","block_type":"box","text":". The life sciences industry is composed primarily of companies enabling drug discovery, development and","page_number":77,"box":{"x":246,"y":405,"width":678,"height":11}},{"id":"1950ec11-c628-4de2-a981-d3fa93436fb1","block_type":"box","text":"production by providing analytical tools, instruments, consumables and supplies, clinical trial services and contract research services.","page_number":77,"box":{"x":76,"y":419,"width":857,"height":11}},{"id":"bd7cb8fa-c5ca-48e4-a4f1-6d89831663b4","block_type":"box","text":"Companies in the life sciences industry primarily service the pharmaceutical and biotechnology industries. 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The products and services of life sciences companies may","page_number":77,"box":{"x":77,"y":476,"width":856,"height":10}},{"id":"4efd9655-a662-44bc-9e4a-edb41770b91a","block_type":"box","text":"experience rapid obsolescence due to a number of factors, including technological advances, supply chain issues or the expiration of their","page_number":77,"box":{"x":76,"y":490,"width":884,"height":11}},{"id":"3c60943e-afe6-4147-a858-360a440026a6","block_type":"box","text":"patents. The life sciences industry is highly competitive, and companies in the life sciences industry often invest in new and uncertain","page_number":77,"box":{"x":76,"y":504,"width":854,"height":11}},{"id":"fd2b4648-630f-400d-9d67-8932eaff817e","block_type":"box","text":"innovations. The success of such companies may depend upon a relatively small number of products or services with long development","page_number":77,"box":{"x":76,"y":518,"width":867,"height":11}},{"id":"52d0c8ee-21f5-4281-92f3-ef7cd6f2651f","block_type":"box","text":"cycles and large capital requirements that have a high chance of failure. In addition, changes in patent protection, government approvals,","page_number":77,"box":{"x":76,"y":532,"width":878,"height":11}},{"id":"61afb076-3a2f-48b1-bdd0-4b97050a37a2","block_type":"box","text":"regulations or funding, patent infringement or medical litigation may adversely affect the value of such companies.","page_number":77,"box":{"x":77,"y":547,"width":730,"height":10}},{"id":"ea0c97eb-fd86-4534-b595-3bfeb0f38014","block_type":"box","text":"Borrowing Risk.","page_number":77,"box":{"x":77,"y":570,"width":108,"height":11}},{"id":"cbab3711-69a3-470e-a91d-a58e34e04181","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its portfolio. A Fund that borrows will incur","page_number":77,"box":{"x":191,"y":570,"width":739,"height":11}},{"id":"141a254f-f393-4395-98cc-9e2cfa64f1d2","block_type":"box","text":"interest expenses and other fees, which may reduce the Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may","page_number":77,"box":{"x":76,"y":584,"width":890,"height":11}},{"id":"68004909-0091-422b-b3e5-eec28a4eb780","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":77,"box":{"x":76,"y":598,"width":348,"height":11}},{"id":"dbb02823-6580-4c02-acef-59beaab2f94c","block_type":"box","text":"Breakthrough Innovations and New Technologies Risk.","page_number":77,"box":{"x":77,"y":621,"width":379,"height":11}},{"id":"c86c85b4-fc7d-4206-b168-c3f57b415982","block_type":"box","text":"Breakthrough innovations and new technologies are products or services that","page_number":77,"box":{"x":462,"y":621,"width":498,"height":11}},{"id":"fe8af0de-3f2e-44e3-a4c1-67ca4f0b12c6","block_type":"box","text":"fundamentally change the dynamics of an industry or market. The Fund’s holdings may include equity securities of operating companies that","page_number":77,"box":{"x":76,"y":635,"width":898,"height":11}},{"id":"ccbac1c2-73a7-476e-8142-063bd45c8a99","block_type":"box","text":"focus on or have exposure to a wide variety of industries, and the economic success of certain of these companies may not be significantly","page_number":77,"box":{"x":76,"y":650,"width":890,"height":10}},{"id":"6b84ce1e-a489-4d07-b316-a16099bc3b10","block_type":"box","text":"tied to breakthrough innovations and new technologies. Companies involved in breakthrough innovations and new technologies may have","page_number":77,"box":{"x":76,"y":664,"width":880,"height":11}},{"id":"3f425c05-307f-4b09-b331-2fa8bc7d3187","block_type":"box","text":"limited product lines, markets, financial resources or personnel that face intense competition and potentially rapid product obsolescence.","page_number":77,"box":{"x":77,"y":678,"width":880,"height":11}},{"id":"a394f5d0-4ac7-43a6-8b10-5e9f523f4b54","block_type":"box","text":"These companies may not be exclusively or substantially exposed to breakthrough innovations and new technologies, but may be exposed,","page_number":77,"box":{"x":76,"y":692,"width":888,"height":11}},{"id":"14457918-ca83-4b06-ae52-cfe6840ca982","block_type":"box","text":"directly or indirectly, to the market and business risks of other companies, industries or sectors. In addition, these companies may depend","page_number":77,"box":{"x":76,"y":706,"width":886,"height":11}},{"id":"792349ea-fce9-4a0c-9c2b-90699bd412e3","block_type":"box","text":"on intellectual property or patent rights to protect their innovations or new technologies, which may be difficult to prevent the","page_number":77,"box":{"x":76,"y":721,"width":805,"height":10}},{"id":"0605c78a-fc4a-4556-89a0-0618f92ad29f","block_type":"box","text":"misappropriation of, and are susceptible to competitors that may develop substantially similar or superior products or services.","page_number":77,"box":{"x":76,"y":735,"width":814,"height":11}},{"id":"1e0c4b80-aa99-49e8-a190-2bb09baabefe","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":77,"box":{"x":76,"y":758,"width":336,"height":8}},{"id":"d600f5d2-5884-4b3a-8987-27dd84d39411","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":77,"box":{"x":418,"y":758,"width":562,"height":11}},{"id":"9ed8ae19-f03a-4ed7-a267-a9ba25e36e63","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":77,"box":{"x":76,"y":772,"width":880,"height":11}},{"id":"ea332c01-688e-476c-a8a8-dabaa6c450ba","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":77,"box":{"x":76,"y":786,"width":881,"height":11}},{"id":"e8690fe9-6136-44dc-96c3-246b1a94a487","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":77,"box":{"x":76,"y":800,"width":896,"height":11}},{"id":"569db9a8-d577-4a24-9892-68e9b4ce7c57","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":77,"box":{"x":76,"y":815,"width":889,"height":10}},{"id":"7d72d420-1b63-41ad-b454-0bee5ad11ed8","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":77,"box":{"x":76,"y":829,"width":903,"height":11}},{"id":"9309f3e4-cfb9-4a4e-8e04-b95595b70136","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":77,"box":{"x":76,"y":843,"width":231,"height":9}},{"id":"e4563ae6-6f5b-4a8a-b3c0-fb691bf2688a","block_type":"box","text":"Cloud-based Computing and Data Storage Risk.","page_number":77,"box":{"x":76,"y":866,"width":328,"height":11}},{"id":"b37e04bf-d9f1-4d2f-b88f-a0ba50abac80","block_type":"box","text":"Companies involved in, or exposed to, cloud-based computing and data storage-related","page_number":77,"box":{"x":410,"y":866,"width":561,"height":11}},{"id":"844b11ad-2ced-423b-ab36-7641d41efb87","block_type":"box","text":"businesses may have limited product lines, markets, financial resources or personnel. 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These companies may not be exclusively or substantially exposed to cloud-based computing and data storage-related businesses","page_number":78,"box":{"x":76,"y":37,"width":889,"height":11}},{"id":"a151bee9-10ff-41dc-9833-c0ef23d2e936","block_type":"box","text":"(as determined by the Index Provider), but may be exposed, directly or indirectly, to the market and business risks of other companies,","page_number":78,"box":{"x":77,"y":51,"width":860,"height":11}},{"id":"0fee82d5-1579-4a63-a761-bdfc11fe2c8d","block_type":"box","text":"industries or sectors, and the Fund may be adversely affected by negative developments impacting those other companies, industries or","page_number":78,"box":{"x":76,"y":66,"width":873,"height":11}},{"id":"83e9c99b-c310-4a9e-ba55-8b8c9f80c345","block_type":"box","text":"sectors. These companies may depend on intellectual property rights and may be adversely affected by loss or impairment of those rights.","page_number":78,"box":{"x":76,"y":80,"width":884,"height":11}},{"id":"adb822f4-2f0a-4f22-ba71-f50e7df1fe0a","block_type":"box","text":"There can be no assurance that companies involved in cloud-based computing and data storage will be able to successfully protect their","page_number":78,"box":{"x":76,"y":94,"width":872,"height":11}},{"id":"2dcd84b7-ef01-40ff-90cc-fa650bb35075","block_type":"box","text":"intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially","page_number":78,"box":{"x":76,"y":108,"width":900,"height":11}},{"id":"7a61b049-ac6f-4b48-a0c9-aba14b763936","block_type":"box","text":"similar or superior.","page_number":78,"box":{"x":76,"y":122,"width":119,"height":11}},{"id":"826fe197-a5fb-41d1-b507-887b6b7a2b1f","block_type":"box","text":"Cloud-based computing and data storage companies also depend on a number of third parties to provide services to data centers, which, if","page_number":78,"box":{"x":76,"y":146,"width":891,"height":10}},{"id":"517d7ab2-f1d0-48f7-933f-6460a65092d7","block_type":"box","text":"interrupted, may impact products and services. 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These","page_number":78,"box":{"x":76,"y":428,"width":897,"height":11}},{"id":"024e1bd7-f866-4995-bcde-0133ac8bcac5","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. 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In addition, damage to a brand or a reputation crisis can have a substantial","page_number":78,"box":{"x":76,"y":602,"width":860,"height":11}},{"id":"bc098411-1a01-45f3-9ae4-c68aac66d881","block_type":"box","text":"adverse impact on consumer companies.","page_number":78,"box":{"x":76,"y":616,"width":262,"height":11}},{"id":"69ffb1f4-140b-4e86-8151-7b168fceef08","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":78,"box":{"x":76,"y":639,"width":849,"height":11}},{"id":"c2bdf1cd-0317-4b2d-94ea-0c5868d6f2a2","block_type":"box","text":"economic conditions and consumer confidence. 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Consumer companies also may be adversely","page_number":78,"box":{"x":76,"y":668,"width":856,"height":11}},{"id":"f9ac2da5-2143-462f-8e45-f68d9f387ea7","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":78,"box":{"x":76,"y":682,"width":561,"height":11}},{"id":"c0f5d248-ebb0-475a-a2c0-286a08101523","block_type":"box","text":"Currency Risk.","page_number":78,"box":{"x":76,"y":705,"width":100,"height":11}},{"id":"c484dddc-5e66-4816-b821-e24a8925a58a","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a non","page_number":78,"box":{"x":182,"y":705,"width":782,"height":11}},{"id":"d8fa6bd3-3c2d-4c62-b19c-35fb7f3a5298","block_type":"box","text":"U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":78,"box":{"x":77,"y":719,"width":871,"height":11}},{"id":"bcd3b5a9-2af5-4ae1-a801-e95d3dc0d7df","block_type":"box","text":"even if the foreign currency value of the Fund’s holdings in that market increases. Currency exchange rates can be very volatile and can","page_number":78,"box":{"x":76,"y":733,"width":867,"height":11}},{"id":"6d39149a-3ec1-427a-92b6-2a6f51e1dd43","block_type":"box","text":"change quickly and unpredictably. As a result, a Fund’s NAV may change quickly and without warning. In addition, a Fund may incur costs in","page_number":78,"box":{"x":76,"y":748,"width":892,"height":10}},{"id":"2cb8468c-6f08-412f-8655-dc61044e0790","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":78,"box":{"x":76,"y":762,"width":470,"height":11}},{"id":"82ff82ef-4e7f-443a-bf1c-fa624ea0c167","block_type":"box","text":"Custody Risk.","page_number":78,"box":{"x":76,"y":785,"width":94,"height":11}},{"id":"b5f894a2-329f-45f0-8bab-b7f3766a30fd","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":78,"box":{"x":175,"y":785,"width":780,"height":11}},{"id":"c594922e-bfc7-46d0-8d31-fe876d58712c","block_type":"box","text":"assets by local banks, agents and depositories. 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Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":78,"box":{"x":76,"y":828,"width":822,"height":10}},{"id":"71b88aa4-d739-4e29-805b-a85266decc6e","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":78,"box":{"x":76,"y":842,"width":905,"height":11}},{"id":"cf96ea14-65ba-43a8-92a8-568cea9852ba","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":78,"box":{"x":76,"y":856,"width":850,"height":11}},{"id":"5d2ca483-f5a0-464c-a635-79515589e337","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":78,"box":{"x":76,"y":870,"width":453,"height":11}},{"id":"ebc8adba-421c-4d71-ae0c-9181bda8c884","block_type":"box","text":"10","page_number":78,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"996279cc-2e2f-4bb6-81d1-dad8ddee6f04","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":79,"box":{"x":77,"y":23,"width":192,"height":11}},{"id":"ae7f6271-b746-4456-b01a-2078100cc630","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":79,"box":{"x":275,"y":23,"width":692,"height":11}},{"id":"2468cfcb-c44f-4ad9-92ee-08fd16837f4b","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":79,"box":{"x":77,"y":37,"width":895,"height":11}},{"id":"91d8c03f-7057-4169-90b1-bce9c6654693","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":79,"box":{"x":76,"y":51,"width":896,"height":11}},{"id":"9569ae5e-7321-4d91-9be1-4fd58d574788","block_type":"box","text":"eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or increases in the payment of dividends),","page_number":79,"box":{"x":76,"y":66,"width":879,"height":11}},{"id":"520ce3ff-44af-486f-9a27-b9953232c4d0","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":79,"box":{"x":76,"y":80,"width":888,"height":11}},{"id":"35549721-d39c-4295-bb73-adc81262cf66","block_type":"box","text":"as fixed-income investments become more attractive to investors.","page_number":79,"box":{"x":76,"y":94,"width":424,"height":9}},{"id":"1b725de4-56f2-4be5-bbd4-e9260e99653a","block_type":"box","text":"Electric Vehicles Sector Risk.","page_number":79,"box":{"x":77,"y":117,"width":200,"height":9}},{"id":"4d6c69f6-9b80-47f1-84ef-29e5e684b54e","block_type":"box","text":"Companies involved in, or exposed to, electric vehicles-related businesses may have limited product lines,","page_number":79,"box":{"x":283,"y":117,"width":680,"height":11}},{"id":"72f4179c-b013-4afa-a893-c2f122e4e6e3","block_type":"box","text":"markets, financial resources or personnel. 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There can be no assurance that companies","page_number":79,"box":{"x":76,"y":282,"width":857,"height":11}},{"id":"0a6345d6-b40f-4752-bb70-0d67df5d7b29","block_type":"box","text":"involved in electric vehicle technology will be able to successfully protect their intellectual property to prevent the misappropriation of their","page_number":79,"box":{"x":76,"y":296,"width":892,"height":11}},{"id":"ce4f1d41-f8a5-40e5-99e6-8a41a702c16c","block_type":"box","text":"technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology.","page_number":79,"box":{"x":76,"y":311,"width":835,"height":10}},{"id":"0401f3ed-3b73-4a48-8c6b-ad98cc61d933","block_type":"box","text":"Electric vehicle companies typically engage in significant amounts of spending on research and development, and there is no guarantee that","page_number":79,"box":{"x":77,"y":334,"width":896,"height":11}},{"id":"9bc9f65f-4766-4da9-b864-2941dd3c5018","block_type":"box","text":"the products or services produced by these companies will be successful. 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Lithium-ion battery cells, which are used in","page_number":79,"box":{"x":76,"y":536,"width":859,"height":11}},{"id":"e7fbea4b-e415-494e-a195-704be15a7001","block_type":"box","text":"electric vehicles, have been observed to catch fire or vent smoke and flame, which have raised concerns and may lead to litigation, product","page_number":79,"box":{"x":76,"y":550,"width":892,"height":11}},{"id":"5e5c3a31-c136-4ca2-a78c-e15cc640a92e","block_type":"box","text":"recalls or redesign efforts.","page_number":79,"box":{"x":77,"y":565,"width":166,"height":10}},{"id":"e0b4c217-a573-4313-9d23-e782a3657d11","block_type":"box","text":"Energy Companies Risk.","page_number":79,"box":{"x":77,"y":588,"width":165,"height":11}},{"id":"2aa3841a-7b18-4e6a-b944-3be498d7c13b","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":79,"box":{"x":247,"y":588,"width":695,"height":11}},{"id":"61ba59c1-1b87-492f-9318-2aaa48e7c2b3","block_type":"box","text":"demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations, war or","page_number":79,"box":{"x":76,"y":602,"width":904,"height":11}},{"id":"a85685e9-40cd-4ec8-a7e7-cdb2be76aa3a","block_type":"box","text":"other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i","page_number":79,"box":{"x":76,"y":616,"width":898,"height":11}},{"id":"749ca1e4-67bb-473f-a0bf-bea9adbf40dd","block_type":"box","text":"s","page_number":79,"box":{"x":976,"y":619,"width":6,"height":6}},{"id":"dc6a6da2-48eb-4930-9311-fd096e36c07d","block_type":"box","text":"subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws.","page_number":79,"box":{"x":76,"y":630,"width":880,"height":11}},{"id":"c2ca5de4-4c73-405f-8226-c8fa2492a534","block_type":"box","text":"Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the performance of","page_number":79,"box":{"x":77,"y":644,"width":866,"height":11}},{"id":"1ed00d67-9c8e-4eb0-a3ed-bc664ac831a3","block_type":"box","text":"energy companies.","page_number":79,"box":{"x":76,"y":659,"width":120,"height":11}},{"id":"08310b6c-3010-47bd-82d1-3b4e7a40a65b","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":79,"box":{"x":77,"y":682,"width":892,"height":11}},{"id":"0c8f0799-d9b6-4c43-8a3f-b5585ff2122d","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":79,"box":{"x":76,"y":696,"width":878,"height":11}},{"id":"af9f1c09-3edb-4f9d-910f-c6e7399c86a7","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":79,"box":{"x":76,"y":710,"width":885,"height":11}},{"id":"60a95f1c-cd61-439e-afb7-b15fd8794767","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":79,"box":{"x":77,"y":724,"width":866,"height":11}},{"id":"93501190-c535-44ca-b304-ed186c5ab164","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":79,"box":{"x":76,"y":739,"width":883,"height":10}},{"id":"bd60f16b-e5ca-454c-b629-547bd71ea947","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":79,"box":{"x":76,"y":753,"width":800,"height":11}},{"id":"258082c2-4ee0-45df-bb0e-359ae192bbc3","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":79,"box":{"x":76,"y":776,"width":837,"height":11}},{"id":"a0d9fdbd-c15e-4a2b-a1dc-c781e51ecd13","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":79,"box":{"x":76,"y":790,"width":882,"height":11}},{"id":"c685b60e-5d0e-410f-aef9-6654cac1d1db","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":79,"box":{"x":76,"y":804,"width":899,"height":11}},{"id":"073ab027-905c-4d6f-83bf-d9aefb385514","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":79,"box":{"x":76,"y":819,"width":860,"height":10}},{"id":"1137f0b5-b0f8-4b83-a305-2467121b7a1a","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":79,"box":{"x":76,"y":833,"width":868,"height":11}},{"id":"2d05d5bf-1d01-4b9d-b8f3-9b16641c9c29","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":79,"box":{"x":76,"y":847,"width":867,"height":11}},{"id":"e3708b2d-6ce3-43ce-a075-9ff5ea0c8494","block_type":"box","text":"Energy Storage Solutions Sector Risk.","page_number":79,"box":{"x":77,"y":870,"width":261,"height":11}},{"id":"b38eb29a-b973-4400-ae98-1ab4cd11823b","block_type":"box","text":"The market value of securities in the energy storage solutions sector may decline for the following","page_number":79,"box":{"x":344,"y":870,"width":629,"height":11}},{"id":"186e1765-d940-4d0e-869f-ffcd44dc2e4c","block_type":"box","text":"reasons, among others: changes in and volatility of traditional and alternative energy prices, energy supply and demand, government","page_number":79,"box":{"x":77,"y":884,"width":848,"height":11}},{"id":"32c8e05f-2695-470f-a219-cd8d62bb3fd2","block_type":"box","text":"11","page_number":79,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"3a87ad4e-a310-4e06-80bc-d95edabcab57","block_type":"box","text":"regulation and intervention, trade treaties, exchange rates, interest rates, tax treatment, energy conservation efforts, availability of certai","page_number":80,"box":{"x":77,"y":23,"width":876,"height":11}},{"id":"9b66eb59-f4f8-41ba-9a9c-a8851f20536a","block_type":"box","text":"n","page_number":80,"box":{"x":955,"y":26,"width":6,"height":5}},{"id":"6d28363d-11b1-4078-9069-799698fdd491","block_type":"box","text":"inputs and materials required for production, depletion of resources, technological developments, labor relations, costs related to","page_number":80,"box":{"x":76,"y":37,"width":830,"height":11}},{"id":"41fb397a-d237-42db-ac75-d88cb14812f9","block_type":"box","text":"exploration, mining, and production, and general economic conditions. 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The energy storage solutions sector may","page_number":80,"box":{"x":76,"y":211,"width":895,"height":11}},{"id":"b86037f9-9e3e-4253-89f8-5776de5065ce","block_type":"box","text":"also be significantly affected by changes in governmental regulations and policies, such as subsidies and tax incentives, including the","page_number":80,"box":{"x":76,"y":226,"width":852,"height":10}},{"id":"59519274-cf8e-4fbf-b2c7-53de2f9ed49a","block_type":"box","text":"possibility that government subsidies and/or tax incentives for alternative energy will be eliminated.","page_number":80,"box":{"x":76,"y":240,"width":640,"height":11}},{"id":"c480af63-1faf-4fc4-b543-44b29ba29e07","block_type":"box","text":"Equity Securities Risk.","page_number":80,"box":{"x":77,"y":263,"width":154,"height":11}},{"id":"4dd451c4-d52a-4258-a5e1-72dc6168f4dc","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":80,"box":{"x":237,"y":263,"width":732,"height":11}},{"id":"997fec18-3718-4372-add6-4216ce549ffb","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. 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Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":80,"box":{"x":76,"y":291,"width":905,"height":11}},{"id":"c9d26f32-3ccd-43ea-a7f9-9b2a2092bd1e","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":80,"box":{"x":76,"y":305,"width":875,"height":11}},{"id":"3e185065-2637-40d6-b968-408eb3141e4d","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":80,"box":{"x":76,"y":320,"width":812,"height":10}},{"id":"c034c928-3947-4219-9ea7-b2089114266f","block_type":"box","text":"ESG Risk.","page_number":80,"box":{"x":77,"y":343,"width":64,"height":8}},{"id":"eccfc3a0-753d-4cb4-8a60-24b956dda196","block_type":"box","text":"To the extent that a Fund’s Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and","page_number":80,"box":{"x":146,"y":343,"width":836,"height":11}},{"id":"0e6d9491-0420-46dc-90f9-fd5f6f025f8f","block_type":"box","text":"number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index","page_number":80,"box":{"x":76,"y":357,"width":888,"height":11}},{"id":"9c2537e3-0f97-463e-8087-1200aa8fd68e","block_type":"box","text":"does not use ESG criteria. An Underlying Index’s use of ESG criteria may result in a Fund investing in, or allocating greater weight to,","page_number":80,"box":{"x":76,"y":371,"width":846,"height":11}},{"id":"9c0cdf63-5245-45e3-90a0-fb8ca87d573f","block_type":"box","text":"securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. 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If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA","page_number":80,"box":{"x":76,"y":536,"width":903,"height":11}},{"id":"181085a7-3a9e-4d35-9528-31324afe1262","block_type":"box","text":"accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or","page_number":80,"box":{"x":76,"y":550,"width":872,"height":11}},{"id":"1f242265-5e43-47a4-97e7-256c837882b3","block_type":"box","text":"constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index","page_number":80,"box":{"x":76,"y":565,"width":868,"height":10}},{"id":"4cda682f-9baa-45a3-a3e8-b60f24427533","block_type":"box","text":"between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or","page_number":80,"box":{"x":76,"y":579,"width":900,"height":11}},{"id":"b4621c50-dd77-4655-b32a-59d9fde5ec0f","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":80,"box":{"x":76,"y":593,"width":286,"height":8}},{"id":"48be7fdf-75c2-4483-b434-f6cc45f5b042","block_type":"box","text":"The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and","page_number":80,"box":{"x":76,"y":616,"width":844,"height":11}},{"id":"95bea242-9401-4727-abcf-37ca375b89f4","block_type":"box","text":"information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the","page_number":80,"box":{"x":76,"y":630,"width":895,"height":11}},{"id":"bebef090-03b6-4b4a-b718-e3d471f597a2","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":80,"box":{"x":77,"y":645,"width":446,"height":10}},{"id":"e86b16dc-c1ca-47c0-b0f4-b474d8be214f","block_type":"box","text":"European Economic Risk.","page_number":80,"box":{"x":77,"y":668,"width":174,"height":10}},{"id":"69a4104b-ca44-4afb-b448-2b5635a718cf","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the European Union (the “EU”) requires compliance by","page_number":80,"box":{"x":256,"y":668,"width":702,"height":11}},{"id":"5f18241a-94a5-465d-bb9b-3ebead1420ea","block_type":"box","text":"member states that are members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal","page_number":80,"box":{"x":76,"y":682,"width":894,"height":10}},{"id":"835a7dde-0883-4ed7-a547-0a2d422a2863","block_type":"box","text":"and monetary controls, each of which may significantly affect every country in Europe, including those countries that are not members of the","page_number":80,"box":{"x":76,"y":696,"width":902,"height":11}},{"id":"70f8f3b2-8f33-45d1-9167-1f5f872d63ac","block_type":"box","text":"eurozone. Additionally, European countries outside of the eurozone may present economic risks that are independent of the indirect effects","page_number":80,"box":{"x":76,"y":710,"width":894,"height":11}},{"id":"86586941-138c-41ba-a041-f7e4e4be2486","block_type":"box","text":"that eurozone policies have on them. In particular, the United Kingdom’s (the “U.K.”) economy may be affected by global economic, industrial","page_number":80,"box":{"x":76,"y":724,"width":904,"height":11}},{"id":"67108e7a-be6e-4f80-b745-b046d7f0f244","block_type":"box","text":"and financial shifts. 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These events have affected and may in the future adversely affect the exchange rate of the euro","page_number":80,"box":{"x":77,"y":809,"width":886,"height":11}},{"id":"e7afc73b-4471-44c1-8080-09cc8d27d968","block_type":"box","text":"and may significantly affect European countries.","page_number":80,"box":{"x":76,"y":824,"width":307,"height":11}},{"id":"01b77a8a-fdd6-44e2-8ae3-306ded758df3","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":80,"box":{"x":77,"y":847,"width":878,"height":11}},{"id":"1c5322a3-307a-481b-b47f-a4ee4dc0dfff","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":80,"box":{"x":76,"y":861,"width":858,"height":11}},{"id":"92ff15a3-da2b-488c-aa98-6cfeaed33f14","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":80,"box":{"x":76,"y":875,"width":882,"height":11}},{"id":"70c21d46-9aac-4245-892f-a8b0daaf1ead","block_type":"box","text":"12","page_number":80,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"a588793c-801c-40ad-b0d4-b8a44f79bc03","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":81,"box":{"x":76,"y":23,"width":859,"height":11}},{"id":"06042e13-ca4b-474c-9971-fc4557e509a9","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or worldwide political,","page_number":81,"box":{"x":76,"y":37,"width":866,"height":11}},{"id":"b286ddb1-6c6b-46b1-8329-807f27a4d239","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":81,"box":{"x":77,"y":51,"width":894,"height":11}},{"id":"078173db-d5d9-4080-b089-727c5fdfb3ed","block_type":"box","text":"l","page_number":81,"box":{"x":973,"y":52,"width":1,"height":8}},{"id":"85aee5d9-8518-4663-bd6b-45f56aaba931","block_type":"box","text":"markets.","page_number":81,"box":{"x":76,"y":66,"width":55,"height":8}},{"id":"3392129c-514b-4ae5-ae09-28ffee032dc3","block_type":"box","text":"The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies,","page_number":81,"box":{"x":76,"y":89,"width":880,"height":11}},{"id":"edca5e73-9d6a-49a3-aea8-ab86e9710009","block_type":"box","text":"including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":81,"box":{"x":76,"y":103,"width":896,"height":11}},{"id":"1913e14b-474d-4a13-b918-24a81cf0ecd7","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":81,"box":{"x":76,"y":117,"width":845,"height":11}},{"id":"9faf5fac-1fa6-4e9a-81e3-7c2677232911","block_type":"box","text":"investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The","page_number":81,"box":{"x":76,"y":131,"width":871,"height":11}},{"id":"ddeba4a6-6886-48e5-83d0-961c15905c5f","block_type":"box","text":"impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s","page_number":81,"box":{"x":76,"y":146,"width":872,"height":10}},{"id":"901e496f-3c58-4794-b119-5b668447eabc","block_type":"box","text":"investments.","page_number":81,"box":{"x":76,"y":160,"width":81,"height":8}},{"id":"2530185a-1789-41dc-a602-125d541938cc","block_type":"box","text":"Russian Invasion of Ukraine","page_number":81,"box":{"x":76,"y":183,"width":172,"height":8}},{"id":"34fb08da-b787-413b-bcf2-a2518ea5442d","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":81,"box":{"x":250,"y":183,"width":720,"height":11}},{"id":"18c4d9b5-5e0d-4b71-b3fd-198daeb99564","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":81,"box":{"x":76,"y":197,"width":893,"height":11}},{"id":"ddf57370-16bb-475c-9ca6-0f2c26277bf0","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":81,"box":{"x":76,"y":211,"width":887,"height":11}},{"id":"e11d9a55-3bfb-47e7-b744-a3e322035d10","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":81,"box":{"x":76,"y":226,"width":886,"height":10}},{"id":"8cd1d134-cda5-415f-bb5c-529144270855","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":81,"box":{"x":76,"y":240,"width":894,"height":11}},{"id":"04398c93-01ec-4ff3-b938-8b5bcb4cbd4e","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":81,"box":{"x":76,"y":254,"width":891,"height":11}},{"id":"2c1d10e3-95bd-44ed-8ae4-fa018836290a","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":81,"box":{"x":76,"y":268,"width":885,"height":11}},{"id":"693f6221-9291-4d9e-b089-0368bd758ab7","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":81,"box":{"x":76,"y":282,"width":892,"height":11}},{"id":"9932880b-92e0-4667-9f8d-2afd50b7e84f","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":81,"box":{"x":77,"y":296,"width":431,"height":11}},{"id":"9682f162-1f06-43f4-a4af-6208b0543521","block_type":"box","text":"Exponential Technologies Risk","page_number":81,"box":{"x":77,"y":320,"width":210,"height":10}},{"id":"4070dea5-5e66-40f1-853f-df0cd64899a3","block_type":"box","text":". Technologies perceived to displace older technologies or create new markets may not in fact do so.","page_number":81,"box":{"x":288,"y":320,"width":644,"height":10}},{"id":"b843c059-789c-494b-966b-f2c66866a5b4","block_type":"box","text":"Companies that initially develop a novel technology may not be able to capitalize on the technology. Companies that develop exponential","page_number":81,"box":{"x":76,"y":334,"width":875,"height":11}},{"id":"2ed1618c-c9ab-4b18-aa55-6fb74fc4e5c6","block_type":"box","text":"technologies may face political or legal attacks from competitors, industry groups or local and national governments. These companies may","page_number":81,"box":{"x":76,"y":348,"width":895,"height":11}},{"id":"dde5d7a7-40c0-450c-a40b-aa9164e6dac7","block_type":"box","text":"also be exposed to risks applicable to sectors other than the exponential technology theme for which they are chosen, and the securities","page_number":81,"box":{"x":76,"y":362,"width":875,"height":11}},{"id":"5fd5761d-0741-46c5-afa3-2cee48c2495c","block_type":"box","text":"issued by these companies may underperform the securities of other companies that are primarily focused on a particular theme. The Fund","page_number":81,"box":{"x":76,"y":376,"width":891,"height":11}},{"id":"b0dd7fbf-f76a-47b1-aa92-82b4695497ea","block_type":"box","text":"may invest in a company that does not currently derive any revenue from exponential technologies, and there is no assurance that a","page_number":81,"box":{"x":76,"y":391,"width":844,"height":10}},{"id":"edf88480-6e28-47b0-ad89-73d54b51cee6","block_type":"box","text":"company will derive any revenue from exponential technologies in the future. An exponential technology may constitute a small portion of a","page_number":81,"box":{"x":76,"y":405,"width":892,"height":11}},{"id":"f2817279-3406-43fd-8dbd-738faa68e8c4","block_type":"box","text":"company’s overall business. As a result, the success of an exponential technology may not affect the value of the equity securities issued by","page_number":81,"box":{"x":76,"y":419,"width":897,"height":11}},{"id":"5d309814-94b2-4557-a930-428f60dd1629","block_type":"box","text":"the company.","page_number":81,"box":{"x":76,"y":433,"width":85,"height":11}},{"id":"e04e4d34-975a-4f30-adc6-d65d3087a3df","block_type":"box","text":"Financial Companies Risk.","page_number":81,"box":{"x":77,"y":456,"width":180,"height":11}},{"id":"0a51eb3d-be72-4076-88ad-0bd037696c6a","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":81,"box":{"x":263,"y":456,"width":689,"height":11}},{"id":"86aaeb50-ef82-4a5e-93a6-de653ab2cce6","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":81,"box":{"x":76,"y":470,"width":892,"height":11}},{"id":"fb343041-e59e-4316-9457-6e41b338de29","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":81,"box":{"x":76,"y":485,"width":891,"height":10}},{"id":"71d7ff88-5ae4-4cef-a1a6-d3cbcf79ab5e","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":81,"box":{"x":76,"y":499,"width":888,"height":11}},{"id":"fac674bd-66ff-4f71-8947-bed4ab7d9fdb","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":81,"box":{"x":77,"y":513,"width":870,"height":11}},{"id":"85768362-3da2-465c-9118-82c5573264a2","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":81,"box":{"x":77,"y":527,"width":766,"height":11}},{"id":"e84537af-36df-466e-aa2b-f034bf22fee5","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":81,"box":{"x":77,"y":550,"width":890,"height":11}},{"id":"21c2b0f4-6187-48c0-befe-d9e033f90ccd","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":81,"box":{"x":76,"y":565,"width":848,"height":10}},{"id":"b4639b6c-842e-452e-bfac-91051fd694a4","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":81,"box":{"x":76,"y":579,"width":884,"height":11}},{"id":"b283229b-8c91-4dda-a8eb-62c0ddfb3bd1","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":81,"box":{"x":76,"y":593,"width":889,"height":11}},{"id":"fb7b0bd7-a9a0-4306-af9d-d373bb798d00","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":81,"box":{"x":76,"y":607,"width":856,"height":11}},{"id":"35136b79-8ae7-4346-9678-550f076c3e1a","block_type":"box","text":"financial sector generally.","page_number":81,"box":{"x":76,"y":621,"width":162,"height":11}},{"id":"e49de568-7c70-4c81-bb8f-d98d12d83bcc","block_type":"box","text":"FinTech Risk.","page_number":81,"box":{"x":77,"y":644,"width":90,"height":9}},{"id":"a5440e3b-d75e-4ff4-a67f-78b4f1e7e352","block_type":"box","text":"Companies developing financial technologies or using technology-enabled innovation in the financial services industry","page_number":81,"box":{"x":172,"y":644,"width":756,"height":11}},{"id":"b5d75037-fdd2-4470-bed9-916c5c179108","block_type":"box","text":"(“FinTech Companies”) could result in new business models, applications, processes or products with an associated effect on the provision of","page_number":81,"box":{"x":77,"y":659,"width":905,"height":10}},{"id":"29358836-986b-4076-92fa-2cf90ee24b40","block_type":"box","text":"financial services. FinTech Companies may seek to disrupt or displace established financial institutions and may face competition from larger","page_number":81,"box":{"x":76,"y":673,"width":903,"height":11}},{"id":"c9efee93-09ed-4c11-ab21-f09d266db700","block_type":"box","text":"and more established companies. FinTech Companies may not be able to capitalize on their disruptive technologies when facing political","page_number":81,"box":{"x":76,"y":687,"width":872,"height":11}},{"id":"7129b6d3-5192-402e-8b9c-06be5f4af36f","block_type":"box","text":"and/or legal attacks from competitors, industry groups or local and national governments. These companies may depend on intellectual","page_number":81,"box":{"x":76,"y":701,"width":871,"height":11}},{"id":"b612cb75-13ae-4295-a7df-f7862c24d987","block_type":"box","text":"property rights and may be adversely affected by loss or impairment of those rights. Many Fintech Companies are not currently profitable,","page_number":81,"box":{"x":76,"y":715,"width":883,"height":11}},{"id":"c25b9ab0-35e9-4026-8d67-377838b49d5e","block_type":"box","text":"and there can be no assurance that these companies will be profitable in the future. Additionally, FinTech Companies may be adversely","page_number":81,"box":{"x":76,"y":730,"width":863,"height":10}},{"id":"dcf442d2-0776-4cbc-a5ef-2eb0a0e7214d","block_type":"box","text":"impacted by potential rapid product obsolescence, cybersecurity attacks and disruptions in the technology they depend on.","page_number":81,"box":{"x":76,"y":744,"width":790,"height":11}},{"id":"309d160c-dbf9-43bb-b302-70bb4c82ff16","block_type":"box","text":"Legal and regulatory changes, particularly related to information privacy and data protection, may impact the products or services of FinTech","page_number":81,"box":{"x":77,"y":767,"width":900,"height":11}},{"id":"9bf85378-62be-4d20-abb5-22f48f239ce4","block_type":"box","text":"Companies. Laws and regulations typically vary by state and by country, which may create challenges for FinTech Companies to achieve","page_number":81,"box":{"x":76,"y":781,"width":869,"height":11}},{"id":"84331ed0-c0b1-447d-af06-7e703d47c0fe","block_type":"box","text":"scale. Increasing regulatory scrutiny and legal liability may limit the development and impede the growth of these companies. Similarly, the","page_number":81,"box":{"x":76,"y":795,"width":889,"height":11}},{"id":"8068dd3a-6af5-434f-9915-cb4c559cbbc9","block_type":"box","text":"collection and storage of data from consumers and other sources may face increased scrutiny as regulators consider how data may be","page_number":81,"box":{"x":76,"y":809,"width":862,"height":11}},{"id":"477530f8-5d56-484f-8d66-c115a6243b21","block_type":"box","text":"collected, stored, safeguarded and used. Further, in the event of a data breach or a similar incident, FinTech Companies may face legal","page_number":81,"box":{"x":76,"y":824,"width":860,"height":11}},{"id":"e2e07eec-30ee-4d1a-a8bc-82644dc03338","block_type":"box","text":"liability.","page_number":81,"box":{"x":77,"y":838,"width":46,"height":11}},{"id":"8214fd1f-e076-41ef-ad27-8262c9560cfa","block_type":"box","text":"Geographic and Security Risks.","page_number":81,"box":{"x":76,"y":861,"width":216,"height":11}},{"id":"da4a5a24-409f-4acd-a2f7-3fe02636e097","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":81,"box":{"x":298,"y":861,"width":668,"height":11}},{"id":"49078456-bbd7-4e71-8214-355f4c35866f","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":81,"box":{"x":76,"y":875,"width":885,"height":11}},{"id":"349a0ea4-1a0b-40ca-b7ee-c642b53ddae2","block_type":"box","text":"13","page_number":81,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"beeff5c1-d2f1-47a6-b25b-077672a9bcfa","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":82,"box":{"x":76,"y":23,"width":840,"height":11}},{"id":"2cdb5d9d-b84a-4c0a-bae2-717cc86feb31","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":82,"box":{"x":76,"y":37,"width":845,"height":11}},{"id":"9913823b-cfc7-4b04-a0ab-c3c41fe0b780","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":82,"box":{"x":76,"y":51,"width":570,"height":11}},{"id":"256e1ed1-8bfd-43df-849e-78159a9b20cd","block_type":"box","text":"Healthcare Companies Risk.","page_number":82,"box":{"x":77,"y":75,"width":194,"height":10}},{"id":"99e44105-df30-4203-900f-64201df2ff85","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":82,"box":{"x":276,"y":75,"width":688,"height":11}},{"id":"c706eb11-5146-4b51-bc92-d219ff1d1d7c","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":82,"box":{"x":76,"y":89,"width":879,"height":11}},{"id":"32a87c8c-5a8e-4622-8612-9e1540c96a16","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":82,"box":{"x":76,"y":103,"width":899,"height":11}},{"id":"37880e20-391d-43c9-aaf5-a0bd15f83558","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":82,"box":{"x":76,"y":117,"width":888,"height":11}},{"id":"40fa9845-1bc5-4095-9da2-4cdeaab4bce2","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":82,"box":{"x":76,"y":131,"width":891,"height":11}},{"id":"108ef15f-9ab6-4d1d-b1c5-12beaee27190","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":82,"box":{"x":76,"y":146,"width":882,"height":10}},{"id":"0199eb4f-0fae-4ee1-8eae-90750e70464a","block_type":"box","text":"product liability and similar claims.","page_number":82,"box":{"x":76,"y":160,"width":221,"height":11}},{"id":"38be63ed-9f64-41e4-8ce6-8ebaeed21a14","block_type":"box","text":"Illiquid Investments Risk.","page_number":82,"box":{"x":77,"y":183,"width":174,"height":11}},{"id":"c4b3a064-cba9-4707-940f-a69fec4bd209","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":82,"box":{"x":256,"y":183,"width":719,"height":11}},{"id":"e44cded0-f594-4671-9cf6-277bf2901b63","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":82,"box":{"x":76,"y":197,"width":883,"height":11}},{"id":"3390cf4e-62f0-41b6-bd55-29f9b88df35a","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":82,"box":{"x":76,"y":211,"width":885,"height":11}},{"id":"469fb7e3-312d-4a8e-abb9-f842540a5291","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":82,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"e043dca9-ecb4-4c44-9e83-8f2805d95e9c","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":82,"box":{"x":76,"y":240,"width":890,"height":10}},{"id":"465e7b87-a7ed-4897-aa2c-f02b47c68ce4","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":82,"box":{"x":77,"y":254,"width":751,"height":11}},{"id":"6caab6ee-f1c1-4b7e-962f-5ebf51b75f61","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":82,"box":{"x":77,"y":277,"width":884,"height":11}},{"id":"ab71c9fd-ce09-4c05-8745-66516e5e992d","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":82,"box":{"x":76,"y":291,"width":900,"height":11}},{"id":"30da7444-ee01-4aac-bc72-838ce9c05d8c","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":82,"box":{"x":76,"y":305,"width":867,"height":11}},{"id":"2a8e8c23-6d21-4a97-9c0f-eecaea39be58","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":82,"box":{"x":77,"y":329,"width":900,"height":10}},{"id":"df62786b-31da-4d12-b1a2-e1f4705a4230","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":82,"box":{"x":76,"y":343,"width":890,"height":11}},{"id":"765d6460-f12a-4517-bacc-93d174025487","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":82,"box":{"x":76,"y":357,"width":828,"height":11}},{"id":"c1226ca0-c92c-4852-b436-b5a1d8a345a9","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":82,"box":{"x":77,"y":371,"width":873,"height":11}},{"id":"f12ebe2a-4416-483d-9862-1d79ec0128a7","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":82,"box":{"x":77,"y":385,"width":887,"height":11}},{"id":"35fb8e33-b007-4590-9da1-a720cea2eac4","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":82,"box":{"x":77,"y":400,"width":896,"height":10}},{"id":"c7c1e98c-67ff-455e-8948-5bb37c8a090b","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":82,"box":{"x":76,"y":414,"width":869,"height":11}},{"id":"16fb773b-c469-47fd-9f78-2333b582ca6f","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":82,"box":{"x":77,"y":428,"width":886,"height":11}},{"id":"fd1eb86b-10bf-4cfd-abb7-25d8efc96d2d","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":82,"box":{"x":77,"y":442,"width":858,"height":11}},{"id":"3c9a172c-5c28-48aa-ae36-1877d9b2da81","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":82,"box":{"x":76,"y":456,"width":254,"height":11}},{"id":"d472e5c3-0656-42f3-848a-856d65b86e6f","block_type":"box","text":"Index-Related Risk.","page_number":82,"box":{"x":77,"y":479,"width":132,"height":9}},{"id":"903124a4-c401-484d-97cb-271182cb5edb","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":82,"box":{"x":214,"y":480,"width":728,"height":10}},{"id":"0a5203e9-d539-46e2-9021-2bbc98958705","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":82,"box":{"x":76,"y":494,"width":869,"height":11}},{"id":"d0b37f5f-687e-472f-a611-bc915b56f2b4","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":82,"box":{"x":77,"y":508,"width":872,"height":11}},{"id":"80df0c58-13a6-4e55-80df-e4e17d418394","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":82,"box":{"x":77,"y":522,"width":862,"height":11}},{"id":"5a96e9f0-5d8f-43a3-8c3d-bc3e6b1317b2","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":82,"box":{"x":76,"y":536,"width":897,"height":11}},{"id":"b144bd2e-645a-47cc-aff2-9ca456298e1c","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":82,"box":{"x":76,"y":550,"width":881,"height":11}},{"id":"d98ff402-018f-4830-a391-368ae7666cc8","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":82,"box":{"x":76,"y":574,"width":852,"height":10}},{"id":"ae95ef48-1bd3-4cc3-8620-d9813f221eee","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":82,"box":{"x":76,"y":588,"width":850,"height":11}},{"id":"5fdc996d-4dd2-46dc-9495-9a3b3174f2f0","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":82,"box":{"x":76,"y":602,"width":877,"height":11}},{"id":"c65eee2a-76a3-469a-b016-b54d1073c245","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":82,"box":{"x":76,"y":616,"width":906,"height":11}},{"id":"25ca0636-feaa-447e-ad50-03df87175aad","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":82,"box":{"x":76,"y":630,"width":904,"height":11}},{"id":"a47499ec-743c-4e95-bb66-dae1bcf7825c","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":82,"box":{"x":76,"y":644,"width":894,"height":11}},{"id":"683780d7-d9bf-41e7-8664-6edac75f470f","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":82,"box":{"x":76,"y":659,"width":877,"height":11}},{"id":"e0b052c9-c7d5-43f9-bceb-4f0f36d94da1","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":82,"box":{"x":76,"y":673,"width":881,"height":11}},{"id":"b2469338-b074-4358-b3d2-97d6d11fa5de","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":82,"box":{"x":76,"y":687,"width":844,"height":11}},{"id":"79e29cc2-c121-4227-9858-b87aeb20a183","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":82,"box":{"x":77,"y":701,"width":879,"height":11}},{"id":"4d7ac895-10d5-4a44-8e7d-f2ca85084e7b","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":82,"box":{"x":76,"y":715,"width":340,"height":11}},{"id":"db952188-0ec1-4b85-a7b5-2e6661b5d9d3","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":82,"box":{"x":77,"y":739,"width":857,"height":10}},{"id":"0be288d3-6961-4068-9970-b5a0604d632f","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":82,"box":{"x":77,"y":753,"width":880,"height":11}},{"id":"cf1386ad-254b-4eae-9ec3-6ffd8dac0dbd","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":82,"box":{"x":76,"y":767,"width":902,"height":11}},{"id":"8bd7a1ab-828c-4167-967e-37be17078e08","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":82,"box":{"x":76,"y":781,"width":905,"height":11}},{"id":"fc8690d0-7e99-4dc1-91b8-349b3eed85af","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":82,"box":{"x":76,"y":795,"width":889,"height":11}},{"id":"3db38af2-d00c-41a7-bd53-326e8c6b3099","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":82,"box":{"x":76,"y":810,"width":890,"height":10}},{"id":"e8fbd2af-18ed-4782-a523-3e007f2c1566","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":82,"box":{"x":76,"y":824,"width":723,"height":11}},{"id":"bd954786-e64b-46ca-9b02-0be78049500e","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":82,"box":{"x":77,"y":847,"width":899,"height":11}},{"id":"2e283aed-454f-411a-be02-0855202ad4c3","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":82,"box":{"x":76,"y":861,"width":876,"height":11}},{"id":"2215e11f-c35c-4043-837a-5d3e0e121f21","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":82,"box":{"x":76,"y":875,"width":865,"height":11}},{"id":"9536d237-39a3-4dec-95e7-307c0e138478","block_type":"box","text":"14","page_number":82,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"ebbf1a4d-cf93-4c1d-8989-b7cd3d12de83","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":83,"box":{"x":76,"y":23,"width":897,"height":11}},{"id":"7cae34d4-b7ef-49da-a7c5-e574f45fc3e4","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":83,"box":{"x":76,"y":37,"width":213,"height":11}},{"id":"12e57c0e-9272-4d7b-9f63-c5157ed4a014","block_type":"box","text":"Industrial Companies Risk.","page_number":83,"box":{"x":77,"y":61,"width":184,"height":10}},{"id":"39a5e9fa-9bff-4707-88b4-3f912005d06d","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":83,"box":{"x":267,"y":61,"width":673,"height":10}},{"id":"07850b1a-7106-452f-ad4f-f2b6aa7e53d2","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":83,"box":{"x":76,"y":75,"width":889,"height":11}},{"id":"740d65fa-11f3-4ba8-8ad0-4a0b9ce1b37a","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":83,"box":{"x":76,"y":89,"width":878,"height":11}},{"id":"f5675c13-cb7e-4960-9ae6-6f6e39257bb9","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":83,"box":{"x":76,"y":103,"width":873,"height":11}},{"id":"5f2a0491-7b18-47ff-a053-0e670ecef557","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":83,"box":{"x":76,"y":117,"width":902,"height":11}},{"id":"0a0897a9-523a-4e6f-92f8-5f99050fb91b","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":83,"box":{"x":76,"y":131,"width":872,"height":11}},{"id":"09b80eb5-fab3-4afb-9fbd-bd4f84ae3943","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":83,"box":{"x":77,"y":146,"width":881,"height":10}},{"id":"9e48181e-a1bc-4391-b827-977d35f839cd","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":83,"box":{"x":76,"y":160,"width":892,"height":11}},{"id":"422a5355-005e-45af-803b-8d67e624be8b","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":83,"box":{"x":76,"y":174,"width":322,"height":11}},{"id":"c955127a-aa7d-4e19-94a9-64a5a96fd733","block_type":"box","text":"Issuer Risk.","page_number":83,"box":{"x":77,"y":197,"width":79,"height":9}},{"id":"4c01d67c-9568-4def-a860-6b25aeb46296","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":83,"box":{"x":161,"y":197,"width":755,"height":11}},{"id":"0599fa5d-75ab-4d01-ad42-aaf671ed3df4","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":83,"box":{"x":76,"y":211,"width":861,"height":11}},{"id":"f3f6ca75-1427-4029-b606-e27a974c665d","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":83,"box":{"x":76,"y":226,"width":406,"height":10}},{"id":"222a7afe-15c6-4e0e-bb72-cff0a9c0474d","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":83,"box":{"x":77,"y":249,"width":256,"height":11}},{"id":"ea7947a1-32bd-4feb-a81c-e7cba755dba1","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":83,"box":{"x":340,"y":249,"width":630,"height":11}},{"id":"9097eca2-5d2f-4d2d-b6b1-7eac8892a25a","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":83,"box":{"x":76,"y":263,"width":881,"height":11}},{"id":"e877c351-2890-4d8d-a1ff-ee9216bc6f67","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":83,"box":{"x":76,"y":277,"width":890,"height":11}},{"id":"24384756-067b-480a-8b03-b1e3f143a704","block_type":"box","text":"performance of the broader securities markets.","page_number":83,"box":{"x":76,"y":291,"width":303,"height":11}},{"id":"48029f2d-fd76-4a58-9c38-5c3a6b2965c0","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":83,"box":{"x":77,"y":314,"width":368,"height":11}},{"id":"5eb365de-c722-4e80-aa1e-0c03bdfdbb68","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":83,"box":{"x":450,"y":314,"width":518,"height":11}},{"id":"f5f709b3-d1db-405f-a9fd-9f3d2391b288","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":83,"box":{"x":76,"y":329,"width":875,"height":10}},{"id":"6828becb-ce6c-4fd7-ba1f-6edfb990bfaf","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":83,"box":{"x":76,"y":343,"width":899,"height":11}},{"id":"6c40a575-c404-4e14-96df-dd0fd054538d","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":83,"box":{"x":76,"y":357,"width":901,"height":11}},{"id":"b77ed80a-840c-40ac-a745-53948e10941c","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":83,"box":{"x":76,"y":371,"width":888,"height":11}},{"id":"d40f7e89-c941-48f9-9d98-5fd18d3863b2","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":83,"box":{"x":76,"y":385,"width":882,"height":11}},{"id":"68545c01-8186-428b-b2e2-a8bfac5da2c2","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":83,"box":{"x":76,"y":400,"width":889,"height":10}},{"id":"632389a5-98c2-4825-901b-723acfec4b4e","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":83,"box":{"x":76,"y":414,"width":906,"height":11}},{"id":"1fa2e1ff-eed6-4b49-90a8-0ed8049cb034","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":83,"box":{"x":76,"y":428,"width":904,"height":11}},{"id":"67efa5b1-a0cb-48dc-9093-1fe80bcea37a","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":83,"box":{"x":76,"y":442,"width":855,"height":11}},{"id":"8bc0441a-769d-4ff8-a2c4-bfb4fbb81b79","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":83,"box":{"x":77,"y":456,"width":892,"height":11}},{"id":"dc2cd626-e4b7-4873-9c6c-5e0ab343d4e5","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":83,"box":{"x":77,"y":470,"width":901,"height":11}},{"id":"1a37fedf-63a0-4149-a340-510258b60506","block_type":"box","text":"to price.","page_number":83,"box":{"x":76,"y":485,"width":52,"height":10}},{"id":"849fe228-ba3b-4e98-b0e2-b75172fe4291","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":83,"box":{"x":76,"y":508,"width":840,"height":11}},{"id":"6bb9468b-422f-412a-be7c-2168eec14db7","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":83,"box":{"x":76,"y":522,"width":898,"height":11}},{"id":"adf5a764-15b5-4b40-8243-7472192c0039","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":83,"box":{"x":76,"y":536,"width":878,"height":11}},{"id":"2989133f-8d63-4333-943c-394c97f2f4ff","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":83,"box":{"x":76,"y":550,"width":792,"height":11}},{"id":"2e81b176-35f4-4bcd-8ed1-eabc980b9cb6","block_type":"box","text":"Management Risk.","page_number":83,"box":{"x":77,"y":574,"width":126,"height":10}},{"id":"4ffe1eab-6a4e-4974-9d1e-e0264aea2fd5","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":83,"box":{"x":208,"y":574,"width":757,"height":10}},{"id":"8dd3f43b-c58b-4ed9-9b90-811abde3711d","block_type":"box","text":"their investment merits. Such a Fund may be affected by a general decline in market segments related to its Underlying Index, and BFA","page_number":83,"box":{"x":76,"y":588,"width":863,"height":11}},{"id":"ebea4678-3a94-4645-b60e-8b0edf499445","block_type":"box","text":"generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets.","page_number":83,"box":{"x":76,"y":602,"width":864,"height":11}},{"id":"67c6fb92-871d-42c8-ac38-443abaa5d817","block_type":"box","text":"Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in","page_number":83,"box":{"x":77,"y":616,"width":898,"height":11}},{"id":"cdee1ad1-8035-4fd1-b123-d0eebf426058","block_type":"box","text":"order to track its Underlying Index. Because BFA uses a representative sampling indexing strategy, a Fund will not fully replicate its","page_number":83,"box":{"x":76,"y":630,"width":837,"height":11}},{"id":"c89a92ff-2cad-4b2f-9ff3-d3477c6db79a","block_type":"box","text":"Underlying Index and may hold securities or other assets not included in the Underlying Index. As a result, a Fund is subject to the risk that","page_number":83,"box":{"x":77,"y":645,"width":888,"height":10}},{"id":"339c9b5d-e0f4-41fc-8360-ac766e7e995f","block_type":"box","text":"BFA’s investment strategy, whose implementation is subject to a number of constraints, may not produce the intended results. There is no","page_number":83,"box":{"x":77,"y":659,"width":883,"height":11}},{"id":"4d827900-eecb-4558-b9e2-e6aab3bcfb9e","block_type":"box","text":"guarantee that a Fund’s investment results will have a high degree of correlation to those of its Underlying Index or that a Fund will achieve","page_number":83,"box":{"x":76,"y":673,"width":889,"height":11}},{"id":"793b9906-974d-45a2-8317-7e4240f88937","block_type":"box","text":"its investment objective.","page_number":83,"box":{"x":76,"y":687,"width":156,"height":11}},{"id":"48153938-7f8c-43a5-ba09-5d1983f04a4f","block_type":"box","text":"Market Risk.","page_number":83,"box":{"x":77,"y":710,"width":85,"height":9}},{"id":"e4e5447f-5b84-4828-b526-6fb85a033725","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":83,"box":{"x":167,"y":710,"width":764,"height":11}},{"id":"127b7fd1-7831-4c11-afbb-06bd4baa6df7","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":83,"box":{"x":76,"y":724,"width":879,"height":11}},{"id":"bacc8fcd-252c-41d9-8ec9-5cfdd94e2c66","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":83,"box":{"x":76,"y":739,"width":884,"height":10}},{"id":"4956e979-47f2-4fd9-b5ea-d9456d7840ce","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":83,"box":{"x":76,"y":753,"width":904,"height":11}},{"id":"5f849621-7ed6-4047-a005-f7679485d2e5","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":83,"box":{"x":76,"y":767,"width":858,"height":11}},{"id":"db236d23-a74b-4025-8910-fef707e0cab7","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":83,"box":{"x":76,"y":781,"width":869,"height":11}},{"id":"736415b3-3f04-436e-b04f-22725d336e5d","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":83,"box":{"x":76,"y":795,"width":885,"height":11}},{"id":"82b77b76-681e-4d8d-a395-b6c4ce93457b","block_type":"box","text":"and assets.","page_number":83,"box":{"x":76,"y":810,"width":71,"height":8}},{"id":"4480b3c1-e24b-4818-bdfa-4c513dd49aa0","block_type":"box","text":"Market Trading Risk.","page_number":83,"box":{"x":77,"y":833,"width":140,"height":11}},{"id":"97ee07e8-2066-4c26-9322-39844cc4e0ab","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":83,"box":{"x":222,"y":833,"width":753,"height":11}},{"id":"1186afa4-7c88-42f2-848b-f49ac22e7f80","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":83,"box":{"x":76,"y":847,"width":896,"height":11}},{"id":"3b865e1d-ca5d-4a62-a6b1-ac638fe08aa8","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":83,"box":{"x":76,"y":861,"width":877,"height":11}},{"id":"130172be-528d-47cf-9f95-16c9822c2153","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":83,"box":{"x":77,"y":875,"width":446,"height":11}},{"id":"e2693faa-ff3f-4cdd-a59e-ffde173d95c8","block_type":"box","text":"15","page_number":83,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"c55b7abe-8a07-4cbe-b5f0-d9e8ae994e0d","block_type":"box","text":"Absence of an Active Primary Market.","page_number":84,"box":{"x":75,"y":23,"width":236,"height":11}},{"id":"d1ccee0b-91ef-42e1-b0e3-3b59a07dc21f","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":84,"box":{"x":317,"y":23,"width":663,"height":11}},{"id":"c48450b3-6d80-447c-8f46-00c058f8d903","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":84,"box":{"x":76,"y":37,"width":826,"height":11}},{"id":"1519a41c-d77b-49ab-b489-a435a84d2088","block_type":"box","text":"Secondary Listing Risks.","page_number":84,"box":{"x":76,"y":61,"width":151,"height":10}},{"id":"58af2f65-ebd8-46db-9226-5d6214c07482","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":84,"box":{"x":233,"y":61,"width":732,"height":10}},{"id":"2326ed53-add2-4fc6-bd62-413e99b6e730","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":84,"box":{"x":76,"y":75,"width":841,"height":11}},{"id":"b930b81c-2c5e-4bb3-84b5-2049fc002311","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":84,"box":{"x":76,"y":89,"width":890,"height":11}},{"id":"7cdeb712-fda0-4cb5-b46b-a5d40b656257","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":84,"box":{"x":76,"y":103,"width":880,"height":11}},{"id":"9f3a3d4c-017a-4c2c-9cbc-33f78f849a95","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":84,"box":{"x":76,"y":117,"width":872,"height":11}},{"id":"f4e8cbde-05bc-4021-b0cb-69f9e8a186b4","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":84,"box":{"x":76,"y":131,"width":897,"height":11}},{"id":"e08268cf-c7ba-42ed-a9c1-d931578a8c4b","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":84,"box":{"x":76,"y":146,"width":862,"height":10}},{"id":"21d4edf3-381b-4fca-a85c-5539dedcbe52","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":84,"box":{"x":76,"y":160,"width":579,"height":11}},{"id":"0cf89b70-d6e0-4ff1-a5a4-1e6ccbd6721c","block_type":"box","text":"Secondary Market Trading Risk.","page_number":84,"box":{"x":76,"y":183,"width":196,"height":11}},{"id":"c2c9c59c-61a3-49ce-b401-a1db43a7f2cd","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":84,"box":{"x":279,"y":183,"width":703,"height":11}},{"id":"b83c8b2d-766d-457a-9523-b437bae20dab","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":84,"box":{"x":76,"y":197,"width":896,"height":11}},{"id":"ce785ec7-4d72-41d7-ac1c-55320050f890","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":84,"box":{"x":76,"y":211,"width":880,"height":11}},{"id":"49cbb0af-f8d6-4628-ba24-78f85434d148","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":84,"box":{"x":76,"y":226,"width":900,"height":10}},{"id":"8f918bb7-e3c6-4e05-b579-6bec7e0fe546","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":84,"box":{"x":76,"y":240,"width":893,"height":11}},{"id":"bd7107c2-70fe-4e74-91ba-740f826ae8ab","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":84,"box":{"x":76,"y":254,"width":581,"height":11}},{"id":"3655e822-e837-43ef-a0a3-a0ee66b1f8eb","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":84,"box":{"x":77,"y":277,"width":900,"height":11}},{"id":"c4c273ff-d6a4-4361-b278-13434f3bd0da","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":84,"box":{"x":76,"y":291,"width":547,"height":11}},{"id":"cfb02525-8d5f-48f1-99c8-2cd54e264241","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":84,"box":{"x":76,"y":314,"width":894,"height":11}},{"id":"e2b35a60-d957-4d5f-b2c8-6d7af5d8a3cf","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":84,"box":{"x":76,"y":329,"width":905,"height":10}},{"id":"17510bd3-e6b2-427f-806d-39e4aec55eaf","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":84,"box":{"x":77,"y":343,"width":874,"height":11}},{"id":"a6e844f3-11a6-4f90-b54d-18796c806ac9","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":84,"box":{"x":76,"y":357,"width":890,"height":11}},{"id":"83b20fba-084f-43b3-90ea-26e514c2d654","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":84,"box":{"x":76,"y":371,"width":857,"height":11}},{"id":"aaed1894-2400-4487-8b20-a4484da70781","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":84,"box":{"x":76,"y":385,"width":891,"height":11}},{"id":"f51e2d06-dc34-456d-ad5f-47abc4d52841","block_type":"box","text":"substantial trading losses.","page_number":84,"box":{"x":76,"y":400,"width":166,"height":10}},{"id":"d6ba85f8-6fc4-4bc9-8357-0c4b3b3ca699","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":84,"box":{"x":76,"y":423,"width":874,"height":11}},{"id":"dee074ef-20fe-41d3-af1c-550ed86eac1c","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":84,"box":{"x":76,"y":437,"width":893,"height":11}},{"id":"77fd242f-e53d-446d-b9a8-973f1fd2c7b6","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":84,"box":{"x":76,"y":451,"width":658,"height":11}},{"id":"a9dff95f-a836-436e-8d82-f0afece58a1d","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":84,"box":{"x":76,"y":474,"width":310,"height":11}},{"id":"1e7dd4a3-27ee-4a9c-a4ae-9720ebd2a207","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":84,"box":{"x":385,"y":474,"width":572,"height":11}},{"id":"fae4fa69-13e9-4fe0-ad7c-eccd7d4ed802","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":84,"box":{"x":77,"y":489,"width":852,"height":10}},{"id":"4d200365-d5ca-448f-b51c-639d0c683654","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":84,"box":{"x":76,"y":503,"width":892,"height":11}},{"id":"9f48b4c1-c7d6-48a0-a946-c6816839d352","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":84,"box":{"x":77,"y":517,"width":885,"height":11}},{"id":"69ff7c56-ebd3-411f-bc56-0cbd8a230f68","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":84,"box":{"x":76,"y":531,"width":792,"height":11}},{"id":"9d1410d0-fc8b-4f88-bacb-273b8de3ff57","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":84,"box":{"x":77,"y":554,"width":886,"height":11}},{"id":"7c526c7e-ea52-4f7f-b2eb-e4d92ad0b4d5","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":84,"box":{"x":77,"y":568,"width":891,"height":11}},{"id":"36f7e35f-fbec-4565-a8e1-5a1176d509e7","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":84,"box":{"x":76,"y":583,"width":899,"height":10}},{"id":"a07db403-4ce5-4e33-9829-67fb7049c753","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":84,"box":{"x":77,"y":597,"width":899,"height":11}},{"id":"8785b776-f3d6-43bd-a434-2b0337956665","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":84,"box":{"x":76,"y":611,"width":878,"height":11}},{"id":"43b3793f-0cf3-4434-b7c4-ef73e1d12955","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":84,"box":{"x":76,"y":625,"width":902,"height":11}},{"id":"bdf91915-3e73-4ec9-8514-b8f9ea509518","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":84,"box":{"x":76,"y":639,"width":891,"height":11}},{"id":"17fd7e7b-7da8-45eb-b9e0-617b94a57adf","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":84,"box":{"x":76,"y":654,"width":849,"height":10}},{"id":"e9575ea8-7046-4a1c-b731-ecd4b86968e5","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":84,"box":{"x":76,"y":668,"width":622,"height":11}},{"id":"801488f8-dc07-4dec-9171-420ed5bcec63","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":84,"box":{"x":76,"y":691,"width":245,"height":11}},{"id":"7afe2d0e-a902-471f-9fab-10b06cef1d62","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":84,"box":{"x":328,"y":691,"width":636,"height":11}},{"id":"ab3523f2-b7d9-4eaa-bd5b-b6f3ec5df07c","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":84,"box":{"x":76,"y":705,"width":853,"height":11}},{"id":"67dc322e-ce41-456c-b3fa-41ac1ba39088","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":84,"box":{"x":76,"y":719,"width":895,"height":11}},{"id":"6b5afca9-630f-484d-8002-4b10d1477729","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":84,"box":{"x":76,"y":733,"width":865,"height":11}},{"id":"718394f4-0246-47fd-9c8f-332e34512da1","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":84,"box":{"x":76,"y":748,"width":885,"height":10}},{"id":"f471b6f7-6075-4c9e-a78a-bab669848d3d","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":84,"box":{"x":77,"y":762,"width":891,"height":11}},{"id":"7ec9258e-0371-4943-b111-a2de10130f25","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":84,"box":{"x":76,"y":776,"width":901,"height":11}},{"id":"248592c9-d292-4265-9e3d-a275928ea78b","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":84,"box":{"x":76,"y":790,"width":858,"height":11}},{"id":"0399f5a7-50c7-47f0-966c-b84ad35613c6","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":84,"box":{"x":77,"y":804,"width":418,"height":11}},{"id":"e2b1d364-a5c1-495e-b4fe-107ffbf754c1","block_type":"box","text":"Materials Companies Risk.","page_number":84,"box":{"x":77,"y":828,"width":182,"height":10}},{"id":"62d48ba7-5b6b-4aa9-b0dd-0f8814f007e6","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":84,"box":{"x":264,"y":828,"width":710,"height":10}},{"id":"dd0ccecf-29ac-4527-8e01-9e8ab66b1446","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":84,"box":{"x":76,"y":842,"width":868,"height":11}},{"id":"f6b0a731-529e-4df6-8f6a-cab34638a036","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":84,"box":{"x":76,"y":856,"width":897,"height":11}},{"id":"85a7aafb-87c7-4a7b-8063-05360fc9adea","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":84,"box":{"x":77,"y":870,"width":868,"height":11}},{"id":"02524bcf-9b7c-4b59-a366-cd069ad225b7","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":84,"box":{"x":76,"y":884,"width":676,"height":11}},{"id":"235004f4-fe95-4daf-9781-ca5a5269f748","block_type":"box","text":"16","page_number":84,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"67bc5a2d-5e92-4028-ba9e-4aa05aff4966","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":85,"box":{"x":77,"y":23,"width":243,"height":11}},{"id":"0be2a848-852e-4009-a3ca-3236570d370f","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":85,"box":{"x":326,"y":23,"width":607,"height":11}},{"id":"10b6ebbe-4f14-47e4-9a32-a76b55652c19","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":85,"box":{"x":76,"y":37,"width":875,"height":11}},{"id":"30bbbfb5-2093-4e39-b64b-2f72c87da9c7","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":85,"box":{"x":76,"y":51,"width":847,"height":11}},{"id":"e3e0a48e-6f45-4b3f-a25f-50e12468df46","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":85,"box":{"x":76,"y":66,"width":889,"height":11}},{"id":"4fea092f-03b5-4fc9-9a28-37c67343c919","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":85,"box":{"x":76,"y":80,"width":882,"height":11}},{"id":"44b8c2be-440e-45c9-b197-4f9db2efbcc6","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":85,"box":{"x":76,"y":94,"width":473,"height":11}},{"id":"3de2d71c-c720-4ec5-a22a-24474da8d7e7","block_type":"box","text":"Middle Eastern Economic Risk.","page_number":85,"box":{"x":77,"y":117,"width":212,"height":9}},{"id":"8d424c05-e24c-4439-af94-80d07ac290f3","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political and legal systems in","page_number":85,"box":{"x":295,"y":117,"width":680,"height":11}},{"id":"dc365aad-74d8-402a-99a1-97276f76b3f8","block_type":"box","text":"such countries may adversely impact the companies in which the Fund invests and, as a result, the value of the Fund. Middle Eastern","page_number":85,"box":{"x":76,"y":131,"width":849,"height":11}},{"id":"69195ab2-fce6-4ae3-bcee-055c7a279d7c","block_type":"box","text":"governments have exercised and continue to exercise substantial influence over many aspects of the private sector. Many economies in the","page_number":85,"box":{"x":76,"y":146,"width":895,"height":10}},{"id":"4faa9857-8f6c-441b-8f30-9aabe5b2ed4b","block_type":"box","text":"Middle East are highly reliant on income from the sale of oil and natural gas or trade with countries involved in the sale of oil and natural gas,","page_number":85,"box":{"x":77,"y":160,"width":898,"height":11}},{"id":"d2911ac7-6552-4281-808d-b67a69369112","block_type":"box","text":"and their economies are therefore vulnerable to changes in the market for oil and natural gas and foreign currency values. As global demand","page_number":85,"box":{"x":76,"y":174,"width":898,"height":11}},{"id":"7d206bf0-b67d-4a31-b691-da9dbef16f2f","block_type":"box","text":"for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted. A sustained decrease in commodity prices","page_number":85,"box":{"x":76,"y":188,"width":896,"height":11}},{"id":"078a839b-539e-4570-a20c-39d43477ad5e","block_type":"box","text":"could have a significant negative impact on all aspects of the economy in the region. Middle Eastern economies may be subject to acts of","page_number":85,"box":{"x":76,"y":202,"width":880,"height":11}},{"id":"9f06f942-306f-40e6-8577-a357ca120593","block_type":"box","text":"terrorism, political strife, religious, ethnic or socioeconomic unrest and sudden outbreaks of hostilities with neighboring countries.","page_number":85,"box":{"x":76,"y":216,"width":833,"height":11}},{"id":"977f7bb5-65c1-40e3-8568-50bc3d6f24a4","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes, historical","page_number":85,"box":{"x":76,"y":240,"width":825,"height":10}},{"id":"7b05556b-5d42-43f1-bc6c-084195ee7f05","block_type":"box","text":"animosities, international alliances, religious tensions or defense concerns, which may adversely affect the economies of these countries.","page_number":85,"box":{"x":76,"y":254,"width":880,"height":11}},{"id":"7780d4c9-545d-46c2-a3d8-60b17d068f62","block_type":"box","text":"Certain Middle Eastern countries experience significant unemployment, as well as widespread underemployment.","page_number":85,"box":{"x":76,"y":268,"width":726,"height":11}},{"id":"dbaa323f-eb1c-4130-974b-9a5a534bc276","block_type":"box","text":"Many Middle Eastern countries periodically have experienced political, economic and social unrest as protestors have called for widespread","page_number":85,"box":{"x":77,"y":291,"width":893,"height":11}},{"id":"c9c4be0d-283d-4bb1-9412-973b39523bf8","block_type":"box","text":"reform. Some of these protests have resulted in a governmental regime change, internal conflict or civil war. If further regime changes were","page_number":85,"box":{"x":77,"y":305,"width":892,"height":11}},{"id":"cb39db0b-c311-42a0-a9d2-3654e02bb0ff","block_type":"box","text":"to occur, internal conflict were to intensify, or a civil war were to continue in any of these countries, such instability could adversely affect the","page_number":85,"box":{"x":76,"y":320,"width":906,"height":10}},{"id":"d9a9acb5-71f5-4932-a8b7-622a77593003","block_type":"box","text":"economies of Middle Eastern countries in which the Fund invests and could decrease the value of the Fund’s investments.","page_number":85,"box":{"x":76,"y":334,"width":780,"height":8}},{"id":"6ea22112-4e64-47ba-8665-2aad259d1544","block_type":"box","text":"National Closed Market Trading Risk.","page_number":85,"box":{"x":77,"y":357,"width":254,"height":11}},{"id":"f6d6cdef-993c-42b7-8ed8-185fb778c11f","block_type":"box","text":"To the extent that securities or other assets held by a Fund trade on foreign exchanges or in foreign","page_number":85,"box":{"x":336,"y":357,"width":637,"height":11}},{"id":"8e764297-807a-4371-aaf1-b210c08e5581","block_type":"box","text":"markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between","page_number":85,"box":{"x":76,"y":371,"width":905,"height":11}},{"id":"dc07a1a7-1898-4ec3-9142-82f6ee3b599c","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":85,"box":{"x":76,"y":385,"width":332,"height":11}},{"id":"2c745db3-7ce3-4530-8ac7-850c4bee3dbd","block_type":"box","text":"i.e","page_number":85,"box":{"x":408,"y":385,"width":15,"height":9}},{"id":"f75d4ebd-ee2d-4dc8-b19f-02965244eb70","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":85,"box":{"x":425,"y":385,"width":508,"height":11}},{"id":"6cb0cad8-7cbc-4535-a3b1-ec3fd80e40ae","block_type":"box","text":"foreign market on a Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a","page_number":85,"box":{"x":76,"y":400,"width":863,"height":10}},{"id":"fdc9afc4-9872-4fa3-8c91-e948def83f68","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund’s NAV that may be","page_number":85,"box":{"x":76,"y":414,"width":862,"height":11}},{"id":"65f76552-1993-4b95-838f-0b64c0bd73cb","block_type":"box","text":"greater than those experienced by other funds.","page_number":85,"box":{"x":76,"y":428,"width":300,"height":11}},{"id":"65540e24-e417-4bce-8931-6c95ba7c61e2","block_type":"box","text":"Neuroscience Companies Risk.","page_number":85,"box":{"x":77,"y":451,"width":213,"height":11}},{"id":"9cdd0dda-ec91-4d82-9610-35dcbe1d5385","block_type":"box","text":"Neuroscience companies are often subject to the potential or actual performance of a limited number of","page_number":85,"box":{"x":296,"y":451,"width":669,"height":11}},{"id":"db548064-7fee-49a6-85e1-27e864d57711","block_type":"box","text":"products or technologies and, accordingly, may be greatly affected if any of their products or technologies proves to be, among other things,","page_number":85,"box":{"x":76,"y":465,"width":898,"height":11}},{"id":"ae3e9ef7-315f-4519-b66a-9b9d4ef449be","block_type":"box","text":"unsafe, ineffective or unprofitable, or if such product or technology is not approved by regulators or other governing bodies. The research and","page_number":85,"box":{"x":77,"y":479,"width":904,"height":11}},{"id":"584c9479-c377-4a7f-8945-47a30c99e682","block_type":"box","text":"development and other costs associated with developing or procuring new drugs, products or technologies and the related intellectual","page_number":85,"box":{"x":76,"y":494,"width":859,"height":11}},{"id":"84423d60-f094-4cea-b5fa-c211018aed01","block_type":"box","text":"property rights can be significant. The results of such research and expenditures are unpredictable and may not lead to commercially","page_number":85,"box":{"x":76,"y":508,"width":852,"height":11}},{"id":"61955cc0-3a79-43cc-92cc-0d607190cfc0","block_type":"box","text":"successful products. The development and protection of intellectual property rights are critical for neuroscience companies, whose product","page_number":85,"box":{"x":76,"y":522,"width":894,"height":11}},{"id":"b3753b47-1cab-4b03-aa4f-5f7613842668","block_type":"box","text":"pipeline and profitability may be affected significantly by the expiration of patents or the loss of, or the inability to enforce, intellectual","page_number":85,"box":{"x":76,"y":536,"width":856,"height":11}},{"id":"995e2f4c-9285-4b50-a0d0-2f15bd35ef2b","block_type":"box","text":"property rights. Neuroscience companies are also subject to the risk of product liability claims, which may affect the value of their equity","page_number":85,"box":{"x":76,"y":550,"width":876,"height":11}},{"id":"be73fa07-e2c8-4afe-b607-0b61c6803df4","block_type":"box","text":"securities. Such companies may have thin capitalization and limited markets, financial resources or personnel, and they are also susceptible","page_number":85,"box":{"x":76,"y":565,"width":897,"height":10}},{"id":"1c6e42f0-358a-4c66-972d-7c742dad8308","block_type":"box","text":"to the market and business risks of related industries, such as biotechnology, pharmaceuticals and health care equipment.","page_number":85,"box":{"x":76,"y":579,"width":784,"height":11}},{"id":"825da1ed-8c90-44d0-942d-53a959f36702","block_type":"box","text":"Neuroscience companies may face political, legal or regulatory challenges or constraints from competitors, industry groups or local and","page_number":85,"box":{"x":77,"y":602,"width":868,"height":11}},{"id":"3a45fa12-607d-4b39-bb6f-bafaf9c0a573","block_type":"box","text":"national governments. Governmental regulation may delay or inhibit the release of new products. The process for obtaining regulatory","page_number":85,"box":{"x":76,"y":616,"width":857,"height":11}},{"id":"b7fab10a-6a13-43bf-a4f4-3c9ddfad49a4","block_type":"box","text":"approval from governmental authorities, such as the U.S. Food and Drug Administration, can be long and costly, and there can be no","page_number":85,"box":{"x":76,"y":630,"width":847,"height":11}},{"id":"26ed8e5c-9037-4b01-9f45-98afcc361442","block_type":"box","text":"assurance that the necessary approvals will be obtained or maintained. Neuroscience companies may also be subject to expenses and","page_number":85,"box":{"x":76,"y":645,"width":862,"height":10}},{"id":"e5795494-40c7-4842-bf85-b19a97c7f52b","block_type":"box","text":"losses from expensive insurance costs due to the risks of product liability claims and extensive litigation based on intellectual property.","page_number":85,"box":{"x":77,"y":659,"width":864,"height":11}},{"id":"d57ac1c9-b6b6-4b11-97f1-8094d88d0186","block_type":"box","text":"Health care providers, principally hospitals, that transact with neuroscience companies often rely on third-party payors, such as Medicare,","page_number":85,"box":{"x":77,"y":673,"width":883,"height":11}},{"id":"e27d5eea-4148-43bd-b3c3-f9305a19bc26","block_type":"box","text":"Medicaid and other government-sponsored programs, private health insurance plans and health maintenance organizations, to reimburse all","page_number":85,"box":{"x":77,"y":687,"width":897,"height":11}},{"id":"7b8ad432-8567-4c15-b9c1-50aa3d3c073e","block_type":"box","text":"or a portion of the cost of neuroscience-related products or services. As a result, neuroscience companies may be sensitive to legislative","page_number":85,"box":{"x":76,"y":701,"width":877,"height":11}},{"id":"e93c63f2-58b5-461b-ae8b-7b3a6bd95be4","block_type":"box","text":"changes and reductions in government spending for such programs, as well as state or local health care reform measures. The stock prices","page_number":85,"box":{"x":76,"y":715,"width":891,"height":11}},{"id":"eb29e89b-87d9-4933-9261-0a8683769fbd","block_type":"box","text":"of companies in the neuroscience industry have been and will likely continue to be extremely volatile, particularly when their products are up","page_number":85,"box":{"x":76,"y":730,"width":900,"height":10}},{"id":"b17a01ef-b1bd-4e9b-9e2e-b743d58bccaf","block_type":"box","text":"for regulatory approval or under regulatory scrutiny.","page_number":85,"box":{"x":76,"y":744,"width":331,"height":11}},{"id":"238c2a39-b5a3-4887-9a13-5ce50d9c0b24","block_type":"box","text":"Non-Diversification Risk.","page_number":85,"box":{"x":77,"y":767,"width":170,"height":8}},{"id":"84fe6794-7ca2-492e-94a4-ef6ba4463cd5","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":85,"box":{"x":252,"y":767,"width":711,"height":11}},{"id":"b832e76f-ec1e-4605-b39e-71145a841dc6","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":85,"box":{"x":76,"y":781,"width":855,"height":11}},{"id":"c77693ce-6390-48bf-8b95-e5cd45104717","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":85,"box":{"x":76,"y":795,"width":886,"height":11}},{"id":"6063c27a-b942-494e-8591-9b7567037538","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":85,"box":{"x":76,"y":809,"width":879,"height":11}},{"id":"6bddf533-a649-471e-b9c0-6d1c1f793414","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":85,"box":{"x":77,"y":824,"width":390,"height":10}},{"id":"55931f7c-3beb-45c5-bc65-e5256ec17229","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":85,"box":{"x":77,"y":847,"width":171,"height":8}},{"id":"29ba1627-1c4e-4c8e-b01f-6c88cd9b68ca","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":85,"box":{"x":253,"y":847,"width":698,"height":11}},{"id":"a27ce5a1-d896-4e52-bf6a-6f75266b6567","block_type":"box","text":"political, economic, and market risks than securities issued by U.S. issuers. To the extent that investments are made in a limited number of","page_number":85,"box":{"x":76,"y":861,"width":889,"height":11}},{"id":"71a822a8-1b35-48ea-86c0-2e4583a5c94e","block_type":"box","text":"17","page_number":85,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"7942b4e8-2026-4caa-af79-5c9b73d947cd","block_type":"box","text":"countries, events in those countries will have a more significant impact on a Fund. The risks of investing in non-U.S. securities include the","page_number":86,"box":{"x":76,"y":23,"width":880,"height":11}},{"id":"dc28a588-7484-433f-9db3-370406c757a7","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":86,"box":{"x":76,"y":37,"width":402,"height":11}},{"id":"dde61283-86e7-4100-94af-909c9b6a1f1c","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":86,"box":{"x":114,"y":55,"width":445,"height":11}},{"id":"c359d0ae-f0e8-4954-8dd9-466d659da732","block_type":"box","text":"Greater market volatility;","page_number":86,"box":{"x":113,"y":73,"width":158,"height":11}},{"id":"36409a41-1bd7-4d50-b1c3-f26270cf9331","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":86,"box":{"x":113,"y":91,"width":383,"height":11}},{"id":"90ccb6b4-8e02-41fd-8955-8bb683fda758","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":86,"box":{"x":113,"y":109,"width":348,"height":11}},{"id":"c2185c5b-5e93-4d89-92e6-4362d8ef2930","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":86,"box":{"x":114,"y":128,"width":316,"height":10}},{"id":"14988963-1ed9-4568-9c70-c50440298c18","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":86,"box":{"x":114,"y":146,"width":319,"height":10}},{"id":"c73e5d9a-d844-42b4-8bef-37a13ad4c5a9","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":86,"box":{"x":114,"y":164,"width":257,"height":10}},{"id":"d26ad3d5-e2c7-42eb-9a03-fa40dbe2ea00","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":86,"box":{"x":114,"y":182,"width":265,"height":10}},{"id":"09d50d32-ef06-4115-8484-66bb33cf88ba","block_type":"box","text":"Higher transaction and custody costs;","page_number":86,"box":{"x":114,"y":200,"width":241,"height":11}},{"id":"cc135882-f52b-4372-988c-6c71823161fd","block_type":"box","text":"Foreign market trading hours, different clearing and settlement procedures, and holiday schedules, which may limit a Fund’s ability to","page_number":86,"box":{"x":114,"y":218,"width":852,"height":11}},{"id":"c9ff4e5f-5068-4a8d-ab6a-45164776ed4c","block_type":"box","text":"engage in portfolio transactions;","page_number":86,"box":{"x":113,"y":232,"width":206,"height":11}},{"id":"43ee3a58-b176-4539-9401-8856add9718f","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":86,"box":{"x":114,"y":250,"width":386,"height":11}},{"id":"0a9dd7cb-ff80-4629-84b4-edf8a9176fd7","block_type":"box","text":"Less availability of public information about issuers;","page_number":86,"box":{"x":114,"y":268,"width":329,"height":11}},{"id":"45910a7e-6b09-4a2b-9ba6-178594d943b2","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":86,"box":{"x":113,"y":286,"width":803,"height":11}},{"id":"56e852fe-b1c1-4961-ab54-3a065cfb6b84","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":86,"box":{"x":114,"y":304,"width":328,"height":11}},{"id":"887cdc0e-8d94-4765-9d67-976bdc836f3b","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":86,"box":{"x":114,"y":322,"width":853,"height":11}},{"id":"8908208a-07f2-47f4-b569-30754c44c9eb","block_type":"box","text":"than those that apply in the U.S.","page_number":86,"box":{"x":113,"y":336,"width":205,"height":11}},{"id":"c3ebf7de-f517-4812-a719-4fc02e82a77e","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":86,"box":{"x":77,"y":360,"width":188,"height":10}},{"id":"51fbb395-5a8c-4808-be75-f74b64c310cd","block_type":"box","text":". A Fund that holds non-U.S. securities may file claims to recover withholding tax on dividend and interest","page_number":86,"box":{"x":265,"y":360,"width":674,"height":10}},{"id":"e385064c-4109-482c-b66e-69197ae42765","block_type":"box","text":"income (if any) received from issuers in certain countries where such withholding tax reclaim is possible. Whether or when a Fund will receive","page_number":86,"box":{"x":76,"y":374,"width":905,"height":11}},{"id":"935d7854-a26d-48bb-af93-6d2e820905ea","block_type":"box","text":"a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding tax based","page_number":86,"box":{"x":76,"y":388,"width":898,"height":11}},{"id":"ad024a2c-83f4-4b84-8a96-8296a4a8b9a8","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. The Fund","page_number":86,"box":{"x":76,"y":402,"width":852,"height":11}},{"id":"d59fe3ee-4990-4d0f-8e52-b9242598a1da","block_type":"box","text":"continues to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":86,"box":{"x":76,"y":416,"width":906,"height":11}},{"id":"9a81ccd4-505e-40e0-bd25-14fda85576ef","block_type":"box","text":"decreases, such as due to a change in tax regulation or approach, accruals in a Fund’s NAV for such refunds may be written down partially or","page_number":86,"box":{"x":76,"y":430,"width":901,"height":11}},{"id":"e10e98cb-6267-4950-834a-eac1d11ed32f","block_type":"box","text":"in full, which will adversely affect the Fund’s NAV. Investors in a Fund at the time when an accrual is written down will bear the impact of any","page_number":86,"box":{"x":76,"y":445,"width":897,"height":10}},{"id":"efdb9179-d03e-4d99-813e-5e46029da4ca","block_type":"box","text":"resulting reduction in NAV regardless of whether they were investors during the accrual period. Conversely, if a Fund receives a tax refund","page_number":86,"box":{"x":77,"y":459,"width":882,"height":11}},{"id":"5fa5d9d9-0e78-426e-9951-02a3f4b0f1a0","block_type":"box","text":"that was not previously accrued, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s","page_number":86,"box":{"x":76,"y":473,"width":906,"height":11}},{"id":"d4007b80-d47a-415e-a8ad-1dc71bce1b60","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":86,"box":{"x":77,"y":487,"width":636,"height":11}},{"id":"0df3b776-2d87-4fd9-8d3b-9ee830cf15de","block_type":"box","text":"North American Economic Risk","page_number":86,"box":{"x":77,"y":510,"width":215,"height":9}},{"id":"a2ad8c9b-8e81-4682-ae33-e13fba8d98e8","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":86,"box":{"x":293,"y":510,"width":657,"height":11}},{"id":"e2ff3115-d38e-42a0-9e9e-35e53466c1f1","block_type":"box","text":"American country can have a significant economic effect on the entire North American region and on some or all of the North American","page_number":86,"box":{"x":76,"y":525,"width":866,"height":10}},{"id":"86494666-213e-4227-929f-1ff2b1181505","block_type":"box","text":"countries in which a Fund invests.","page_number":86,"box":{"x":76,"y":539,"width":215,"height":8}},{"id":"40ccabfb-f900-4c28-9d74-8a047d008f1e","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are significantly affected by","page_number":86,"box":{"x":76,"y":562,"width":903,"height":11}},{"id":"590af33e-c14b-4307-afa2-e94b1638ccec","block_type":"box","text":"developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement (“NAFTA”) in 1994 among","page_number":86,"box":{"x":76,"y":576,"width":852,"height":11}},{"id":"8c29b85e-c06b-4f17-8681-030f1cc9bb1b","block_type":"box","text":"Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including","page_number":86,"box":{"x":76,"y":590,"width":891,"height":11}},{"id":"17c98857-c532-464c-a96a-d23964dd6736","block_type":"box","text":"the implementation of tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement","page_number":86,"box":{"x":76,"y":605,"width":847,"height":10}},{"id":"7bd648e2-944d-4ed1-ba4b-b0ba8d770905","block_type":"box","text":"(“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value of","page_number":86,"box":{"x":77,"y":619,"width":883,"height":11}},{"id":"b1d8ea05-4374-4313-85bd-508423aa3aa5","block_type":"box","text":"securities held by a Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally,","page_number":86,"box":{"x":76,"y":633,"width":888,"height":11}},{"id":"70cb5a31-a3a0-43c9-944d-6c0de8218622","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":86,"box":{"x":76,"y":647,"width":375,"height":11}},{"id":"ee6e8464-71d2-4988-ad82-e3c5404a52ad","block_type":"box","text":"Operational and Technology Risks.","page_number":86,"box":{"x":76,"y":670,"width":239,"height":11}},{"id":"684c94bc-54e3-457f-855d-b1010a486662","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":86,"box":{"x":320,"y":670,"width":648,"height":11}},{"id":"aa10fc72-4a8d-4c13-9daf-aae32f9bb402","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":86,"box":{"x":76,"y":684,"width":842,"height":11}},{"id":"e4542b2d-a165-4910-97bc-acdeb39e57fa","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":86,"box":{"x":76,"y":699,"width":877,"height":10}},{"id":"1dc16e8c-d97d-4cfd-9494-8d7fbdb0967f","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":86,"box":{"x":76,"y":713,"width":844,"height":11}},{"id":"b9a145b9-5901-418e-87f7-5591ebcbb5a7","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":86,"box":{"x":76,"y":727,"width":866,"height":11}},{"id":"99be2e17-498f-4806-8f4f-ce7535d9f6fa","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":86,"box":{"x":76,"y":741,"width":892,"height":11}},{"id":"8bbf7f31-7b22-4866-8f6b-251aa97874c9","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":86,"box":{"x":76,"y":755,"width":889,"height":11}},{"id":"dbc948a7-2c5e-4278-b358-57877997544d","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":86,"box":{"x":76,"y":770,"width":870,"height":10}},{"id":"19501d1c-21f3-48f1-9d2f-6d9c92aff838","block_type":"box","text":"risks.","page_number":86,"box":{"x":77,"y":784,"width":32,"height":8}},{"id":"439a34f8-3bf7-42b5-8ac5-93e34bc88750","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":86,"box":{"x":76,"y":807,"width":895,"height":11}},{"id":"3a2d1903-f013-4c12-a410-7e7ab6c57746","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":86,"box":{"x":76,"y":821,"width":878,"height":11}},{"id":"e3b0af29-3491-4b7c-82c2-cdc411123fb3","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":86,"box":{"x":76,"y":835,"width":905,"height":11}},{"id":"6d8acca7-0bf8-45bc-b4e3-30b5efb3f0f2","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":86,"box":{"x":76,"y":849,"width":885,"height":11}},{"id":"6515608f-9af8-4c3e-afd8-ebf1ef111a16","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":86,"box":{"x":76,"y":864,"width":828,"height":10}},{"id":"4f87fecb-4cc3-40a2-80a2-19f2646e84be","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":86,"box":{"x":76,"y":878,"width":898,"height":11}},{"id":"63f54b18-34a8-473c-a93e-4aeab34a04ea","block_type":"box","text":"18","page_number":86,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"dba4c810-2c52-42fc-930b-70d0dc100b98","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":87,"box":{"x":76,"y":23,"width":884,"height":11}},{"id":"b01512e0-0c11-4b89-b269-68766397a194","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":87,"box":{"x":77,"y":37,"width":880,"height":11}},{"id":"5f0eeb4a-f9d3-42e7-a425-9e513d29b671","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":87,"box":{"x":77,"y":51,"width":898,"height":11}},{"id":"aecde3a4-dd7f-441d-b0d3-758acf9ad786","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":87,"box":{"x":76,"y":66,"width":866,"height":11}},{"id":"7379de59-de81-4db9-9f85-ae99c4d5edba","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":87,"box":{"x":76,"y":80,"width":906,"height":11}},{"id":"c63d2a96-7118-4ec3-8cdb-93c0320c5a80","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":87,"box":{"x":76,"y":94,"width":904,"height":11}},{"id":"0c3daca6-2430-4516-ae64-9326dbefc412","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":87,"box":{"x":76,"y":108,"width":885,"height":11}},{"id":"85028468-79be-42f0-849e-e08172af2a56","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":87,"box":{"x":77,"y":122,"width":872,"height":11}},{"id":"f445a94b-ca37-40d0-a54f-e9181193da59","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":87,"box":{"x":76,"y":137,"width":855,"height":10}},{"id":"4eb74945-b960-4fb4-8835-3883412e20fb","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":87,"box":{"x":76,"y":151,"width":857,"height":11}},{"id":"0e7d3c75-4bf6-4fc2-80c5-0916bf49e034","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":87,"box":{"x":76,"y":165,"width":897,"height":11}},{"id":"4fd09645-d00f-4816-8c51-aa5aaf644318","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":87,"box":{"x":76,"y":179,"width":886,"height":11}},{"id":"3173cbc8-fe04-4bb8-b495-81ee9135a421","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":87,"box":{"x":76,"y":193,"width":876,"height":11}},{"id":"9e0f5cf5-81dd-41e4-892c-2b6c25f55775","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":87,"box":{"x":76,"y":207,"width":585,"height":11}},{"id":"529d6250-cb69-4688-baa6-ff95c5369acf","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":87,"box":{"x":76,"y":231,"width":864,"height":11}},{"id":"b280e2c4-35e6-466d-abab-145a7957bb24","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":87,"box":{"x":76,"y":245,"width":889,"height":11}},{"id":"d84080c9-984d-4e4b-94f4-6dcaa9442306","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":87,"box":{"x":77,"y":259,"width":839,"height":11}},{"id":"e3370e8c-031a-4760-989e-228bfd3c7a5e","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":87,"box":{"x":76,"y":273,"width":862,"height":11}},{"id":"64106fda-3644-4af5-9b41-e086e03af0a9","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":87,"box":{"x":77,"y":287,"width":863,"height":11}},{"id":"298c3bfd-15ed-4527-8c57-2c1a70379696","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":87,"box":{"x":76,"y":302,"width":871,"height":10}},{"id":"132dd7e6-4a7c-44a0-82a1-e700dd1808c7","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":87,"box":{"x":76,"y":316,"width":895,"height":11}},{"id":"87120202-66b3-4fd9-90ae-eae312a3fc4c","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":87,"box":{"x":76,"y":330,"width":882,"height":11}},{"id":"e270d34d-0e37-4475-8b3c-12605ccd8a07","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":87,"box":{"x":76,"y":344,"width":659,"height":11}},{"id":"944efe9a-071f-4cf0-8b4b-4b6de27087aa","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":87,"box":{"x":77,"y":367,"width":830,"height":11}},{"id":"34f9b12b-d20e-432b-b89e-cbdd464bf8c5","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":87,"box":{"x":75,"y":382,"width":905,"height":10}},{"id":"e582673e-18a3-4ff0-ade7-407c7e533ee5","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":87,"box":{"x":77,"y":396,"width":756,"height":11}},{"id":"39afdd55-969c-45f9-b589-551f19870508","block_type":"box","text":"Ownership Limitations Risk.","page_number":87,"box":{"x":76,"y":419,"width":195,"height":11}},{"id":"f3b49602-77e9-4f97-88b6-35a388a35942","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":87,"box":{"x":277,"y":419,"width":697,"height":11}},{"id":"104d345c-11bc-4cdd-8245-e0a36406b88c","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":87,"box":{"x":77,"y":433,"width":900,"height":11}},{"id":"5b572b77-0810-4ba2-8717-a8f362398b50","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":87,"box":{"x":76,"y":447,"width":851,"height":11}},{"id":"a28f975b-75f0-44ed-9a5e-939659faa417","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":87,"box":{"x":77,"y":461,"width":866,"height":11}},{"id":"140019ab-d717-4020-8fa1-aff9d574bdc0","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":87,"box":{"x":76,"y":476,"width":903,"height":10}},{"id":"7a9d99fc-f8ae-4cde-bd23-07a656c9940c","block_type":"box","text":"holdings.","page_number":87,"box":{"x":77,"y":490,"width":55,"height":11}},{"id":"c8fcbec9-2da6-438c-8ee8-f197e6f6df5e","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":87,"box":{"x":77,"y":513,"width":851,"height":11}},{"id":"35407b06-3ad7-4171-aad7-a4e7b12fffe5","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":87,"box":{"x":76,"y":527,"width":890,"height":11}},{"id":"62ae91ca-f09e-42b4-b53c-6927e639f6c7","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":87,"box":{"x":76,"y":541,"width":870,"height":11}},{"id":"c763754e-a0de-4d28-9d1f-7c82e4e6be71","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":87,"box":{"x":76,"y":556,"width":884,"height":10}},{"id":"a8ea5d03-3aae-4fc1-89fe-85fc6662fcc5","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":87,"box":{"x":76,"y":570,"width":906,"height":11}},{"id":"c43bdafa-d969-4035-b0f1-e175c78b3ba0","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":87,"box":{"x":76,"y":584,"width":886,"height":11}},{"id":"e7a4d73f-555f-474c-8ed1-37ca3872cf04","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":87,"box":{"x":76,"y":598,"width":896,"height":11}},{"id":"119b84da-025b-4845-a8f2-6e3a1ad9207b","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":87,"box":{"x":76,"y":621,"width":885,"height":11}},{"id":"65ca35e9-f6aa-459c-81e0-6c31463a00b5","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":87,"box":{"x":76,"y":635,"width":854,"height":11}},{"id":"8fc3862d-dd5e-4bc6-b7fb-052b8f236d0d","block_type":"box","text":"disapproval that was obtained.","page_number":87,"box":{"x":76,"y":650,"width":195,"height":10}},{"id":"a734a94f-36b6-4886-8dc6-c7a6fe970399","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":87,"box":{"x":77,"y":673,"width":235,"height":11}},{"id":"5bd3044c-2764-47d2-94af-c258471dfbc0","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":87,"box":{"x":317,"y":673,"width":636,"height":11}},{"id":"158335c1-f7b1-4c56-b7e9-19627dcce169","block_type":"box","text":"reduction in spending on the products and services of these countries or regions, the institution of tariffs or other trade barriers by a key","page_number":87,"box":{"x":77,"y":687,"width":873,"height":11}},{"id":"43d0d85f-8251-4201-8192-f8d1602d5264","block_type":"box","text":"trading partner or a slowdown in the economy of a key trading partner may cause an adverse impact on the economies of such countries or","page_number":87,"box":{"x":76,"y":701,"width":893,"height":11}},{"id":"9c0b6a67-c38d-42ab-808e-98019081618a","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":87,"box":{"x":77,"y":715,"width":681,"height":11}},{"id":"a1e95732-f563-4a4d-8d37-3c14c24e9678","block_type":"box","text":"Risk of Investing in China.","page_number":87,"box":{"x":77,"y":739,"width":178,"height":10}},{"id":"1a214ac1-12ef-4892-a533-9ddd42fd859b","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":87,"box":{"x":261,"y":739,"width":711,"height":10}},{"id":"68a78030-7a43-493d-8a33-3039ebd11a39","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":87,"box":{"x":76,"y":753,"width":708,"height":11}},{"id":"bd2c8001-8b1c-4698-a57d-3f9003c10ae0","block_type":"box","text":"Political and Social Risk.","page_number":87,"box":{"x":76,"y":776,"width":151,"height":8}},{"id":"70fda676-9698-4403-9411-151e877277a7","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":87,"box":{"x":233,"y":776,"width":713,"height":11}},{"id":"cd6376b4-b924-4b8c-89ff-3d5bf950f2fc","block_type":"box","text":"wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to","page_number":87,"box":{"x":76,"y":790,"width":839,"height":11}},{"id":"c784f8fb-84e5-4bc5-abf1-041b41b4e733","block_type":"box","text":"experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and Xinjiang. There is also a","page_number":87,"box":{"x":76,"y":804,"width":888,"height":11}},{"id":"89841cd1-0c0d-4370-bd12-b983a84e1ca5","block_type":"box","text":"greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher","page_number":87,"box":{"x":76,"y":819,"width":892,"height":10}},{"id":"81c349c7-3a8b-4042-ba57-bbc198cff3a7","block_type":"box","text":"rates of inflation as a result of internal social unrest or conflicts with other countries. Unanticipated political or social developments may","page_number":87,"box":{"x":77,"y":833,"width":873,"height":11}},{"id":"7b70ea7e-74fa-40a0-a4ba-609077b637d5","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":87,"box":{"x":77,"y":847,"width":888,"height":11}},{"id":"982bf454-697c-41db-8110-65687a5e0512","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":87,"box":{"x":76,"y":861,"width":345,"height":11}},{"id":"5df8edf5-6546-43c6-b0d8-46e4f75610d6","block_type":"box","text":"19","page_number":87,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"81db7777-ef6e-43af-ac2c-abd6084621fc","block_type":"box","text":"Government Control and Regulations.","page_number":88,"box":{"x":76,"y":23,"width":234,"height":11}},{"id":"acae7851-ae37-4ce4-82a1-7b0fc168ddfd","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":88,"box":{"x":317,"y":23,"width":659,"height":11}},{"id":"027da03c-7544-4c02-bf24-66a88ce5167e","block_type":"box","text":"government control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. China has","page_number":88,"box":{"x":76,"y":37,"width":889,"height":11}},{"id":"b0562917-8f83-4fbd-9b43-624748460e89","block_type":"box","text":"restrictions on investment in companies or industries deemed to be sensitive to particular national interests, trading of securities of Chinese","page_number":88,"box":{"x":77,"y":51,"width":898,"height":11}},{"id":"da070bff-425b-49a6-a9a9-7d030174de48","block_type":"box","text":"issuers, foreign ownership of Chinese corporations and/or the repatriation of assets by foreign investors. Restrictions on foreign ownership","page_number":88,"box":{"x":76,"y":66,"width":894,"height":11}},{"id":"b06e8f56-d2b1-4ff1-b5dd-ba4c28919199","block_type":"box","text":"of Chinese securities may have adverse effects on a Fund’s liquidity and performance and could lead to higher tracking error. Chinese","page_number":88,"box":{"x":76,"y":80,"width":855,"height":11}},{"id":"5ec20ce4-2258-4a56-9420-b22952197db9","block_type":"box","text":"government intervention in the market may have a negative impact on market sentiment, which may in turn affect the performance of the","page_number":88,"box":{"x":76,"y":94,"width":880,"height":11}},{"id":"4d894b7f-ccfb-470c-9383-94d6211ee0fd","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":88,"box":{"x":76,"y":108,"width":850,"height":11}},{"id":"c6f6b551-9578-4845-8fda-3584de4a9abe","block_type":"box","text":"information, and political and social instability and may be subject to volatility and pricing anomalies resulting from governmental influence.","page_number":88,"box":{"x":76,"y":122,"width":893,"height":11}},{"id":"8aa08289-d7ea-4a8c-9a1a-b0356df7104c","block_type":"box","text":"Chinese companies, such as those in the financial services, technology and potentially other sectors, are also subject to the risk that Chinese","page_number":88,"box":{"x":76,"y":137,"width":905,"height":10}},{"id":"c962777b-9223-4ab5-a01b-08484b450e61","block_type":"box","text":"authorities can intervene in their operations and structure, which may negatively affect the value of a Fund’s investments.","page_number":88,"box":{"x":76,"y":151,"width":778,"height":11}},{"id":"35ab0e8e-e12a-4306-8f09-2d6e00f9abb5","block_type":"box","text":"Economic Risk.","page_number":88,"box":{"x":76,"y":174,"width":94,"height":8}},{"id":"41b80894-d97d-4197-ab1c-2badd02a724d","block_type":"box","text":"The Chinese economy is highly reliant on trade and may be adversely affected by, among other things, a deterioration in","page_number":88,"box":{"x":176,"y":174,"width":766,"height":11}},{"id":"ce5e2928-b3ee-40b3-997f-f3d714693982","block_type":"box","text":"global demand and spending for Chinese exports or a contraction in spending on domestic goods by Chinese consumers. The institution of","page_number":88,"box":{"x":76,"y":188,"width":887,"height":11}},{"id":"99f9cde4-d252-43a7-8737-9b5a7beaabb3","block_type":"box","text":"additional tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to","page_number":88,"box":{"x":76,"y":202,"width":869,"height":11}},{"id":"88e6a372-5324-4206-81da-62547e836e2e","block_type":"box","text":"actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact","page_number":88,"box":{"x":76,"y":216,"width":893,"height":11}},{"id":"959fd410-1fc8-49e3-b3a0-5c3c9b11b724","block_type":"box","text":"on the Chinese economy and companies in which a Fund invests. The current political climate has intensified concerns about a potential","page_number":88,"box":{"x":76,"y":231,"width":871,"height":10}},{"id":"bc84f962-1150-4a4a-a67b-fcf0f831b72b","block_type":"box","text":"trade war between China and the U.S. as each country has imposed tariffs on the other. These actions and their consequences (which are","page_number":88,"box":{"x":76,"y":245,"width":881,"height":11}},{"id":"c4232033-2f10-40d8-b222-bb53aa4bea90","block_type":"box","text":"difficult to predict) could have a negative impact on a Fund’s performance. It is unclear whether further tariffs or other escalating actions","page_number":88,"box":{"x":76,"y":259,"width":876,"height":11}},{"id":"6a9c45aa-9304-4f79-9de4-b0d85368e724","block_type":"box","text":"may occur.","page_number":88,"box":{"x":76,"y":276,"width":69,"height":8}},{"id":"616cab8d-f169-4c2f-8a2c-5b6fd6fff254","block_type":"box","text":"In addition, certain Chinese companies (which may change from time to time) are directly or indirectly subject to economic or trade","page_number":88,"box":{"x":77,"y":296,"width":840,"height":11}},{"id":"5c9d2093-81de-46ed-b261-2d3f637b4fb5","block_type":"box","text":"restrictions imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. For","page_number":88,"box":{"x":77,"y":311,"width":872,"height":10}},{"id":"ed6ec6de-f2a0-4ebe-9656-8e45a758c2d6","block_type":"box","text":"example, certain foreign technology companies are subject to export controls as those companies are believed to pose a risk to U.S.","page_number":88,"box":{"x":76,"y":325,"width":848,"height":11}},{"id":"ae225a92-a5c9-4ec3-9185-fa80cf73a528","block_type":"box","text":"interests. The U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":88,"box":{"x":76,"y":339,"width":893,"height":11}},{"id":"43ad7af8-bcd3-464c-9808-041fba75e2e0","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that targets","page_number":88,"box":{"x":76,"y":353,"width":898,"height":11}},{"id":"846f0b85-8f5f-4353-912f-d7fdc34055b4","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":88,"box":{"x":76,"y":367,"width":863,"height":11}},{"id":"a796df7a-ae5b-45cc-b251-04b339fe383d","block_type":"box","text":"Fund’s Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed","page_number":88,"box":{"x":77,"y":382,"width":897,"height":10}},{"id":"68e0f746-fbd3-497c-9620-be754cc0d549","block_type":"box","text":"by the U.S. or other governments. So long as these restrictions do not include restrictions on investments, a Fund is generally expected to","page_number":88,"box":{"x":76,"y":396,"width":884,"height":11}},{"id":"34a60b6c-f5c2-418c-aef7-523eebe2de7e","block_type":"box","text":"invest in such companies, consistent with its objective to track the performance of its Underlying Index. Other economic challenges for China","page_number":88,"box":{"x":76,"y":410,"width":905,"height":11}},{"id":"00c8b8d9-0965-4187-b6b1-3e849c2f660e","block_type":"box","text":"include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its","page_number":88,"box":{"x":76,"y":424,"width":893,"height":11}},{"id":"cd19732a-d083-42ad-9058-d2314752f809","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":88,"box":{"x":76,"y":438,"width":578,"height":11}},{"id":"b733fc6e-1828-4dd4-b073-17db13d17f60","block_type":"box","text":"Expropriation Risk.","page_number":88,"box":{"x":76,"y":461,"width":116,"height":11}},{"id":"4a1134cc-8d02-4c4b-8ed7-bfbc7f5bec77","block_type":"box","text":"The Chinese government maintains a major role in economic policymaking, and investing in China involves risk of loss due","page_number":88,"box":{"x":198,"y":461,"width":781,"height":11}},{"id":"c5de01be-400f-41b8-a80e-0f2dc3b27c61","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":88,"box":{"x":76,"y":476,"width":841,"height":10}},{"id":"6df31ebe-4748-49f4-b682-ee7c3a436a67","block_type":"box","text":"repatriation of capital invested.","page_number":88,"box":{"x":77,"y":490,"width":198,"height":11}},{"id":"94642b14-6429-4db7-8a45-09b75be2b157","block_type":"box","text":"Security Risk.","page_number":88,"box":{"x":76,"y":513,"width":83,"height":11}},{"id":"70e51247-43cc-4677-8ef1-27f646e5a0a8","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":88,"box":{"x":166,"y":513,"width":770,"height":11}},{"id":"504b0087-cb2c-4a70-958e-1bbaf45705db","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":88,"box":{"x":76,"y":527,"width":848,"height":11}},{"id":"10367a81-188f-426c-80cd-53e4bdf91d22","block_type":"box","text":"sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The Chinese military has conducted military","page_number":88,"box":{"x":76,"y":541,"width":898,"height":11}},{"id":"4976716c-c638-40f6-9419-96160fea0f4d","block_type":"box","text":"drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based companies and individuals are significant investors in China.","page_number":88,"box":{"x":76,"y":556,"width":886,"height":10}},{"id":"5d99c7d0-1ec6-42b3-8b7b-a958a5ca14d6","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on their economies and markets and on the value of a Fund’s","page_number":88,"box":{"x":76,"y":570,"width":879,"height":11}},{"id":"fd1e5e20-1a42-4d7f-a050-520def255fad","block_type":"box","text":"investments in China, Taiwan or the region, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may","page_number":88,"box":{"x":76,"y":584,"width":887,"height":11}},{"id":"92e4ee90-6d1e-40ef-ba7e-2773fb278436","block_type":"box","text":"otherwise make such investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a","page_number":88,"box":{"x":76,"y":598,"width":883,"height":11}},{"id":"019a6d80-34d0-406d-8acb-70f787fbfe9f","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":88,"box":{"x":77,"y":612,"width":353,"height":11}},{"id":"d422e053-b736-4109-9a96-3b4ac11878d2","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":88,"box":{"x":76,"y":635,"width":866,"height":11}},{"id":"7f5d9044-366d-4077-9d10-0dac2d900414","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":88,"box":{"x":76,"y":650,"width":876,"height":10}},{"id":"2b1006f3-6f78-4ab0-a466-59f61a43ee18","block_type":"box","text":"controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers in","page_number":88,"box":{"x":76,"y":664,"width":871,"height":11}},{"id":"5c13420a-5df9-448b-b24c-784213f4b41c","block_type":"box","text":"which a Fund invests. It may be impossible or impracticable for a Fund to hold, transact in or value securities of sanctioned companies, and","page_number":88,"box":{"x":76,"y":678,"width":891,"height":11}},{"id":"a7996b32-9e45-444c-b789-82c9f9bcfc06","block_type":"box","text":"there may be a significant decrease in the valuation of such securities. Relations between China’s Han ethnic majority and other ethnic","page_number":88,"box":{"x":76,"y":692,"width":863,"height":11}},{"id":"79f42930-7139-4c70-bdd1-c9bf75849466","block_type":"box","text":"groups in China, including Tibetans and Uighurs, are also strained and have been marked, historically, by protests and violence. These","page_number":88,"box":{"x":76,"y":706,"width":855,"height":11}},{"id":"f5c04fd2-e9ba-48d6-ac35-f1cd67c851a3","block_type":"box","text":"situations may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy. In addition, conflict on the Korean","page_number":88,"box":{"x":76,"y":721,"width":893,"height":10}},{"id":"a6c4ed6a-b2f4-45d3-8a0a-5df692e45111","block_type":"box","text":"Peninsula could adversely affect the Chinese economy. Such risks, among others, may adversely affect the value of a Fund’s investments.","page_number":88,"box":{"x":77,"y":735,"width":879,"height":11}},{"id":"9d73fe53-d73a-4114-99b6-c437b3f98b49","block_type":"box","text":"Chinese Equity Markets.","page_number":88,"box":{"x":76,"y":758,"width":151,"height":11}},{"id":"214e0414-8d50-4102-84ff-3b0f71f53646","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or P","page_number":88,"box":{"x":233,"y":758,"width":726,"height":11}},{"id":"1247fdd5-f35b-420c-827b-7b489e598441","block_type":"box","text":"Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or P","page_number":88,"box":{"x":76,"y":772,"width":889,"height":11}},{"id":"b3003611-8854-47e7-a8fd-d80ea9818f69","block_type":"box","text":"Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":88,"box":{"x":76,"y":786,"width":887,"height":11}},{"id":"c931fb01-20f5-46db-92a9-cb34d4017778","block_type":"box","text":"Chinese company issues Red-Chips or P-Chips to obtain quick access to international listing and international capital. These share","page_number":88,"box":{"x":76,"y":800,"width":834,"height":11}},{"id":"610e4cf4-a1e3-448b-9f06-a571a35d61c8","block_type":"box","text":"mechanisms are subject to the political and economic policies in China. In the Chinese securities markets, a small number of issuers may","page_number":88,"box":{"x":76,"y":815,"width":880,"height":10}},{"id":"433861cc-a59e-4da3-8caa-27bdfb860389","block_type":"box","text":"represent a large portion of the entire market. The Chinese securities markets also may be subject to more frequent trading halts, low trading","page_number":88,"box":{"x":77,"y":829,"width":905,"height":11}},{"id":"44aa3f87-423c-4d82-a7c9-d8945a0a81b6","block_type":"box","text":"volume and price volatility.","page_number":88,"box":{"x":76,"y":843,"width":170,"height":11}},{"id":"048c48ce-4653-4b42-8be1-e9382491b828","block_type":"box","text":"Hong Kong Political Risk.","page_number":88,"box":{"x":76,"y":866,"width":154,"height":11}},{"id":"46f8ba01-007e-4c12-8d45-0de6d496750e","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":88,"box":{"x":237,"y":866,"width":692,"height":11}},{"id":"6d04082a-5ec8-44a7-b989-feeffaed48e5","block_type":"box","text":"People’s Republic of China (“PRC”) under the principle of “one country, two systems.” Although China is obligated by treaty to maintain the","page_number":88,"box":{"x":77,"y":880,"width":887,"height":11}},{"id":"d96cf6fd-83a5-4674-93ba-a332be3042ec","block_type":"box","text":"20","page_number":88,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"0aa13333-6870-4aa2-a8f8-19bf1d7c4517","block_type":"box","text":"current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms","page_number":89,"box":{"x":76,"y":23,"width":861,"height":11}},{"id":"6f342978-e5b0-4d03-abf5-fd6917f612b8","block_type":"box","text":"enjoyed in Hong Kong is dependent on the government of China. Hong Kong has experienced protests and unrest related to China’s control,","page_number":89,"box":{"x":76,"y":37,"width":895,"height":11}},{"id":"3cffc8fb-c459-4369-b689-02e3ceeb960a","block_type":"box","text":"and tensions have increased between China and Hong Kong. Due to the interconnected nature of the Hong Kong and Chinese economies,","page_number":89,"box":{"x":76,"y":51,"width":881,"height":11}},{"id":"50f834ae-064c-48fd-ae36-584981505fdd","block_type":"box","text":"instability in Hong Kong may adversely affect the Hong Kong and Chinese markets. Other countries’ perceptions of the degree of","page_number":89,"box":{"x":76,"y":66,"width":823,"height":11}},{"id":"0b2e8b3d-5fc7-4d9a-857e-fc9a8b205175","block_type":"box","text":"convergence between China and Hong Kong, such as with respect to trade, and resulting actions also may impact both economies. In","page_number":89,"box":{"x":76,"y":80,"width":853,"height":11}},{"id":"dbd1d9bb-f85e-4f3b-83d6-290ee270f0e2","block_type":"box","text":"addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or is “pegged” to) the U.S. dollar, which has contributed to the","page_number":89,"box":{"x":76,"y":94,"width":888,"height":11}},{"id":"8e597319-7533-4a98-8b9b-f3b152095b96","block_type":"box","text":"growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the","page_number":89,"box":{"x":76,"y":108,"width":838,"height":11}},{"id":"2d555fc6-2bd3-4caa-a782-d7f3e2c59601","block_type":"box","text":"establishment of an alternative exchange rate system would have on Hong Kong’s economy. Such a change could result in a decline in a","page_number":89,"box":{"x":76,"y":122,"width":869,"height":11}},{"id":"f0d531bb-e4ac-4b5f-9ad7-c29036fb0be8","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":89,"box":{"x":77,"y":137,"width":384,"height":8}},{"id":"330bad28-e0dc-4b33-854e-fd5fbc0800c7","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":89,"box":{"x":76,"y":160,"width":376,"height":11}},{"id":"c382242b-3ffb-4bbd-adf0-bc56beae75dd","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":89,"box":{"x":459,"y":160,"width":462,"height":11}},{"id":"1e58561c-5558-412d-955e-ef554eeedf66","block_type":"box","text":"exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more","page_number":89,"box":{"x":76,"y":174,"width":896,"height":11}},{"id":"602dfcd8-25c3-475f-993a-9e8ebcd3fa7c","block_type":"box","text":"developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete.","page_number":89,"box":{"x":76,"y":188,"width":855,"height":11}},{"id":"84e5f37a-8614-4287-ba1d-fd839fbb979c","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor","page_number":89,"box":{"x":76,"y":202,"width":864,"height":11}},{"id":"158f8fef-e6a4-4937-8e24-6d5776ec5186","block_type":"box","text":"oversight requirements, or for other reasons, which would significantly decrease the liquidity and value of the securities. There may be","page_number":89,"box":{"x":76,"y":216,"width":859,"height":11}},{"id":"f783837b-877e-43c3-a4ac-91333c87f6b9","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":89,"box":{"x":76,"y":231,"width":876,"height":11}},{"id":"e8323fc1-dd56-4d10-b3cf-4156cae64308","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":89,"box":{"x":76,"y":245,"width":738,"height":11}},{"id":"e75c70b8-366b-434f-a90d-296522cf0e41","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of foreign ownership","page_number":89,"box":{"x":77,"y":268,"width":888,"height":11}},{"id":"9be01371-77dd-4b7a-a796-e85f268956b9","block_type":"box","text":"restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public","page_number":89,"box":{"x":77,"y":282,"width":869,"height":11}},{"id":"4af2d5f6-0b23-479e-9310-7332dbe613db","block_type":"box","text":"shareholders. When a VIE structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity securities of the","page_number":89,"box":{"x":76,"y":296,"width":888,"height":11}},{"id":"b975aeb8-0e97-4da2-86e6-7c78dbad79c9","block_type":"box","text":"Chinese company, the U.S.-listed shell company directly or indirectly enters into contracts with the Chinese operating company under","page_number":89,"box":{"x":76,"y":311,"width":858,"height":10}},{"id":"26e9aae7-a10e-4c96-87ae-b617728938f1","block_type":"box","text":"Chinese law. These contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":89,"box":{"x":76,"y":325,"width":852,"height":11}},{"id":"43d1b57c-b90f-41b0-b740-39cba6261ff6","block_type":"box","text":"represent equity ownership in the operating company.","page_number":89,"box":{"x":77,"y":339,"width":344,"height":11}},{"id":"fc5e7760-c187-44bb-a42c-c5f0f2972d3c","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally recognized under","page_number":89,"box":{"x":76,"y":362,"width":888,"height":11}},{"id":"7191c564-85e2-41f9-9ed4-b732774f89b2","block_type":"box","text":"Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based companies raising capital offshore,","page_number":89,"box":{"x":76,"y":376,"width":906,"height":11}},{"id":"80590f2c-c0c1-40f8-bfd3-c6c38fa73423","block_type":"box","text":"including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE","page_number":89,"box":{"x":76,"y":391,"width":849,"height":10}},{"id":"3c8a0e02-2fa2-453a-9c77-43a482d8653f","block_type":"box","text":"structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo","page_number":89,"box":{"x":76,"y":405,"width":890,"height":11}},{"id":"3ff816be-97b6-4e3b-938b-8b96c18ea7ad","block_type":"box","text":"greater scrutiny and add costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":89,"box":{"x":76,"y":419,"width":855,"height":11}},{"id":"0de8a3b2-865f-4f79-bc35-919a58940389","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s business in China, the","page_number":89,"box":{"x":76,"y":433,"width":898,"height":11}},{"id":"b176daa3-526e-48a1-8ea7-cda9ab64be91","block_type":"box","text":"enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock.","page_number":89,"box":{"x":76,"y":447,"width":892,"height":11}},{"id":"69758bdc-54e9-4fc9-bd5e-cc96b34972bc","block_type":"box","text":"Further, the VIE contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":89,"box":{"x":77,"y":461,"width":879,"height":11}},{"id":"43b5e498-76c5-42c4-ab66-8b38fdbac7af","block_type":"box","text":"shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":89,"box":{"x":76,"y":476,"width":904,"height":10}},{"id":"1af5ea0a-32b6-4b5c-82d6-06d1ec74ed15","block_type":"box","text":"arrangements or the legal or regulatory environment in China, generally or with respect to specific industries, could result in significant, and","page_number":89,"box":{"x":76,"y":490,"width":894,"height":11}},{"id":"a20bdcff-dbd5-42b2-8927-83fb7e201dff","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":89,"box":{"x":76,"y":504,"width":324,"height":11}},{"id":"ba262344-eaeb-44e5-bb98-8a8a6a3ccbc3","block_type":"box","text":"Risk of Investing in Cloud Computing Companies.","page_number":89,"box":{"x":77,"y":527,"width":341,"height":11}},{"id":"241a950e-ba82-4811-bcc7-0c120902484c","block_type":"box","text":"Cloud computing companies include companies that provide remote computation,","page_number":89,"box":{"x":424,"y":527,"width":527,"height":11}},{"id":"7448a6d6-63cb-4e33-ad5b-ca2ecded84fe","block_type":"box","text":"software, data access and storage services. The risks related to investing in such companies include disruption in service caused by","page_number":89,"box":{"x":76,"y":541,"width":844,"height":11}},{"id":"00bcf812-7283-40f1-9910-03bb3d0d6379","block_type":"box","text":"hardware or software failure, interruptions or delays in service by third-party data center hosting facilities and maintenance providers,","page_number":89,"box":{"x":77,"y":556,"width":856,"height":10}},{"id":"85f26423-2c63-4b39-bdf8-7ee7f6f69381","block_type":"box","text":"security breaches involving certain private, sensitive, proprietary and confidential information managed and transmitted by cloud computing","page_number":89,"box":{"x":76,"y":570,"width":897,"height":11}},{"id":"6403ff78-a85c-47bc-bda0-e1d5a69c9cd9","block_type":"box","text":"companies, and privacy concerns and laws, evolving Internet regulation and other foreign or domestic regulations that may limit or otherwise","page_number":89,"box":{"x":76,"y":584,"width":903,"height":11}},{"id":"d79360ac-dfed-4c85-bb33-ccffe6a9c1da","block_type":"box","text":"affect the operations of such companies. Also, the business models employed by the companies in the cloud computing industry may not","page_number":89,"box":{"x":76,"y":598,"width":879,"height":11}},{"id":"f279dfb0-06d4-4f91-abc0-f2be763b2309","block_type":"box","text":"prove to be successful.","page_number":89,"box":{"x":76,"y":612,"width":147,"height":11}},{"id":"4b97b94a-d40e-4bed-9d2d-7b2f3d1df155","block_type":"box","text":"Risk of Investing in Cybersecurity Companies.","page_number":89,"box":{"x":77,"y":635,"width":318,"height":11}},{"id":"dd1c7139-48f2-40f2-ae2e-aac3a56885cc","block_type":"box","text":"Cybersecurity companies are companies that provide products and services intended to","page_number":89,"box":{"x":401,"y":635,"width":565,"height":11}},{"id":"33b6ac43-b33b-4954-8065-e927865a96a8","block_type":"box","text":"protect the integrity of data and network operations for private and public networks, computers and mobile devices. Like other types of","page_number":89,"box":{"x":76,"y":650,"width":867,"height":10}},{"id":"d367468b-e6e8-4b3c-85f9-9dc2f26eb9fe","block_type":"box","text":"technology and industrials companies, cybersecurity companies are generally subject to the risks of rapidly changing technologies, short","page_number":89,"box":{"x":76,"y":664,"width":875,"height":11}},{"id":"1d88d6cf-a3a7-4d3b-b6fd-8e33ebbda4ef","block_type":"box","text":"product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections,","page_number":89,"box":{"x":76,"y":678,"width":884,"height":11}},{"id":"420c5855-5e2b-41bc-a213-11019de525da","block_type":"box","text":"cyclical market patterns, evolving industry standards and frequent new product introductions. These companies may also be smaller and less","page_number":89,"box":{"x":76,"y":692,"width":904,"height":11}},{"id":"5b46b10e-5d92-4029-ac3d-a3eccbaeaa84","block_type":"box","text":"experienced companies, with limited product lines, markets, qualified personnel or financial resources. Such companies may not be","page_number":89,"box":{"x":76,"y":706,"width":843,"height":11}},{"id":"f7e791d3-f9da-4db6-ad7b-a876a94fe513","block_type":"box","text":"exclusively or substantially exposed to companies that provide products or services intended to protect the integrity of data and network","page_number":89,"box":{"x":76,"y":721,"width":877,"height":10}},{"id":"c5f16d8c-a9a7-48a3-b958-0d23b48312aa","block_type":"box","text":"operations, but may be exposed to the market and business risks of other companies, industries or sectors, and the Fund may be adversely","page_number":89,"box":{"x":76,"y":735,"width":892,"height":11}},{"id":"db43e782-56ae-4d06-997e-cc1b652d8092","block_type":"box","text":"affected by negative developments impacting those other companies, industries and sectors.","page_number":89,"box":{"x":76,"y":749,"width":595,"height":11}},{"id":"ab6860dc-3eda-4eaa-bf2c-48892e77bc31","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":89,"box":{"x":77,"y":772,"width":285,"height":11}},{"id":"cd8606cf-1299-4cbd-bd38-e8eef2457d60","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":89,"box":{"x":368,"y":772,"width":568,"height":11}},{"id":"4953e768-568f-4357-9b1f-e09f4b7cafd5","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":89,"box":{"x":76,"y":786,"width":878,"height":11}},{"id":"98cecccd-0cb2-439d-97d1-d8f029b19ac1","block_type":"box","text":"sectors (","page_number":89,"box":{"x":76,"y":801,"width":55,"height":10}},{"id":"7b9827f7-9c31-4963-857c-5fac757e32a3","block_type":"box","text":"e.g.,","page_number":89,"box":{"x":132,"y":803,"width":25,"height":8}},{"id":"1ecb8eaa-53be-4ce0-9ffe-58c1c9065449","block_type":"box","text":"the financial services sector) as the primary means of economic growth. A prolonged slowdown in one or more services sectors","page_number":89,"box":{"x":163,"y":800,"width":817,"height":11}},{"id":"8d9f29a5-4ecc-4a9b-ab71-d039d9888f43","block_type":"box","text":"is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can","page_number":89,"box":{"x":76,"y":815,"width":887,"height":10}},{"id":"df6e6d7b-98d4-47e5-8418-dfde74ada96d","block_type":"box","text":"be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic","page_number":89,"box":{"x":76,"y":829,"width":884,"height":11}},{"id":"cb467153-5490-4a70-b00a-6500290018dc","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":89,"box":{"x":76,"y":843,"width":874,"height":11}},{"id":"60eafb3a-e496-4238-abba-13e7e14fcd0a","block_type":"box","text":"concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic","page_number":89,"box":{"x":76,"y":857,"width":868,"height":11}},{"id":"cd2f1bc2-9238-4acb-bd96-b9d0c843fddc","block_type":"box","text":"areas and may adversely affect the performance of the issuers to which a Fund has exposure. Heavy regulation of certain markets, including","page_number":89,"box":{"x":76,"y":871,"width":897,"height":11}},{"id":"42d6618b-71e7-46ab-a42a-a6bc12a656a4","block_type":"box","text":"labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause","page_number":89,"box":{"x":77,"y":886,"width":899,"height":10}},{"id":"a5f0d637-0397-46de-8b49-c53a12fa7e1c","block_type":"box","text":"21","page_number":89,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"f0fc23d3-4913-4a6c-b22b-a7f2411fc352","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":90,"box":{"x":76,"y":23,"width":860,"height":11}},{"id":"2e28f0ea-d3eb-4385-b5dd-7de1dca91df0","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":90,"box":{"x":76,"y":37,"width":877,"height":11}},{"id":"1e6e1fed-62cd-4ffa-a6dc-03717616cc2e","block_type":"box","text":"country economies.","page_number":90,"box":{"x":76,"y":52,"width":126,"height":10}},{"id":"812f9e26-1122-4c34-bcf0-bb6f8002738b","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":90,"box":{"x":77,"y":75,"width":266,"height":11}},{"id":"27a301d6-0755-4e77-8452-8357644a7a76","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":90,"box":{"x":349,"y":75,"width":625,"height":11}},{"id":"6032ec04-e7b1-4214-bde3-3ea8d8fe0db4","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":90,"box":{"x":76,"y":89,"width":869,"height":11}},{"id":"eaa56d00-649d-4fe5-92b0-9e6fdc9eb55d","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":90,"box":{"x":77,"y":103,"width":836,"height":11}},{"id":"e92baacd-e00c-4c16-9cb2-5d0ff79e6bb2","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":90,"box":{"x":76,"y":117,"width":838,"height":11}},{"id":"03712043-a0fe-4569-94db-1247c2c51523","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":90,"box":{"x":76,"y":140,"width":876,"height":11}},{"id":"386f2afa-6c5d-4842-a51a-1553dc16086f","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":90,"box":{"x":76,"y":155,"width":856,"height":10}},{"id":"6239624c-534d-40c1-8f33-26cec72c0926","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":90,"box":{"x":76,"y":169,"width":879,"height":11}},{"id":"964ae99b-502a-4405-9062-0ef38581175a","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":90,"box":{"x":76,"y":183,"width":533,"height":11}},{"id":"6017b194-57e1-438d-9145-4c6cb972da56","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":90,"box":{"x":77,"y":206,"width":852,"height":11}},{"id":"3d1d776c-1f58-46d1-8a5c-be54f8518516","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":90,"box":{"x":76,"y":220,"width":854,"height":11}},{"id":"781f5546-ad50-4e43-83e0-87d84e2821d4","block_type":"box","text":"significant investment losses.","page_number":90,"box":{"x":76,"y":235,"width":188,"height":10}},{"id":"7a3a5577-0ea0-4cde-b83a-5109c67637f3","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":90,"box":{"x":76,"y":258,"width":863,"height":11}},{"id":"0f262048-1b92-4309-9ea7-265365600695","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":90,"box":{"x":76,"y":272,"width":884,"height":11}},{"id":"b84abd7d-6847-47b7-affc-023543871848","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":90,"box":{"x":77,"y":286,"width":902,"height":11}},{"id":"9ebc8dd5-acee-441a-ba21-7912a62e8449","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":90,"box":{"x":76,"y":300,"width":854,"height":11}},{"id":"6b644511-67da-4d37-9c3d-b42ea9325119","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":90,"box":{"x":77,"y":314,"width":878,"height":11}},{"id":"d63106d0-5b8b-4418-9ab4-404e64d17251","block_type":"box","text":"protection considerations.","page_number":90,"box":{"x":76,"y":329,"width":167,"height":10}},{"id":"e2d4166c-121a-438e-a484-4d01a386f50e","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":90,"box":{"x":77,"y":352,"width":851,"height":11}},{"id":"059220c8-5528-4dd7-a1b1-ea964e73b9db","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":90,"box":{"x":76,"y":366,"width":892,"height":11}},{"id":"94f3d514-664b-4998-a906-b7dd151f33f5","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":90,"box":{"x":76,"y":380,"width":765,"height":11}},{"id":"a9afbd20-88fb-47ff-a242-87d9bc94aecd","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":90,"box":{"x":77,"y":403,"width":885,"height":11}},{"id":"357d74eb-dd97-4c08-b93a-88d360c4062c","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":90,"box":{"x":76,"y":418,"width":857,"height":10}},{"id":"03b18ef2-5f37-4ec8-bb7b-c12cdd81610f","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":90,"box":{"x":76,"y":432,"width":875,"height":11}},{"id":"827ca0ad-3cc7-4a9e-beff-8c17bd8bca4d","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":90,"box":{"x":76,"y":446,"width":870,"height":11}},{"id":"5ce12420-0a7c-486b-a23a-5609310ab551","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":90,"box":{"x":76,"y":460,"width":867,"height":11}},{"id":"8366db5b-6ae4-4ed0-b3b6-23c1d22e3967","block_type":"box","text":"objective.","page_number":90,"box":{"x":76,"y":474,"width":61,"height":11}},{"id":"27627c76-d52d-4df0-bfdf-615df2d56724","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":90,"box":{"x":76,"y":498,"width":858,"height":10}},{"id":"5df78236-216e-4d01-aad5-0474624f6fab","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":90,"box":{"x":76,"y":512,"width":863,"height":11}},{"id":"5a47d273-9033-4465-8d43-fab483ca73ef","block_type":"box","text":"generally less available or transparent in these markets.","page_number":90,"box":{"x":76,"y":526,"width":357,"height":11}},{"id":"a7c2098d-8796-4c4d-b83f-41640cc9ba27","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":90,"box":{"x":77,"y":549,"width":904,"height":11}},{"id":"531c9f4a-fb6a-40b8-be3a-3c0a891f46a2","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":90,"box":{"x":76,"y":563,"width":700,"height":11}},{"id":"64b69691-8df0-4a73-ab6e-fde26a77260b","block_type":"box","text":"Risk of Investing in Japan.","page_number":90,"box":{"x":77,"y":586,"width":178,"height":11}},{"id":"d6797c1b-d9d7-49e3-ae9b-658974ea85ea","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":90,"box":{"x":261,"y":587,"width":713,"height":10}},{"id":"ae4fd1c3-ba02-41e3-a92a-e6e7e45a6553","block_type":"box","text":"security risks that are specific to Japan. Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":90,"box":{"x":76,"y":601,"width":903,"height":11}},{"id":"38b6ceb9-10a0-4e94-afe8-e9ba962c118c","block_type":"box","text":"it may continue to remain low. Its economy depends heavily on international trade and government policy supporting its export market.","page_number":90,"box":{"x":76,"y":615,"width":864,"height":11}},{"id":"94f08ba7-fd99-4610-9f13-333d84ac9865","block_type":"box","text":"Economic downturns or political instability in its key trading partners, which include the United States and China, could have an adverse","page_number":90,"box":{"x":77,"y":629,"width":868,"height":11}},{"id":"35156bc4-5268-42b4-9e30-7c6bd2e3e7a8","block_type":"box","text":"effect on the Japanese economy. Currency fluctuations also could adversely impact Japan’s export market and its economy. If the Japanese","page_number":90,"box":{"x":76,"y":643,"width":890,"height":11}},{"id":"56bd4494-e75b-4951-8dbe-c7b9cb7c4935","block_type":"box","text":"government were to intervene in the currency market, as it has in the past, the yen’s value could fluctuate sharply and unpredictably, which","page_number":90,"box":{"x":76,"y":657,"width":891,"height":11}},{"id":"a06bdeb8-14c0-45c8-bdc1-1a93164fdf37","block_type":"box","text":"could cause losses to investors.","page_number":90,"box":{"x":76,"y":672,"width":203,"height":8}},{"id":"a2936a02-9dca-4ae5-8798-bd2e210d8b62","block_type":"box","text":"Other risks to Japan’s economic growth and competitiveness include significant public debt and deficits as well as labor shortages due to an","page_number":90,"box":{"x":76,"y":695,"width":896,"height":11}},{"id":"89a47570-ec02-4526-b72b-50753f953f6d","block_type":"box","text":"aging and declining population. In addition, Japan lacks many natural resources and relies heavily on imports of oil and other commodities.","page_number":90,"box":{"x":76,"y":709,"width":885,"height":11}},{"id":"f2821129-a997-4634-a4c9-fbca3c3b40a2","block_type":"box","text":"Price increases, shortages or volatility in commodities markets could have a negative effect on Japan’s economy. Other risks to the Japanese","page_number":90,"box":{"x":77,"y":723,"width":899,"height":11}},{"id":"6630f2ee-af81-4de2-9263-787b067d3649","block_type":"box","text":"economy and financial markets include natural disasters and Japan’s relations with neighboring countries, which at times have been strained.","page_number":90,"box":{"x":76,"y":737,"width":903,"height":11}},{"id":"0b26427d-7eb9-460b-97e6-6b585f4a52f0","block_type":"box","text":"Risk of Investing in the U.K.","page_number":90,"box":{"x":77,"y":760,"width":191,"height":11}},{"id":"22a7a9c9-cb8d-41b0-a6e0-c8b70c3d1868","block_type":"box","text":"Investing in U.K. issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":90,"box":{"x":274,"y":761,"width":682,"height":10}},{"id":"80e1e0c4-f80c-46c7-941a-2be586e2f2c1","block_type":"box","text":"security risks that are specific to the U.K. Economic downturns or political instability in its key trading partners, which include the United","page_number":90,"box":{"x":76,"y":775,"width":874,"height":11}},{"id":"9de3bf49-4a64-4caf-b881-e0ca3f0ea532","block_type":"box","text":"States and other European countries, could have an adverse effect on the U.K. economy. Following Brexit, certain trading matters between","page_number":90,"box":{"x":76,"y":789,"width":887,"height":11}},{"id":"d958a287-566b-4d98-a977-87bedd25d381","block_type":"box","text":"the U.K. and the EU remain unresolved, including with respect to financial services. Continuing uncertainty regarding the U.K.’s relationship","page_number":90,"box":{"x":76,"y":803,"width":893,"height":11}},{"id":"5a45fc7c-d313-4029-aa6d-0e4faedea219","block_type":"box","text":"with the EU could have an adverse impact on the economy and currency of the United Kingdom. Other risks to the U.K.’s economic growth","page_number":90,"box":{"x":76,"y":817,"width":886,"height":11}},{"id":"c166db81-bff6-4bfa-9f21-51f3a66c88ed","block_type":"box","text":"and competitiveness include high public debt and relatively low productivity.","page_number":90,"box":{"x":76,"y":831,"width":487,"height":11}},{"id":"02689d43-2c28-429d-a3e5-b8f3fcb01347","block_type":"box","text":"Risk of Investing in the U.S.","page_number":90,"box":{"x":77,"y":855,"width":190,"height":10}},{"id":"00ac85ae-d2f4-48ca-8aec-c578c1f6dfa9","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":90,"box":{"x":273,"y":855,"width":683,"height":10}},{"id":"ae10d102-c8dc-4ca1-92dd-0ee5584e19ae","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":90,"box":{"x":76,"y":869,"width":897,"height":11}},{"id":"0bbc879a-47b5-40da-b9b1-57dd87e0aa4e","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":90,"box":{"x":76,"y":883,"width":902,"height":11}},{"id":"31ac42cc-e226-4b4e-9a46-bb3420122184","block_type":"box","text":"22","page_number":90,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"1909d502-24ca-40ff-8075-2939b01d6f5f","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":91,"box":{"x":76,"y":23,"width":887,"height":11}},{"id":"2da7142f-3cf7-4d66-9a92-77c9a4953cee","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":91,"box":{"x":76,"y":37,"width":894,"height":11}},{"id":"1f589866-13a0-46cc-8f5e-e2c44d23fb51","block_type":"box","text":"financial markets or issuers.","page_number":91,"box":{"x":76,"y":51,"width":179,"height":9}},{"id":"3a33da4e-aa8f-4c91-8e4b-9bc79d9201b8","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":91,"box":{"x":76,"y":75,"width":868,"height":11}},{"id":"1810f3bb-a8d9-4171-b24d-0208b64aed8e","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":91,"box":{"x":77,"y":89,"width":867,"height":11}},{"id":"1f770ab9-a512-4ac0-9331-709cd84e9dbd","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":91,"box":{"x":76,"y":103,"width":868,"height":11}},{"id":"6155715f-f1ac-45cb-97fd-e31eefc92ef5","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":91,"box":{"x":77,"y":117,"width":899,"height":11}},{"id":"6555fde1-0932-420a-8700-0a8717ebac7a","block_type":"box","text":"system.","page_number":91,"box":{"x":76,"y":132,"width":49,"height":10}},{"id":"1aae615f-55f3-4653-8e36-fe92d5244ad0","block_type":"box","text":"Securities Lending Risk.","page_number":91,"box":{"x":76,"y":155,"width":166,"height":10}},{"id":"089d7d01-f3f0-48ce-9367-c2aa4e42a3e8","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":91,"box":{"x":247,"y":155,"width":730,"height":10}},{"id":"2b949cc3-5f0f-4004-a350-3aa6a8e0b046","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":91,"box":{"x":76,"y":169,"width":898,"height":11}},{"id":"ac2619c7-a2b7-4987-ad4b-2329606c8451","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":91,"box":{"x":76,"y":183,"width":892,"height":11}},{"id":"02875044-d4aa-4979-b10c-d6a3df18f134","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":91,"box":{"x":76,"y":197,"width":403,"height":11}},{"id":"2edd20d1-995a-4a42-b1dd-409c99bdc1f9","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":91,"box":{"x":76,"y":220,"width":257,"height":11}},{"id":"090ad4e7-4bc4-4519-81ce-9d9ac62b2831","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":91,"box":{"x":339,"y":220,"width":617,"height":11}},{"id":"d77dc86c-e1e2-44b2-9062-99c00866ded1","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":91,"box":{"x":76,"y":235,"width":863,"height":10}},{"id":"ca433a55-80d6-4387-946d-7174818c0cf9","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":91,"box":{"x":76,"y":249,"width":868,"height":11}},{"id":"03249398-b9f6-44cd-b7a6-2adc98703cea","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":91,"box":{"x":76,"y":263,"width":895,"height":11}},{"id":"9816dfb1-c8c8-4d6b-916a-75fabdaa8374","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":91,"box":{"x":77,"y":277,"width":898,"height":11}},{"id":"51bd4a8b-7cdd-441f-bb0f-284a49151385","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":91,"box":{"x":76,"y":291,"width":900,"height":11}},{"id":"bcff1b01-4207-40f0-ae54-a15e0822a173","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":91,"box":{"x":77,"y":305,"width":885,"height":11}},{"id":"bbc95168-5921-475d-a78f-4fc620e050ca","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":91,"box":{"x":76,"y":320,"width":354,"height":10}},{"id":"60a337ee-96e1-4d7b-bf36-0cc819f7a4a3","block_type":"box","text":"Small Fund Risk.","page_number":91,"box":{"x":76,"y":343,"width":114,"height":8}},{"id":"e1f77f6d-b6e6-4c4d-a9c9-c19d3210758a","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":91,"box":{"x":195,"y":343,"width":704,"height":11}},{"id":"bce4e175-a3aa-4023-8446-ddb0be88c09f","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, a Fund","page_number":91,"box":{"x":76,"y":357,"width":904,"height":11}},{"id":"86036624-dc0b-4451-8c27-ae28f837b46c","block_type":"box","text":"may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from","page_number":91,"box":{"x":76,"y":371,"width":898,"height":11}},{"id":"25c4079e-c0a1-42a7-9bac-609f947a488f","block_type":"box","text":"the listing exchange, the Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a","page_number":91,"box":{"x":76,"y":385,"width":873,"height":11}},{"id":"508d4d8a-2205-43c2-853f-97da9a2b70e2","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":91,"box":{"x":77,"y":400,"width":710,"height":10}},{"id":"b7496bd2-fb53-45bd-98c8-a1b20b082d2b","block_type":"box","text":"Sustainability Risk.","page_number":91,"box":{"x":76,"y":423,"width":132,"height":11}},{"id":"df144505-c2d7-4c06-9857-a19796581b49","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":91,"box":{"x":214,"y":423,"width":762,"height":11}},{"id":"c37b94f3-17a7-45ce-817c-b1fb81a5acb3","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":91,"box":{"x":77,"y":437,"width":732,"height":11}},{"id":"67ac068e-717b-4682-99d8-1efd4963befe","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":91,"box":{"x":76,"y":460,"width":874,"height":11}},{"id":"0e386361-4fb0-44c0-962f-f8bfbed223b5","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":91,"box":{"x":76,"y":474,"width":875,"height":11}},{"id":"353bee3d-1049-4feb-9d68-b5aa5ccc4075","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":91,"box":{"x":76,"y":489,"width":901,"height":10}},{"id":"934998e4-13a0-474f-8ce5-3efc4bcdfea5","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":91,"box":{"x":76,"y":503,"width":883,"height":11}},{"id":"79ad365b-ed15-4c03-a4ef-b2b568bcb34d","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":91,"box":{"x":76,"y":517,"width":863,"height":11}},{"id":"7a91196b-0252-45d1-8e12-f505ede3925c","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":91,"box":{"x":76,"y":531,"width":864,"height":11}},{"id":"edf84e27-b041-41cb-8eda-ea70366fecb4","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":91,"box":{"x":76,"y":545,"width":886,"height":11}},{"id":"df9d87d2-e975-4453-b684-fcefd7e409dd","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":91,"box":{"x":76,"y":568,"width":905,"height":11}},{"id":"bbca24bc-2fbc-49bd-926e-109877bc8753","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":91,"box":{"x":76,"y":583,"width":851,"height":10}},{"id":"301df6c8-425e-4350-aaed-d03851f4ac86","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":91,"box":{"x":76,"y":606,"width":875,"height":11}},{"id":"f64d375b-c3e3-4592-99c9-51d7d47f68ec","block_type":"box","text":"edit","page_number":91,"box":{"x":952,"y":606,"width":24,"height":8}},{"id":"9fa8edfd-515a-4c56-83c6-57fdbf8b6c72","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":91,"box":{"x":76,"y":620,"width":890,"height":11}},{"id":"74bed358-8667-4449-91a7-224b7d013181","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":91,"box":{"x":76,"y":634,"width":343,"height":11}},{"id":"f5e522a7-3d38-4b8e-a833-78ef09a69965","block_type":"box","text":"e.g","page_number":91,"box":{"x":420,"y":637,"width":19,"height":8}},{"id":"8da2ae0b-ed97-4631-b273-b9e73535413c","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":91,"box":{"x":440,"y":634,"width":534,"height":11}},{"id":"b16fc8b9-b273-460b-bc7b-03405e8c70a9","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":91,"box":{"x":76,"y":648,"width":468,"height":11}},{"id":"4552d961-61ac-4b98-84d2-c8824cdc509f","block_type":"box","text":"e.g","page_number":91,"box":{"x":545,"y":651,"width":19,"height":8}},{"id":"62527ebe-3f33-449e-b72a-4506f08ea760","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":91,"box":{"x":565,"y":648,"width":410,"height":11}},{"id":"9d00670c-48bf-46aa-8ab3-7d0abcc46132","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":91,"box":{"x":76,"y":663,"width":845,"height":10}},{"id":"3634fb6b-7261-427e-b7d4-f6ffd1fac4a0","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":91,"box":{"x":76,"y":677,"width":777,"height":11}},{"id":"60939fa3-b0ff-47b6-9bef-009a79b2ce1c","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":91,"box":{"x":76,"y":700,"width":903,"height":11}},{"id":"6cbb8f3b-c334-4cd8-8993-6525cba4f89c","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":91,"box":{"x":76,"y":714,"width":840,"height":11}},{"id":"af21ed74-94cb-47bf-8d79-1a644fdc5077","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":91,"box":{"x":76,"y":728,"width":898,"height":11}},{"id":"679080b3-8dda-473c-865a-160d4efb5af6","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":91,"box":{"x":77,"y":743,"width":873,"height":10}},{"id":"403ea9d9-7a96-44b1-8513-e862582e4f46","block_type":"box","text":"transition risks.","page_number":91,"box":{"x":76,"y":757,"width":98,"height":8}},{"id":"df72ee85-4132-4322-b560-00a239dc1afc","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":91,"box":{"x":76,"y":780,"width":869,"height":11}},{"id":"09fd138d-8572-4a10-b982-ff2d8fb10b93","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":91,"box":{"x":76,"y":794,"width":443,"height":11}},{"id":"e8b1f171-2731-4426-b64e-f0025309b4e1","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":91,"box":{"x":76,"y":817,"width":850,"height":11}},{"id":"20ab0bf9-329b-4b81-ba33-7062249e9bf7","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":91,"box":{"x":76,"y":831,"width":889,"height":11}},{"id":"e6b1a636-ee96-48ed-b68b-736bc3dc25fc","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":91,"box":{"x":76,"y":846,"width":903,"height":10}},{"id":"d6e82dc6-557d-480d-bb59-1957e90fc1d0","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":91,"box":{"x":76,"y":860,"width":252,"height":11}},{"id":"92093d03-b0ba-40b5-8a74-35e99ebe9523","block_type":"box","text":"23","page_number":91,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"cf462180-fc26-4653-88dc-829c165ba786","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":92,"box":{"x":76,"y":23,"width":829,"height":11}},{"id":"c5492f85-821e-4dd8-95b3-f4199472d9d5","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":92,"box":{"x":76,"y":37,"width":477,"height":11}},{"id":"2ac547b6-845f-4615-93d6-d71d99192e5c","block_type":"box","text":"Technology Companies Risk.","page_number":92,"box":{"x":76,"y":61,"width":198,"height":10}},{"id":"8b0127b5-0614-49f2-9a7e-5001118ff43f","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":92,"box":{"x":278,"y":61,"width":693,"height":10}},{"id":"48c255de-ab3b-4754-a8db-dda20f777ad4","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":92,"box":{"x":77,"y":75,"width":882,"height":11}},{"id":"f11c7be6-de81-4585-8091-618eac76b196","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":92,"box":{"x":76,"y":89,"width":888,"height":11}},{"id":"b461216a-9580-4120-a1b4-f9b52b8947dd","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":92,"box":{"x":76,"y":103,"width":905,"height":11}},{"id":"40350c5f-b70a-4f96-b9c9-3693397842cd","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":92,"box":{"x":76,"y":117,"width":891,"height":11}},{"id":"f7654301-f9ad-4b39-9b9a-7f09ffc0eca1","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":92,"box":{"x":76,"y":131,"width":868,"height":11}},{"id":"eab5a089-e4a7-463a-8fbc-76e93ba50f16","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":92,"box":{"x":76,"y":146,"width":898,"height":10}},{"id":"d5d85e59-7ac7-487b-9ca4-9c22cdfa9d4a","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":92,"box":{"x":76,"y":160,"width":738,"height":11}},{"id":"307ab657-e704-445e-a439-4ebf7551e97a","block_type":"box","text":"Thematic Investing Risk.","page_number":92,"box":{"x":76,"y":183,"width":169,"height":11}},{"id":"688c7bf9-d520-4755-ba68-c5020464f8b2","block_type":"box","text":"A Fund relies on the Index Provider to identify securities that reflect the relevant themes and sub-themes for","page_number":92,"box":{"x":250,"y":183,"width":695,"height":11}},{"id":"c7588fa6-0a39-45c4-96b8-44afcf00c780","block_type":"box","text":"inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the intended theme and sub-theme","page_number":92,"box":{"x":76,"y":197,"width":897,"height":11}},{"id":"4e1459e3-e06a-467d-84d7-03cf339c3fd1","block_type":"box","text":"exposures. The Fund’s performance may suffer if such securities are not correctly identified, if a theme or sub-theme develops in an","page_number":92,"box":{"x":76,"y":211,"width":844,"height":11}},{"id":"980edf2e-5d4d-44b7-b601-8a356aa7f3a0","block_type":"box","text":"unexpected manner, or if securities in the Underlying Index do not benefit from the development of a theme or sub-theme. A Fund’s","page_number":92,"box":{"x":77,"y":226,"width":842,"height":10}},{"id":"f6ffac7b-2a74-4db1-bc78-94a88b8f5cbf","block_type":"box","text":"performance may also be impacted if securities that are not related to the theme or sub-theme are included in the Underlying Index.","page_number":92,"box":{"x":76,"y":240,"width":846,"height":11}},{"id":"2bdbe645-6653-4322-87e2-a828ba4637bb","block_type":"box","text":"Tracking Error Risk.","page_number":92,"box":{"x":76,"y":263,"width":135,"height":11}},{"id":"f084d8a3-5e6d-4e36-b89c-be77371beb50","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":92,"box":{"x":216,"y":263,"width":749,"height":11}},{"id":"77a9f93e-f7bd-4ca9-bd6c-9cb7ce10f2ad","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":92,"box":{"x":76,"y":277,"width":871,"height":11}},{"id":"77482a49-8328-47bd-aedf-ae947fbebcbf","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":92,"box":{"x":76,"y":291,"width":897,"height":11}},{"id":"fc40b1d5-e85a-44a7-990b-cc4548c33b48","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":92,"box":{"x":76,"y":305,"width":868,"height":11}},{"id":"0c61df0d-3428-48a7-b9c1-96936beea6f7","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":92,"box":{"x":77,"y":320,"width":823,"height":10}},{"id":"2e48bea5-964d-41c5-8880-5fce566dd2c3","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":92,"box":{"x":76,"y":334,"width":905,"height":11}},{"id":"6a2d0552-0e34-4c4d-a856-49bdb79e5f48","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 pass","page_number":92,"box":{"x":77,"y":348,"width":901,"height":11}},{"id":"544471db-f4a3-4162-81b5-a76acffdc743","block_type":"box","text":"through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":92,"box":{"x":76,"y":362,"width":869,"height":11}},{"id":"b85b9fd7-36bf-4ea6-a238-7c95de93ac5e","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution; and impacts to a Fund of complying with","page_number":92,"box":{"x":76,"y":376,"width":884,"height":11}},{"id":"009f1a58-2a95-4144-a654-04e2c9975b24","block_type":"box","text":"certain regulatory requirements or limits. A Fund that tracks an index composed of a large number of securities or other assets may","page_number":92,"box":{"x":76,"y":391,"width":844,"height":10}},{"id":"f5a4fee0-8d5e-48fe-b08e-d39939c50ec2","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. Tracking error risk may be heightened during times of","page_number":92,"box":{"x":76,"y":405,"width":851,"height":11}},{"id":"3d928e58-6e51-4454-9c1e-52a7006a2339","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":92,"box":{"x":76,"y":419,"width":401,"height":11}},{"id":"d806f4cb-3ea8-4f4d-8e56-725139901d47","block_type":"box","text":"U.S. Economic Risk.","page_number":92,"box":{"x":77,"y":442,"width":135,"height":9}},{"id":"97d2dca6-e0e7-4c84-975c-8cc79acf1ba2","block_type":"box","text":"The U.S. is a significant trading partner of, or foreign investor in, a number of countries. As a result, the economic","page_number":92,"box":{"x":217,"y":442,"width":726,"height":11}},{"id":"9007d2b6-0c47-46fd-861e-b83e22203b4b","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy, such as a decrease in U.S. imports or exports,","page_number":92,"box":{"x":76,"y":456,"width":875,"height":11}},{"id":"9afb42bb-64c8-4f63-b108-7a5215b804de","block_type":"box","text":"changes in trade regulations, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. Any such event may have an","page_number":92,"box":{"x":76,"y":470,"width":874,"height":11}},{"id":"2f084a7a-59d5-4ff3-bd42-abc5b575272f","block_type":"box","text":"adverse effect on the economies of U.S. trading partners and the securities issuers in such countries, which in turn could negatively impact a","page_number":92,"box":{"x":76,"y":485,"width":902,"height":10}},{"id":"829abeef-58cc-466a-b2a0-328d807295a4","block_type":"box","text":"Fund’s investments. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such","page_number":92,"box":{"x":77,"y":499,"width":897,"height":11}},{"id":"f80ae3c9-83af-4490-b2ae-1bc3db4aa4c7","block_type":"box","text":"as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":92,"box":{"x":76,"y":513,"width":902,"height":11}},{"id":"8075e397-b967-4339-9c97-75bc834c6668","block_type":"box","text":"global financial system.","page_number":92,"box":{"x":76,"y":527,"width":149,"height":11}},{"id":"6c8f719e-1961-4eb6-93fd-8dc9d5f7f327","block_type":"box","text":"Utility Companies Risk.","page_number":92,"box":{"x":77,"y":550,"width":160,"height":11}},{"id":"6eed6388-cb57-47c3-b3da-00b53d04cb3e","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":92,"box":{"x":243,"y":550,"width":717,"height":11}},{"id":"77588fd5-4375-4b6d-addc-5083eb7b8d79","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":92,"box":{"x":76,"y":565,"width":878,"height":10}},{"id":"f3699029-3249-45b8-a0cb-4bb030e8a605","block_type":"box","text":"experience difficulty in obtaining regulatory approval of new technologies. Utility operations may be disrupted by events that target or","page_number":92,"box":{"x":76,"y":579,"width":856,"height":11}},{"id":"4c72620c-13d8-4935-b1df-281bce72e079","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. 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There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":92,"box":{"x":76,"y":645,"width":842,"height":10}},{"id":"d69b62c4-67d1-4e88-ba80-ddc493d53f45","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":92,"box":{"x":76,"y":659,"width":899,"height":11}},{"id":"a8046245-f9fc-4565-844b-210102d8bf23","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. 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Citibank has, and from time to time may develop, additional relationships with","page_number":95,"box":{"x":76,"y":394,"width":848,"height":11}},{"id":"c9f5d9f6-8e7f-4573-9726-fe2ff1e852b3","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":95,"box":{"x":77,"y":409,"width":342,"height":10}},{"id":"8112c13c-fc4f-4d31-b23c-5db8621e370a","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":95,"box":{"x":77,"y":432,"width":893,"height":11}},{"id":"18d51811-2b9b-4450-9970-1c47b7494f44","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":95,"box":{"x":76,"y":446,"width":885,"height":11}},{"id":"23c418e7-ef54-43a2-97b1-ab1d04633638","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":95,"box":{"x":76,"y":460,"width":897,"height":11}},{"id":"de0b7fe5-19f1-4ba6-934a-82e8555a2d27","block_type":"box","text":"licensees.","page_number":95,"box":{"x":77,"y":474,"width":61,"height":9}},{"id":"24214765-959e-4d78-999b-4120896c2087","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":95,"box":{"x":76,"y":498,"width":875,"height":10}},{"id":"4ede332b-c60b-4d88-a065-4f12d9f17f55","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":95,"box":{"x":76,"y":512,"width":886,"height":11}},{"id":"736efd27-c090-4ff2-adcd-5cc42be030b4","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":95,"box":{"x":76,"y":526,"width":326,"height":8}},{"id":"f7bf6fe2-a688-4a65-b16a-484300911a6d","block_type":"box","text":"Shareholder Information","page_number":95,"box":{"x":77,"y":555,"width":240,"height":13}},{"id":"0ca4c7b3-28ea-49b2-a75e-1d3f84df0498","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":95,"box":{"x":75,"y":584,"width":821,"height":11}},{"id":"13ba099f-220f-4064-b0d0-f2865c428016","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":95,"box":{"x":78,"y":598,"width":383,"height":11}},{"id":"f11de680-8f31-40b8-b4f3-0b23faa0ca01","block_type":"box","text":"Buying and Selling Shares","page_number":95,"box":{"x":77,"y":621,"width":180,"height":11}},{"id":"8a7ecb04-f04b-49b7-b80d-0099b27a251c","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":95,"box":{"x":76,"y":644,"width":839,"height":11}},{"id":"4f653599-7046-46d1-85e7-d0d723b2e3b2","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":95,"box":{"x":76,"y":659,"width":584,"height":10}},{"id":"03667a0e-8a5e-403b-9842-9e6c26ffed39","block_type":"box","text":"i.e","page_number":95,"box":{"x":661,"y":659,"width":14,"height":8}},{"id":"c7f7fd5b-de04-445f-9d8f-61bc58f51031","block_type":"box","text":"., financial institutions that are authorized to","page_number":95,"box":{"x":677,"y":659,"width":282,"height":10}},{"id":"189c4b90-1977-4fc2-bc0f-37ad9ed9b83d","block_type":"box","text":"participate in such transactions), as described in the","page_number":95,"box":{"x":76,"y":673,"width":335,"height":11}},{"id":"f61647dc-29eb-44ab-affc-1f593e6e4534","block_type":"box","text":"Creations and Redemptions","page_number":95,"box":{"x":417,"y":673,"width":173,"height":11}},{"id":"2c3e5f6c-614c-43a7-8a35-ae2db3a5ff35","block_type":"box","text":"section below.","page_number":95,"box":{"x":595,"y":673,"width":90,"height":8}},{"id":"c2371333-4ac2-4185-ac71-1de006961e34","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":95,"box":{"x":77,"y":696,"width":904,"height":11}},{"id":"43b45e97-9b3e-404e-8f4c-53f18f8d4440","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":95,"box":{"x":77,"y":710,"width":860,"height":11}},{"id":"675d3533-413f-4d3d-97e3-f2b8c0a0bdd9","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":95,"box":{"x":76,"y":724,"width":857,"height":11}},{"id":"7ec22846-b50f-4681-a992-b285df1b6344","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":95,"box":{"x":76,"y":739,"width":598,"height":10}},{"id":"97d4eeaa-93c8-48d1-a466-a218c9003fee","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":95,"box":{"x":77,"y":762,"width":899,"height":11}},{"id":"2307d4c9-2f01-4199-a81f-1746e8ea430f","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. 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Odd lots of securities in certain","page_number":97,"box":{"x":76,"y":23,"width":851,"height":11}},{"id":"79ea3672-e342-4d02-ad6a-b73790aac8a0","block_type":"box","text":"asset classes may trade at lower prices than","page_number":97,"box":{"x":76,"y":37,"width":283,"height":11}},{"id":"45a456d7-e969-4658-982c-941cef81917c","block_type":"box","text":"institutional round lots, and the value ultimately realized when the securities are sold could","page_number":97,"box":{"x":365,"y":37,"width":581,"height":11}},{"id":"f9a7dd7e-fde3-4683-a89d-79069a515602","block_type":"box","text":"differ from the prices used by a Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days","page_number":97,"box":{"x":76,"y":51,"width":874,"height":11}},{"id":"3e79ff58-b0ea-45c5-87ec-d8dbac7932c4","block_type":"box","text":"or less remaining to maturity unless BFA determines in good faith that such method does not represent fair value.","page_number":97,"box":{"x":76,"y":66,"width":726,"height":11}},{"id":"c5159a0f-bbbe-41b5-aca0-7171c0530b76","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":97,"box":{"x":76,"y":206,"width":877,"height":11}},{"id":"1556d902-a6ae-4bd1-a857-58797a284b4c","block_type":"box","text":"model that may incorporate a number of market data","page_number":97,"box":{"x":76,"y":220,"width":339,"height":11}},{"id":"3082e71e-5ce7-4ec9-8d32-07d42dacaa3d","block_type":"box","text":"factors.","page_number":97,"box":{"x":420,"y":220,"width":48,"height":9}},{"id":"854eeadf-eef5-4d22-9429-ac488286d3ef","block_type":"box","text":"Taxes","page_number":98,"box":{"x":76,"y":23,"width":38,"height":9}},{"id":"6ecc145a-95ad-4311-8abe-ef9435081ce4","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":98,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"ebc442f9-33dd-455b-88bc-624dfcca4d9f","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":98,"box":{"x":76,"y":61,"width":877,"height":10}},{"id":"d1e9afd9-1be8-42ef-812f-af3bbf730438","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":98,"box":{"x":76,"y":75,"width":895,"height":11}},{"id":"876f6832-1a7c-46f3-8448-2419786de47a","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":98,"box":{"x":76,"y":89,"width":594,"height":11}},{"id":"932412fa-c87e-4abe-8087-8753f6c2617e","block_type":"box","text":"Taxes on Fund Distributions","page_number":98,"box":{"x":76,"y":112,"width":194,"height":9}},{"id":"3652cd5b-36de-4a46-9c0f-99c5789a59a4","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":98,"box":{"x":76,"y":135,"width":863,"height":11}},{"id":"7d0e5504-4eb0-484f-a51d-be2b48e31b74","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":98,"box":{"x":76,"y":149,"width":873,"height":11}},{"id":"7dc09068-1ba6-460c-8082-e437bb8b203a","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":98,"box":{"x":76,"y":164,"width":713,"height":10}},{"id":"f4d1f108-ac88-4364-873d-d90600763243","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":98,"box":{"x":77,"y":187,"width":902,"height":11}},{"id":"1a6e3fad-af4d-4c18-ac08-a38c4eb287a8","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":98,"box":{"x":76,"y":201,"width":365,"height":11}},{"id":"4860efd0-e141-4ee9-9b81-04c8c0ffd696","block_type":"box","text":"Capital Gains.","page_number":98,"box":{"x":76,"y":224,"width":86,"height":11}},{"id":"dddf81f0-aac0-4b0d-a777-231ef28d4e3b","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":98,"box":{"x":169,"y":224,"width":785,"height":11}},{"id":"cf0b3d1e-a097-4e5f-97c5-3c0b18b5f8e3","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":98,"box":{"x":76,"y":238,"width":857,"height":11}},{"id":"bee8f96b-adcd-4db2-ad01-9b6c81a453a5","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":98,"box":{"x":76,"y":253,"width":878,"height":10}},{"id":"9b9112d4-3cc8-4022-9f1a-0e1bf7056ac5","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":98,"box":{"x":77,"y":267,"width":871,"height":11}},{"id":"b9baa562-f571-4c7b-b0ee-2d10bc5983e9","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":98,"box":{"x":76,"y":281,"width":892,"height":11}},{"id":"8bb365f3-1d65-49ae-b613-d4e74dd63988","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":98,"box":{"x":76,"y":295,"width":878,"height":11}},{"id":"298bea46-143d-487f-83d8-5857fc4cb780","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":98,"box":{"x":77,"y":309,"width":289,"height":11}},{"id":"a09bd972-629b-4777-9bef-90a27dd7c510","block_type":"box","text":"Return of Capital.","page_number":98,"box":{"x":76,"y":333,"width":108,"height":10}},{"id":"bc5c4e71-c6a4-47e6-b22c-fd3c7cf200ce","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":98,"box":{"x":191,"y":333,"width":775,"height":10}},{"id":"e950c105-cc4c-43ee-a005-d653dad06bae","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":98,"box":{"x":76,"y":347,"width":904,"height":11}},{"id":"c0a61173-fb87-4c78-a332-1020ca9e038b","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":98,"box":{"x":76,"y":361,"width":888,"height":11}},{"id":"bdf79fcf-97bd-477c-bfb9-f11dfee18187","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":98,"box":{"x":76,"y":375,"width":843,"height":11}},{"id":"695905b9-cb0f-44f7-94b1-21cbff6c0d6a","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":98,"box":{"x":76,"y":389,"width":874,"height":11}},{"id":"e19faa51-4d58-4980-82f4-7f08773e934a","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":98,"box":{"x":76,"y":403,"width":803,"height":11}},{"id":"05ff0753-717a-49e5-abd0-c97f8bdc5715","block_type":"box","text":"Qualified Dividend Income.","page_number":98,"box":{"x":76,"y":427,"width":167,"height":8}},{"id":"992caf08-2eb3-4da7-ac21-c3020a9fc452","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":98,"box":{"x":249,"y":427,"width":702,"height":10}},{"id":"723b4834-77d6-4d56-b18b-d12d652d0e2c","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":98,"box":{"x":76,"y":441,"width":848,"height":11}},{"id":"182db8ee-fba0-4fa6-a2e1-85bcf90f6fc3","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":98,"box":{"x":76,"y":455,"width":846,"height":11}},{"id":"0c310478-a543-4f0a-961c-f48e5b17ac8c","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":98,"box":{"x":76,"y":469,"width":872,"height":11}},{"id":"82520f5d-e3fb-432b-9bab-1bee2b4b335b","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":98,"box":{"x":76,"y":483,"width":892,"height":11}},{"id":"4bab00dc-3bdf-4e1c-94c0-61c4a04df224","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":98,"box":{"x":76,"y":498,"width":886,"height":10}},{"id":"0fe8ba9d-aa85-4038-82d0-5fac1cb3fbfe","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":98,"box":{"x":76,"y":512,"width":854,"height":11}},{"id":"73c4682a-ec5d-4c67-ba99-3311708e82f5","block_type":"box","text":"company.","page_number":98,"box":{"x":76,"y":528,"width":60,"height":9}},{"id":"7a8f59f8-93fd-44a7-8181-539890dbb60b","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":98,"box":{"x":77,"y":549,"width":904,"height":11}},{"id":"ccc4248b-ed50-4641-9284-ec0e0b8edcba","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":98,"box":{"x":76,"y":563,"width":901,"height":11}},{"id":"aa0d7b5a-f04c-41ee-b6b9-b93f6827d40d","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":98,"box":{"x":76,"y":577,"width":865,"height":11}},{"id":"ded293b2-235c-4fe0-a641-dc5192ead963","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":98,"box":{"x":76,"y":592,"width":895,"height":10}},{"id":"329cbf44-d03e-4eac-9625-f32359f4f222","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":98,"box":{"x":76,"y":606,"width":428,"height":11}},{"id":"3ff8f950-3969-4ffa-a020-9f0603a3e4ee","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":98,"box":{"x":77,"y":629,"width":891,"height":11}},{"id":"1f34362d-6bfc-49da-8a2a-4625c754960d","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":98,"box":{"x":77,"y":643,"width":861,"height":11}},{"id":"9fca2e3e-821d-4b4c-8b41-124c3c555168","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":98,"box":{"x":76,"y":657,"width":883,"height":11}},{"id":"7f6a1e35-811c-4472-b777-fca600e57293","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":98,"box":{"x":76,"y":672,"width":682,"height":10}},{"id":"1784fd8e-3963-4ab1-ace8-fd99ff381a9f","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":98,"box":{"x":77,"y":695,"width":872,"height":11}},{"id":"7e4ba485-a7c8-437c-b2ed-a1075d7c8bf6","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":98,"box":{"x":77,"y":709,"width":603,"height":11}},{"id":"c34bc581-7086-403c-8e27-f8ff7c059364","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":98,"box":{"x":76,"y":732,"width":876,"height":11}},{"id":"cded6717-142c-44e9-84cc-47610e07bcd4","block_type":"box","text":"Medicare Tax.","page_number":98,"box":{"x":76,"y":755,"width":85,"height":9}},{"id":"22ca1e69-b782-43a9-ad8b-36cf74084242","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":98,"box":{"x":167,"y":755,"width":791,"height":11}},{"id":"ba874887-31be-47f3-b207-768d09c13328","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":98,"box":{"x":76,"y":769,"width":876,"height":11}},{"id":"71aeb864-07b4-482b-a409-b3f0e5311f17","block_type":"box","text":"trusts.","page_number":98,"box":{"x":76,"y":785,"width":40,"height":7}},{"id":"e2e80371-e280-4b6b-901e-4c2f02392263","block_type":"box","text":"Alternative Minimum Tax.","page_number":98,"box":{"x":75,"y":807,"width":157,"height":8}},{"id":"8789df58-dd6a-4cfc-856e-6dbb34c6c681","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":98,"box":{"x":238,"y":807,"width":738,"height":11}},{"id":"37fc517c-d07f-4435-a70a-680920d4e31f","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":98,"box":{"x":76,"y":821,"width":833,"height":11}},{"id":"07246b05-1697-48ba-9f94-61efabdb33cc","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":98,"box":{"x":76,"y":835,"width":877,"height":11}},{"id":"7145ea57-c208-4f9d-bf05-2aa46fb7768d","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":98,"box":{"x":77,"y":849,"width":903,"height":11}},{"id":"56e391ca-e336-422a-90a1-b5ffd492a0fd","block_type":"box","text":"liability and the regular income tax liability.","page_number":98,"box":{"x":77,"y":864,"width":271,"height":10}},{"id":"f5877b56-0293-4b32-92a6-1390882c40cd","block_type":"box","text":"30","page_number":98,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"404df17b-8a69-4a31-89e0-a63b42bcfdb8","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":99,"box":{"x":76,"y":23,"width":406,"height":11}},{"id":"c0bb2bae-eef4-4e88-a1f7-3fc8d3d11792","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":99,"box":{"x":76,"y":46,"width":892,"height":11}},{"id":"ce25019b-6afe-46c6-96a3-1e60d6052f6d","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":99,"box":{"x":76,"y":61,"width":874,"height":10}},{"id":"01e300bf-1f38-4657-a120-136b6455b322","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":99,"box":{"x":76,"y":75,"width":864,"height":11}},{"id":"f2ff3799-c791-4c4f-ae96-0b95cab8f9fb","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":99,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"537bd970-949f-46d8-b56d-c3d8b53f2473","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":99,"box":{"x":77,"y":103,"width":896,"height":11}},{"id":"330c2ca3-daa1-43a6-b38d-e1508d490c89","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":99,"box":{"x":76,"y":117,"width":905,"height":11}},{"id":"206c4fb2-19a9-4b58-9efe-39b250211118","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":99,"box":{"x":76,"y":131,"width":707,"height":11}},{"id":"fb5614c5-32fd-4000-8a01-57f6a60244de","block_type":"box","text":"Market Discount Bonds","page_number":99,"box":{"x":77,"y":155,"width":162,"height":8}},{"id":"e904a9b1-5323-49fd-ad61-65509cc2fc3f","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":99,"box":{"x":76,"y":178,"width":898,"height":11}},{"id":"24622978-735e-4a5c-b63e-cda2120ea69e","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":99,"box":{"x":76,"y":192,"width":903,"height":11}},{"id":"ac20db93-d272-4451-bd7f-f57c3609fe69","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":99,"box":{"x":76,"y":206,"width":898,"height":11}},{"id":"5d7f7bfb-8293-4604-bfcf-2d2d58aaf622","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":99,"box":{"x":76,"y":220,"width":626,"height":11}},{"id":"6579f1c6-fe11-4884-9ff8-74a008a91e4f","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":99,"box":{"x":77,"y":244,"width":307,"height":10}},{"id":"f1742623-a1c9-44cf-845e-4474056199f3","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":99,"box":{"x":76,"y":267,"width":874,"height":11}},{"id":"f1e0d53b-cbc4-43c1-9b05-ab62e760ba44","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":99,"box":{"x":76,"y":281,"width":860,"height":11}},{"id":"1a1ebf07-01c5-4b85-9f7f-52caeab5fdfd","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":99,"box":{"x":77,"y":295,"width":852,"height":11}},{"id":"4dd1ec1e-18e0-4562-ad17-1acfa78d828c","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":99,"box":{"x":76,"y":309,"width":863,"height":11}},{"id":"321cb5b8-6545-4295-a713-1dba65e28ba7","block_type":"box","text":"Non-U.S. Income Taxes","page_number":99,"box":{"x":77,"y":333,"width":158,"height":8}},{"id":"d3f30f41-ecbe-4d06-9b11-52faa8676110","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":99,"box":{"x":77,"y":356,"width":837,"height":11}},{"id":"6c86b7a9-4fe6-404d-8120-ca7c75649e9e","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":99,"box":{"x":76,"y":370,"width":863,"height":11}},{"id":"784ef5ff-5313-447d-ac98-84a80ee7e2f0","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":99,"box":{"x":77,"y":384,"width":865,"height":11}},{"id":"d5cd99ea-8b20-4a8a-a9e5-6f5076d29b53","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":99,"box":{"x":77,"y":398,"width":875,"height":11}},{"id":"e2df6a17-287b-49fa-85a5-e62892851833","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":99,"box":{"x":77,"y":412,"width":895,"height":11}},{"id":"26ecd60d-b29b-4593-9ade-d10b6d27999e","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":99,"box":{"x":76,"y":427,"width":888,"height":10}},{"id":"a950ef10-b267-4341-9336-a6dc0c974aad","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":99,"box":{"x":76,"y":441,"width":875,"height":11}},{"id":"7ba9f565-c6af-43ba-a3c6-6ef540e6f595","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":99,"box":{"x":76,"y":455,"width":896,"height":11}},{"id":"e3aaeaa7-7e56-4aef-8319-06f672c981f2","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":99,"box":{"x":76,"y":469,"width":635,"height":11}},{"id":"05ab428a-01a9-4342-82d6-9610fb231d47","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":99,"box":{"x":77,"y":492,"width":896,"height":11}},{"id":"def40c14-ff88-4317-84ce-0c667cba7ece","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":99,"box":{"x":76,"y":507,"width":903,"height":10}},{"id":"c0824036-ca5e-4568-b713-409a012d9b1c","block_type":"box","text":"could be reduced.","page_number":99,"box":{"x":76,"y":521,"width":114,"height":8}},{"id":"55aef533-0c46-4527-b576-d54e6fb4d660","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":99,"box":{"x":77,"y":544,"width":853,"height":11}},{"id":"e5c2e557-97cd-4a66-ae98-c3dcc8740167","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":99,"box":{"x":76,"y":558,"width":900,"height":11}},{"id":"e7920758-1a9d-449f-9d26-f380f42445a8","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":99,"box":{"x":76,"y":572,"width":876,"height":11}},{"id":"7f063c98-c7bc-418e-a9a9-e26ae6db85ec","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":99,"box":{"x":76,"y":586,"width":509,"height":11}},{"id":"f612c75a-a70a-4888-b9ab-1dd899d63bca","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":99,"box":{"x":77,"y":610,"width":879,"height":11}},{"id":"76a1c9da-0267-4c17-bf36-1d8ff078deeb","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":99,"box":{"x":76,"y":624,"width":407,"height":11}},{"id":"5dc3e709-b637-4c85-bdd5-912b853c36b7","block_type":"box","text":"Non-U.S. Shareholders","page_number":99,"box":{"x":77,"y":647,"width":156,"height":9}},{"id":"d4afec52-1745-4e65-8f18-14c6972616db","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":99,"box":{"x":77,"y":670,"width":888,"height":11}},{"id":"e6fa996f-b960-4b01-b754-5284156797a3","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":99,"box":{"x":77,"y":684,"width":904,"height":11}},{"id":"cf5fa4f7-bf53-45be-b449-8e8a4f942927","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":99,"box":{"x":77,"y":699,"width":868,"height":10}},{"id":"c1165365-d5dd-48b3-901f-36f5fd39f1c4","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 the Fund as capital","page_number":99,"box":{"x":76,"y":713,"width":886,"height":11}},{"id":"045f6db4-2d3f-4ee8-9546-a6040c2d162d","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":99,"box":{"x":76,"y":727,"width":499,"height":11}},{"id":"5763e6cd-ef14-4539-a81f-77554bd6a0e3","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":99,"box":{"x":76,"y":750,"width":896,"height":11}},{"id":"c4674ba6-e124-43f5-8da1-e1f9cfd1e591","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":99,"box":{"x":76,"y":764,"width":894,"height":11}},{"id":"8fc64c7d-f843-45ed-80a8-75eb2df0b9cc","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":99,"box":{"x":77,"y":779,"width":262,"height":10}},{"id":"d8bb3e10-960a-48d3-b409-2ed0a00a3619","block_type":"box","text":"Backup Withholding","page_number":99,"box":{"x":77,"y":802,"width":139,"height":11}},{"id":"0747f0f2-21ef-4dc0-8547-7f683dbe354d","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":99,"box":{"x":77,"y":825,"width":890,"height":11}},{"id":"4f7539a2-7939-4ebd-b2fa-2c4d8546e6b1","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":99,"box":{"x":76,"y":839,"width":789,"height":11}},{"id":"b9695b64-affb-4f94-afe5-ca836636e8fa","block_type":"box","text":"31","page_number":99,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"b8d69fc4-dece-4b4e-8a45-f8aa505fb5cb","block_type":"box","text":"Securities Lending","page_number":100,"box":{"x":76,"y":23,"width":129,"height":11}},{"id":"5e47eb4d-475b-4580-870e-e37ef20e71b2","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":100,"box":{"x":77,"y":46,"width":901,"height":11}},{"id":"17fb79de-0804-463a-9d53-422a6c9b4fef","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":100,"box":{"x":76,"y":61,"width":892,"height":10}},{"id":"2cf93717-af78-4348-b8ea-1a0abc4cb78e","block_type":"box","text":"through by the Fund.","page_number":100,"box":{"x":76,"y":75,"width":132,"height":11}},{"id":"38cabf71-bc70-488e-b520-8a64e506bea5","block_type":"box","text":"Fund of Funds","page_number":100,"box":{"x":77,"y":98,"width":98,"height":8}},{"id":"825eb8ef-80d9-41bc-a559-48f68a28ec77","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":100,"box":{"x":77,"y":121,"width":844,"height":11}},{"id":"7f30b144-3a6d-4d13-82b6-45065ec2440b","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":100,"box":{"x":76,"y":135,"width":870,"height":11}},{"id":"f74eacd2-373b-46a4-a872-92c79ff4fa86","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":100,"box":{"x":77,"y":149,"width":864,"height":11}},{"id":"464eb5c7-6f28-4266-9b8c-e2ea20bd5c3f","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":100,"box":{"x":76,"y":164,"width":643,"height":10}},{"id":"6e0dd50d-8cc2-47ec-a7ff-393519b5b87f","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":100,"box":{"x":76,"y":187,"width":350,"height":11}},{"id":"ff6f5c92-aa7f-4137-8ced-1e3bc0c0a8ff","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":100,"box":{"x":76,"y":210,"width":876,"height":11}},{"id":"80cfe41a-4327-4a62-a3b8-a1ac94ff9d3d","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":100,"box":{"x":77,"y":224,"width":896,"height":11}},{"id":"95bafc54-e6af-4714-9ad0-c686922a2155","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":100,"box":{"x":76,"y":238,"width":870,"height":11}},{"id":"cfa0ff64-0349-4f2d-97a5-eafc824e77ab","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":100,"box":{"x":77,"y":253,"width":892,"height":10}},{"id":"e1f47619-5a7b-4631-8f95-277e9bebd062","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":100,"box":{"x":76,"y":267,"width":892,"height":11}},{"id":"db6ea7a9-d896-42f8-9518-a67b38c69a51","block_type":"box","text":"contribution tax mentioned above.","page_number":100,"box":{"x":76,"y":281,"width":219,"height":8}},{"id":"4c48ef42-4bf2-43ce-a2dc-a2aefa9c7b2a","block_type":"box","text":"Creations and Redemptions","page_number":100,"box":{"x":76,"y":304,"width":193,"height":11}},{"id":"dcea9bba-cafa-4edd-8c9c-0c4ac0a40904","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":100,"box":{"x":77,"y":327,"width":693,"height":11}},{"id":"83c1a03f-5778-4572-be90-076db6e3868d","block_type":"box","text":"i.e.","page_number":100,"box":{"x":771,"y":327,"width":17,"height":9}},{"id":"18b57c60-382f-4f9d-ac5a-6e52247711f1","block_type":"box","text":", market makers, large","page_number":100,"box":{"x":790,"y":327,"width":143,"height":11}},{"id":"05506273-67cc-4a9a-a156-b8f6d6f48787","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":100,"box":{"x":76,"y":342,"width":866,"height":10}},{"id":"d4f0bd2f-4397-4a47-ac66-ba1c42d79143","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":100,"box":{"x":76,"y":356,"width":650,"height":11}},{"id":"90a78c5a-e289-4058-9a23-70cc5530186f","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":100,"box":{"x":77,"y":379,"width":832,"height":11}},{"id":"803b080a-a602-408a-9d3f-55b8fa6653b9","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":100,"box":{"x":76,"y":393,"width":891,"height":11}},{"id":"bd7b2d76-823c-40a0-9cad-d6e94337d7b4","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":100,"box":{"x":76,"y":407,"width":874,"height":11}},{"id":"c6965122-3582-443e-b764-360a56d6467d","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":100,"box":{"x":76,"y":421,"width":904,"height":11}},{"id":"e5ee862d-e601-4307-b07b-536d98e5692b","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":100,"box":{"x":76,"y":445,"width":875,"height":11}},{"id":"ce396fc1-3d0f-4e74-b15b-346ec62a5995","block_type":"box","text":"cash.","page_number":100,"box":{"x":76,"y":459,"width":33,"height":8}},{"id":"afabf7a0-ce69-45a0-9474-e4c861765bf8","block_type":"box","text":"In-Kind","page_number":100,"box":{"x":76,"y":482,"width":45,"height":9}},{"id":"536232d2-3f03-4ac7-826a-504d6272533f","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":100,"box":{"x":122,"y":482,"width":860,"height":11}},{"id":"5b022f86-4759-49ec-a4c6-d87f7ea3ce0f","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":100,"box":{"x":76,"y":496,"width":898,"height":11}},{"id":"e5ffe0c1-b04c-4e9e-ba1a-6a74117e31d4","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":100,"box":{"x":77,"y":510,"width":851,"height":11}},{"id":"ed8ad792-1dbc-4666-90a8-a27168fa4c99","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":100,"box":{"x":76,"y":525,"width":686,"height":10}},{"id":"4e49f04d-d6e6-4b28-844c-a365ec2a826e","block_type":"box","text":"Partial Cash","page_number":100,"box":{"x":76,"y":548,"width":74,"height":8}},{"id":"453d4f6f-015a-4f0c-af70-515dfc2dbae3","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":100,"box":{"x":152,"y":548,"width":806,"height":11}},{"id":"9f8d0dcc-11ff-430f-9652-b85f1addcfbe","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":100,"box":{"x":76,"y":562,"width":870,"height":11}},{"id":"eb57603f-6f0a-4b05-b4c9-46263853c902","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":100,"box":{"x":77,"y":576,"width":870,"height":11}},{"id":"efbc2506-46a7-4256-82d3-0812c138a48c","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":100,"box":{"x":77,"y":590,"width":380,"height":11}},{"id":"e4fa4549-b695-44fe-aa72-128b189af09e","block_type":"box","text":"All Cash","page_number":100,"box":{"x":75,"y":614,"width":51,"height":8}},{"id":"526ad643-558c-4457-a785-43b469375fce","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":100,"box":{"x":128,"y":614,"width":833,"height":10}},{"id":"b2b712dc-1cd5-48d3-982d-a39aeb574769","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":100,"box":{"x":76,"y":628,"width":869,"height":10}},{"id":"3c209b5b-2d35-4fc4-84f0-6b6f2379dad4","block_type":"box","text":"specified amount of cash.","page_number":100,"box":{"x":76,"y":642,"width":164,"height":11}},{"id":"358c0dde-c9b0-40f0-b660-313f85aaa3f5","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":100,"box":{"x":76,"y":665,"width":845,"height":11}},{"id":"f234686f-ffd2-4a73-8864-888842bfcab9","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":100,"box":{"x":76,"y":679,"width":408,"height":11}},{"id":"19b58bdc-ed11-47e3-a60f-1adbc376954a","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":100,"box":{"x":77,"y":703,"width":855,"height":10}},{"id":"05fb93e1-e653-4356-9e6c-8fe05078b2a4","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":100,"box":{"x":76,"y":717,"width":455,"height":11}},{"id":"f8daabf6-12ba-4a59-a977-6688590181d9","block_type":"box","text":"e.g.","page_number":100,"box":{"x":532,"y":719,"width":21,"height":9}},{"id":"7b81a25c-3c6b-4505-b5fa-08fdcbc607a5","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":100,"box":{"x":555,"y":717,"width":354,"height":11}},{"id":"0d95476a-47e3-4180-8e8f-b6452a0d8bed","block_type":"box","text":"Fund","page_number":100,"box":{"x":87,"y":748,"width":33,"height":8}},{"id":"bcd33a56-ecea-4fd2-93b1-d432e44752e1","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":100,"box":{"x":621,"y":748,"width":296,"height":8}},{"id":"1b962366-6bd2-4553-8491-5f29723ef7f9","block_type":"box","text":"iShares Breakthrough Environmental Solutions ETF","page_number":100,"box":{"x":87,"y":766,"width":325,"height":11}},{"id":"be5c0edd-0599-4725-9d2f-93112de9f643","block_type":"box","text":"iShares Cybersecurity and Tech ETF","page_number":100,"box":{"x":87,"y":784,"width":227,"height":11}},{"id":"e392bdb4-da82-4902-b083-c453c8d9365b","block_type":"box","text":"iShares Energy Storage & Materials ETF","page_number":100,"box":{"x":87,"y":802,"width":252,"height":11}},{"id":"06fa5783-dc29-477a-b593-31ff5925591e","block_type":"box","text":"iShares Future Exponential Technologies ETF","page_number":100,"box":{"x":87,"y":820,"width":285,"height":11}},{"id":"7d2d52d6-b289-4837-a2d6-fee043947bf3","block_type":"box","text":"iShares Genomics Immunology and Healthcare ETF","page_number":100,"box":{"x":87,"y":838,"width":326,"height":11}},{"id":"6e46546d-9eb2-4ccd-b8f9-0c07a35c23bc","block_type":"box","text":"iShares Neuroscience and Healthcare ETF","page_number":100,"box":{"x":87,"y":856,"width":268,"height":9}},{"id":"6e29c187-0f72-41fc-8807-b5807b82791a","block_type":"box","text":"32","page_number":100,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"6ca778da-af09-41d2-9a31-4786fa58c0f5","block_type":"box","text":"Fund","page_number":101,"box":{"x":87,"y":31,"width":33,"height":9}},{"id":"f23bd7d2-5992-4d18-8583-ab3f2337d3cf","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":101,"box":{"x":621,"y":31,"width":296,"height":9}},{"id":"aa2fc4de-a3bd-4cdb-9319-441180737c7e","block_type":"box","text":"iShares Self-Driving EV and Tech ETF","page_number":101,"box":{"x":87,"y":49,"width":234,"height":11}},{"id":"d7889a7c-ae4a-4574-9bae-39581df110ac","block_type":"box","text":"iShares U.S. Tech Breakthrough Multisector ETF","page_number":101,"box":{"x":87,"y":67,"width":305,"height":11}},{"id":"ea716f39-7415-4006-a385-8166f8ffd190","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":101,"box":{"x":76,"y":97,"width":897,"height":11}},{"id":"ac9e027a-59ef-4615-9623-dc79cc2d5e8c","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. 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The Board","page_number":101,"box":{"x":76,"y":200,"width":848,"height":11}},{"id":"2a2dee55-54d6-457c-9316-94602b8b12dc","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":101,"box":{"x":76,"y":215,"width":876,"height":10}},{"id":"10921c77-05a0-4c27-ad77-dd7917133ca3","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":101,"box":{"x":76,"y":229,"width":894,"height":11}},{"id":"9011a6c0-cb62-4d3f-8352-d3011c718a8d","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. 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Certain information reflects financial results for a single Fund share. The total return","page_number":102,"box":{"x":76,"y":331,"width":870,"height":11}},{"id":"1bac1247-eea7-461b-80bb-080d84a7d2a2","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":102,"box":{"x":76,"y":345,"width":865,"height":11}},{"id":"2c1a5497-0ea8-4b86-ae6c-ab32424c0b37","block_type":"box","text":"dividends and distributions. 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