{"annotation_id":"2907742c-d7c7-471c-ac09-780d24d5f0b8","file_hash":"754da8ec709b60c8853408828f99bb7ebb59b21f1dbfb22261671e599b3d09ed","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"d2bd9ac6-e16d-4f58-be13-7ee221f441c6","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"1397cae7-d04f-4690-92d6-01b2835d75c6","block_type":"box","text":"Supplement dated October 1, 2026","page_number":1,"box":{"x":367,"y":85,"width":269,"height":12}},{"id":"2f050af5-2eec-4bdf-a870-4ecb100564b8","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information","page_number":1,"box":{"x":119,"y":100,"width":765,"height":13}},{"id":"d70727bf-891d-4270-b5c7-a40622235f5b","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer","page_number":1,"box":{"x":127,"y":116,"width":750,"height":12}},{"id":"7e0d71f3-7e18-4f28-9a48-557d2800a74c","block_type":"box","text":"Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":1,"box":{"x":154,"y":131,"width":695,"height":13}},{"id":"42e278f6-d5ff-44fe-9c51-f5e6c3816985","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":1,"box":{"x":116,"y":154,"width":764,"height":13}},{"id":"30e86738-ea9f-4211-869e-950f18b79265","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":1,"box":{"x":116,"y":170,"width":747,"height":13}},{"id":"58513afa-dd15-4878-9772-494df8684977","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":1,"box":{"x":116,"y":185,"width":385,"height":13}},{"id":"26afb9a2-b72d-49c1-bd6b-46ccfceff692","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":1,"box":{"x":116,"y":209,"width":677,"height":12}},{"id":"da3f4635-33b9-4c00-90ac-4e653717458e","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":1,"box":{"x":116,"y":224,"width":354,"height":13}},{"id":"0e39313a-4e9a-4483-98b7-3b054ad760f7","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":1,"box":{"x":183,"y":245,"width":631,"height":12}},{"id":"87de5c75-9312-4f5d-bae0-966c256b0125","block_type":"box","text":"iShares Large Cap 10% Target","page_number":1,"box":{"x":124,"y":266,"width":224,"height":12}},{"id":"826f7bab-070c-4056-837f-2145a2776368","block_type":"box","text":"Buffer Sep ETF (STEN)","page_number":1,"box":{"x":162,"y":281,"width":165,"height":13}},{"id":"4372e571-f215-4fa3-9daf-ee73befb6c6e","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":266,"width":92,"height":11}},{"id":"a3ca93c0-894f-4fbc-9e93-ed9e17352922","block_type":"box","text":"to Sep. 30, 2027","page_number":1,"box":{"x":419,"y":282,"width":122,"height":12}},{"id":"fbfbb1ab-32ef-46ed-a4e7-f614265a7dd3","block_type":"box","text":"19.25% (gross of management fee)","page_number":1,"box":{"x":616,"y":266,"width":261,"height":12}},{"id":"a6bca264-853f-4ddb-9b1b-61a2cd5de0ba","block_type":"box","text":"18.75% (net of management fee)","page_number":1,"box":{"x":624,"y":281,"width":245,"height":13}},{"id":"2c0d5259-098c-4ae8-bc27-bd2bf1eb70c2","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":1,"box":{"x":127,"y":304,"width":218,"height":13}},{"id":"9ef92806-e87e-44f9-81f6-153483540684","block_type":"box","text":"Sep ETF (SMAX)","page_number":1,"box":{"x":182,"y":320,"width":124,"height":12}},{"id":"59b2834e-c1d6-48e0-96ac-7a2172f088f0","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":305,"width":92,"height":11}},{"id":"32b55ae8-3cd0-4c7b-82bd-122d07a2adae","block_type":"box","text":"to Sep. 30, 2027","page_number":1,"box":{"x":419,"y":320,"width":122,"height":12}},{"id":"f311eb54-b072-403e-8e0d-217cfac1768d","block_type":"box","text":"9.77% (gross of management fee)","page_number":1,"box":{"x":619,"y":304,"width":254,"height":13}},{"id":"a0c94f60-a772-41dd-92fb-6dd427ea8a33","block_type":"box","text":"9.27% (net of management fee)","page_number":1,"box":{"x":627,"y":320,"width":238,"height":12}},{"id":"2c0d62af-c98e-4dff-8381-7d352a319540","block_type":"box","text":"iShares Large Cap Accelerated","page_number":1,"box":{"x":124,"y":343,"width":224,"height":13}},{"id":"aa10d9c8-ecf5-49ea-8dd6-e575d1608e07","block_type":"box","text":"Outcome ETF (TWOX)","page_number":1,"box":{"x":160,"y":359,"width":168,"height":12}},{"id":"d764e575-4682-4d2b-94be-ccf7ff56d3ce","block_type":"box","text":"Oct. 1, 2026","page_number":1,"box":{"x":434,"y":344,"width":92,"height":11}},{"id":"607effa7-207a-4926-88cb-cfba16e5b0d9","block_type":"box","text":"to Dec. 31, 2026","page_number":1,"box":{"x":418,"y":359,"width":124,"height":11}},{"id":"829c16bd-3fbf-44d5-b952-6946a0e01b44","block_type":"box","text":"6.90% (gross of management fee)","page_number":1,"box":{"x":619,"y":343,"width":254,"height":13}},{"id":"c4a9f05c-47f4-4a88-9a6f-8c55aa827dae","block_type":"box","text":"6.78% (net of management fee)","page_number":1,"box":{"x":627,"y":359,"width":238,"height":12}},{"id":"66481911-2881-423f-8df5-695ef149631d","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":1,"box":{"x":117,"y":390,"width":712,"height":12}},{"id":"08b8504a-7de7-482b-80d6-fc1d92e47738","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":1,"box":{"x":116,"y":405,"width":655,"height":13}},{"id":"f796a2b2-5dc3-4377-a27c-e3c82a5e9081","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":1,"box":{"x":117,"y":428,"width":521,"height":13}},{"id":"41ce838f-2783-450a-93a3-2ca0641b5fa0","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"8d6e4acd-6df8-45f6-9d1d-db2f693acb2b","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"21277e3d-79a1-4d6e-99b5-7c50dd40dc52","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"01747050-618d-47e6-a437-891a29e6a409","block_type":"box","text":"IS-A-OC-Cap-1026","page_number":1,"box":{"x":773,"y":887,"width":110,"height":10}},{"id":"8d41d82d-fd5b-411c-9f1b-df5cc49cb009","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"1990c362-78e3-4454-afba-2046116776bc","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"3a898f92-2c9f-467e-ac3e-8bf1e9bfa3e8","block_type":"box","text":"iShares Trust","page_number":2,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"8ad9bea6-f962-4798-90a3-e27243e3b520","block_type":"box","text":"Supplement dated September 22, 2026","page_number":2,"box":{"x":352,"y":85,"width":300,"height":12}},{"id":"3e474a6c-e774-477f-bb72-79c6669a8add","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information","page_number":2,"box":{"x":119,"y":100,"width":765,"height":13}},{"id":"f789bf4a-567c-44c2-85bf-49c5fffa603c","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer","page_number":2,"box":{"x":127,"y":116,"width":750,"height":12}},{"id":"980e8221-04ce-49f5-bd40-48d451c3f793","block_type":"box","text":"Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":2,"box":{"x":154,"y":131,"width":695,"height":13}},{"id":"646a92ed-5ca5-4f91-a73b-9e9919d0b8a1","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":2,"box":{"x":116,"y":154,"width":764,"height":13}},{"id":"db94a786-381c-4326-a0e7-c9cceebd6b1e","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":2,"box":{"x":116,"y":170,"width":747,"height":13}},{"id":"cb3b74ad-77d3-4b20-85ea-c249dba4122d","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":2,"box":{"x":116,"y":185,"width":385,"height":13}},{"id":"fae67964-71c3-4582-b828-f9e38e2a48bf","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":2,"box":{"x":116,"y":209,"width":766,"height":12}},{"id":"a2d521cd-6fdd-4448-967e-8cc0fd333948","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":2,"box":{"x":117,"y":224,"width":743,"height":13}},{"id":"92a04d1f-0deb-4811-9d5d-b2272c6e9999","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":2,"box":{"x":116,"y":240,"width":741,"height":12}},{"id":"20c2250f-296c-44c6-b35f-42b36e10edc0","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap","page_number":2,"box":{"x":117,"y":255,"width":753,"height":13}},{"id":"e3f6279a-b425-4744-9d6f-c021c7838c4f","block_type":"box","text":"for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be","page_number":2,"box":{"x":116,"y":271,"width":706,"height":12}},{"id":"859a52c5-ffeb-48ec-ab12-2624ec429e55","block_type":"box","text":"included in a supplement filing following the close of business on the last business day of the current","page_number":2,"box":{"x":117,"y":286,"width":735,"height":13}},{"id":"9392bacd-e276-4c7e-8c61-3d096e175cd4","block_type":"box","text":"Outcome Period.","page_number":2,"box":{"x":116,"y":302,"width":127,"height":10}},{"id":"7fc39819-f20d-4bcc-ae87-3767fbe42606","block_type":"box","text":"Fund (Ticker)","page_number":2,"box":{"x":186,"y":330,"width":106,"height":13}},{"id":"7df1fc71-473f-46de-9b84-4a47353b1bce","block_type":"box","text":"Upcoming Outcome","page_number":2,"box":{"x":368,"y":328,"width":154,"height":12}},{"id":"d4523e4f-2a2d-485f-816d-2abe080e088b","block_type":"box","text":"Period","page_number":2,"box":{"x":419,"y":340,"width":52,"height":10}},{"id":"940c8616-cbf0-4780-9a88-186e71aa4ef4","block_type":"box","text":"Estimated Approximate Cap Range","page_number":2,"box":{"x":575,"y":330,"width":267,"height":13}},{"id":"3261c7bc-4cb9-4e90-ac1e-82970393e7de","block_type":"box","text":"iShares Large Cap 10% Target","page_number":2,"box":{"x":127,"y":368,"width":223,"height":12}},{"id":"21e2eabd-62bb-4a3f-945c-21b1a6194a12","block_type":"box","text":"Buffer Sep ETF (STEN)","page_number":2,"box":{"x":165,"y":383,"width":164,"height":13}},{"id":"acb01232-1631-4034-b305-ae9d1ab2f1a3","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":368,"width":92,"height":11}},{"id":"c1e6379c-62eb-4efc-bc7d-a1b93e443968","block_type":"box","text":"to Sep. 30, 2027","page_number":2,"box":{"x":384,"y":384,"width":122,"height":12}},{"id":"98a3bd0c-d0e4-4ea4-8954-97ff5e57c87d","block_type":"box","text":"18.20% - 20.26% (gross of management fee)","page_number":2,"box":{"x":543,"y":364,"width":332,"height":12}},{"id":"a363785a-4d6c-409f-b532-2f6c148fe335","block_type":"box","text":"17.70% - 19.76% (net of management fee)","page_number":2,"box":{"x":551,"y":387,"width":316,"height":13}},{"id":"c7e0ba7a-d49d-48ed-a505-a8f26b768e5c","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":2,"box":{"x":130,"y":414,"width":217,"height":13}},{"id":"a2acf751-b9e9-4d52-b2f9-8adf280513a3","block_type":"box","text":"Sep ETF (SMAX)","page_number":2,"box":{"x":185,"y":430,"width":124,"height":12}},{"id":"0351e5d2-b375-4804-991e-9f39bccb904a","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":415,"width":92,"height":11}},{"id":"cdb35f6b-363c-4105-9d08-2b71a0755b02","block_type":"box","text":"to Sep. 30, 2027","page_number":2,"box":{"x":384,"y":430,"width":122,"height":12}},{"id":"899370a4-594f-4a5a-ac43-9e65d7bb2457","block_type":"box","text":"8.88% - 9.95% (gross of management fee)","page_number":2,"box":{"x":551,"y":410,"width":315,"height":13}},{"id":"0c1b06bb-c02a-4b35-851a-e26201c2e0f1","block_type":"box","text":"8.38% - 9.45% (net of management fee)","page_number":2,"box":{"x":559,"y":433,"width":299,"height":13}},{"id":"4c2c55d3-7a05-4e55-8c0f-5139312ecdd4","block_type":"box","text":"iShares Large Cap Accelerated","page_number":2,"box":{"x":127,"y":461,"width":224,"height":12}},{"id":"158c5978-263a-4ef4-bec5-7aa2d54df6b3","block_type":"box","text":"Outcome ETF (TWOX)","page_number":2,"box":{"x":163,"y":476,"width":168,"height":13}},{"id":"b9b4af66-de7e-4afb-b15e-14fa651f9fb5","block_type":"box","text":"Oct. 1, 2026","page_number":2,"box":{"x":399,"y":461,"width":92,"height":11}},{"id":"9062aef0-6c60-4be1-b58d-80e07139673d","block_type":"box","text":"to Dec. 31, 2026","page_number":2,"box":{"x":383,"y":477,"width":124,"height":11}},{"id":"a98b1a6e-eb8e-4b34-a64e-78d46f1444b0","block_type":"box","text":"6.25% - 8.17% (gross of management fee)","page_number":2,"box":{"x":551,"y":457,"width":315,"height":12}},{"id":"fc34c64e-e408-43f9-90bf-c4b9d8b173cc","block_type":"box","text":"6.13% - 8.04% (net of management fee)","page_number":2,"box":{"x":559,"y":480,"width":299,"height":13}},{"id":"ed1b9e9d-23ab-4fae-bfaa-fffbc60974c6","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":511,"width":521,"height":13}},{"id":"cb84462f-4d5e-4ef6-80f1-33f529f1edbe","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"339ec34d-e517-47f7-a9f3-b82714845753","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"0ecf93bc-fbcd-4e9b-9fe1-f3fa6e08cf4e","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"829a0230-6183-479a-abde-182e92cb2b36","block_type":"box","text":"IS-A-iCap-0926","page_number":2,"box":{"x":793,"y":887,"width":90,"height":10}},{"id":"972db7e1-becd-4103-8b1e-7b742058eded","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"72bd9edd-4092-429c-bf87-30fb13ef7b7d","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"de9bc975-b180-4c78-a991-c2f06d9efab1","block_type":"box","text":"iShares","page_number":3,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"348b0db7-775d-409f-8b8f-1dca90be1397","block_type":"box","text":"®","page_number":3,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"4cf21213-2421-43bc-876a-b1a3d90c3980","block_type":"box","text":"iShares Trust","page_number":3,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"5407adce-d3ba-47a8-9162-faff083bd9dd","block_type":"box","text":"Supplement dated July 1, 2026","page_number":3,"box":{"x":384,"y":123,"width":235,"height":13}},{"id":"7d1582d4-0e40-42f8-ad0f-ea0de7888be5","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information","page_number":3,"box":{"x":119,"y":139,"width":765,"height":13}},{"id":"f6cb2b9b-4aff-41dc-a343-823f943ae51a","block_type":"box","text":"(“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target","page_number":3,"box":{"x":124,"y":154,"width":756,"height":13}},{"id":"fb425038-0f23-4ed9-a79c-c826f2cdcb15","block_type":"box","text":"Buffer Jun ETF (TENJ) and iShares Large Cap Max Buffer Jun ETF (MAXJ) (each, a “Fund”)","page_number":3,"box":{"x":166,"y":170,"width":672,"height":13}},{"id":"369f94c9-5560-423a-9ab4-ac55bd195db3","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":3,"box":{"x":116,"y":193,"width":764,"height":13}},{"id":"15e61025-511d-4e42-a426-2b3c66f6498c","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":3,"box":{"x":116,"y":209,"width":747,"height":12}},{"id":"1100e189-6d00-4116-bc78-9ff6ab85e97d","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":3,"box":{"x":116,"y":224,"width":385,"height":13}},{"id":"ff4b6f79-ae8c-4bd0-8ee9-ec0fc666cdc3","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":3,"box":{"x":116,"y":247,"width":677,"height":13}},{"id":"dc64086e-6783-4d58-8ec7-15a33f578a2d","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":3,"box":{"x":116,"y":263,"width":354,"height":13}},{"id":"040910d6-633a-4fe2-af48-c29e3e4f65e8","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":3,"box":{"x":193,"y":284,"width":620,"height":12}},{"id":"e6814c85-c8f3-4e27-b247-ee333cbb1159","block_type":"box","text":"iShares Large Cap Accelerated","page_number":3,"box":{"x":134,"y":304,"width":224,"height":13}},{"id":"be9c3c7b-31b4-4c21-8c33-cb59dc6df923","block_type":"box","text":"Outcome ETF (TWOX)","page_number":3,"box":{"x":170,"y":320,"width":168,"height":12}},{"id":"86391d7b-8192-48a2-8deb-a598d24574a8","block_type":"box","text":"Jul. 1, 2026","page_number":3,"box":{"x":446,"y":304,"width":84,"height":12}},{"id":"1725779f-2e3b-4db3-9e07-d7d029f827da","block_type":"box","text":"to Sep. 30, 2026","page_number":3,"box":{"x":427,"y":320,"width":122,"height":12}},{"id":"bdfbcabb-828a-470c-92d1-52d2d5d1bb7b","block_type":"box","text":"7.54% (gross of management fee)","page_number":3,"box":{"x":613,"y":304,"width":253,"height":13}},{"id":"dddcbdf8-5cd8-44f7-a202-f86065520dd9","block_type":"box","text":"7.41% (net of management fee)","page_number":3,"box":{"x":613,"y":320,"width":237,"height":12}},{"id":"93df58bf-fe12-40bf-8828-093af08fdffe","block_type":"box","text":"iShares Large Cap 10% Target","page_number":3,"box":{"x":135,"y":343,"width":223,"height":13}},{"id":"1e59280c-a998-4f56-8d99-3cbaee00c359","block_type":"box","text":"Buffer Jun ETF (TENJ)","page_number":3,"box":{"x":177,"y":359,"width":156,"height":12}},{"id":"0ccfbff3-0b35-4b0c-8b24-984c05e46cae","block_type":"box","text":"Jul. 1, 2026","page_number":3,"box":{"x":446,"y":343,"width":84,"height":12}},{"id":"30692441-1cdb-4dea-a208-7d984a11d5e2","block_type":"box","text":"to Jun. 30, 2027","page_number":3,"box":{"x":429,"y":359,"width":119,"height":11}},{"id":"ae834318-9ee4-458d-b214-41d5866eae33","block_type":"box","text":"19.02% (gross of management fee)","page_number":3,"box":{"x":614,"y":343,"width":262,"height":13}},{"id":"d1524d35-35ea-4b93-9d27-7f3e4cfd80e4","block_type":"box","text":"18.52% (net of management fee)","page_number":3,"box":{"x":614,"y":359,"width":246,"height":12}},{"id":"4919f6c7-111d-4f90-a6e5-968380fa36a7","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":3,"box":{"x":138,"y":382,"width":217,"height":12}},{"id":"1b216c78-aa2e-405c-b74f-1237385d9494","block_type":"box","text":"Jun ETF (MAXJ)","page_number":3,"box":{"x":196,"y":397,"width":116,"height":13}},{"id":"80e0316f-1bd7-4eff-8357-c6f4198d849d","block_type":"box","text":"Jul. 1, 2026","page_number":3,"box":{"x":446,"y":382,"width":84,"height":11}},{"id":"789a2515-21b8-4821-9004-85c24b2f3dcc","block_type":"box","text":"to Jun. 30, 2027","page_number":3,"box":{"x":429,"y":398,"width":119,"height":11}},{"id":"e4826d57-c395-4c52-b1fe-c55e5699aecf","block_type":"box","text":"8.54% (gross of management fee)","page_number":3,"box":{"x":613,"y":382,"width":253,"height":12}},{"id":"31a1bacd-922d-43d0-a095-60eae17c8e46","block_type":"box","text":"8.04% (net of management fee)","page_number":3,"box":{"x":613,"y":397,"width":237,"height":13}},{"id":"ac1401ae-5419-4a7f-b89d-98724bf6ea4d","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":3,"box":{"x":117,"y":428,"width":712,"height":13}},{"id":"cc5b4e82-2c3a-49b6-b3dc-bf375d0f3749","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":3,"box":{"x":116,"y":444,"width":655,"height":12}},{"id":"090ce0c0-7049-4717-9558-d75aad328406","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":3,"box":{"x":117,"y":467,"width":521,"height":13}},{"id":"fb64acd8-b99c-4201-92b7-daf1323b7db8","block_type":"box","text":"iShares","page_number":3,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"c30d40d2-9079-4538-be58-e0dfa3b87fbf","block_type":"box","text":"®","page_number":3,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"6451477b-a2df-43a0-b9e4-e5e95857eb84","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":3,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"ed7bc7fd-44a9-4b3e-aae9-a3a138779f46","block_type":"box","text":"IS-A-OC-Cap-0626","page_number":3,"box":{"x":773,"y":887,"width":110,"height":10}},{"id":"d41186ee-1ed4-40e2-8cb5-16ae41ef3790","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":3,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"f996b7c1-77ed-4de0-a3e1-dfcdbe0d38cc","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":3,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"604acb91-c64b-4db1-a28c-371360c2b4cd","block_type":"box","text":"iShares","page_number":4,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"91d9e34d-4aae-448b-a017-a51924e65017","block_type":"box","text":"®","page_number":4,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"6e78eb56-d911-4ee4-b709-b6b490ef742f","block_type":"box","text":"iShares Trust","page_number":4,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"88b5700d-bf1c-4a42-ae86-63484b3f8db1","block_type":"box","text":"Supplement dated June 23, 2026","page_number":4,"box":{"x":376,"y":123,"width":251,"height":13}},{"id":"baff1eb0-de77-4974-ad79-1e0bfda3e02d","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information","page_number":4,"box":{"x":119,"y":139,"width":765,"height":13}},{"id":"d32fd6bb-1140-447b-91ae-c1e672e3d069","block_type":"box","text":"(“SAI”) for the iShares Large Cap 10% Target Buffer Jun ETF (TENJ), iShares Large Cap Max Buffer","page_number":4,"box":{"x":131,"y":154,"width":742,"height":13}},{"id":"ae2099ee-3c78-4383-92a7-716a9a9e2e6a","block_type":"box","text":"Jun ETF (MAXJ) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)","page_number":4,"box":{"x":157,"y":170,"width":688,"height":13}},{"id":"8224bcf3-5b28-46d7-8ac5-ef8be69ca968","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":4,"box":{"x":116,"y":193,"width":764,"height":13}},{"id":"7e6b1d40-99e7-4a02-951a-d1bf89b20f08","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":4,"box":{"x":116,"y":209,"width":747,"height":12}},{"id":"c8b513af-129f-470b-a37c-a57f3c38c3f4","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":4,"box":{"x":116,"y":224,"width":385,"height":13}},{"id":"1480ba4c-35f5-4e5c-9335-77cfb0f2e488","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":4,"box":{"x":116,"y":247,"width":766,"height":13}},{"id":"e13b7a32-dee9-4e6e-a131-5f545d557f44","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":4,"box":{"x":117,"y":263,"width":743,"height":13}},{"id":"f738b10a-f497-4b0a-b549-0b52b508118a","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":4,"box":{"x":116,"y":278,"width":741,"height":13}},{"id":"ac8074cf-210d-422c-947b-1a0216f2ae28","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap","page_number":4,"box":{"x":117,"y":294,"width":753,"height":13}},{"id":"04cbbb44-8cf0-4cc2-9eb9-0a1b35209f3a","block_type":"box","text":"for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be","page_number":4,"box":{"x":116,"y":309,"width":706,"height":13}},{"id":"0370d8e4-4f3d-48e5-9af0-2a26822476fd","block_type":"box","text":"included in a supplement filing following the close of business on the last business day of the current","page_number":4,"box":{"x":117,"y":325,"width":735,"height":13}},{"id":"687942fc-689c-472c-bfce-b9a8a6753da7","block_type":"box","text":"Outcome Period.","page_number":4,"box":{"x":116,"y":340,"width":127,"height":10}},{"id":"e01b5792-f766-47a8-b015-6e73f470d14b","block_type":"box","text":"Fund (Ticker) Upcoming Outcome","page_number":4,"box":{"x":191,"y":364,"width":340,"height":12}},{"id":"5b53700c-9683-4b53-bb29-ac52605b990a","block_type":"box","text":"Period","page_number":4,"box":{"x":427,"y":377,"width":52,"height":10}},{"id":"ffab015c-0160-43fd-899b-af5230f16ee6","block_type":"box","text":"Estimated Approximate Cap Range","page_number":4,"box":{"x":577,"y":364,"width":268,"height":12}},{"id":"a8754c6e-3439-48f4-8087-3e17282fe958","block_type":"box","text":"iShares Large Cap 10% Target","page_number":4,"box":{"x":133,"y":395,"width":223,"height":12}},{"id":"a77ba2a4-fa01-4935-9f1d-ff1804a27fb5","block_type":"box","text":"Buffer Jun ETF (TENJ)","page_number":4,"box":{"x":167,"y":410,"width":156,"height":13}},{"id":"8fc9286e-0eb5-41f5-88ff-a8cb68eb7ce5","block_type":"box","text":"Jul. 1, 2026","page_number":4,"box":{"x":411,"y":395,"width":84,"height":11}},{"id":"17ef69d7-3005-440b-b22f-2806b4e12878","block_type":"box","text":"to Jun. 30, 2027","page_number":4,"box":{"x":394,"y":411,"width":118,"height":11}},{"id":"eef37225-bbe9-470c-9df5-16a63a71f59f","block_type":"box","text":"17.55% - 19.59% (gross of management fee)","page_number":4,"box":{"x":545,"y":395,"width":333,"height":12}},{"id":"93cf0658-9fe0-481c-8284-9e03f3ddcdb6","block_type":"box","text":"17.05% - 19.09% (net of management fee)","page_number":4,"box":{"x":553,"y":410,"width":317,"height":13}},{"id":"52389f39-2710-45b5-90f9-53113c3bbb56","block_type":"box","text":"iShares Large Cap Max Buffer","page_number":4,"box":{"x":136,"y":433,"width":217,"height":13}},{"id":"c74e1cea-829b-4104-a134-aa2eebe98edd","block_type":"box","text":"Jun ETF (MAXJ)","page_number":4,"box":{"x":186,"y":449,"width":116,"height":13}},{"id":"5514a393-34de-4f26-b204-0e20f68d9288","block_type":"box","text":"Jul. 1, 2026","page_number":4,"box":{"x":411,"y":433,"width":84,"height":12}},{"id":"cdd4a1cb-364f-4174-8024-7b955dfe3c0e","block_type":"box","text":"to Jun. 30, 2027","page_number":4,"box":{"x":394,"y":450,"width":118,"height":11}},{"id":"e3445192-0314-4f22-8c62-c7231a348090","block_type":"box","text":"7.55% - 8.59% (gross of management fee)","page_number":4,"box":{"x":553,"y":433,"width":315,"height":13}},{"id":"2bef6d7f-ac16-48ee-be31-bb11b2bed2c2","block_type":"box","text":"7.05% - 8.09% (net of management fee)","page_number":4,"box":{"x":561,"y":449,"width":299,"height":13}},{"id":"bdbd9def-badd-4394-bd12-e63cfacb6b62","block_type":"box","text":"iShares Large Cap Accelerated","page_number":4,"box":{"x":133,"y":472,"width":223,"height":13}},{"id":"b0e7974c-e91a-40b6-9fac-fc6852a570ee","block_type":"box","text":"Outcome ETF (TWOX)","page_number":4,"box":{"x":160,"y":488,"width":168,"height":12}},{"id":"b12993b1-df63-4631-b16b-2add8a656cba","block_type":"box","text":"Jul. 1, 2026","page_number":4,"box":{"x":411,"y":472,"width":84,"height":12}},{"id":"d858ca12-9661-46b7-9270-5564f46c301a","block_type":"box","text":"to Sep. 30, 2026","page_number":4,"box":{"x":392,"y":488,"width":122,"height":12}},{"id":"31dab9ff-20da-444a-bc72-270ed7bcdc44","block_type":"box","text":"6.07% - 7.99% (gross of management fee)","page_number":4,"box":{"x":553,"y":472,"width":315,"height":13}},{"id":"327fa1d7-945e-4fb0-89e8-972a72d1d3df","block_type":"box","text":"5.95% - 7.86% (net of management fee)","page_number":4,"box":{"x":561,"y":488,"width":299,"height":12}},{"id":"4169b7c0-b077-407d-bce5-fe34d1c18b94","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":4,"box":{"x":117,"y":519,"width":521,"height":12}},{"id":"0016eede-3c55-419e-9e50-44e68eea6f78","block_type":"box","text":"iShares","page_number":4,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"0f8f7663-26b3-4937-bf37-5e02802ab77a","block_type":"box","text":"®","page_number":4,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"a3676736-4238-4d74-a9cf-c631307209c1","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":4,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"050cf522-257c-404a-afd1-6ddce0ac01d3","block_type":"box","text":"IS-A-iCap-0626","page_number":4,"box":{"x":793,"y":887,"width":90,"height":10}},{"id":"d5f57af1-2ba6-4888-9275-5a0363055dcf","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":4,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"4d0469d1-8a7e-48af-b33b-d57b7a62bca8","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":4,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"4d3df7a3-52d8-4f02-bbe5-50f522f1540b","block_type":"box","text":"iShares","page_number":5,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"8448be92-a7b1-421e-8195-752715a30f45","block_type":"box","text":"®","page_number":5,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"dc1f991f-2d14-4b62-aefb-9cc806429faa","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"cc730ffc-6a8b-40fa-86d0-f65326b0587f","block_type":"box","text":"Supplement dated April 1, 2026","page_number":5,"box":{"x":379,"y":123,"width":245,"height":13}},{"id":"4076c311-fb5d-4900-bbbc-0a18f4621fae","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information","page_number":5,"box":{"x":119,"y":139,"width":765,"height":13}},{"id":"c6aeb850-f21d-4b6e-adea-9cd2734e0141","block_type":"box","text":"(“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target","page_number":5,"box":{"x":124,"y":154,"width":756,"height":13}},{"id":"89a0dbde-39da-4c2c-8339-dd635f79b7e4","block_type":"box","text":"Buffer Mar ETF (TENM) and iShares Large Cap Max Buffer Mar ETF (MMAX) (each, a “Fund”)","page_number":5,"box":{"x":150,"y":170,"width":704,"height":13}},{"id":"b5128c28-810b-44e3-9a03-51d121368c0d","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":5,"box":{"x":116,"y":193,"width":764,"height":13}},{"id":"f7bfa06e-c726-4b8a-abb7-2c7c9e751ba7","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":5,"box":{"x":116,"y":209,"width":747,"height":12}},{"id":"bd862675-b867-43b6-b2a6-6f8f5711be1f","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":5,"box":{"x":116,"y":224,"width":385,"height":13}},{"id":"7c13eda6-c449-4838-b77d-76cbb0e2f551","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":5,"box":{"x":116,"y":247,"width":677,"height":13}},{"id":"c515f8c5-2ab7-4c1a-b7f7-634b89598441","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":5,"box":{"x":116,"y":263,"width":354,"height":13}},{"id":"830fd7dc-47d8-4a8d-b1e3-e7b649a478bd","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":5,"box":{"x":215,"y":294,"width":589,"height":13}},{"id":"84f82759-af43-4c10-9297-781f1d05b62e","block_type":"box","text":"iShares Large Cap Accelerated","page_number":5,"box":{"x":156,"y":331,"width":224,"height":13}},{"id":"283b9426-a8e9-4b3b-b348-f63dcf93b885","block_type":"box","text":"Outcome ETF (TWOX)","page_number":5,"box":{"x":184,"y":347,"width":168,"height":12}},{"id":"9371229b-3c9f-44c5-aa5f-2bf5f8acfbb5","block_type":"box","text":"Apr. 1, 2026 to","page_number":5,"box":{"x":446,"y":332,"width":112,"height":12}},{"id":"74b1e149-3fc0-4117-9141-1d9c2e3390be","block_type":"box","text":"Jun. 30, 2026","page_number":5,"box":{"x":452,"y":348,"width":99,"height":11}},{"id":"168951c2-3395-4f6c-9cd8-e94c34caa60b","block_type":"box","text":"8.14% (gross of management fee)","page_number":5,"box":{"x":609,"y":327,"width":254,"height":13}},{"id":"08b004f3-8fe2-48c5-99f8-2e1db7a3e579","block_type":"box","text":"8.02% (net of management fee)","page_number":5,"box":{"x":617,"y":351,"width":238,"height":12}},{"id":"e8cd8204-ceed-4544-a77e-466154660faa","block_type":"box","text":"iShares Large Cap 10% Target","page_number":5,"box":{"x":156,"y":389,"width":224,"height":12}},{"id":"f70e7486-6ca3-4404-98b4-06e5a97abe5a","block_type":"box","text":"Buffer Mar ETF (TENM)","page_number":5,"box":{"x":182,"y":404,"width":173,"height":13}},{"id":"cb91b5d1-7548-449f-91ad-7ef324dacf0b","block_type":"box","text":"Apr. 1, 2026 to","page_number":5,"box":{"x":446,"y":390,"width":112,"height":12}},{"id":"691bf2e8-fe3a-4a19-b0f8-5b474560f7af","block_type":"box","text":"Mar. 31, 2027","page_number":5,"box":{"x":450,"y":405,"width":104,"height":11}},{"id":"4c6cef83-a599-4d69-8e0d-702820a0efee","block_type":"box","text":"18.89% (gross of management fee)","page_number":5,"box":{"x":606,"y":385,"width":261,"height":12}},{"id":"b2a4e8ee-3826-4738-a3ae-19f577f4dc8f","block_type":"box","text":"18.39% (net of management fee)","page_number":5,"box":{"x":614,"y":408,"width":245,"height":13}},{"id":"d11a6fcc-481c-49a5-90b8-1de8c2a2e24a","block_type":"box","text":"iShares Large Cap Max Buffer Mar","page_number":5,"box":{"x":143,"y":446,"width":250,"height":13}},{"id":"1f4387f5-d252-4816-acc4-9789987ca805","block_type":"box","text":"ETF (MMAX)","page_number":5,"box":{"x":219,"y":461,"width":98,"height":13}},{"id":"241a8e37-63a2-4e05-a2c2-ca7a5418d74d","block_type":"box","text":"Apr. 1, 2026 to","page_number":5,"box":{"x":446,"y":447,"width":112,"height":12}},{"id":"66c16fc4-4fa7-4fe6-a433-859b504238bc","block_type":"box","text":"Mar. 31, 2027","page_number":5,"box":{"x":450,"y":462,"width":104,"height":12}},{"id":"4e230166-c67c-4e0e-8599-8e3c866deac1","block_type":"box","text":"7.02% (gross of management fee)","page_number":5,"box":{"x":609,"y":442,"width":254,"height":13}},{"id":"4bc2ca13-8ac8-47e7-afc9-7c10b7afaf98","block_type":"box","text":"6.52% (net of management fee)","page_number":5,"box":{"x":617,"y":465,"width":238,"height":13}},{"id":"a5ff5bd3-8606-4d39-a42f-8da0c47117ac","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":5,"box":{"x":117,"y":500,"width":712,"height":12}},{"id":"508e398d-36d2-4fa3-8a67-c5e9e5c3f685","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":5,"box":{"x":116,"y":515,"width":655,"height":13}},{"id":"587aa653-3ae7-4992-a6ca-6ecb681c041d","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":5,"box":{"x":117,"y":538,"width":521,"height":13}},{"id":"7ff00455-4668-4cf3-b76f-0a3a685ae7c0","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"91a4b842-ae87-41ca-a1a6-38a240137dad","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"a2ce0be2-741b-4bb4-9c97-f4cbf081f7c0","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":5,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"8ed1eb1e-c4ad-4d74-8e4d-3e791500e75f","block_type":"box","text":"IS-A- OC-Cap-0426","page_number":5,"box":{"x":770,"y":887,"width":113,"height":10}},{"id":"37430e41-8c87-48be-83f8-bc2669a037fd","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"0e99c52d-55ad-4277-83f8-8ba71c62ede4","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"c73f0b45-f479-4020-acd6-e01a312c09a2","block_type":"box","text":"iShares","page_number":6,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"93fdb8df-b9f5-4b7a-b204-f377d5ebf1b7","block_type":"box","text":"®","page_number":6,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"c1e2c088-9f18-4f5c-904d-565f39cd36ee","block_type":"box","text":"iShares Trust","page_number":6,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"d68bc4e7-7d4b-463a-b761-552fb2fa2e73","block_type":"box","text":"Supplement dated March 24, 2026","page_number":6,"box":{"x":369,"y":123,"width":265,"height":13}},{"id":"e4c84df1-a0de-409a-a880-44e77c77dbf6","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information","page_number":6,"box":{"x":119,"y":139,"width":765,"height":13}},{"id":"7fe44667-45ef-4a62-852a-e03027247f05","block_type":"box","text":"(“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target","page_number":6,"box":{"x":124,"y":154,"width":756,"height":13}},{"id":"c8bcfa7a-1ee8-4b44-b2c3-7f1c894ee9ba","block_type":"box","text":"Buffer Mar ETF (TENM) and iShares Large Cap Max Buffer Mar ETF (MMAX) (each, a “Fund”)","page_number":6,"box":{"x":150,"y":170,"width":704,"height":13}},{"id":"e70bb0c7-a8a9-4e33-8c84-9127e4c6e7fa","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":6,"box":{"x":116,"y":193,"width":764,"height":13}},{"id":"3703a4bf-fd12-41f3-babc-588d9884673f","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":6,"box":{"x":116,"y":209,"width":747,"height":12}},{"id":"ec0eb130-096d-4c23-9fcd-20c1bbd8b0cd","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":6,"box":{"x":116,"y":224,"width":385,"height":13}},{"id":"bc976df6-dca1-44d8-9161-2bdadf4fc632","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":6,"box":{"x":116,"y":247,"width":766,"height":13}},{"id":"a2f87430-5d7b-456b-a1e9-acd86b14a585","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":6,"box":{"x":117,"y":263,"width":743,"height":13}},{"id":"f8559a12-07df-4d51-8eb7-e17413c25fd7","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":6,"box":{"x":116,"y":278,"width":741,"height":13}},{"id":"d443c068-f91c-4b1f-879f-aacd513eb592","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap","page_number":6,"box":{"x":117,"y":294,"width":753,"height":13}},{"id":"b00c1058-14c4-4c1d-82c3-78413dcc95ce","block_type":"box","text":"for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be","page_number":6,"box":{"x":116,"y":309,"width":706,"height":13}},{"id":"34fa1124-30d9-4890-99a3-3539909d13ee","block_type":"box","text":"included in a supplement filing following the close of business on the last business day of the current","page_number":6,"box":{"x":117,"y":325,"width":735,"height":13}},{"id":"5379ef11-2b47-4433-b3b6-4bf9d3977afe","block_type":"box","text":"Outcome Period.","page_number":6,"box":{"x":116,"y":340,"width":127,"height":10}},{"id":"6437d371-54ad-4094-b36c-c18a53194fc7","block_type":"box","text":"Fund (Ticker) Upcoming Outcome Period Estimated Approximate Cap Range","page_number":6,"box":{"x":156,"y":369,"width":717,"height":13}},{"id":"21a9c69c-c6db-40b7-aa5f-4cc396f443e1","block_type":"box","text":"iShares Large Cap","page_number":6,"box":{"x":143,"y":390,"width":133,"height":12}},{"id":"33898a3f-3c35-494d-b05a-440573458cd9","block_type":"box","text":"Accelerated","page_number":6,"box":{"x":172,"y":405,"width":90,"height":10}},{"id":"a881fb90-75e9-4257-9de7-41d99e087640","block_type":"box","text":"Outcome ETF","page_number":6,"box":{"x":166,"y":421,"width":103,"height":10}},{"id":"803f45ca-017e-4ffc-aac9-e97220dbc2d1","block_type":"box","text":"(TWOX)","page_number":6,"box":{"x":186,"y":436,"width":63,"height":13}},{"id":"a89cd6ac-f260-444b-b7b8-082e7b33b639","block_type":"box","text":"Apr. 1, 2026","page_number":6,"box":{"x":400,"y":406,"width":93,"height":12}},{"id":"fa65514f-b72f-439b-9479-167f5ee914b1","block_type":"box","text":"to Jun. 30, 2026","page_number":6,"box":{"x":387,"y":421,"width":118,"height":11}},{"id":"da3eb6ea-0174-49fc-bcc1-36d61cf8f566","block_type":"box","text":"6.70% - 9.20% (gross of management","page_number":6,"box":{"x":598,"y":390,"width":283,"height":12}},{"id":"7fbe5e91-6bc1-42da-aef2-ed6f5f7e572f","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":405,"width":33,"height":13}},{"id":"90bf3fc0-88e6-4140-98ca-6bf62e25cbc4","block_type":"box","text":"6.57% - 9.07% (net of management","page_number":6,"box":{"x":606,"y":421,"width":267,"height":12}},{"id":"3652366f-0938-43f8-b326-4c5d771517c4","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":436,"width":33,"height":13}},{"id":"71455afa-86c1-4dd0-8609-789aeefc89c0","block_type":"box","text":"iShares Large Cap 10%","page_number":6,"box":{"x":123,"y":467,"width":172,"height":13}},{"id":"8876c47c-d870-4a0f-ac3a-76b0d9a26a15","block_type":"box","text":"Target Buffer Mar","page_number":6,"box":{"x":150,"y":483,"width":134,"height":12}},{"id":"4126cc81-a75e-47ea-951c-edf093f99f2e","block_type":"box","text":"ETF (TENM)","page_number":6,"box":{"x":172,"y":498,"width":91,"height":13}},{"id":"cbc47c7c-14a6-4fa1-8cec-fb3dc9922f48","block_type":"box","text":"Apr. 1, 2026 to Mar. 31, 2027","page_number":6,"box":{"x":337,"y":483,"width":218,"height":12}},{"id":"6b7f84d3-0909-4657-ac28-ca283959ef42","block_type":"box","text":"16.75% - 19.25% (gross of","page_number":6,"box":{"x":641,"y":459,"width":198,"height":13}},{"id":"ab7614e8-748a-487a-8318-72c7f3bce33c","block_type":"box","text":"management fee)","page_number":6,"box":{"x":682,"y":475,"width":132,"height":12}},{"id":"13f94bc1-aff5-4e54-b7c3-951133d72dfb","block_type":"box","text":"16.25% - 18.75% (net of management","page_number":6,"box":{"x":598,"y":490,"width":284,"height":13}},{"id":"ce582cbc-3770-499f-b914-84e87db9d42c","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":506,"width":33,"height":12}},{"id":"c9b924f3-28a4-4e89-9dea-fca60098dbfc","block_type":"box","text":"iShares Large Cap Max","page_number":6,"box":{"x":125,"y":537,"width":169,"height":12}},{"id":"8e93165e-a8b4-4e30-88a5-fedbfcaf11b5","block_type":"box","text":"Buffer Mar ETF","page_number":6,"box":{"x":162,"y":552,"width":111,"height":10}},{"id":"f3ddf9da-71b1-485c-ac43-3c0e3eeab1b3","block_type":"box","text":"(MMAX)","page_number":6,"box":{"x":184,"y":568,"width":67,"height":12}},{"id":"a8cdc08f-bd4e-42d6-943e-ed43380b4bae","block_type":"box","text":"Apr. 1, 2026 to Mar. 31, 2027","page_number":6,"box":{"x":337,"y":553,"width":218,"height":12}},{"id":"df86d3e9-d0f1-459c-8257-64f45828b428","block_type":"box","text":"6.80% - 7.90% (gross of management","page_number":6,"box":{"x":598,"y":529,"width":283,"height":13}},{"id":"027aa767-c67e-4acb-8f69-51ed49ea682c","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":545,"width":33,"height":12}},{"id":"fd120d34-1f57-4382-bb52-38a42b80e00e","block_type":"box","text":"6.30% - 7.40% (net of management","page_number":6,"box":{"x":606,"y":560,"width":267,"height":13}},{"id":"772cea99-826b-477f-8e54-d59b1ccfa286","block_type":"box","text":"fee)","page_number":6,"box":{"x":731,"y":576,"width":33,"height":12}},{"id":"73cc6c63-686e-4009-8341-d3bf79f85138","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":6,"box":{"x":117,"y":607,"width":521,"height":12}},{"id":"34bcdacf-b2a1-4a29-9ae6-4c4f92921240","block_type":"box","text":"iShares","page_number":6,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"074da548-21e1-423a-9feb-4b59433305ff","block_type":"box","text":"®","page_number":6,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"04b0f3fe-d666-448a-ae1c-0de402f1f537","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":6,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"45298b27-9228-42a3-ab2e-b0df5b4be9f1","block_type":"box","text":"IS-A-iCap-0326","page_number":6,"box":{"x":793,"y":887,"width":90,"height":10}},{"id":"192c8d46-50e8-47be-843b-137bbbc3e64e","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":6,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"ae75385b-7eba-4769-91f0-ea91563529a5","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":6,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"dc4ca7d7-01f5-4900-a2fc-f4b7f958b1f3","block_type":"box","text":"iShares","page_number":7,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"0c50492a-80d9-45e6-9964-f61307ef2602","block_type":"box","text":"®","page_number":7,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"03407243-9bf5-4f35-86e4-c760bac50a9a","block_type":"box","text":"iShares Trust","page_number":7,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"7081e84e-02e8-4266-9bfa-9e45f57bed41","block_type":"box","text":"Supplement dated January 2, 2026","page_number":7,"box":{"x":369,"y":123,"width":265,"height":13}},{"id":"371c4c85-5e9a-437e-aa1e-b18e53a68b8b","block_type":"box","text":"to the currently effective Prospectus, Summary Prospectus and Statement of Additional","page_number":7,"box":{"x":167,"y":139,"width":669,"height":13}},{"id":"e0555971-e10c-44ee-804e-a9f5f04a7cab","block_type":"box","text":"Information (“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large","page_number":7,"box":{"x":139,"y":154,"width":726,"height":13}},{"id":"2aa22c94-89a8-4b87-8413-8817903acf26","block_type":"box","text":"Cap 10% Target Buffer Dec ETF (TEND) and iShares Large Cap Max Buffer Dec ETF (DMAX)","page_number":7,"box":{"x":155,"y":170,"width":693,"height":13}},{"id":"5f2fb639-162a-4f1e-8d7e-44114ed00e94","block_type":"box","text":"(each, a “Fund”)","page_number":7,"box":{"x":439,"y":185,"width":126,"height":13}},{"id":"35d69c3e-dd32-411e-a7dc-790f398ce210","block_type":"box","text":"As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain","page_number":7,"box":{"x":116,"y":209,"width":764,"height":12}},{"id":"298409f3-d54c-463c-9ca3-771716edfb27","block_type":"box","text":"outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings","page_number":7,"box":{"x":116,"y":224,"width":747,"height":13}},{"id":"a470e394-2b8f-430a-89bc-fcd85ecd5214","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":7,"box":{"x":116,"y":240,"width":385,"height":12}},{"id":"7e902d7f-ed28-4aa1-974f-af6324d47c6e","block_type":"box","text":"An investment in each Fund over the course of the Outcome Period is subject to such Fund’s","page_number":7,"box":{"x":116,"y":263,"width":677,"height":13}},{"id":"e2ba7ba9-d021-4621-9b31-1c39b85f088d","block_type":"box","text":"Approximate Cap as set forth in the table below.","page_number":7,"box":{"x":116,"y":278,"width":354,"height":13}},{"id":"a343c676-f811-44ee-8f1f-dc0ca9f8b14d","block_type":"box","text":"Fund (Ticker) Outcome Period Approximate Cap","page_number":7,"box":{"x":215,"y":299,"width":589,"height":13}},{"id":"617af186-77dc-4a77-b572-c95b1eca30b8","block_type":"box","text":"iShares Large Cap Accelerated","page_number":7,"box":{"x":156,"y":320,"width":224,"height":12}},{"id":"0d62f1e1-c3bc-4485-a860-60a12bce8105","block_type":"box","text":"Outcome ETF (TWOX)","page_number":7,"box":{"x":192,"y":335,"width":168,"height":13}},{"id":"5e6ceb43-c857-419b-ac56-86920b3597a9","block_type":"box","text":"Jan. 1, 2026 to","page_number":7,"box":{"x":447,"y":320,"width":109,"height":11}},{"id":"f4e8d210-3639-43e1-957f-de0ec22eb8c7","block_type":"box","text":"Mar. 31, 2026","page_number":7,"box":{"x":450,"y":336,"width":104,"height":11}},{"id":"bcb474bb-aa61-4b7c-85ce-d8ffd4b9c421","block_type":"box","text":"6.34% (gross of management fee)","page_number":7,"box":{"x":609,"y":320,"width":254,"height":12}},{"id":"6724f5f6-8de2-44d6-8060-a8ed5ad6f689","block_type":"box","text":"6.22% (net of management fee)","page_number":7,"box":{"x":617,"y":335,"width":238,"height":13}},{"id":"70204501-7972-4dde-a254-413e52c4c0b8","block_type":"box","text":"iShares Large Cap 10% Target Buffer","page_number":7,"box":{"x":132,"y":359,"width":272,"height":12}},{"id":"cb23d520-7803-48b5-a087-c32a36fbc6cd","block_type":"box","text":"Dec ETF (TEND)","page_number":7,"box":{"x":216,"y":374,"width":121,"height":13}},{"id":"227ff8e9-9891-4f55-a5a6-dc6f67373ecc","block_type":"box","text":"Jan. 1, 2026 to","page_number":7,"box":{"x":447,"y":359,"width":109,"height":11}},{"id":"a65c5a8d-c42a-401c-9a5b-48333019315a","block_type":"box","text":"Dec. 31, 2026","page_number":7,"box":{"x":451,"y":375,"width":103,"height":11}},{"id":"0b8b61ac-2da0-425e-b373-1fcd79b0fff8","block_type":"box","text":"16.65% (gross of management fee)","page_number":7,"box":{"x":606,"y":359,"width":261,"height":12}},{"id":"b987932d-9018-4667-9d88-d6801275db78","block_type":"box","text":"16.15% (net of management fee)","page_number":7,"box":{"x":614,"y":374,"width":245,"height":13}},{"id":"8812c86a-aa56-4444-a1a2-950bc0a38d93","block_type":"box","text":"iShares Large Cap Max Buffer Dec ETF","page_number":7,"box":{"x":128,"y":397,"width":281,"height":13}},{"id":"ad113653-f3fb-42ac-b889-632221577718","block_type":"box","text":"(DMAX)","page_number":7,"box":{"x":245,"y":413,"width":64,"height":12}},{"id":"9941f98d-13d4-4e54-bd82-f4eb644eb91e","block_type":"box","text":"Jan. 1, 2026 to","page_number":7,"box":{"x":447,"y":398,"width":109,"height":11}},{"id":"e995a88f-2540-4b17-8b66-06b3a9bcd0ce","block_type":"box","text":"Dec. 31, 2026","page_number":7,"box":{"x":451,"y":413,"width":103,"height":11}},{"id":"7909a418-abed-4a9c-bfbd-94d8973e6191","block_type":"box","text":"6.80% (gross of management fee)","page_number":7,"box":{"x":609,"y":397,"width":254,"height":13}},{"id":"90b0a857-1719-4e1b-beaf-eca8c780e144","block_type":"box","text":"6.30% (net of management fee)","page_number":7,"box":{"x":617,"y":413,"width":238,"height":12}},{"id":"4aee551a-7f43-459a-9f38-d9fd3a5a3fb3","block_type":"box","text":"Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the","page_number":7,"box":{"x":117,"y":444,"width":712,"height":12}},{"id":"6b753f4c-a67f-46d6-a6a7-8f2e9b7f5566","block_type":"box","text":"Outcome Period and Approximate Cap, when applicable, to reflect the information above.","page_number":7,"box":{"x":116,"y":459,"width":655,"height":13}},{"id":"cdae4be9-6992-4648-9868-32076986822f","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":7,"box":{"x":117,"y":483,"width":521,"height":12}},{"id":"f54bce71-4112-4233-a174-397627b6bb49","block_type":"box","text":"iShares","page_number":7,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"fd8cff32-4dc5-4c57-9346-d2d61abca6e8","block_type":"box","text":"®","page_number":7,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"b7d2dfbd-7f25-421b-a0ab-5674b430e678","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":7,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"e897fcef-4a9f-473d-ba6a-594ad134c06d","block_type":"box","text":"IS-A-TWOX+ TEND+ DMAX -Cap-0126","page_number":7,"box":{"x":658,"y":887,"width":225,"height":10}},{"id":"116c01f6-3609-448d-b020-2f5ffd4351b2","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":7,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"6caaa3aa-b18a-4f8d-beca-3709a21593c5","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":7,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"03e178a5-d29c-4a16-a3bd-4f85c36ca5a8","block_type":"box","text":"iShares","page_number":8,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"01f8464e-b614-4b3e-a29f-4a7d060f4540","block_type":"box","text":"®","page_number":8,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"a9d8ac2e-7c46-4f60-9463-9221194e2bc7","block_type":"box","text":"iShares 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Capitalized terms have the meanings","page_number":8,"box":{"x":116,"y":209,"width":747,"height":12}},{"id":"31dfd933-6399-479c-bd6d-a0de331a4d1e","block_type":"box","text":"ascribed to them in each Fund’s Prospectus and SAI.","page_number":8,"box":{"x":116,"y":224,"width":385,"height":13}},{"id":"c868352b-0c59-4ece-a0cc-dbf027154f5a","block_type":"box","text":"The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome","page_number":8,"box":{"x":116,"y":247,"width":766,"height":13}},{"id":"291fa5ca-d398-49b5-85de-1b74b843be76","block_type":"box","text":"Period as estimated by the Fund’s investment adviser using information available as of the date of this","page_number":8,"box":{"x":117,"y":263,"width":743,"height":13}},{"id":"018a26b3-8555-484e-8e5f-fc5b1a1916b8","block_type":"box","text":"supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each","page_number":8,"box":{"x":116,"y":278,"width":741,"height":13}},{"id":"9af78963-ff40-4152-82e2-b96b0fcb6e62","block_type":"box","text":"Fund is under no obligation to, and does not expect to, update the estimate. 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7.56% (gross of management fee)","page_number":8,"box":{"x":552,"y":397,"width":315,"height":13}},{"id":"fed59e54-42bf-4e11-a243-a432f6ae6370","block_type":"box","text":"4.93% - 7.43% (net of management fee)","page_number":8,"box":{"x":560,"y":413,"width":299,"height":12}},{"id":"452c2afe-69bc-42d0-b444-353f4a3ff8c7","block_type":"box","text":"iShares Large Cap 10% Target Buffer","page_number":8,"box":{"x":126,"y":436,"width":271,"height":13}},{"id":"6eab051b-8190-4ab1-b0cd-4022524b2948","block_type":"box","text":"Dec ETF (TEND)","page_number":8,"box":{"x":210,"y":452,"width":120,"height":12}},{"id":"cd483096-a106-4dd9-ac11-eff0e6c5523f","block_type":"box","text":"Jan. 1, 2026 to","page_number":8,"box":{"x":415,"y":437,"width":108,"height":11}},{"id":"50146ad1-a4ac-443b-9b50-132c3ea7974d","block_type":"box","text":"Dec. 31, 2026","page_number":8,"box":{"x":418,"y":452,"width":103,"height":11}},{"id":"b4a36e98-c2f4-41f1-8e90-ec860c928925","block_type":"box","text":"15.43% - 17.93% (gross of management fee)","page_number":8,"box":{"x":544,"y":436,"width":333,"height":13}},{"id":"9fba4acc-7a2f-45a4-9b5f-0a872c9b401e","block_type":"box","text":"14.93% -17.43% (net of management fee)","page_number":8,"box":{"x":554,"y":452,"width":313,"height":12}},{"id":"1b18bcb0-b2c4-4d7a-8e1f-de50f3eb33d9","block_type":"box","text":"iShares Large Cap Max Buffer Dec","page_number":8,"box":{"x":136,"y":475,"width":250,"height":12}},{"id":"7d8b4013-1a28-4261-b5b7-8f076dad66e9","block_type":"box","text":"ETF (DMAX)","page_number":8,"box":{"x":222,"y":490,"width":95,"height":13}},{"id":"34683060-c12f-4254-a7c9-69288efc912a","block_type":"box","text":"Jan. 1, 2026 to","page_number":8,"box":{"x":415,"y":475,"width":108,"height":11}},{"id":"2e2bcecd-2a78-4d0e-8f9e-18d0f97bb7e7","block_type":"box","text":"Dec. 31, 2026","page_number":8,"box":{"x":418,"y":491,"width":103,"height":11}},{"id":"77d9f8d6-cc7e-4c7d-9e71-89a8975c1cd7","block_type":"box","text":"6.50% - 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You can find the Fund’s prospectus (including amendments and supplements) and","page_number":9,"box":{"x":81,"y":315,"width":815,"height":12}},{"id":"f240f9e7-d4c4-4cca-90df-7069fb44344c","block_type":"box","text":"other information about the Fund, including the Fund’s statement of additional information and","page_number":9,"box":{"x":81,"y":330,"width":741,"height":12}},{"id":"9b1401d4-9ee1-4d92-a944-0d9604ce380b","block_type":"box","text":"shareholder reports, online at https://www.blackrock.com/prospectus. You can also get this information at","page_number":9,"box":{"x":81,"y":346,"width":823,"height":12}},{"id":"bd23c1fd-62d9-42c2-bc0f-c3749c22714e","block_type":"box","text":"no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to","page_number":9,"box":{"x":81,"y":361,"width":673,"height":12}},{"id":"50c60b8a-308a-4ac1-ac49-63f13836a944","block_type":"box","text":"iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of","page_number":9,"box":{"x":81,"y":377,"width":818,"height":12}},{"id":"cb80ed21-e26b-42eb-ac49-5f0d3d8d7ab0","block_type":"box","text":"additional information, both dated November 28, 2025, as amended and supplemented from time to time,","page_number":9,"box":{"x":81,"y":392,"width":819,"height":12}},{"id":"f34670ea-d33e-4264-a4f3-422627899823","block_type":"box","text":"are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the","page_number":9,"box":{"x":81,"y":408,"width":803,"height":12}},{"id":"366b653a-0a72-4f7a-b8ad-3e0510a7907b","block_type":"box","text":"Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at","page_number":9,"box":{"x":81,"y":423,"width":768,"height":12}},{"id":"e186a1cf-5e51-4f8a-bcd2-928a6b652902","block_type":"box","text":"https://www.iShares.com.","page_number":9,"box":{"x":81,"y":439,"width":200,"height":11}},{"id":"b829f335-b875-49a9-8a14-2605e75f2692","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":9,"box":{"x":81,"y":891,"width":836,"height":12}},{"id":"68591b8f-50c4-40b4-8a28-9d383c77f789","block_type":"box","text":"the adequacy of this prospectus. Any representation to the contrary is a criminal offense.","page_number":9,"box":{"x":81,"y":907,"width":696,"height":12}},{"id":"b2ed1b38-5168-43a8-8ef4-753586608251","block_type":"box","text":"iSHARES","page_number":10,"box":{"x":134,"y":47,"width":119,"height":16}},{"id":"483d8d4e-1ea4-4759-a948-03f53afdaac5","block_type":"box","text":"®","page_number":10,"box":{"x":256,"y":40,"width":11,"height":9}},{"id":"d3dc272e-c772-4471-886b-dd2f4c4c8bfa","block_type":"box","text":"LARGE CAP ACCELERATED OUTCOME ETF","page_number":10,"box":{"x":278,"y":47,"width":585,"height":16}},{"id":"e4122f13-7fc0-4e78-a25b-1314b161e631","block_type":"box","text":"Ticker: TWOX Stock Exchange: Cboe BZX","page_number":10,"box":{"x":252,"y":76,"width":487,"height":12}},{"id":"7b4679b6-b500-4e83-a755-cc8882d2c656","block_type":"box","text":"As described in this prospectus, the iShares Large Cap Accelerated Outcome ETF (the “Fund”) seeks to provide the following pre","page_number":10,"box":{"x":52,"y":103,"width":828,"height":11}},{"id":"ccebb8bf-d223-4a60-a030-a09360c36d25","block_type":"box","text":"determined outcomes (the “Outcomes”) for an investment that is held for an entire Outcome Period: (1) the Accelerated Return, which is","page_number":10,"box":{"x":53,"y":116,"width":871,"height":11}},{"id":"a05f65da-f932-4394-bd0d-87eed974cc9e","block_type":"box","text":"based on the upside share price return of the Underlying Fund and is subject to the Approximate Cap, and (2) approximately the same","page_number":10,"box":{"x":53,"y":129,"width":856,"height":11}},{"id":"d9c28589-d35d-4694-9705-9b87bf725807","block_type":"box","text":"downside performance of the Underlying Fund. Please see below for the definitions of key terms.","page_number":10,"box":{"x":53,"y":142,"width":619,"height":11}},{"id":"b9022b11-f6bd-41ea-8b33-c7b9bd4c4976","block_type":"box","text":"Underlying Fund","page_number":10,"box":{"x":90,"y":159,"width":113,"height":10}},{"id":"6e248dfd-8312-4cbf-9675-1f0b7077812b","block_type":"box","text":": iShares Core S&P 500 ETF","page_number":10,"box":{"x":205,"y":159,"width":176,"height":8}},{"id":"efcb2a6a-3e3e-4622-b2d5-1b7745a532ca","block_type":"box","text":"Underlying Fund’s Index","page_number":10,"box":{"x":90,"y":175,"width":167,"height":11}},{"id":"33cb2d77-4152-46d8-a554-c17c647d2f38","block_type":"box","text":": S&P 500 Index","page_number":10,"box":{"x":259,"y":175,"width":102,"height":9}},{"id":"b8ae9552-0b0e-436c-8a22-093b71304910","block_type":"box","text":"Outcome Period","page_number":10,"box":{"x":89,"y":192,"width":111,"height":9}},{"id":"0378fd7b-f7d8-4b6d-a848-8a37bb08327a","block_type":"box","text":": A full calendar quarter (i.e., January 1-March 31, April 1-June 30, July 1-September 30, October 1-December 31)","page_number":10,"box":{"x":202,"y":192,"width":719,"height":11}},{"id":"5ac43356-53a0-46db-a0bb-35d2d878944b","block_type":"box","text":"Accelerated Return","page_number":10,"box":{"x":89,"y":209,"width":133,"height":8}},{"id":"f48d39cb-e2d8-4810-bd3b-f93009bd7403","block_type":"box","text":": The Approximately twice the share price increase experienced by the Underlying Fund over the Outcome","page_number":10,"box":{"x":224,"y":209,"width":677,"height":11}},{"id":"4585295f-0760-40c7-aad8-1668529637c2","block_type":"box","text":"Period","page_number":10,"box":{"x":90,"y":222,"width":39,"height":8}},{"id":"4f498989-29b6-4cbc-939f-997f8e805bad","block_type":"box","text":"Approximate Cap","page_number":10,"box":{"x":89,"y":238,"width":119,"height":11}},{"id":"dbc7591e-821f-40dd-b471-8cf4f65b4832","block_type":"box","text":": The approximate upside limit on the Accelerated Return during the Outcome Period, which will reset at the start","page_number":10,"box":{"x":210,"y":238,"width":722,"height":11}},{"id":"614cea9d-4132-48ee-b65e-387212e6cb44","block_type":"box","text":"of each Outcome Period","page_number":10,"box":{"x":90,"y":251,"width":152,"height":9}},{"id":"4c91528d-ea2d-411e-855b-5946fc4bd3ba","block_type":"box","text":"The Fund has characteristics unlike many investment products and may not be appropriate for all investors. The Outcomes sought by the","page_number":10,"box":{"x":52,"y":273,"width":876,"height":11}},{"id":"8ad75f7d-c20d-4881-aec0-a9b2aa996b56","block_type":"box","text":"Fund’s strategy are not guaranteed.","page_number":10,"box":{"x":53,"y":286,"width":227,"height":11}},{"id":"94f1142a-8ddd-4f76-9412-fa632ba73c03","block_type":"box","text":"The Accelerated Return and the Approximate Cap may not operate as anticipated, and investors may lose some or all of their money.","page_number":10,"box":{"x":89,"y":303,"width":849,"height":11}},{"id":"bebc3f8f-cd7d-4055-bc64-ddcecadc975b","block_type":"box","text":"The Outcomes apply only to shares that are held for an entire Outcome Period.","page_number":10,"box":{"x":89,"y":320,"width":503,"height":11}},{"id":"14159fa1-95ad-4bb1-8fea-7cc7a6ebabf9","block_type":"box","text":"An investor who buys Fund shares after the start of an Outcome Period may experience lesser returns and may be exposed to","page_number":10,"box":{"x":89,"y":336,"width":804,"height":11}},{"id":"bde5f0f6-5982-444b-af94-35d277fc0d6f","block_type":"box","text":"greater losses than that of the Underlying Fund. 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An investment in the Fund is appropriate only","page_number":10,"box":{"x":89,"y":396,"width":851,"height":11}},{"id":"79259124-6d33-41ad-9a8e-ebbd9bdcfeb6","block_type":"box","text":"for investors willing to bear those losses.","page_number":10,"box":{"x":89,"y":409,"width":261,"height":10}},{"id":"eef8339e-b933-413a-b593-85301a50adc7","block_type":"box","text":"The Approximate Cap is provided prior to taking into account any fees or expenses charged to the Fund or shareholder transaction","page_number":10,"box":{"x":89,"y":425,"width":835,"height":11}},{"id":"c235ec21-92b5-4886-b5fe-9b37947a447f","block_type":"box","text":"fees. 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":11,"box":{"x":53,"y":271,"width":694,"height":11}},{"id":"50f43be4-6cb4-48c0-986d-bc1093c04680","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":11,"box":{"x":165,"y":301,"width":668,"height":8}},{"id":"519decbb-9b89-4f72-bd58-6fabb9253922","block_type":"box","text":"$51 $160 $280 $649","page_number":11,"box":{"x":172,"y":321,"width":648,"height":9}},{"id":"12906f8f-84d4-4c25-85c4-b9817a0eb742","block_type":"box","text":"Portfolio Turnover.","page_number":11,"box":{"x":53,"y":361,"width":128,"height":8}},{"id":"70594df4-c1b8-43dd-9df4-f5b980c864e4","block_type":"box","text":"The Fund or the Underlying Fund may pay","page_number":11,"box":{"x":186,"y":361,"width":266,"height":11}},{"id":"7237609b-bb0a-421a-80f0-b31479fbc376","block_type":"box","text":"transaction costs, such as commissions, when they buy and sell","page_number":11,"box":{"x":52,"y":375,"width":408,"height":11}},{"id":"98797603-4e93-4640-a3d6-e9524c73f891","block_type":"box","text":"securities (or “turn over” their portfolios). 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From inception (January 15, 2025) to the most","page_number":11,"box":{"x":53,"y":489,"width":386,"height":10}},{"id":"ab3aeebe-f2a6-4dfb-b898-932368891dee","block_type":"box","text":"recent fiscal year end, the Fund’s portfolio turnover rate was 2% of","page_number":11,"box":{"x":53,"y":503,"width":425,"height":11}},{"id":"21a5338b-632d-4680-823a-51ba71811baf","block_type":"box","text":"the average value of its portfolio.","page_number":11,"box":{"x":52,"y":517,"width":210,"height":11}},{"id":"99f32480-2484-4ae2-b56b-042ece30bd6c","block_type":"box","text":"Principal Investment Strategies","page_number":11,"box":{"x":53,"y":546,"width":268,"height":13}},{"id":"df6b4f2c-7aa9-48f4-9129-a3c31f9cb4c7","block_type":"box","text":"The Fund seeks to provide certain pre-determined outcomes (the","page_number":11,"box":{"x":52,"y":571,"width":416,"height":11}},{"id":"915221ca-9b8c-4750-8ec5-c900f8cf8b52","block_type":"box","text":"“Outcomes”) based on the performance of the iShares Core S&P","page_number":11,"box":{"x":53,"y":585,"width":412,"height":11}},{"id":"4a469cc6-27ab-40b2-83e9-8fe03994ce53","block_type":"box","text":"500 ETF (the “Underlying Fund”) for investors who hold Fund","page_number":11,"box":{"x":53,"y":599,"width":387,"height":11}},{"id":"c470ee95-d03e-4b8a-861c-2af401ccc46f","block_type":"box","text":"shares over a full calendar quarter (the “Outcome Period”). The","page_number":11,"box":{"x":53,"y":614,"width":402,"height":10}},{"id":"30582cdf-2702-4b7b-9057-a7d2be0e2d6d","block_type":"box","text":"Outcomes sought by the Fund are:","page_number":11,"box":{"x":53,"y":628,"width":219,"height":11}},{"id":"1f14d1b2-09cb-48e7-92d7-ad8ffc31f114","block_type":"box","text":"Approximately twice the share price return of the Underlying","page_number":11,"box":{"x":89,"y":646,"width":387,"height":11}},{"id":"2bf74a3f-8226-4235-b473-dfc0d164e9e3","block_type":"box","text":"Fund (the “Accelerated Return”), up to an approximate","page_number":11,"box":{"x":90,"y":660,"width":346,"height":11}},{"id":"874ae9cf-bc81-406f-b42c-bb963c278615","block_type":"box","text":"upside limit (the “Approximate Cap”), and","page_number":11,"box":{"x":90,"y":674,"width":263,"height":11}},{"id":"3baf542c-3262-4678-b69b-7e58250f567e","block_type":"box","text":"Downside performance that approximately tracks, one for","page_number":11,"box":{"x":90,"y":692,"width":370,"height":11}},{"id":"169fce15-4918-4b4a-b039-b333d9820832","block_type":"box","text":"one, the negative share price return of the Underlying Fund.","page_number":11,"box":{"x":90,"y":706,"width":381,"height":11}},{"id":"a96f36bb-7506-4dcc-ad81-592e765f646b","block_type":"box","text":"The Outcomes are intended to be realized only by investors who","page_number":11,"box":{"x":52,"y":730,"width":409,"height":10}},{"id":"76bf4a4b-7379-43c6-9fc2-2940439251a6","block_type":"box","text":"hold Fund shares at the outset of the Outcome Period and","page_number":11,"box":{"x":53,"y":744,"width":370,"height":8}},{"id":"4e457ab2-70c9-44d9-9eee-b707bfb01628","block_type":"box","text":"continue to hold the shares through the end of the Outcome","page_number":11,"box":{"x":53,"y":758,"width":384,"height":11}},{"id":"788d20b6-dcd0-46e4-a8dc-5fe04f006764","block_type":"box","text":"Period. Specifically, in order to hold Fund shares for the entirety","page_number":11,"box":{"x":53,"y":772,"width":408,"height":11}},{"id":"596987f5-4dff-4ba0-a0fb-c18e50478789","block_type":"box","text":"of an Outcome Period, an investor must buy or continue holding","page_number":11,"box":{"x":53,"y":786,"width":407,"height":11}},{"id":"afcf6e3d-bfe1-4f67-a6bc-916274721d85","block_type":"box","text":"shares at the close on the last trading day of the prior Outcome","page_number":11,"box":{"x":53,"y":801,"width":405,"height":10}},{"id":"c1799192-7d15-4ebf-a06f-c219213b88e1","block_type":"box","text":"Period and sell or continue holding the shares at the close on the","page_number":11,"box":{"x":53,"y":815,"width":415,"height":11}},{"id":"2ba78a21-82c4-4d3c-8750-20c0b43cd284","block_type":"box","text":"last trading day of the current Outcome Period.","page_number":11,"box":{"x":53,"y":829,"width":300,"height":11}},{"id":"157dde28-84f6-47c4-85e8-2f803679e20b","block_type":"box","text":"If investors buy Fund shares after the start of the Outcome Period","page_number":11,"box":{"x":53,"y":852,"width":419,"height":11}},{"id":"e5c7d622-6b38-48e7-a6a8-6b2594e604d0","block_type":"box","text":"or sell Fund shares before the Outcome Period concludes, they","page_number":11,"box":{"x":53,"y":866,"width":402,"height":11}},{"id":"ea9e0404-765b-4192-92a0-284498f9715d","block_type":"box","text":"may experience returns that differ significantly from the","page_number":11,"box":{"x":53,"y":880,"width":356,"height":11}},{"id":"d29f42bd-9ac4-4351-a733-2bbf0720b910","block_type":"box","text":"Outcomes. These include experiencing little or no gains related to","page_number":11,"box":{"x":53,"y":895,"width":419,"height":10}},{"id":"92d45890-30d8-4e33-934d-3744e422a6be","block_type":"box","text":"the Accelerated Return or the Underlying Fund and losses that are","page_number":11,"box":{"x":518,"y":353,"width":424,"height":11}},{"id":"81cf4279-42a2-479b-9ddc-75c7a66a1e34","block_type":"box","text":"greater than the Underlying Fund’s losses. The Outcomes may not","page_number":11,"box":{"x":518,"y":367,"width":423,"height":11}},{"id":"35ce519e-598a-40ff-bc1d-d73ab6108225","block_type":"box","text":"be achieved, and investors may lose some or all of their money.","page_number":11,"box":{"x":519,"y":382,"width":405,"height":10}},{"id":"26322505-6a6a-4d32-b49e-fe8989f5d55c","block_type":"box","text":"The Fund does not provide a buffer, floor or other protection","page_number":11,"box":{"x":518,"y":396,"width":385,"height":10}},{"id":"3b356cd7-cb6b-441c-a570-a3584338932d","block_type":"box","text":"against losses.","page_number":11,"box":{"x":519,"y":410,"width":93,"height":11}},{"id":"e6268912-08bf-4e7e-98d9-349a69c34796","block_type":"box","text":"The Fund will be offered indefinitely and is not intended to","page_number":11,"box":{"x":518,"y":433,"width":371,"height":11}},{"id":"c7ed8634-6858-48b2-b398-d4036338a8f4","block_type":"box","text":"terminate after one or more Outcome Periods.","page_number":11,"box":{"x":518,"y":447,"width":296,"height":9}},{"id":"a8cd6ed8-4648-41d7-9795-9037a5776b6e","block_type":"box","text":"The Current Outcome Period","page_number":11,"box":{"x":518,"y":470,"width":199,"height":9}},{"id":"d6ec9454-d419-4a4d-9c3b-f0607ee1f329","block_type":"box","text":"For the current Outcome Period of October 1, 2025 through","page_number":11,"box":{"x":519,"y":494,"width":380,"height":11}},{"id":"0244d4a0-4f12-43c2-84b8-715b67be11da","block_type":"box","text":"December 31, 2025, the Approximate Cap is 6.74%, before taking","page_number":11,"box":{"x":519,"y":508,"width":418,"height":11}},{"id":"8104c46e-9621-4675-aebd-7704df924365","block_type":"box","text":"into account any fees or expenses charged to, or transaction","page_number":11,"box":{"x":519,"y":522,"width":387,"height":11}},{"id":"9de5ee90-7ee8-42fc-99ab-c7bffdc3f478","block_type":"box","text":"costs incurred by, the Fund or the Underlying Fund. When the","page_number":11,"box":{"x":519,"y":536,"width":392,"height":11}},{"id":"e8e17685-785b-4e69-9c58-3f877a130e1c","block_type":"box","text":"Fund’s annualized management fee of 0.50% of its average daily","page_number":11,"box":{"x":519,"y":550,"width":409,"height":11}},{"id":"4eb905ba-ded3-454f-a730-c306db7f2dae","block_type":"box","text":"net assets is taken into account, the Approximate Cap for the","page_number":11,"box":{"x":519,"y":565,"width":392,"height":10}},{"id":"49812184-1354-4bf6-8f01-5ca97a6e8d6d","block_type":"box","text":"current Outcome Period is reduced to 6.62%. The returns that the","page_number":11,"box":{"x":519,"y":579,"width":418,"height":8}},{"id":"1a1499ef-80ab-4279-9bef-eb91f96de69c","block_type":"box","text":"Fund seeks to provide do not take into account the costs","page_number":11,"box":{"x":519,"y":593,"width":363,"height":11}},{"id":"fca8073d-b4cf-474c-bb04-f9c89d452e4c","block_type":"box","text":"associated with buying shares of the Underlying Fund and any","page_number":11,"box":{"x":519,"y":607,"width":395,"height":11}},{"id":"0f2bfab2-fb8e-4abb-b1f5-c8cf68090854","block_type":"box","text":"other expenses incurred by the Fund. Please visit the Fund’s page","page_number":11,"box":{"x":519,"y":621,"width":419,"height":11}},{"id":"a425de6b-1246-4c1a-8258-0ef4f39a10e4","block_type":"box","text":"on www.iShares.com for more information about the potential","page_number":11,"box":{"x":519,"y":635,"width":396,"height":11}},{"id":"07a69c02-1817-420d-a291-f66d5b00ae22","block_type":"box","text":"outcomes of an investment in the Fund during the current","page_number":11,"box":{"x":519,"y":650,"width":369,"height":11}},{"id":"0238d5c6-ec55-4441-a4eb-ef524af69b1d","block_type":"box","text":"Outcome Period, including the remaining Approximate Cap.","page_number":11,"box":{"x":519,"y":664,"width":378,"height":11}},{"id":"d5fa1dd7-72c7-4e26-8063-2b083faf3fc2","block_type":"box","text":"The Underlying Fund","page_number":11,"box":{"x":518,"y":687,"width":144,"height":11}},{"id":"f06f13e8-d78d-49da-8c13-e1d406d97b5a","block_type":"box","text":"The Underlying Fund is the iShares Core S&P 500 ETF (Ticker:","page_number":11,"box":{"x":518,"y":710,"width":394,"height":11}},{"id":"760a3aa0-da25-4169-8a2b-edea00f19db7","block_type":"box","text":"IVV). It is an exchange-traded fund (“ETF”) that seeks to track the","page_number":11,"box":{"x":519,"y":724,"width":417,"height":11}},{"id":"4c859b8b-06ec-4b2e-a8bc-4f7d0e119f80","block_type":"box","text":"investment results of the S&P 500 Index (the “Underlying Fund’s","page_number":11,"box":{"x":519,"y":739,"width":411,"height":10}},{"id":"1ccdc7d1-ff23-4506-8273-0bb35d3894a1","block_type":"box","text":"Index”), which measures the performance of the large","page_number":11,"box":{"x":519,"y":753,"width":349,"height":11}},{"id":"f702369f-0e9a-4c27-9083-0e8442598301","block_type":"box","text":"capitalization sector of the U.S. equity market, as determined by","page_number":11,"box":{"x":519,"y":767,"width":411,"height":11}},{"id":"f4634365-f2c3-49d4-9152-9056dff44e86","block_type":"box","text":"S&P Dow Jones Indices, LLC. The securities in the Underlying","page_number":11,"box":{"x":519,"y":781,"width":389,"height":11}},{"id":"c767d718-cf15-41ab-89f2-3b2a12059169","block_type":"box","text":"Fund’s Index represent a broad range of industries and are","page_number":11,"box":{"x":519,"y":795,"width":374,"height":11}},{"id":"1e5c3d99-6d72-4d11-811a-3d434bd09c17","block_type":"box","text":"weighted based on the float-adjusted market value of their","page_number":11,"box":{"x":518,"y":810,"width":376,"height":10}},{"id":"f4aa096d-9de6-48b2-aa0b-ab8b2f2054e8","block_type":"box","text":"outstanding shares. The components of the Underlying Fund’s","page_number":11,"box":{"x":519,"y":824,"width":396,"height":11}},{"id":"997ff325-e482-457d-9bb8-bcd84f2fa301","block_type":"box","text":"Index are likely to change over time. BFA is the investment adviser","page_number":11,"box":{"x":519,"y":838,"width":423,"height":11}},{"id":"523603ec-31a5-4b15-a890-6e41fcc51923","block_type":"box","text":"to the Underlying Fund and receives a management fee from the","page_number":11,"box":{"x":518,"y":852,"width":412,"height":11}},{"id":"e4288280-929e-4930-ba54-98b9fb1c6934","block_type":"box","text":"Underlying Fund.","page_number":11,"box":{"x":519,"y":866,"width":107,"height":11}},{"id":"c6587d42-d09e-47be-9c64-ef2d28396d17","block_type":"box","text":"BFA manages the Underlying Fund using a “representative","page_number":11,"box":{"x":519,"y":889,"width":370,"height":11}},{"id":"10d089a7-f76c-4631-bb18-04d812dc6919","block_type":"box","text":"sampling” indexing strategy. This involves investing in a","page_number":11,"box":{"x":519,"y":904,"width":353,"height":10}},{"id":"2f53be09-739b-476a-9313-c770dc563049","block_type":"box","text":"S-2","page_number":11,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"3df475a7-4023-4092-8b4b-4c9c83d206d4","block_type":"box","text":"representative sample of securities that collectively has an","page_number":12,"box":{"x":53,"y":46,"width":375,"height":11}},{"id":"1fb18819-18a4-4fa0-9eb9-7a79e602abff","block_type":"box","text":"investment profile similar to that of an applicable underlying","page_number":12,"box":{"x":53,"y":61,"width":384,"height":10}},{"id":"0a12517a-8b98-4612-a370-5f9857cd837c","block_type":"box","text":"index. The securities selected are expected to have, in the","page_number":12,"box":{"x":53,"y":75,"width":370,"height":11}},{"id":"113c87fb-3216-461f-9380-a8f2062becf8","block_type":"box","text":"aggregate, investment characteristics (based on factors such as","page_number":12,"box":{"x":53,"y":89,"width":409,"height":11}},{"id":"44351ed0-b97d-4783-89b3-dd491871d604","block_type":"box","text":"market capitalization and industry weightings), fundamental","page_number":12,"box":{"x":53,"y":103,"width":381,"height":11}},{"id":"cc95a837-af78-4f1a-84b7-c6053214cf48","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity","page_number":12,"box":{"x":53,"y":117,"width":408,"height":11}},{"id":"a26738ef-b22d-495f-9933-814a2821dc6a","block_type":"box","text":"measures similar to those of an applicable underlying index. The","page_number":12,"box":{"x":53,"y":131,"width":409,"height":11}},{"id":"fc34f2bc-7ab2-459a-8211-4af31ff54be0","block_type":"box","text":"Underlying Fund may or may not hold all of the securities in the","page_number":12,"box":{"x":53,"y":146,"width":404,"height":10}},{"id":"5b49e042-53bc-459f-abe1-64f1e38046e6","block_type":"box","text":"Underlying Fund’s Index, which may cause the Underlying Fund’s","page_number":12,"box":{"x":53,"y":160,"width":413,"height":11}},{"id":"a04b64ed-4024-48df-a71d-1b3edf204741","block_type":"box","text":"performance to diverge from that of the index and produce","page_number":12,"box":{"x":53,"y":174,"width":376,"height":11}},{"id":"1cf8dee0-4eab-443d-8462-9bac2f817044","block_type":"box","text":"“tracking error.” Tracking error risk may be heightened during","page_number":12,"box":{"x":53,"y":188,"width":392,"height":11}},{"id":"2c4d1ce8-64c1-4d11-9e86-c08ee72daf40","block_type":"box","text":"times of increased market volatility or other unusual market","page_number":12,"box":{"x":52,"y":202,"width":383,"height":11}},{"id":"5680c66b-80f6-4cf2-a67a-c17991920063","block_type":"box","text":"conditions.","page_number":12,"box":{"x":53,"y":217,"width":69,"height":8}},{"id":"78f2ec31-3ea3-481b-84f9-121c981be6cc","block_type":"box","text":"The prospectus and other reports of the Underlying Fund are","page_number":12,"box":{"x":52,"y":240,"width":388,"height":11}},{"id":"2d2734a1-0074-4338-9a89-8c940547c330","block_type":"box","text":"available at www.sec.gov and www.iShares.com. Shares of the","page_number":12,"box":{"x":53,"y":254,"width":399,"height":11}},{"id":"efcbb37a-2853-4081-9318-b080b399b32d","block_type":"box","text":"Underlying Fund are listed on NYSE Arca, Inc.","page_number":12,"box":{"x":53,"y":268,"width":290,"height":11}},{"id":"4088f44e-bc86-4b98-bdf8-6e09851185cb","block_type":"box","text":"The Fund’s Use of Options","page_number":12,"box":{"x":52,"y":291,"width":183,"height":11}},{"id":"d6d18819-76ec-4116-8f0a-cdf447f7d440","block_type":"box","text":"The Fund principally buys shares of the Underlying Fund and","page_number":12,"box":{"x":52,"y":315,"width":384,"height":10}},{"id":"fc20c3b8-cc37-48c5-b269-0bf63b325744","block_type":"box","text":"customized call options thereon and sells call options that","page_number":12,"box":{"x":53,"y":329,"width":371,"height":10}},{"id":"30e22919-5e1f-468b-adeb-6e4620d70021","block_type":"box","text":"reference the Underlying Fund. The options in which the Fund","page_number":12,"box":{"x":53,"y":343,"width":392,"height":11}},{"id":"efb262e8-5474-4d05-86f5-237d0e91e8f5","block_type":"box","text":"transacts (typically, equity or index exchange-traded options","page_number":12,"box":{"x":52,"y":357,"width":387,"height":11}},{"id":"b98e757f-8d2c-44de-ad19-24e1adfcc54e","block_type":"box","text":"contracts) are referred to generally as Flexible Exchange Options","page_number":12,"box":{"x":53,"y":371,"width":414,"height":11}},{"id":"c141ea89-adc2-4aa8-ac92-87f69e58c79c","block_type":"box","text":"(“FLEX Options”). The Fund may transact in other exchange","page_number":12,"box":{"x":53,"y":385,"width":384,"height":11}},{"id":"4405ab6a-64da-46b7-a73d-410de86fd671","block_type":"box","text":"traded options that reference the price performance of the","page_number":12,"box":{"x":52,"y":400,"width":376,"height":10}},{"id":"b847eece-d4d7-4eca-8982-b1e003513efe","block_type":"box","text":"Underlying Fund, the Underlying Fund’s Index or other ETFs that","page_number":12,"box":{"x":53,"y":414,"width":408,"height":11}},{"id":"ad58de91-8acd-407b-98b6-411b318dc38e","block_type":"box","text":"track the Underlying Fund’s Index.","page_number":12,"box":{"x":52,"y":428,"width":218,"height":11}},{"id":"b02aac10-612f-4377-a9a4-167ddde9a9c7","block_type":"box","text":"An options contract is an agreement between a buyer and seller","page_number":12,"box":{"x":52,"y":451,"width":410,"height":11}},{"id":"d4e6368a-f41e-4d06-bc07-bbf423e2f573","block_type":"box","text":"that gives the purchaser of the option the right but not the","page_number":12,"box":{"x":52,"y":465,"width":373,"height":11}},{"id":"bfaec2f2-6f33-40ad-9854-69dbee8dbb9a","block_type":"box","text":"obligation to buy (in the case of a call option) or sell (in the case","page_number":12,"box":{"x":53,"y":480,"width":408,"height":10}},{"id":"bc216d59-bbe8-4676-8461-2b9bb7b1c3e1","block_type":"box","text":"of a put option) a particular financial instrument at a specified","page_number":12,"box":{"x":53,"y":494,"width":394,"height":11}},{"id":"55bb00b2-f6ea-4bbe-95bd-ec94262f7d6d","block_type":"box","text":"future date for an agreed-upon price, commonly known as the","page_number":12,"box":{"x":52,"y":508,"width":396,"height":11}},{"id":"f847901b-df12-4ebb-adfc-36f7538d9266","block_type":"box","text":"“strike price”. When the Fund buys a call option, it pays a","page_number":12,"box":{"x":53,"y":522,"width":363,"height":11}},{"id":"a7a69f76-5607-486f-9fd4-1487ee7447c8","block_type":"box","text":"premium and receives the right, but not the obligation, to","page_number":12,"box":{"x":53,"y":536,"width":364,"height":11}},{"id":"fb3b197f-1e51-4009-a647-3bba6e7fb5e2","block_type":"box","text":"purchase shares of the Underlying Fund or other reference asset","page_number":12,"box":{"x":53,"y":550,"width":413,"height":11}},{"id":"9b1a2ff5-10a9-4e00-8f0f-d6c84ca6e634","block_type":"box","text":"at a strike price by or on the expiration date. If the Fund buys a","page_number":12,"box":{"x":53,"y":565,"width":401,"height":10}},{"id":"8f90d45b-1f5d-471d-9f4d-cb10076735e0","block_type":"box","text":"put option, it pays a premium and receives the right, but not the","page_number":12,"box":{"x":53,"y":579,"width":407,"height":11}},{"id":"bb1ded77-1f28-4a79-bd05-7ab4e00f091f","block_type":"box","text":"obligation, to sell shares of the Underlying Fund or other","page_number":12,"box":{"x":53,"y":593,"width":360,"height":11}},{"id":"ba20d417-ef73-4711-8c44-35eca446129c","block_type":"box","text":"reference asset at a strike price by or on the expiration date.","page_number":12,"box":{"x":53,"y":607,"width":387,"height":11}},{"id":"183ca429-3cfe-4c67-b07c-c371b6d55b40","block_type":"box","text":"When the Fund writes (sells) a call option, it receives a premium","page_number":12,"box":{"x":52,"y":621,"width":408,"height":11}},{"id":"cc396531-dd9a-4f5d-a0e9-b993f492d590","block_type":"box","text":"and gives the purchaser of the option the right to purchase from","page_number":12,"box":{"x":53,"y":636,"width":409,"height":10}},{"id":"bfe8b9b5-e506-4d77-b031-8dec4b418df3","block_type":"box","text":"the Fund shares of the Underlying Fund or other reference asset","page_number":12,"box":{"x":52,"y":650,"width":411,"height":11}},{"id":"5d4c828b-3c9d-494d-9f9b-d81fec0482b9","block_type":"box","text":"at a strike price by or on the expiration date. If the Fund writes","page_number":12,"box":{"x":53,"y":664,"width":399,"height":11}},{"id":"3f616a8d-6080-4e79-bf5d-9b7c96fc92c4","block_type":"box","text":"(sells) a put option, it receives a premium and gives the purchaser","page_number":12,"box":{"x":53,"y":678,"width":421,"height":11}},{"id":"fbe13fc8-606f-4f47-96d8-625ec205f7f9","block_type":"box","text":"of the option the right to sell to the Fund shares of the Underlying","page_number":12,"box":{"x":53,"y":692,"width":419,"height":11}},{"id":"4af53cb3-db3f-462a-b5fc-cc39867cd8a4","block_type":"box","text":"Fund or other reference asset at a strike price by or on expiration","page_number":12,"box":{"x":53,"y":706,"width":416,"height":11}},{"id":"8da84f81-a33b-4839-bb12-d1120f4addb0","block_type":"box","text":"date.","page_number":12,"box":{"x":53,"y":721,"width":30,"height":8}},{"id":"77e1cd4f-1677-4aa2-927f-f59879ff6e59","block_type":"box","text":"FLEX Options provide the ability to customize key option contract","page_number":12,"box":{"x":53,"y":744,"width":418,"height":11}},{"id":"ce6667c7-2884-408f-b2d4-203ec6861ea4","block_type":"box","text":"terms such as strike price, style and expiration date. The options","page_number":12,"box":{"x":52,"y":758,"width":413,"height":11}},{"id":"9b47e42a-aa3f-4862-8f58-68839111af65","block_type":"box","text":"in which the Fund invests are European style, meaning they are","page_number":12,"box":{"x":53,"y":772,"width":403,"height":11}},{"id":"72f37419-4776-4673-bf0b-d02f7258b630","block_type":"box","text":"exercisable at the strike price only on the expiration date. The","page_number":12,"box":{"x":53,"y":786,"width":394,"height":11}},{"id":"7346e912-3279-4cf1-9d80-568f829fd5cc","block_type":"box","text":"Fund typically trades options that expire at or around the end of","page_number":12,"box":{"x":53,"y":801,"width":408,"height":10}},{"id":"783aaed3-4701-41f6-ab4e-9ade830ba21a","block_type":"box","text":"each Outcome Period.","page_number":12,"box":{"x":53,"y":815,"width":140,"height":8}},{"id":"d29501c6-b2fe-43b8-82b7-302d140c8128","block_type":"box","text":"As an in-the-money option held by the Fund approaches its","page_number":12,"box":{"x":52,"y":838,"width":377,"height":11}},{"id":"eee69e95-a740-487a-8d83-82ea1cc472ee","block_type":"box","text":"expiration date, its value typically will increasingly move with the","page_number":12,"box":{"x":53,"y":852,"width":412,"height":11}},{"id":"89336b7e-78f6-4d2e-a514-0841adb013ce","block_type":"box","text":"value of its reference asset, such as the Underlying Fund.","page_number":12,"box":{"x":52,"y":866,"width":366,"height":11}},{"id":"d7e50f8b-84f0-41b8-ba20-2ffc5787adcc","block_type":"box","text":"However, the value of the options may change because of factors","page_number":12,"box":{"x":53,"y":880,"width":418,"height":11}},{"id":"f7efb60d-d32a-472f-9204-607aafbdfc82","block_type":"box","text":"other than the value of the reference asset, including interest rate","page_number":12,"box":{"x":53,"y":895,"width":420,"height":10}},{"id":"1d12797e-d0d0-4c45-a3d9-94248231f769","block_type":"box","text":"changes, dividends, the actual and perceived volatility of the","page_number":12,"box":{"x":519,"y":46,"width":385,"height":11}},{"id":"1987fa1a-986f-4bf0-9ac2-da2c0738d1ae","block_type":"box","text":"reference asset, the remaining time until the options expire,","page_number":12,"box":{"x":519,"y":61,"width":382,"height":10}},{"id":"b3669f78-b7ad-4ce2-84cf-c5bfce9dca7c","block_type":"box","text":"limitations established by options exchanges, and trading","page_number":12,"box":{"x":519,"y":75,"width":367,"height":11}},{"id":"f8962ec8-9605-49f6-9ba2-4794fc601d70","block_type":"box","text":"conditions in the options market, among others. Due to these","page_number":12,"box":{"x":519,"y":89,"width":393,"height":11}},{"id":"587c2f3d-9892-4174-8aa1-021da2b4e733","block_type":"box","text":"factors, the value of the options typically does not increase or","page_number":12,"box":{"x":518,"y":103,"width":396,"height":11}},{"id":"40a8c78b-3942-4f83-a8be-dcae0503f493","block_type":"box","text":"decrease at the same rate as the Underlying Fund’s share price on","page_number":12,"box":{"x":519,"y":117,"width":423,"height":11}},{"id":"019a0bb2-529d-45ee-a745-635e54e4e6ee","block_type":"box","text":"a day-to-day basis. As a result, the Fund’s net asset value per","page_number":12,"box":{"x":519,"y":131,"width":392,"height":11}},{"id":"51206e05-63ff-4023-9f0c-982b0872c74a","block_type":"box","text":"share (“NAV”) may not increase or decrease at the same rate as","page_number":12,"box":{"x":519,"y":146,"width":408,"height":10}},{"id":"cfd82ae4-26e8-4ed7-8e84-d29f5fff7f4d","block_type":"box","text":"the Underlying Fund’s share price.","page_number":12,"box":{"x":518,"y":160,"width":218,"height":11}},{"id":"0716b225-66f7-4412-bed0-6a85f5cb7341","block_type":"box","text":"Options positions are marked to market daily by the Fund. The","page_number":12,"box":{"x":519,"y":183,"width":397,"height":11}},{"id":"4ec212f7-f8eb-48d6-ba0d-799a8a17cce1","block_type":"box","text":"value of the options traded by the Fund is determined based upon","page_number":12,"box":{"x":518,"y":197,"width":421,"height":11}},{"id":"164f1df3-fd30-4581-a39d-59b31313b17c","block_type":"box","text":"market quotations or other recognized pricing methods. The","page_number":12,"box":{"x":519,"y":211,"width":384,"height":11}},{"id":"67b08b5c-e2ce-4201-bdcb-93acd0feff2d","block_type":"box","text":"options traded by the Fund are listed on an exchange, including","page_number":12,"box":{"x":519,"y":226,"width":405,"height":10}},{"id":"c23a02bc-e5b4-4778-a079-8833cf6a8767","block_type":"box","text":"the Chicago Board Options Exchange. The options are guaranteed","page_number":12,"box":{"x":518,"y":240,"width":420,"height":11}},{"id":"fcc71c8f-345d-4c34-adda-b716d8118027","block_type":"box","text":"for settlement by the Options Clearing Corporation (the “OCC”), a","page_number":12,"box":{"x":518,"y":254,"width":420,"height":11}},{"id":"0eadbb5b-740a-4485-81b1-1d51608ad4a5","block_type":"box","text":"market clearinghouse that guarantees the performance by","page_number":12,"box":{"x":519,"y":268,"width":373,"height":11}},{"id":"e01e3360-b188-4e91-8f13-0b469ec66a21","block_type":"box","text":"counterparties to certain derivatives contracts. The OCC may","page_number":12,"box":{"x":519,"y":282,"width":392,"height":11}},{"id":"d723e8ca-dc93-4d86-8b38-1bd558982038","block_type":"box","text":"make adjustments to FLEX Options for certain significant events.","page_number":12,"box":{"x":519,"y":296,"width":415,"height":11}},{"id":"6c29d8bc-6634-4dad-b272-bd96993d89fd","block_type":"box","text":"Outcomes Targeted by the Fund","page_number":12,"box":{"x":519,"y":320,"width":222,"height":10}},{"id":"ee2d3c96-964f-4f9c-80f6-b1ea7d8372a1","block_type":"box","text":"For each Outcome Period, the Fund obtains exposure to the share","page_number":12,"box":{"x":519,"y":343,"width":421,"height":11}},{"id":"3be59853-ddec-46c0-9046-e319b28bb0b2","block_type":"box","text":"price return of the Underlying Fund by holding shares of the","page_number":12,"box":{"x":519,"y":357,"width":380,"height":11}},{"id":"f50c46d3-86c2-4192-856a-617e9731089e","block_type":"box","text":"Underlying Fund and futures that reference the price performance","page_number":12,"box":{"x":519,"y":371,"width":422,"height":11}},{"id":"e495023e-472e-45a9-b2be-bfab354d34c4","block_type":"box","text":"of the Underlying Fund’s Index. The Accelerated Return and","page_number":12,"box":{"x":519,"y":385,"width":379,"height":11}},{"id":"d9f1b60e-0901-4898-b019-89f4fe748a6f","block_type":"box","text":"Approximate Cap are typically created by trading a set of call","page_number":12,"box":{"x":518,"y":400,"width":389,"height":10}},{"id":"78f12dd0-1daf-4892-8b64-e50d5bfeff77","block_type":"box","text":"options, as described below, at the close of the last trading day of","page_number":12,"box":{"x":519,"y":414,"width":421,"height":11}},{"id":"8f5353c7-766e-4e2c-a965-8ce77feb34f0","block_type":"box","text":"the prior Outcome Period.","page_number":12,"box":{"x":518,"y":428,"width":165,"height":11}},{"id":"0e4a3754-bd8a-4113-8582-4d4fe5a9359f","block_type":"box","text":"Accelerated Return","page_number":12,"box":{"x":517,"y":451,"width":122,"height":9}},{"id":"c51834d6-d056-4fc2-afd9-6f8b3c224078","block_type":"box","text":". The Fund creates the Accelerated Return by","page_number":12,"box":{"x":641,"y":451,"width":288,"height":11}},{"id":"4c944aaa-c022-46c1-82f1-5e1918066a58","block_type":"box","text":"buying a call option with a strike price that is approximately at","page_number":12,"box":{"x":519,"y":465,"width":402,"height":11}},{"id":"191391ee-21d8-479a-bea0-5553306a82db","block_type":"box","text":"the-money relative to the Underlying Fund’s share price (the “ATM","page_number":12,"box":{"x":518,"y":480,"width":420,"height":10}},{"id":"46b3dc26-81b4-4c89-bb9e-5fa93b1c63c6","block_type":"box","text":"Call”). This exposure to the Underlying Fund, combined with the","page_number":12,"box":{"x":519,"y":494,"width":406,"height":11}},{"id":"2f287f1b-430a-41b1-8707-91a7c79fe7a9","block_type":"box","text":"Fund’s investment in shares of the Underlying Fund and futures","page_number":12,"box":{"x":519,"y":508,"width":404,"height":11}},{"id":"a8793659-17e0-45fa-b76c-03e4a04325e5","block_type":"box","text":"on the Underlying Fund’s Index, creates the approximately double","page_number":12,"box":{"x":519,"y":522,"width":419,"height":11}},{"id":"bd083964-0670-485f-9abf-ace1308f73ea","block_type":"box","text":"upside return.","page_number":12,"box":{"x":519,"y":536,"width":88,"height":11}},{"id":"ac37db5b-8287-4451-ada4-fecf4707d5b5","block_type":"box","text":"Approximate Cap","page_number":12,"box":{"x":517,"y":559,"width":110,"height":11}},{"id":"a9492a1d-4eb4-495e-a567-b2ff445d74e8","block_type":"box","text":". The Fund creates the Approximate Cap by","page_number":12,"box":{"x":628,"y":559,"width":276,"height":11}},{"id":"d2fd3cb8-82c9-49e1-aab7-51e23e0983f3","block_type":"box","text":"selling a call option that is two times the notional value of the ATM","page_number":12,"box":{"x":519,"y":574,"width":422,"height":10}},{"id":"e5d16dd3-deff-46eb-8f8e-9858e525f851","block_type":"box","text":"Call and that has a higher, out-of-the-money strike price relative","page_number":12,"box":{"x":519,"y":588,"width":409,"height":11}},{"id":"a914bb34-a096-41e9-83ae-2c623a4029ca","block_type":"box","text":"to the Underlying Fund’s share price (the “Cap Option”). The Cap","page_number":12,"box":{"x":518,"y":602,"width":414,"height":11}},{"id":"66c37625-f98d-45fc-9c64-53f57ced0c36","block_type":"box","text":"Option’s higher strike price prevents the Fund from realizing the","page_number":12,"box":{"x":519,"y":616,"width":408,"height":11}},{"id":"9e84de62-10c4-432b-91f0-1b20541a9888","block_type":"box","text":"benefit of any increase in the Underlying Fund’s share price above","page_number":12,"box":{"x":519,"y":630,"width":421,"height":11}},{"id":"3f9ddc9e-2263-42c5-8237-211580b516bf","block_type":"box","text":"that strike price. The Approximate Cap for an Outcome Period is","page_number":12,"box":{"x":518,"y":645,"width":410,"height":10}},{"id":"214e2e91-9b13-486b-afd1-c5dfdf27d478","block_type":"box","text":"approximately twice the upside return implied by the strike price","page_number":12,"box":{"x":519,"y":659,"width":412,"height":11}},{"id":"f836c4cc-aedc-44bf-a978-bf10f54cad72","block_type":"box","text":"of the Cap Option for that Outcome Period. The strike price for the","page_number":12,"box":{"x":519,"y":673,"width":423,"height":11}},{"id":"ee63c06a-a01b-4939-94a5-05459ef88459","block_type":"box","text":"Cap Option depends on the market conditions when the option is","page_number":12,"box":{"x":519,"y":687,"width":416,"height":11}},{"id":"de408053-eaca-44e3-9a5f-4762483bdeea","block_type":"box","text":"sold and likely will be different for each Outcome Period, resulting","page_number":12,"box":{"x":519,"y":701,"width":420,"height":11}},{"id":"514b1eec-d0d3-4c35-b6a5-86eeaac7dd6f","block_type":"box","text":"in a different Approximate Cap for each Outcome Period. The","page_number":12,"box":{"x":519,"y":715,"width":389,"height":11}},{"id":"d8a46bd6-b73b-4449-88fa-881f6ca3aff7","block_type":"box","text":"Fund uses the premium collected from selling the Cap Option and","page_number":12,"box":{"x":519,"y":730,"width":419,"height":10}},{"id":"e250988e-23f1-4e59-92fc-409a4ffc5f82","block_type":"box","text":"the expected dividend distributions from the Underlying Fund to","page_number":12,"box":{"x":518,"y":744,"width":409,"height":11}},{"id":"19c9932a-6b74-493e-afa0-abe90a606985","block_type":"box","text":"cover the premium that it pays to buy the ATM Call.","page_number":12,"box":{"x":519,"y":758,"width":327,"height":11}},{"id":"e244bc75-9860-4ac6-be2c-57b7ffd966a8","block_type":"box","text":"The Fund’s Accelerated Return and Approximate Cap (net of the","page_number":12,"box":{"x":518,"y":781,"width":409,"height":11}},{"id":"f0fbd7fc-4a2d-4568-b441-e676cde6147a","block_type":"box","text":"management fee) for the current Outcome Period, along with the","page_number":12,"box":{"x":519,"y":795,"width":414,"height":11}},{"id":"fab49e41-4dba-436a-b97e-84532df1cefd","block_type":"box","text":"Fund’s current position relative to the Outcomes, are available","page_number":12,"box":{"x":519,"y":810,"width":398,"height":10}},{"id":"f5febac6-f1b2-436e-a709-29413907fc47","block_type":"box","text":"and updated daily on the Fund’s page on www.iShares.com.","page_number":12,"box":{"x":519,"y":824,"width":380,"height":11}},{"id":"5c2f2b24-c583-4d80-98b1-d39ea649dde3","block_type":"box","text":"On the last trading day of each Outcome Period, the Fund will","page_number":12,"box":{"x":519,"y":847,"width":391,"height":11}},{"id":"cb38a132-2b1b-467e-9421-b041b3db1b87","block_type":"box","text":"trade a new set of call options to create the Accelerated Return","page_number":12,"box":{"x":518,"y":861,"width":406,"height":11}},{"id":"8c026a1c-b7e8-4a0c-a9b4-4bdc6fbf37a4","block_type":"box","text":"and Approximate Cap for the next Outcome Period. After the","page_number":12,"box":{"x":519,"y":875,"width":387,"height":11}},{"id":"f30541c1-2e00-460f-8a08-9ea07e2d9ae3","block_type":"box","text":"close of business on the last trading day of the Outcome Period,","page_number":12,"box":{"x":519,"y":889,"width":408,"height":11}},{"id":"27a209ad-03b3-4b13-96b1-3a044f0c4f6c","block_type":"box","text":"the Fund will file a prospectus supplement that discloses the","page_number":12,"box":{"x":518,"y":904,"width":388,"height":10}},{"id":"37f4aee7-9f79-45a8-a65c-5de202c8c508","block_type":"box","text":"S-3","page_number":12,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"2dcb155b-0cc9-4846-b30d-1f0aa604f646","block_type":"box","text":"Approximate Cap (gross and net of its management fee) for the","page_number":13,"box":{"x":52,"y":46,"width":405,"height":11}},{"id":"20386829-3a85-433d-b789-99fdeb502b1a","block_type":"box","text":"next Outcome Period.","page_number":13,"box":{"x":53,"y":61,"width":137,"height":8}},{"id":"f6b4a640-b0e8-48fc-827d-b2a895e23ed9","block_type":"box","text":"Outcome Period","page_number":13,"box":{"x":52,"y":84,"width":112,"height":8}},{"id":"bf26f4b3-9577-4182-9cc2-f3a3d662b2fe","block_type":"box","text":"The Outcomes for an Outcome Period apply only to Fund shares","page_number":13,"box":{"x":52,"y":107,"width":408,"height":11}},{"id":"47d40ce5-4580-4a94-b73e-9d6a62758874","block_type":"box","text":"that are held over the entire Outcome Period. An investor who","page_number":13,"box":{"x":52,"y":121,"width":397,"height":9}},{"id":"3a8623fb-b0cb-4d66-9c7c-1d9f63c7e0a5","block_type":"box","text":"purchases Fund shares after the beginning of an Outcome Period","page_number":13,"box":{"x":53,"y":135,"width":415,"height":11}},{"id":"5bba5557-8b56-4624-b3f8-c9be5fae0f81","block_type":"box","text":"or who sells Fund shares before the end of an Outcome Period","page_number":13,"box":{"x":53,"y":150,"width":398,"height":8}},{"id":"57f84888-9776-4839-b1d2-5c6c73f14d99","block_type":"box","text":"may not fully realize the Approximate Cap for the Outcome Period","page_number":13,"box":{"x":53,"y":164,"width":419,"height":11}},{"id":"fc095d1c-966a-4ee2-ac20-2aeadce5ce49","block_type":"box","text":"and may experience price returns that are different from the","page_number":13,"box":{"x":53,"y":178,"width":384,"height":11}},{"id":"caf83bd9-6c37-4c32-b31c-b0f5a86d8335","block_type":"box","text":"Outcomes. This is because, while the Outcomes are fixed levels","page_number":13,"box":{"x":53,"y":192,"width":405,"height":10}},{"id":"0b901051-8758-41dd-a56c-3227eee5a548","block_type":"box","text":"that are calculated in relation to the Underlying Fund’s price and","page_number":13,"box":{"x":52,"y":206,"width":411,"height":11}},{"id":"0cd96648-bade-4031-aad7-c2b13f349591","block_type":"box","text":"the Fund’s NAV at the start of that Outcome Period and generally","page_number":13,"box":{"x":52,"y":220,"width":416,"height":11}},{"id":"5c124a74-f940-4546-8179-38d840a5ce89","block_type":"box","text":"remain constant throughout the Outcome Period, an investor who","page_number":13,"box":{"x":53,"y":235,"width":419,"height":10}},{"id":"37540049-578e-4f22-86e6-9ae611a8355e","block_type":"box","text":"transacts in Fund shares during the Outcome Period will likely do","page_number":13,"box":{"x":52,"y":249,"width":415,"height":11}},{"id":"b38f5cee-bcf4-476a-b60a-2d5e901aa481","block_type":"box","text":"so at a price that is different from the Fund’s NAV at the start of","page_number":13,"box":{"x":53,"y":263,"width":407,"height":11}},{"id":"c5b9e72d-10eb-4a44-8bc9-0b3b6b041e1a","block_type":"box","text":"the Outcome Period.","page_number":13,"box":{"x":52,"y":277,"width":131,"height":9}},{"id":"f46ef717-133e-40e8-a05e-b15e5267ac49","block_type":"box","text":"For example, if an investor purchases Fund shares during an","page_number":13,"box":{"x":53,"y":300,"width":383,"height":11}},{"id":"3b009c10-40e1-4116-b049-0e045d42c521","block_type":"box","text":"Outcome Period at a time when the Underlying Fund’s share price","page_number":13,"box":{"x":53,"y":315,"width":419,"height":10}},{"id":"4e04874f-0067-4882-abb1-655bf620706d","block_type":"box","text":"has increased from its price at the beginning of the Outcome","page_number":13,"box":{"x":53,"y":329,"width":388,"height":11}},{"id":"5cd0feb2-e21e-458b-979b-e2cafd849b0b","block_type":"box","text":"Period, the investor’s upside limit may be lower than the","page_number":13,"box":{"x":53,"y":343,"width":358,"height":11}},{"id":"bb0d5bd7-5207-422e-a7a2-66eb08640d97","block_type":"box","text":"Approximate Cap and the investor may experience losses that","page_number":13,"box":{"x":52,"y":357,"width":397,"height":11}},{"id":"d827b912-4edd-4032-a22f-4a6ceab14259","block_type":"box","text":"exceed the losses of the Underlying Fund for the remainder of the","page_number":13,"box":{"x":53,"y":371,"width":420,"height":11}},{"id":"2737d209-ed85-4ee5-94a3-6337a81e61fa","block_type":"box","text":"Outcome Period. Conversely, if an investor purchases Fund shares","page_number":13,"box":{"x":53,"y":385,"width":424,"height":11}},{"id":"40956b00-0c33-4101-ad65-ea4a62076f4f","block_type":"box","text":"during an Outcome Period at a time when the Underlying Fund’s","page_number":13,"box":{"x":53,"y":400,"width":408,"height":10}},{"id":"0125e34d-edd5-4b62-a2b9-af5fc132a26c","block_type":"box","text":"share price has decreased from its price at the beginning of the","page_number":13,"box":{"x":53,"y":414,"width":405,"height":11}},{"id":"23dcf436-bc6c-40fb-a458-1cc116d57664","block_type":"box","text":"Outcome Period, the Fund may require a larger increase in the","page_number":13,"box":{"x":53,"y":428,"width":397,"height":11}},{"id":"1fbfac97-5e82-40f4-ab23-4f85977e5c3a","block_type":"box","text":"Underlying Fund’s share price before it reaches the Accelerated","page_number":13,"box":{"x":53,"y":442,"width":406,"height":11}},{"id":"6310e865-982f-45ad-9b25-8c1d59f26165","block_type":"box","text":"Return.","page_number":13,"box":{"x":53,"y":456,"width":45,"height":9}},{"id":"6ffd4591-7946-4aba-98f1-c6b58efce5f2","block_type":"box","text":"Fund and Underlying Fund Performance","page_number":13,"box":{"x":53,"y":479,"width":278,"height":11}},{"id":"240fcbe5-ac3a-416d-a53e-27fdbf8b04b0","block_type":"box","text":"If there are any inflows, or creation transactions, for the Fund","page_number":13,"box":{"x":53,"y":503,"width":391,"height":11}},{"id":"1ac11bb4-37e6-4657-b870-497c40ca3a3d","block_type":"box","text":"during an Outcome Period, the Fund typically will buy Underlying","page_number":13,"box":{"x":53,"y":517,"width":411,"height":11}},{"id":"6552055b-ffa3-4c29-9f04-51712601bf1a","block_type":"box","text":"Fund shares and futures on the Underlying Fund’s Index and will","page_number":13,"box":{"x":53,"y":531,"width":408,"height":11}},{"id":"0df7b520-79c5-4c84-9f8f-3553508d3774","block_type":"box","text":"seek to trade the same set of call options as described above.","page_number":13,"box":{"x":53,"y":545,"width":395,"height":11}},{"id":"4a77f34a-48b7-4f47-b55a-53346c82ca6d","block_type":"box","text":"This will occur even in circumstances where the Fund would","page_number":13,"box":{"x":52,"y":560,"width":383,"height":8}},{"id":"949d9027-a0cb-4e10-9d97-0c8fac4286c5","block_type":"box","text":"receive a negligible premium for selling an out-of-the-money call,","page_number":13,"box":{"x":53,"y":574,"width":415,"height":10}},{"id":"da2b9b31-b51a-473b-a0d3-5854451fc7b6","block_type":"box","text":"which may give up more sizable returns to the extent that the","page_number":13,"box":{"x":52,"y":588,"width":392,"height":11}},{"id":"b4c51401-5c96-4fcd-912d-53d7328cdbe3","block_type":"box","text":"option later becomes in the money.","page_number":13,"box":{"x":53,"y":602,"width":224,"height":11}},{"id":"bc780423-5b26-4cb1-b802-31d91bd01e46","block_type":"box","text":"Because the Fund uses distributions from the Underlying Fund to","page_number":13,"box":{"x":53,"y":625,"width":415,"height":11}},{"id":"bbab1cb7-0806-4d87-9722-251234d7afff","block_type":"box","text":"purchase the ATM Call, the Fund’s performance is likely to be less","page_number":13,"box":{"x":53,"y":639,"width":419,"height":11}},{"id":"ed44a823-c78b-4f0e-8404-783474e35fe9","block_type":"box","text":"than the Underlying Fund’s performance when (1) distributions are","page_number":13,"box":{"x":52,"y":654,"width":423,"height":10}},{"id":"553e5669-a3a7-4a68-888e-3745f34b6260","block_type":"box","text":"considered and (2) the Underlying Fund’s performance is less","page_number":13,"box":{"x":53,"y":668,"width":392,"height":11}},{"id":"e209bd55-6fd9-433f-8a7a-5032fbe25b4f","block_type":"box","text":"than half of its distributions or is negative. The Fund may also","page_number":13,"box":{"x":52,"y":682,"width":392,"height":11}},{"id":"784813c7-771e-4c8f-8305-f27cf39f731e","block_type":"box","text":"underperform the Underlying Fund if the returns of the Underlying","page_number":13,"box":{"x":53,"y":696,"width":421,"height":11}},{"id":"47214e7a-09fb-4087-b039-07b4c979b98c","block_type":"box","text":"Fund exceed the Approximate Cap net of the distributions.","page_number":13,"box":{"x":53,"y":710,"width":373,"height":11}},{"id":"d47508f4-f6ba-445d-b3c7-8401b245a3ec","block_type":"box","text":"The Fund’s market value and NAV may not correlate with the","page_number":13,"box":{"x":52,"y":734,"width":387,"height":10}},{"id":"997cab21-c9b8-4698-bc48-937d30fbd0ce","block_type":"box","text":"Underlying Fund and the Underlying Fund’s Index. In periods of","page_number":13,"box":{"x":53,"y":748,"width":401,"height":11}},{"id":"6ea3c21c-6465-4010-830c-a503774dc291","block_type":"box","text":"extreme market volatility, the Fund’s return may be subject to an","page_number":13,"box":{"x":53,"y":762,"width":414,"height":11}},{"id":"5a02cbab-2f5d-4c11-b982-a2042f799433","block_type":"box","text":"upside limit significantly below the Approximate Cap and a","page_number":13,"box":{"x":53,"y":776,"width":373,"height":11}},{"id":"0e5604bf-d7fc-4d1d-83f3-6da49ade9515","block_type":"box","text":"downside that is significantly greater than the price return of the","page_number":13,"box":{"x":53,"y":790,"width":411,"height":11}},{"id":"2f405cba-b32b-4e40-b034-768cb3ca0253","block_type":"box","text":"Underlying Fund. Investors may lose their entire investment, and","page_number":13,"box":{"x":53,"y":804,"width":412,"height":11}},{"id":"047bf261-5ab3-44ac-ad29-d7e885434d71","block_type":"box","text":"an investment in the Fund is appropriate only for investors willing","page_number":13,"box":{"x":53,"y":819,"width":417,"height":10}},{"id":"fec430ef-0a8d-465b-9be6-4783017c009b","block_type":"box","text":"to bear those losses.","page_number":13,"box":{"x":52,"y":833,"width":133,"height":8}},{"id":"f7d6ab35-cba0-401a-8352-eca2ec2d25a7","block_type":"box","text":"In order to obtain economic exposure to the Underlying Fund, in","page_number":13,"box":{"x":53,"y":856,"width":408,"height":11}},{"id":"b4a229f6-476f-4f1e-94ea-8c2873409cbe","block_type":"box","text":"lieu of purchasing Underlying Fund shares and futures on the","page_number":13,"box":{"x":53,"y":870,"width":388,"height":11}},{"id":"eac0a52f-87a0-4bef-a557-7373d8d19c79","block_type":"box","text":"Underlying Fund’s Index for an Outcome Period, the Fund may","page_number":13,"box":{"x":53,"y":884,"width":396,"height":11}},{"id":"a95fffb1-4d21-42a5-a721-d74069946056","block_type":"box","text":"instead do one or more of the following, among other things:","page_number":13,"box":{"x":53,"y":898,"width":386,"height":11}},{"id":"db19b70a-2e48-4b27-97a5-408c61519e3b","block_type":"box","text":"purchase one or more other ETFs that seek to track the","page_number":13,"box":{"x":556,"y":47,"width":354,"height":10}},{"id":"b28b1cfd-dcc9-4c53-b062-0ddaa5a224f9","block_type":"box","text":"Underlying Fund’s Index;","page_number":13,"box":{"x":556,"y":61,"width":156,"height":10}},{"id":"5392420b-ba73-4cc0-9134-18cb1975fd33","block_type":"box","text":"purchase equity securities (","page_number":13,"box":{"x":556,"y":79,"width":175,"height":10}},{"id":"6b80153b-064f-4a45-93f5-59908c1fa18c","block_type":"box","text":"e.g","page_number":13,"box":{"x":732,"y":81,"width":20,"height":8}},{"id":"087deb33-1b3c-4757-8207-ae7680088810","block_type":"box","text":"., component securities of the","page_number":13,"box":{"x":752,"y":79,"width":190,"height":10}},{"id":"c3530106-d797-49e6-b16c-857a93fd7507","block_type":"box","text":"Underlying Fund or the Underlying Fund’s Index) in seeking","page_number":13,"box":{"x":556,"y":93,"width":376,"height":11}},{"id":"553ca553-4e54-4fd4-934c-892f61588a79","block_type":"box","text":"to track the share price return of the Underlying Fund; or","page_number":13,"box":{"x":555,"y":107,"width":364,"height":11}},{"id":"9b46aea0-eac1-463e-b7af-12fd6901c17d","block_type":"box","text":"invest in U.S. treasuries, money market funds and/or other","page_number":13,"box":{"x":556,"y":125,"width":379,"height":11}},{"id":"53f8234c-ba58-44cc-8ffa-65e1848542cb","block_type":"box","text":"cash equivalents and purchase or sell a combination of call","page_number":13,"box":{"x":556,"y":139,"width":376,"height":11}},{"id":"97e476c7-e45c-4282-bbfd-9f4a73bc3407","block_type":"box","text":"and put options that seek to synthesize the economic","page_number":13,"box":{"x":556,"y":153,"width":342,"height":11}},{"id":"120e9e43-6077-467d-a017-597538886106","block_type":"box","text":"characteristics of the Underlying Fund.","page_number":13,"box":{"x":556,"y":168,"width":247,"height":10}},{"id":"9f698620-365e-44db-83c1-4d997d7cddcf","block_type":"box","text":"If the Fund invests in equity securities (other than the Underlying","page_number":13,"box":{"x":519,"y":191,"width":414,"height":11}},{"id":"25db6c77-db07-4610-bf82-0d368c1aaebf","block_type":"box","text":"Fund), the Fund’s equity security investments will be primarily in","page_number":13,"box":{"x":519,"y":205,"width":410,"height":11}},{"id":"d1ad73b9-4002-4181-9baa-e1acf248a2e8","block_type":"box","text":"the common stocks of companies held by the Underlying Fund","page_number":13,"box":{"x":518,"y":219,"width":399,"height":11}},{"id":"24d5f67c-e121-4bd5-8838-67bbe840e9bc","block_type":"box","text":"that BFA believes will provide a risk/return profile similar to that","page_number":13,"box":{"x":518,"y":233,"width":412,"height":11}},{"id":"0effa02e-1f6d-4b7b-abd2-a156b11fbfa4","block_type":"box","text":"of the Underlying Fund.","page_number":13,"box":{"x":519,"y":247,"width":148,"height":11}},{"id":"da675492-9b5d-41b0-b92a-b6bd5d1cccee","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of","page_number":13,"box":{"x":519,"y":271,"width":418,"height":10}},{"id":"20f7e27a-8df3-4c99-ae77-5fe9101bc5f1","block_type":"box","text":"its net assets (plus any borrowings for investment purposes) in","page_number":13,"box":{"x":519,"y":285,"width":401,"height":11}},{"id":"5fea1590-5aff-4c89-a99d-2894f27f0a63","block_type":"box","text":"securities or other instruments that provide exposure to securities","page_number":13,"box":{"x":519,"y":299,"width":424,"height":11}},{"id":"1d43645e-5340-4b4b-b5bc-4ca7accaa442","block_type":"box","text":"of large-capitalization companies or that provide for the","page_number":13,"box":{"x":519,"y":313,"width":355,"height":11}},{"id":"2594610e-f5c7-499e-aff3-fc6c54cb695c","block_type":"box","text":"Accelerated Return or for the Approximate Cap with respect to","page_number":13,"box":{"x":518,"y":327,"width":402,"height":11}},{"id":"6f59ceaf-937f-45a2-be89-554a7c0b0481","block_type":"box","text":"securities of large-capitalization companies. For purposes of the","page_number":13,"box":{"x":519,"y":342,"width":410,"height":10}},{"id":"e8e01da0-2ad1-40bf-9219-a4a2d996c499","block_type":"box","text":"Fund’s 80% policy, “large-capitalization companies” are those","page_number":13,"box":{"x":519,"y":356,"width":393,"height":11}},{"id":"7a3c2a3e-2c04-4ffa-953b-04080287beb7","block_type":"box","text":"within the range of capitalization of the Underlying Fund’s Index.","page_number":13,"box":{"x":518,"y":370,"width":411,"height":11}},{"id":"5532dd47-545a-47dc-a19e-6d36c5d7cd71","block_type":"box","text":"Summary of Principal Risks","page_number":13,"box":{"x":519,"y":399,"width":235,"height":13}},{"id":"539db6f6-cbb8-4ba5-9a5f-b944aacfd829","block_type":"box","text":"The Fund has characteristics unlike those of many traditional","page_number":13,"box":{"x":518,"y":424,"width":389,"height":11}},{"id":"6f67b2ec-b499-40d4-aa77-bb063e585a9a","block_type":"box","text":"products and may not be appropriate for all investors. As with any","page_number":13,"box":{"x":519,"y":438,"width":421,"height":11}},{"id":"a1ed7fa5-8481-4433-ae6f-1426f28021f6","block_type":"box","text":"investment, you could lose all or part of your investment in the","page_number":13,"box":{"x":519,"y":452,"width":399,"height":11}},{"id":"3c0342de-dfeb-49c7-b8e4-55d29353b7fb","block_type":"box","text":"Fund, and the Fund’s performance could trail that of other","page_number":13,"box":{"x":519,"y":467,"width":371,"height":10}},{"id":"7f8476d9-ae88-41b2-a105-f28dd8984e6f","block_type":"box","text":"investments. The Fund is subject to certain risks, including the","page_number":13,"box":{"x":519,"y":481,"width":398,"height":11}},{"id":"f1089f88-5451-4fcf-bbfe-b2181d634508","block_type":"box","text":"principal risks noted below (either directly or through its","page_number":13,"box":{"x":519,"y":495,"width":359,"height":11}},{"id":"f3871e74-53d8-4d3f-b388-fe2a98228520","block_type":"box","text":"investments in the Underlying Fund), any of which may adversely","page_number":13,"box":{"x":519,"y":509,"width":414,"height":11}},{"id":"219cf354-e351-47b1-99ea-18aa709bbdfb","block_type":"box","text":"affect the Fund’s NAV, trading price, yield, total return and ability","page_number":13,"box":{"x":519,"y":523,"width":414,"height":11}},{"id":"bba31e99-2287-47aa-80d3-d01505239b64","block_type":"box","text":"to meet its investment objective. Certain key risks are prioritized","page_number":13,"box":{"x":518,"y":538,"width":414,"height":10}},{"id":"6c37c208-9097-4ed7-9a0a-06c0ea935de8","block_type":"box","text":"below (with others following in alphabetical order), but the relative","page_number":13,"box":{"x":519,"y":552,"width":423,"height":11}},{"id":"2e4b4425-0640-4561-91ee-f2b97ee69358","block_type":"box","text":"significance of any risk is difficult to predict and may change over","page_number":13,"box":{"x":519,"y":566,"width":418,"height":11}},{"id":"e2a598fd-9e7e-4fbb-9f5e-266ce4392290","block_type":"box","text":"time. You should review each risk factor carefully.","page_number":13,"box":{"x":518,"y":580,"width":316,"height":11}},{"id":"9915d121-b95f-4e2f-a402-2b380bccbcdb","block_type":"box","text":"Accelerated Return Risk.","page_number":13,"box":{"x":517,"y":603,"width":167,"height":9}},{"id":"424732f0-54e6-4446-b4eb-cc3bd321a385","block_type":"box","text":"There can be no guarantee that the","page_number":13,"box":{"x":690,"y":603,"width":225,"height":11}},{"id":"565e5d0d-eb37-40cc-9a5f-16c0d915d975","block_type":"box","text":"Fund will be successful in its strategy to provide approximately","page_number":13,"box":{"x":519,"y":617,"width":401,"height":11}},{"id":"91a181eb-0d70-4117-813d-60442a106606","block_type":"box","text":"twice the positive share price return, if any, of the Underlying","page_number":13,"box":{"x":518,"y":632,"width":391,"height":10}},{"id":"b43a8123-1eb2-49d7-807a-3a5fa0abe82e","block_type":"box","text":"Fund over an Outcome Period, subject to an Approximate Cap. If","page_number":13,"box":{"x":519,"y":646,"width":412,"height":11}},{"id":"2ade2f67-8fa4-4dc7-ba84-70036481a28f","block_type":"box","text":"an investor purchases Fund shares after the beginning of an","page_number":13,"box":{"x":519,"y":660,"width":382,"height":11}},{"id":"d601bf53-e018-4ac4-a678-99621ed8605e","block_type":"box","text":"Outcome Period or does not stay invested in the Fund for the","page_number":13,"box":{"x":519,"y":674,"width":389,"height":11}},{"id":"d734e8ef-a00a-447d-9243-6bf0516db6d5","block_type":"box","text":"entirety of the Outcome Period, the returns realized by the","page_number":13,"box":{"x":519,"y":688,"width":372,"height":11}},{"id":"00ab30e4-b74f-486c-81be-1f1b95217a70","block_type":"box","text":"investor may not match those that the Fund seeks to achieve.","page_number":13,"box":{"x":519,"y":703,"width":394,"height":10}},{"id":"14db16b9-5583-4800-aa09-1b74e4c55f3e","block_type":"box","text":"Approximate Cap Risk.","page_number":13,"box":{"x":517,"y":726,"width":154,"height":10}},{"id":"876508f8-0a8c-4028-a530-d1887dcb6504","block_type":"box","text":"The Fund’s strategy seeks to provide","page_number":13,"box":{"x":677,"y":726,"width":234,"height":11}},{"id":"a49ef253-c3f6-44e5-a40e-402b7617b862","block_type":"box","text":"returns that are subject to an Approximate Cap, whose level","page_number":13,"box":{"x":519,"y":740,"width":383,"height":11}},{"id":"3987ad94-3da1-4e96-b8c8-aba11089be95","block_type":"box","text":"depends on prevailing market conditions (","page_number":13,"box":{"x":519,"y":754,"width":267,"height":11}},{"id":"e137c469-3f89-4c27-8fa2-9a3f2e6cfcfd","block_type":"box","text":"e.g","page_number":13,"box":{"x":788,"y":757,"width":19,"height":8}},{"id":"0fa40121-02aa-48d5-88fb-6077cc7dfe7d","block_type":"box","text":"., volatility, interest","page_number":13,"box":{"x":807,"y":754,"width":122,"height":11}},{"id":"c9e308fb-0e44-4766-a72a-3b81bfc5be2d","block_type":"box","text":"rates, dividends, and other factors) at the time that the","page_number":13,"box":{"x":519,"y":768,"width":351,"height":11}},{"id":"227e828e-b6e7-4db3-8db3-12961dd0e23f","block_type":"box","text":"Approximate Cap is set. The Approximate Cap may rise or fall","page_number":13,"box":{"x":518,"y":782,"width":392,"height":11}},{"id":"3e8bf552-5457-4046-ad85-e4cd311fac1b","block_type":"box","text":"from one Outcome Period to the next, sometimes to a significant","page_number":13,"box":{"x":518,"y":797,"width":415,"height":11}},{"id":"9faf4cda-c9eb-420c-a80f-9cca180bf1d9","block_type":"box","text":"extent, and is unlikely to remain the same for consecutive","page_number":13,"box":{"x":519,"y":811,"width":368,"height":11}},{"id":"4e81e0e0-9847-4ab5-91f2-e3e0f6080867","block_type":"box","text":"Outcome Periods. If the Underlying Fund experiences gains in","page_number":13,"box":{"x":519,"y":825,"width":393,"height":11}},{"id":"c25a365b-4a5d-4112-b4e0-1a396aafbe49","block_type":"box","text":"excess of the Approximate Cap for an Outcome Period, the Fund","page_number":13,"box":{"x":519,"y":839,"width":411,"height":11}},{"id":"1bd1631f-c82f-4e91-adce-b8a067c1f49b","block_type":"box","text":"will not participate in any gains beyond the Approximate Cap and","page_number":13,"box":{"x":518,"y":853,"width":416,"height":11}},{"id":"f6423e41-8e7f-4527-8108-30412127385c","block_type":"box","text":"will underperform the Underlying Fund. In periods of extreme","page_number":13,"box":{"x":518,"y":868,"width":391,"height":10}},{"id":"ea85a0c0-774a-45ed-bc8e-59e381554aa7","block_type":"box","text":"market volatility, the Fund’s return may be significantly below the","page_number":13,"box":{"x":519,"y":882,"width":417,"height":11}},{"id":"6ee96362-7b7c-4027-9889-260079e32e18","block_type":"box","text":"Approximate Cap.","page_number":13,"box":{"x":518,"y":896,"width":114,"height":11}},{"id":"162de2ab-57dc-46e3-8d83-6be1831ca003","block_type":"box","text":"S-4","page_number":13,"box":{"x":495,"y":944,"width":21,"height":8}},{"id":"04c101b8-a045-4c2c-ba29-1fb10675fbca","block_type":"box","text":"Options Risk.","page_number":14,"box":{"x":53,"y":46,"width":87,"height":11}},{"id":"fcf6537b-7c75-437f-8345-1f2c8d1f96c8","block_type":"box","text":"Investments in options are considered speculative.","page_number":14,"box":{"x":147,"y":46,"width":324,"height":11}},{"id":"d83e728b-a1c0-43a9-8a18-08b70a7c87ca","block_type":"box","text":"When the Fund purchases an option, it may lose the total","page_number":14,"box":{"x":52,"y":61,"width":364,"height":10}},{"id":"faac0b2b-177f-4bae-85f6-9b8742b456bc","block_type":"box","text":"premium paid for it if the price of the underlying security or other","page_number":14,"box":{"x":53,"y":75,"width":416,"height":11}},{"id":"67478fed-78bd-4f79-8da8-1ad0a955f8cc","block_type":"box","text":"reference asset related to the option decreased, remained the","page_number":14,"box":{"x":53,"y":89,"width":397,"height":11}},{"id":"9f9f65f6-a2b8-4bd4-beb0-858eb4142db1","block_type":"box","text":"same or failed to increase to a level at or beyond the exercise","page_number":14,"box":{"x":53,"y":103,"width":393,"height":11}},{"id":"6093dc7f-c81f-4ca9-962e-b0fd472ff3cc","block_type":"box","text":"price (in the case of a call option) or increased, remained the","page_number":14,"box":{"x":53,"y":117,"width":388,"height":11}},{"id":"d37ee08c-cf40-4930-8162-cc8a5a035e60","block_type":"box","text":"same or failed to decrease to a level at or below the exercise price","page_number":14,"box":{"x":53,"y":131,"width":424,"height":11}},{"id":"e28c7658-e5eb-4b1f-bc52-2c2a6654d8b3","block_type":"box","text":"(in the case of a put option). When the Fund sells an option, it may","page_number":14,"box":{"x":53,"y":146,"width":423,"height":10}},{"id":"455fa00b-c2a1-4b19-aa7e-c64b25959e3f","block_type":"box","text":"experience a substantial loss if the price of the underlying security","page_number":14,"box":{"x":53,"y":160,"width":424,"height":11}},{"id":"77140cde-6074-4a80-9de8-ef4ad3844940","block_type":"box","text":"or other reference asset increased to a level significantly above","page_number":14,"box":{"x":53,"y":174,"width":404,"height":11}},{"id":"9b84449d-1378-462b-ae92-9fcd7a479a53","block_type":"box","text":"the exercise price (in the case of a call option) or decreased to a","page_number":14,"box":{"x":52,"y":188,"width":411,"height":11}},{"id":"e3d35075-9701-43ba-8ed0-c6a2ff7dde65","block_type":"box","text":"level significantly below the exercise price (in the case of a put","page_number":14,"box":{"x":53,"y":202,"width":400,"height":11}},{"id":"e4a3dfcb-7574-46d2-9247-a3cab92c0594","block_type":"box","text":"option). If a put or call option purchased by the Fund were","page_number":14,"box":{"x":53,"y":217,"width":370,"height":10}},{"id":"156ef3a1-b7e9-474d-b6ec-351eeeb8669e","block_type":"box","text":"permitted to expire without being sold or exercised, its premium","page_number":14,"box":{"x":53,"y":231,"width":410,"height":11}},{"id":"07ed609e-6030-4541-a9c4-076ac4b21827","block_type":"box","text":"would represent a loss to the Fund.","page_number":14,"box":{"x":52,"y":245,"width":225,"height":11}},{"id":"4f624455-7084-4cfb-8c7e-a4c1b743485c","block_type":"box","text":"FLEX Options Risk.","page_number":14,"box":{"x":52,"y":268,"width":117,"height":11}},{"id":"4916797c-ea5c-4f28-8aa2-6e2fbfbd0d1f","block_type":"box","text":"FLEX Options are subject to the risk that they","page_number":14,"box":{"x":176,"y":268,"width":291,"height":11}},{"id":"183f5d48-13fc-4d1f-a27d-d54af29d402e","block_type":"box","text":"may be less liquid than certain other instruments, such as","page_number":14,"box":{"x":53,"y":282,"width":369,"height":11}},{"id":"661082eb-5ca5-49dc-bad7-329a636f4790","block_type":"box","text":"standardized options. In less liquid markets for the FLEX Options,","page_number":14,"box":{"x":53,"y":296,"width":417,"height":11}},{"id":"29498185-53b5-4cf8-b340-490b9dbca468","block_type":"box","text":"terminating FLEX Options may require the payment of a premium","page_number":14,"box":{"x":52,"y":311,"width":416,"height":11}},{"id":"ce14d7ad-77f8-482f-a38d-966881b14579","block_type":"box","text":"or acceptance of a discounted price and may take longer to","page_number":14,"box":{"x":53,"y":325,"width":380,"height":11}},{"id":"7ea32052-8448-4128-8db0-8877f91df45f","block_type":"box","text":"complete. In a less liquid market for FLEX Options, the liquidation","page_number":14,"box":{"x":53,"y":339,"width":417,"height":11}},{"id":"a6d5fd96-98e6-4b0b-97b5-a7bdcec5056a","block_type":"box","text":"of a large number of options may significantly impact the price of","page_number":14,"box":{"x":53,"y":353,"width":416,"height":11}},{"id":"776ff52f-6339-4c44-b54e-3274778a4bbf","block_type":"box","text":"the options and may adversely impact the value of an investment","page_number":14,"box":{"x":52,"y":367,"width":416,"height":11}},{"id":"a0acaffb-c6fa-48ef-81a7-0817b7fd08f2","block_type":"box","text":"in the Fund. There is also a risk that the Fund will be unable to","page_number":14,"box":{"x":53,"y":382,"width":395,"height":8}},{"id":"a1a8cb6d-c9e2-4c68-9c2d-08591416a066","block_type":"box","text":"maintain the proportional relationship based on the number of","page_number":14,"box":{"x":53,"y":396,"width":398,"height":11}},{"id":"6fe05be5-aec2-40d0-8046-780aad6b04e4","block_type":"box","text":"exchange-traded options in the Fund’s portfolio or that adverse","page_number":14,"box":{"x":53,"y":410,"width":404,"height":11}},{"id":"d0a19433-1469-4349-99e1-93817f9ac972","block_type":"box","text":"tax law changes will negatively impact the treatment of FLEX","page_number":14,"box":{"x":52,"y":424,"width":389,"height":11}},{"id":"3caf8b44-660c-4888-9331-2edb5787549c","block_type":"box","text":"Options. Additionally, to the extent market participants are not","page_number":14,"box":{"x":53,"y":438,"width":400,"height":11}},{"id":"982645ce-dc1b-4a87-abb2-90692ef6d4ac","block_type":"box","text":"willing or able to enter into FLEX Option transactions with the","page_number":14,"box":{"x":52,"y":452,"width":393,"height":11}},{"id":"2529dd27-2875-480b-ad96-ee97c5437a3b","block_type":"box","text":"Fund at prices that reflect the market price of Fund shares, the","page_number":14,"box":{"x":53,"y":467,"width":401,"height":10}},{"id":"de21b91c-5b67-475c-a143-998104644234","block_type":"box","text":"Fund’s NAV and the share price of the Fund could be negatively","page_number":14,"box":{"x":53,"y":481,"width":404,"height":11}},{"id":"0d7df065-c664-4e15-949c-b30f23aa7b02","block_type":"box","text":"impacted.","page_number":14,"box":{"x":53,"y":495,"width":62,"height":11}},{"id":"959bf661-f471-40a4-b7b7-42a6a1f58e87","block_type":"box","text":"Risk of Investing in the U.S","page_number":14,"box":{"x":52,"y":518,"width":183,"height":11}},{"id":"160f2aa1-9571-4c4e-8ac8-ae48d8326f64","block_type":"box","text":".","page_number":14,"box":{"x":235,"y":525,"width":3,"height":2}},{"id":"e1c42daf-e502-4f3a-988d-1e9aac86c14f","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":14,"box":{"x":244,"y":518,"width":210,"height":11}},{"id":"567641ab-b42a-40ba-82b3-a03d92cfa6d6","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":14,"box":{"x":52,"y":532,"width":392,"height":11}},{"id":"f247e76e-654f-4074-83a8-4f66f458a94c","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":14,"box":{"x":53,"y":547,"width":423,"height":10}},{"id":"01d341c9-d353-4d6b-9f59-e54d347ee56e","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":14,"box":{"x":53,"y":561,"width":413,"height":11}},{"id":"bd0ac49c-e269-47e4-9973-6fe591264257","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":14,"box":{"x":52,"y":575,"width":397,"height":11}},{"id":"fbb231fa-4af3-4173-85a8-ff35a51f9176","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":14,"box":{"x":52,"y":598,"width":253,"height":11}},{"id":"c340e1c8-ee70-42e5-8329-ce81cfc2b1ad","block_type":"box","text":"Large-capitalization","page_number":14,"box":{"x":312,"y":598,"width":123,"height":11}},{"id":"bbe74f10-57a4-4036-b964-eb93573415c5","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":14,"box":{"x":53,"y":612,"width":351,"height":11}},{"id":"2ed41adc-2086-40c1-8c77-8e7c65a21172","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":14,"box":{"x":53,"y":627,"width":351,"height":10}},{"id":"ebb7d647-c714-466d-8a7f-c5f4666846cf","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":14,"box":{"x":53,"y":641,"width":404,"height":11}},{"id":"8b751369-313e-4631-9977-d1b311916236","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":14,"box":{"x":53,"y":655,"width":370,"height":11}},{"id":"ffb9a019-98bf-41c5-b813-6ec703eefbb4","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":14,"box":{"x":53,"y":669,"width":339,"height":11}},{"id":"4cb38f76-d3d8-4b6e-94f5-7d7c7ee3b269","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":14,"box":{"x":53,"y":683,"width":389,"height":11}},{"id":"25949817-d976-4682-a0f7-357a7ea8f7c2","block_type":"box","text":"overall performance of the broader securities markets.","page_number":14,"box":{"x":53,"y":697,"width":349,"height":11}},{"id":"8c265e92-a6c3-41b8-b65a-ca6af854dcc2","block_type":"box","text":"Market Risk","page_number":14,"box":{"x":52,"y":721,"width":83,"height":8}},{"id":"e4b54b47-10ac-4e4d-8c76-46bd2d576c4c","block_type":"box","text":".","page_number":14,"box":{"x":135,"y":727,"width":2,"height":2}},{"id":"2c32d901-9c01-438c-b403-17a0dc063770","block_type":"box","text":"The Fund could lose money over short periods due","page_number":14,"box":{"x":142,"y":721,"width":322,"height":10}},{"id":"da77898d-bb68-4ade-8437-0115f172a8c4","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":14,"box":{"x":52,"y":735,"width":413,"height":11}},{"id":"9b6c5582-003f-4653-8468-d0bf57649c78","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":14,"box":{"x":53,"y":749,"width":382,"height":11}},{"id":"04e75d5c-da45-4190-b6dd-46a9484628f1","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":14,"box":{"x":53,"y":763,"width":410,"height":11}},{"id":"4ff8d01f-e421-4231-b715-d513c925ce04","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":14,"box":{"x":53,"y":777,"width":369,"height":11}},{"id":"ddb2d849-e9fc-4e05-afda-5f6d6dcb4b85","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":14,"box":{"x":53,"y":791,"width":403,"height":11}},{"id":"dedf0d25-a04a-4451-8d80-da97516b4a08","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":14,"box":{"x":53,"y":806,"width":395,"height":11}},{"id":"32677455-9f66-44d9-820e-d782e39f4ab6","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":14,"box":{"x":53,"y":820,"width":394,"height":11}},{"id":"17051a26-b674-482b-9306-5aaedeee006a","block_type":"box","text":"NAV.","page_number":14,"box":{"x":53,"y":834,"width":28,"height":9}},{"id":"08f74904-b021-4e22-84f6-5f2c72a538cf","block_type":"box","text":"Asset Class Risk.","page_number":14,"box":{"x":51,"y":857,"width":115,"height":9}},{"id":"8c72c4e9-7919-4348-8951-15391af6accf","block_type":"box","text":"The securities and other assets in the Fund’s","page_number":14,"box":{"x":171,"y":857,"width":286,"height":9}},{"id":"a1a7b37f-3f70-4117-bdc4-00624690ed79","block_type":"box","text":"portfolio may underperform in comparison to financial markets","page_number":14,"box":{"x":53,"y":871,"width":401,"height":11}},{"id":"f39ca3c0-a97b-4a68-a70c-5c43a4121ced","block_type":"box","text":"generally, a particular financial market, an index, or other asset","page_number":14,"box":{"x":52,"y":886,"width":404,"height":10}},{"id":"fa79a5e1-f934-4da7-b411-339f791fa403","block_type":"box","text":"classes.","page_number":14,"box":{"x":53,"y":900,"width":49,"height":8}},{"id":"5dcb8641-e35c-4a34-ae4e-348cf9c338c8","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":14,"box":{"x":517,"y":46,"width":267,"height":11}},{"id":"580cfae9-936e-4204-8570-5610cf9accf9","block_type":"box","text":".","page_number":14,"box":{"x":784,"y":53,"width":3,"height":2}},{"id":"ad886e2e-a48d-41ad-abcc-2c97c534a629","block_type":"box","text":"From time to time, an","page_number":14,"box":{"x":793,"y":46,"width":136,"height":11}},{"id":"0af25cca-baaf-4acb-b29a-45209db866b1","block_type":"box","text":"Authorized Participant (as defined below in","page_number":14,"box":{"x":518,"y":61,"width":273,"height":10}},{"id":"a3087b1f-f165-4423-894d-5a616ca61833","block_type":"box","text":"Authorized Participant","page_number":14,"box":{"x":796,"y":61,"width":140,"height":10}},{"id":"41306344-3044-4fa4-ba87-43e1dd6f76d5","block_type":"box","text":"Concentration Risk)","page_number":14,"box":{"x":519,"y":75,"width":120,"height":8}},{"id":"404275e0-9b8f-4e28-aa9b-d0cb65ff0dd1","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":14,"box":{"x":639,"y":75,"width":293,"height":11}},{"id":"1065de4f-bb77-4820-86b4-be17cae6a2df","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":14,"box":{"x":519,"y":89,"width":403,"height":11}},{"id":"896bc5d2-c15b-4310-8917-67806965fa1a","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":14,"box":{"x":519,"y":103,"width":418,"height":11}},{"id":"081a55dc-f169-45be-87cb-b663a244314b","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":14,"box":{"x":518,"y":117,"width":418,"height":9}},{"id":"f550e25c-08ac-418f-b97d-ac13a6ea6670","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":14,"box":{"x":519,"y":131,"width":409,"height":11}},{"id":"89c5f5a7-9e58-4e98-a06f-387cc39d8213","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":14,"box":{"x":519,"y":146,"width":383,"height":10}},{"id":"5cd4c55e-ad21-4401-9c0b-e11e29b7d970","block_type":"box","text":"negatively impact the Fund.","page_number":14,"box":{"x":519,"y":160,"width":175,"height":11}},{"id":"6ca1b2f2-d3f2-4d9e-b38a-dbd31c077e17","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":14,"box":{"x":517,"y":183,"width":290,"height":11}},{"id":"f30cf9b9-8d95-4d7c-baa0-43a1bf3702b2","block_type":"box","text":"An “Authorized","page_number":14,"box":{"x":817,"y":183,"width":93,"height":9}},{"id":"4ece0501-abf5-4c1b-b882-39fe6487409d","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":14,"box":{"x":519,"y":197,"width":380,"height":11}},{"id":"a587c515-956e-43f8-8c8c-1114e1d26735","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":14,"box":{"x":519,"y":211,"width":410,"height":11}},{"id":"4644425d-d35c-4d9b-a905-61393d9a81b0","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":14,"box":{"x":519,"y":226,"width":396,"height":10}},{"id":"4b123b6d-76b4-4d71-8c43-4bb8148c1e3d","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":14,"box":{"x":519,"y":240,"width":400,"height":11}},{"id":"1e1f55ea-9910-4a6d-bf71-56604c374b89","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":14,"box":{"x":519,"y":254,"width":407,"height":11}},{"id":"d3dc81db-fb8f-41a1-8479-3a6bdc08181d","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":14,"box":{"x":519,"y":268,"width":408,"height":11}},{"id":"fac46b5b-7ec0-45c4-842e-d0437d3cf639","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":14,"box":{"x":518,"y":282,"width":413,"height":11}},{"id":"4c63c24e-b5a3-4380-affd-fae2e84f3790","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":14,"box":{"x":519,"y":296,"width":403,"height":11}},{"id":"51e1b346-0972-44ba-8429-9617a7e77e45","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":14,"box":{"x":519,"y":311,"width":378,"height":10}},{"id":"f8826244-1b08-43f4-a7e2-7f033d1fdef7","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":14,"box":{"x":519,"y":325,"width":379,"height":11}},{"id":"8bf56933-1290-4412-be20-9ea9f3cbf3f9","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":14,"box":{"x":518,"y":339,"width":405,"height":11}},{"id":"bf29f424-8586-48f7-bb30-3d6e93719894","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":14,"box":{"x":519,"y":353,"width":399,"height":11}},{"id":"c109e28b-670e-420f-9f80-90282d0f85ac","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":14,"box":{"x":519,"y":367,"width":392,"height":11}},{"id":"cfa15203-c262-4ca1-af27-398ba32d1288","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":14,"box":{"x":519,"y":382,"width":408,"height":10}},{"id":"2f8c7f55-b1d7-479a-8cd9-04b7b5d4d093","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":14,"box":{"x":519,"y":396,"width":273,"height":11}},{"id":"9e955d63-492a-4f54-b8b8-d7e6f1aa492e","block_type":"box","text":"Clearing Member Default Risk.","page_number":14,"box":{"x":519,"y":419,"width":207,"height":11}},{"id":"ec219afd-0167-4b6d-954f-6f0b7f58ce39","block_type":"box","text":"Transactions in some types of","page_number":14,"box":{"x":731,"y":419,"width":191,"height":11}},{"id":"08bfbc0a-6956-43c3-90bc-838e326f4be2","block_type":"box","text":"derivatives, including FLEX Options and futures, are required to be","page_number":14,"box":{"x":519,"y":433,"width":423,"height":11}},{"id":"8631cf54-4798-4171-b3aa-bfd4eef57d74","block_type":"box","text":"centrally cleared (“cleared derivatives”). In a transaction involving","page_number":14,"box":{"x":519,"y":447,"width":419,"height":11}},{"id":"e2773709-2578-4f0c-b1c1-b5c2477b37bf","block_type":"box","text":"cleared derivatives, the Fund’s counterparty is a clearing house,","page_number":14,"box":{"x":519,"y":461,"width":407,"height":11}},{"id":"704fa858-332b-485c-8aea-f83863228156","block_type":"box","text":"such as the OCC, rather than a bank or broker. Since the Fund is","page_number":14,"box":{"x":519,"y":476,"width":412,"height":10}},{"id":"6e096440-4454-4982-a302-bdb9cefcb4b1","block_type":"box","text":"not a member of clearing houses and only members of a clearing","page_number":14,"box":{"x":519,"y":490,"width":414,"height":11}},{"id":"0668fe15-8928-47f2-9e84-02900c1d1874","block_type":"box","text":"house (“clearing members”) can participate directly in the clearing","page_number":14,"box":{"x":519,"y":504,"width":423,"height":11}},{"id":"74edf857-d0ad-4509-a7fa-7424aef6dce6","block_type":"box","text":"house, the Fund will hold cleared derivatives through accounts at","page_number":14,"box":{"x":519,"y":518,"width":416,"height":11}},{"id":"0943a9af-575f-46fd-a305-ff9c98a5a8dd","block_type":"box","text":"clearing members. In cleared derivatives positions, the Fund will","page_number":14,"box":{"x":519,"y":532,"width":409,"height":11}},{"id":"914427a3-7154-41c9-9c09-0e81f4c2b79a","block_type":"box","text":"make payments (including margin payments) to and receive","page_number":14,"box":{"x":519,"y":547,"width":381,"height":10}},{"id":"52f99604-5b38-42ef-9140-a10eb06009f5","block_type":"box","text":"payments from a clearing house through their accounts at","page_number":14,"box":{"x":519,"y":561,"width":371,"height":11}},{"id":"28448da7-8623-4934-8137-35ffa9e601e9","block_type":"box","text":"clearing members. Customer funds held at a clearing organization","page_number":14,"box":{"x":519,"y":575,"width":420,"height":11}},{"id":"38e3d09b-6761-48a1-b8c7-2e054747a2f3","block_type":"box","text":"in connection with any options contracts are held in a","page_number":14,"box":{"x":519,"y":589,"width":341,"height":11}},{"id":"feac8c34-7f88-4940-b180-2d0cf78c63d2","block_type":"box","text":"commingled omnibus account and are not identified to the name","page_number":14,"box":{"x":519,"y":603,"width":413,"height":11}},{"id":"6b9a63fe-485a-4a26-84d1-7dd5dcdd4a8e","block_type":"box","text":"of the clearing member’s individual customers. As a result, assets","page_number":14,"box":{"x":519,"y":617,"width":420,"height":11}},{"id":"6d63eb8b-5a53-45fd-8d27-9d4129598fa5","block_type":"box","text":"deposited by the Fund with any clearing member as margin for","page_number":14,"box":{"x":519,"y":632,"width":400,"height":10}},{"id":"c8d63cce-37b6-47ce-89dc-e099e7c96e73","block_type":"box","text":"FLEX Options or futures may, in certain circumstances, be used to","page_number":14,"box":{"x":519,"y":646,"width":423,"height":11}},{"id":"e85498f2-a246-4dad-9c12-0329e2279d4a","block_type":"box","text":"satisfy losses of other clients of the Fund’s clearing member. In","page_number":14,"box":{"x":519,"y":660,"width":403,"height":11}},{"id":"c55ca82a-f89c-4659-b2b7-e9b78a3f3c3c","block_type":"box","text":"addition, although clearing members guarantee performance of","page_number":14,"box":{"x":519,"y":674,"width":405,"height":11}},{"id":"de69efd9-661f-4df0-b394-7cc2cfcb705a","block_type":"box","text":"their clients’ obligations to the Underlying Fund, the Fund’s or the","page_number":14,"box":{"x":518,"y":688,"width":419,"height":11}},{"id":"ad9f221b-77b2-4c6e-a691-eabc8e17a034","block_type":"box","text":"Underlying Fund’s clearing house, there is a risk that the assets of","page_number":14,"box":{"x":519,"y":703,"width":422,"height":10}},{"id":"2268fcd1-843f-4629-864e-ffbdd5262586","block_type":"box","text":"the Fund might not be fully protected in the event of the clearing","page_number":14,"box":{"x":518,"y":717,"width":413,"height":11}},{"id":"790b7977-d6b1-49b1-b342-8623b15b8522","block_type":"box","text":"member’s bankruptcy, as the Fund would be limited to recovering","page_number":14,"box":{"x":519,"y":731,"width":419,"height":11}},{"id":"2a7791db-d73f-46ad-901e-a23cc0f47a22","block_type":"box","text":"only a pro rata share of all available funds segregated on behalf of","page_number":14,"box":{"x":519,"y":745,"width":421,"height":11}},{"id":"b1415d77-4ea6-45b3-9e74-25e78f4b35cc","block_type":"box","text":"the clearing member’s customers for the relevant account class.","page_number":14,"box":{"x":518,"y":759,"width":412,"height":11}},{"id":"ab89d7c9-6544-4e82-9fe7-d232d444a648","block_type":"box","text":"The Fund is also subject to the risk that a limited number of","page_number":14,"box":{"x":518,"y":773,"width":381,"height":11}},{"id":"56f215ef-cf5f-4313-ac40-8d41b1c38364","block_type":"box","text":"clearing members are willing to transact on the Fund’s behalf,","page_number":14,"box":{"x":519,"y":788,"width":394,"height":10}},{"id":"030b595e-541f-425c-ae4a-ce80ba485a02","block_type":"box","text":"which heightens the risks associated with a clearing member’s","page_number":14,"box":{"x":518,"y":802,"width":400,"height":11}},{"id":"50d6c77e-e207-46ba-b96e-c4070dc39b9c","block_type":"box","text":"default. If a clearing member defaults, the Fund could lose some","page_number":14,"box":{"x":519,"y":816,"width":410,"height":11}},{"id":"568fb6d2-9c4b-4ca8-8a7d-592a5b8dd749","block_type":"box","text":"or all of the benefits of a transaction entered into by the Fund with","page_number":14,"box":{"x":519,"y":830,"width":423,"height":11}},{"id":"21197d6d-7f18-4901-90a0-b4949208ab9c","block_type":"box","text":"the clearing member. If the Fund cannot find a clearing member to","page_number":14,"box":{"x":518,"y":844,"width":425,"height":11}},{"id":"eee69f6c-a1d8-42f9-84ff-92f2ec7b00d1","block_type":"box","text":"transact with on the Fund’s behalf, the Fund may be unable to","page_number":14,"box":{"x":518,"y":859,"width":396,"height":10}},{"id":"a6c9ff50-93ce-4abd-b11e-d5540b7b75e1","block_type":"box","text":"effectively implement its investment strategy.","page_number":14,"box":{"x":519,"y":873,"width":290,"height":11}},{"id":"2a77d980-add7-40aa-babb-1e8549efde9a","block_type":"box","text":"S-5","page_number":14,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"da2fe3d2-3856-415e-8c16-927e24b22cb4","block_type":"box","text":"Concentration Risk.","page_number":15,"box":{"x":53,"y":46,"width":132,"height":9}},{"id":"cbb74f79-3d2e-482e-9164-bb8455c04757","block_type":"box","text":"The Fund may be susceptible to an","page_number":15,"box":{"x":190,"y":46,"width":221,"height":11}},{"id":"04f83de2-7ac2-41fd-92ce-860085bbb09c","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":15,"box":{"x":53,"y":61,"width":419,"height":10}},{"id":"c3d2c76c-d9ed-48f5-89f5-82fd51bb9495","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":15,"box":{"x":53,"y":75,"width":407,"height":10}},{"id":"d7d06186-8dde-44e1-9570-7daff5b99edc","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":15,"box":{"x":52,"y":89,"width":418,"height":8}},{"id":"62d39ce4-069e-4c30-a7ec-cb0fa268ba7b","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":15,"box":{"x":53,"y":103,"width":395,"height":10}},{"id":"f21dd989-0f55-4b4a-8e0f-1299bbb1d94d","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":15,"box":{"x":53,"y":117,"width":388,"height":11}},{"id":"a765f85e-b2f3-4954-9f72-fd46263ab44d","block_type":"box","text":"asset classes.","page_number":15,"box":{"x":53,"y":132,"width":88,"height":8}},{"id":"a2d03157-c0a6-4722-94b1-a70ea885d17e","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":15,"box":{"x":53,"y":155,"width":324,"height":10}},{"id":"817cec0e-a63d-486b-b3b5-33e984b4f87c","block_type":"box","text":"Consumer","page_number":15,"box":{"x":384,"y":155,"width":65,"height":8}},{"id":"d8e52586-0945-44ef-9968-49f77f5de39e","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":15,"box":{"x":52,"y":169,"width":400,"height":11}},{"id":"3c65dd5b-ea08-45ed-a174-4b0dce8b7b49","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":15,"box":{"x":53,"y":183,"width":420,"height":11}},{"id":"8d900f15-171f-4037-89a4-b23ed95266b7","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":15,"box":{"x":52,"y":197,"width":424,"height":11}},{"id":"2eb10025-75eb-4c4c-a97b-08a802f65852","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":15,"box":{"x":53,"y":211,"width":403,"height":11}},{"id":"30c53f44-f9d4-487c-b86e-22f4ef7385ff","block_type":"box","text":"other things.","page_number":15,"box":{"x":53,"y":226,"width":79,"height":10}},{"id":"1643b2cd-324c-4868-9561-383358aa3b42","block_type":"box","text":"Counterparty Risk.","page_number":15,"box":{"x":53,"y":249,"width":125,"height":11}},{"id":"b58dca6f-38df-4429-bd26-4b3dae6bafd2","block_type":"box","text":"Derivatives are subject to counterparty risk,","page_number":15,"box":{"x":185,"y":249,"width":279,"height":11}},{"id":"04dabcfd-49bf-47a6-a035-db2def79dbdd","block_type":"box","text":"which is the risk that the other party in the transaction will be","page_number":15,"box":{"x":52,"y":263,"width":393,"height":11}},{"id":"e13bd168-d6e7-4312-8260-0919931a80d4","block_type":"box","text":"unable or unwilling to fulfill its contractual obligation, and the","page_number":15,"box":{"x":53,"y":277,"width":390,"height":11}},{"id":"07c56d9d-5a86-4a11-abb7-c767aaa8405d","block_type":"box","text":"related risks of having concentrated exposure to such a","page_number":15,"box":{"x":53,"y":291,"width":354,"height":11}},{"id":"19214e29-6261-4007-b68d-5e01e24798f4","block_type":"box","text":"counterparty. The OCC acts as guarantor and central counterparty","page_number":15,"box":{"x":53,"y":306,"width":424,"height":10}},{"id":"e81b1475-db17-4f68-a1ac-a268e45e5832","block_type":"box","text":"with respect to the options held by the Fund. As a result, the","page_number":15,"box":{"x":52,"y":320,"width":386,"height":11}},{"id":"385d902e-e282-48d0-b49c-01ae0ea72446","block_type":"box","text":"ability of the Fund to meet its objective depends on the OCC","page_number":15,"box":{"x":53,"y":334,"width":386,"height":11}},{"id":"eaa72c4c-bed8-438f-9f3b-5e531619236b","block_type":"box","text":"being able to meet its obligations. In the unlikely event that the","page_number":15,"box":{"x":53,"y":348,"width":402,"height":11}},{"id":"68a828e7-3c73-4b26-8009-b9bda63fa0c8","block_type":"box","text":"OCC becomes insolvent or is otherwise unable to meet","page_number":15,"box":{"x":53,"y":362,"width":351,"height":9}},{"id":"a97b0714-cbf4-46ab-aa19-706256393112","block_type":"box","text":"its clearing and settlement obligations, the Fund could suffer","page_number":15,"box":{"x":53,"y":376,"width":388,"height":11}},{"id":"0774b195-9f2d-4da2-b310-a274018c5006","block_type":"box","text":"significant losses.","page_number":15,"box":{"x":53,"y":391,"width":112,"height":10}},{"id":"ba9f400a-de64-40ed-8341-16f82cf66930","block_type":"box","text":"Derivatives Risk.","page_number":15,"box":{"x":52,"y":414,"width":112,"height":8}},{"id":"a4be5938-6e16-4783-a26c-c6d841bfa72c","block_type":"box","text":"The Fund’s use of derivatives (","page_number":15,"box":{"x":170,"y":414,"width":193,"height":11}},{"id":"8250e698-9e9a-42e6-91db-da6193cabcb3","block_type":"box","text":"e.g","page_number":15,"box":{"x":364,"y":416,"width":19,"height":9}},{"id":"7d702a50-e32b-4323-b970-c9cdcba92075","block_type":"box","text":"., futures,","page_number":15,"box":{"x":384,"y":414,"width":59,"height":10}},{"id":"ca824d1c-4b06-408f-8d97-bf887bf5bbf7","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":15,"box":{"x":52,"y":428,"width":385,"height":11}},{"id":"5533d30b-12d6-4f1e-acc8-fb3ba0d06959","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":15,"box":{"x":53,"y":442,"width":411,"height":11}},{"id":"98a8dd78-381e-4a34-832f-d2646d6e791c","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":15,"box":{"x":53,"y":456,"width":424,"height":11}},{"id":"a607cb89-9426-490f-be48-836b4ea0da6d","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":15,"box":{"x":53,"y":471,"width":365,"height":10}},{"id":"83a55de6-8c92-4f83-8c95-0ba0a29e0f42","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":15,"box":{"x":52,"y":485,"width":390,"height":11}},{"id":"b8e6bf7e-1a53-4097-aa89-280d50bb9598","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":15,"box":{"x":53,"y":499,"width":397,"height":11}},{"id":"e0e02080-d183-41a1-b025-763dc9defc28","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":15,"box":{"x":52,"y":513,"width":406,"height":11}},{"id":"7dedf5d8-cbf4-4d12-911c-6b9f0ddeb183","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":15,"box":{"x":53,"y":527,"width":363,"height":11}},{"id":"f8b45af0-668c-4ee3-bede-b8b3a370adf6","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":15,"box":{"x":53,"y":541,"width":418,"height":11}},{"id":"094a99e9-da4d-48d5-b7cd-f6a1f115c180","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":15,"box":{"x":53,"y":556,"width":399,"height":10}},{"id":"d062286b-2820-4854-bf3a-56c68a6a5232","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":15,"box":{"x":53,"y":570,"width":381,"height":11}},{"id":"417e7e27-f241-4b79-ac94-2dd22f335bf4","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":15,"box":{"x":52,"y":584,"width":418,"height":11}},{"id":"0aea8a65-fc41-4776-bf33-cd0a0b82fa18","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":15,"box":{"x":52,"y":598,"width":402,"height":11}},{"id":"a3b5bc88-8a7a-49a7-921a-03818f0be541","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":15,"box":{"x":53,"y":612,"width":403,"height":11}},{"id":"b3c96915-2c0c-4100-b15a-3c676445db1c","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":15,"box":{"x":53,"y":626,"width":402,"height":11}},{"id":"e4cc057f-6ba5-440d-abd1-5b5d86a50704","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":15,"box":{"x":53,"y":641,"width":371,"height":11}},{"id":"6c14e8a8-9caa-464e-a265-8369077b684e","block_type":"box","text":"Equity Securities Risk","page_number":15,"box":{"x":52,"y":664,"width":148,"height":11}},{"id":"87061635-5805-4adb-be01-3e2d11c61bcf","block_type":"box","text":".","page_number":15,"box":{"x":200,"y":670,"width":3,"height":2}},{"id":"43ab4ff5-be66-4da3-a0c6-5ea3c1db1ddb","block_type":"box","text":"Equity securities are subject to changes","page_number":15,"box":{"x":209,"y":664,"width":254,"height":11}},{"id":"42794229-1746-4fdc-9f2e-992c32f58fbf","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":15,"box":{"x":53,"y":678,"width":422,"height":11}},{"id":"ffb831f3-163c-40a8-be4f-c1e4b9e8ebbb","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":15,"box":{"x":53,"y":692,"width":419,"height":11}},{"id":"339c5547-435f-4433-828b-57f2d6af961c","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":15,"box":{"x":53,"y":706,"width":396,"height":11}},{"id":"fd4b455c-b497-4e5d-9679-74437c1ca7a7","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":15,"box":{"x":52,"y":721,"width":360,"height":10}},{"id":"b8a7afa2-d53b-4e1e-b9f2-865251e240e4","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":15,"box":{"x":53,"y":735,"width":390,"height":11}},{"id":"655b2c3b-f613-4332-b892-9026dbfe4857","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":15,"box":{"x":53,"y":749,"width":412,"height":11}},{"id":"f980c26c-6cf6-4de8-b07f-de0f3e57ef86","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":15,"box":{"x":52,"y":763,"width":373,"height":11}},{"id":"ff5c215c-04cb-42cf-968b-fe47b3880001","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":15,"box":{"x":53,"y":777,"width":308,"height":11}},{"id":"fee2422c-0087-4672-8516-ba3919c406f2","block_type":"box","text":"Futures Contract Risk.","page_number":15,"box":{"x":52,"y":801,"width":151,"height":8}},{"id":"2745e0a6-de19-4fa4-8b1e-fdeffdaa2d99","block_type":"box","text":"Futures contracts may involve risks","page_number":15,"box":{"x":209,"y":801,"width":226,"height":10}},{"id":"dd50f2f3-de94-4b6c-a385-46cc26392145","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":15,"box":{"x":53,"y":815,"width":423,"height":11}},{"id":"9f97351f-6a01-446c-89ac-b6465529b9f1","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":15,"box":{"x":53,"y":829,"width":369,"height":11}},{"id":"d1d844dd-7212-4987-b1e6-231fa644ef2e","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":15,"box":{"x":53,"y":843,"width":411,"height":11}},{"id":"47cb83b0-2564-47e9-9d7c-652b4db56f08","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":15,"box":{"x":53,"y":857,"width":407,"height":11}},{"id":"67516184-ae55-4c77-b865-4e50cdaa9a1b","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":15,"box":{"x":53,"y":871,"width":423,"height":11}},{"id":"af2ec92f-11b7-42b3-8ad0-f85e2319a6d9","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":15,"box":{"x":53,"y":886,"width":418,"height":10}},{"id":"6e4f2665-9297-4a27-80c0-89078255f870","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":15,"box":{"x":53,"y":900,"width":412,"height":11}},{"id":"4ccb398c-1152-4f97-8e39-9ec1fe345f32","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":15,"box":{"x":518,"y":46,"width":390,"height":11}},{"id":"0724e86c-dd72-4f93-b92b-d55b447df25e","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":15,"box":{"x":519,"y":61,"width":393,"height":10}},{"id":"3700299f-02f6-43fb-9ab6-d0da91c65cf6","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":15,"box":{"x":519,"y":75,"width":410,"height":11}},{"id":"d49c6816-4533-4361-a20d-53d57c2acf8a","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":15,"box":{"x":519,"y":89,"width":361,"height":11}},{"id":"dd6adbe0-341f-46fa-9a04-e7e4acb2b68c","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":15,"box":{"x":519,"y":103,"width":404,"height":11}},{"id":"bb85c450-fc2b-4aa3-88a1-d09a37ea22d8","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":15,"box":{"x":518,"y":117,"width":378,"height":11}},{"id":"2dda9b2a-12d6-48b9-988e-e65ace01bb0a","block_type":"box","text":"required margin for the futures contract; and (vii) the possibility","page_number":15,"box":{"x":519,"y":131,"width":406,"height":11}},{"id":"e1657542-0b8b-43fa-9ec4-0a1e31808898","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":15,"box":{"x":518,"y":146,"width":424,"height":10}},{"id":"e61f79fb-00ae-4a0d-b989-9017ae5fa03e","block_type":"box","text":"commodity to the Fund.","page_number":15,"box":{"x":519,"y":160,"width":151,"height":11}},{"id":"930fdc9b-f5f1-4ceb-998e-43a6a5c264b1","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":15,"box":{"x":518,"y":183,"width":399,"height":11}},{"id":"aa76cd63-7644-45e9-9e7e-aeb9e7595da5","block_type":"box","text":"(","page_number":15,"box":{"x":519,"y":197,"width":3,"height":11}},{"id":"dcfc6db1-654b-4fc2-8041-3d72d0203d35","block_type":"box","text":"i.e","page_number":15,"box":{"x":523,"y":197,"width":14,"height":9}},{"id":"86c296a0-68a0-459a-8fb4-bd19cc3178f6","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":15,"box":{"x":539,"y":197,"width":356,"height":11}},{"id":"85fc88a9-b581-41f4-bb67-fff9bacc12e6","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":15,"box":{"x":519,"y":211,"width":373,"height":11}},{"id":"1eb06e29-6f28-4479-a723-86017e7a05ff","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":15,"box":{"x":519,"y":226,"width":406,"height":10}},{"id":"dedcc313-fbe7-4562-8c36-e773fd144865","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":15,"box":{"x":519,"y":240,"width":424,"height":11}},{"id":"6ae66b40-84be-4584-a0c2-5b232b748dd9","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":15,"box":{"x":519,"y":254,"width":392,"height":11}},{"id":"abfc84b8-e7c5-4ec7-932a-44335918976e","block_type":"box","text":"contract.","page_number":15,"box":{"x":519,"y":269,"width":56,"height":8}},{"id":"32becb63-ae70-4862-a1c9-04d37e838fc1","block_type":"box","text":"Investment in Underlying Fund Risk.","page_number":15,"box":{"x":518,"y":291,"width":245,"height":11}},{"id":"36a2252f-af04-4670-86f6-2b93a940b254","block_type":"box","text":"The Fund invests in the","page_number":15,"box":{"x":769,"y":291,"width":147,"height":9}},{"id":"bdaff3d2-b21c-4779-b594-03dfa8c64d48","block_type":"box","text":"Underlying Fund, so the Fund’s investment performance and risks","page_number":15,"box":{"x":519,"y":305,"width":420,"height":11}},{"id":"67e71abd-01b0-4320-8937-217df2c54c55","block_type":"box","text":"are likely to be directly related to those of the Underlying Fund.","page_number":15,"box":{"x":519,"y":320,"width":403,"height":11}},{"id":"46266678-3cda-435a-9d23-847248ff463c","block_type":"box","text":"The Fund’s NAV will change with changes in the value of the","page_number":15,"box":{"x":518,"y":334,"width":382,"height":11}},{"id":"1d5e1a6c-bbae-4ae9-8ab3-bbbfbd71b019","block_type":"box","text":"Underlying Fund and other assets that the Fund holds. The shares","page_number":15,"box":{"x":519,"y":348,"width":420,"height":11}},{"id":"3a73c459-03f2-4ea4-a16e-08a133025f97","block_type":"box","text":"of the Underlying Fund may trade at a premium or discount to the","page_number":15,"box":{"x":519,"y":362,"width":419,"height":11}},{"id":"01d41309-9999-48e7-93be-363879c67040","block_type":"box","text":"Underlying Fund’s NAV. Investors in the Fund will indirectly bear","page_number":15,"box":{"x":519,"y":376,"width":407,"height":11}},{"id":"2cd45f26-0c06-43bf-99ce-75860db39c9a","block_type":"box","text":"the expenses charged by the Underlying Fund, and an investment","page_number":15,"box":{"x":518,"y":391,"width":419,"height":10}},{"id":"2be2c4fc-7b74-4266-89b1-20597567896a","block_type":"box","text":"in the Fund may entail more expenses than a direct investment in","page_number":15,"box":{"x":519,"y":405,"width":417,"height":11}},{"id":"a3bf248c-555f-4ff1-a07b-1920e8b0937a","block_type":"box","text":"the Underlying Fund.","page_number":15,"box":{"x":518,"y":419,"width":132,"height":11}},{"id":"48479338-62c1-474c-867a-6c2fc7d2b8e5","block_type":"box","text":"Issuer Risk","page_number":15,"box":{"x":518,"y":442,"width":76,"height":9}},{"id":"e9d262a5-937d-43c1-9597-1d1d87442d43","block_type":"box","text":".","page_number":15,"box":{"x":594,"y":449,"width":2,"height":2}},{"id":"73f47b4f-3273-46bb-9b1a-8f8fd5f426ab","block_type":"box","text":"The performance of the Fund depends on the","page_number":15,"box":{"x":601,"y":442,"width":289,"height":11}},{"id":"ae9ab96a-3584-4b2d-b683-328b0440f8e0","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":15,"box":{"x":519,"y":456,"width":412,"height":11}},{"id":"3799b58c-d0d6-4bcc-9a92-59d03ddc6fe0","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":15,"box":{"x":519,"y":470,"width":402,"height":11}},{"id":"82222a8e-3aea-4c3b-8ba3-c3e38bafe516","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":15,"box":{"x":519,"y":485,"width":418,"height":10}},{"id":"0f0e4d26-7542-447a-a746-4ca36340b738","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":15,"box":{"x":519,"y":499,"width":414,"height":11}},{"id":"ed4b3582-4928-4805-ab6f-1655ae52ad9a","block_type":"box","text":"counterparty.","page_number":15,"box":{"x":519,"y":514,"width":84,"height":10}},{"id":"e423482c-c07e-404e-99d5-89c8f5f17153","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":15,"box":{"x":518,"y":536,"width":360,"height":11}},{"id":"8d6026cb-37e3-4c9e-929c-374868fd73d9","block_type":"box","text":"Certain","page_number":15,"box":{"x":885,"y":536,"width":45,"height":9}},{"id":"4d4b65f6-2da2-4890-a299-0e1bb8d78b9e","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":15,"box":{"x":519,"y":550,"width":405,"height":11}},{"id":"8dfa371b-9839-4a40-bce3-80b2754c81b6","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":15,"box":{"x":518,"y":565,"width":410,"height":10}},{"id":"65475db2-17de-40cf-bd1f-fdd6b723a56c","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":15,"box":{"x":519,"y":579,"width":419,"height":11}},{"id":"c78f93d0-211b-46ea-8f58-90f5ebe65bc5","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":15,"box":{"x":519,"y":593,"width":417,"height":11}},{"id":"a2e26fb0-62d4-476d-af8e-087644d59d0b","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":15,"box":{"x":518,"y":607,"width":425,"height":11}},{"id":"763533e7-3ea7-49f8-be0c-ed4571122188","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":15,"box":{"x":519,"y":621,"width":387,"height":11}},{"id":"c5dbb21e-0f1c-4d9c-b868-71ab6c695426","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":15,"box":{"x":519,"y":635,"width":420,"height":11}},{"id":"370af169-bc16-450f-8109-d23515451e9a","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":15,"box":{"x":519,"y":650,"width":413,"height":11}},{"id":"95644b17-851d-418f-abe3-a6b367fa3d1a","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":15,"box":{"x":519,"y":664,"width":415,"height":11}},{"id":"9d03465f-e0b1-483a-8b5c-4ac96f387fff","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":15,"box":{"x":518,"y":678,"width":412,"height":11}},{"id":"e48e70fd-3831-4ce1-911c-73abc5fe89d8","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":15,"box":{"x":518,"y":692,"width":415,"height":9}},{"id":"96f9267d-8197-4686-9116-0964d10909f2","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":15,"box":{"x":518,"y":706,"width":400,"height":11}},{"id":"d0d240d3-88e7-4c2e-a269-7f4037e27c3a","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":15,"box":{"x":519,"y":721,"width":404,"height":10}},{"id":"49077d46-ae4d-4881-aeab-3c524cd4ad32","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":15,"box":{"x":519,"y":735,"width":414,"height":11}},{"id":"68fa0b9a-6210-4003-adc1-752aecf4de0a","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":15,"box":{"x":518,"y":749,"width":413,"height":11}},{"id":"a669f979-bdc4-4941-b733-089d424af393","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":15,"box":{"x":519,"y":763,"width":352,"height":11}},{"id":"5eda3325-5c55-49d2-9f22-3951cb5f018a","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":15,"box":{"x":519,"y":777,"width":415,"height":11}},{"id":"15fd5e79-652a-419a-a2a5-fb8a1e518ae4","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":15,"box":{"x":518,"y":791,"width":416,"height":11}},{"id":"d53f9569-36c9-4003-96c1-e27d5cc48a8c","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":15,"box":{"x":519,"y":806,"width":387,"height":11}},{"id":"7ddc6e36-0264-46a2-a8a7-3414e63c4f23","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":15,"box":{"x":518,"y":820,"width":419,"height":11}},{"id":"dd0961e4-07ae-4b71-a168-68e25187bf2f","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":15,"box":{"x":519,"y":834,"width":389,"height":11}},{"id":"063b87c7-ee44-4783-a474-6635c6507b76","block_type":"box","text":"price of Fund shares.","page_number":15,"box":{"x":519,"y":848,"width":133,"height":11}},{"id":"81ca97ac-1525-4c15-8b26-082c4cfbbe4b","block_type":"box","text":"Management Risk.","page_number":15,"box":{"x":518,"y":871,"width":125,"height":11}},{"id":"64d3f025-985a-46fb-babf-8ae8e7477dbc","block_type":"box","text":"The Fund is subject to management risk,","page_number":15,"box":{"x":649,"y":871,"width":259,"height":11}},{"id":"ad001b58-462f-4981-a498-2cbffc9f6d4e","block_type":"box","text":"which is the risk that the investment process, techniques, models","page_number":15,"box":{"x":518,"y":886,"width":420,"height":10}},{"id":"20bdbb1e-b607-4f8f-b6c9-ca75a8250cab","block_type":"box","text":"and/or risk analyses applied by BFA will not produce the desired","page_number":15,"box":{"x":519,"y":900,"width":412,"height":11}},{"id":"9b1c338f-b6e2-4356-a7f9-a0b1a52958c0","block_type":"box","text":"S-6","page_number":15,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"eb52a7b4-34b5-4ea8-9a1b-727de834487f","block_type":"box","text":"results. The securities or other assets selected by BFA may result","page_number":16,"box":{"x":53,"y":46,"width":416,"height":11}},{"id":"8a2fa368-d6ba-4396-a539-95597fc211c7","block_type":"box","text":"in returns that are inconsistent with the Fund’s investment","page_number":16,"box":{"x":53,"y":61,"width":374,"height":8}},{"id":"97e76221-c5a3-4fdf-a05f-3fcb4c70b023","block_type":"box","text":"objective, and the Fund may underperform the market or any","page_number":16,"box":{"x":53,"y":75,"width":390,"height":11}},{"id":"11b2da8d-55eb-419a-994b-c141e5e55974","block_type":"box","text":"relevant benchmark. In addition, legislative, regulatory, or tax","page_number":16,"box":{"x":53,"y":89,"width":392,"height":11}},{"id":"6dfe83b9-917f-4167-8d15-2c40f030ad4c","block_type":"box","text":"developments may affect the investment techniques available to","page_number":16,"box":{"x":53,"y":103,"width":412,"height":11}},{"id":"33d4862c-319a-4f52-b5a8-92e86385d020","block_type":"box","text":"BFA in connection with managing the Fund and may adversely","page_number":16,"box":{"x":53,"y":117,"width":395,"height":11}},{"id":"5f83a0a0-8c0e-4a32-a91a-5d34085a6f31","block_type":"box","text":"affect the ability of the Fund to achieve its investment objective.","page_number":16,"box":{"x":53,"y":131,"width":409,"height":11}},{"id":"920b0514-61bd-40d3-b141-7ed46c8ba526","block_type":"box","text":"Market Trading Risk","page_number":16,"box":{"x":52,"y":155,"width":136,"height":10}},{"id":"863483f8-78e9-45a9-a8c0-c6bd770e251f","block_type":"box","text":".","page_number":16,"box":{"x":189,"y":161,"width":2,"height":2}},{"id":"2c8239e1-21c8-468e-bcec-730892b16593","block_type":"box","text":"The Fund faces numerous market trading","page_number":16,"box":{"x":196,"y":155,"width":263,"height":11}},{"id":"81f8c822-223b-40ed-87ab-464cc1cd0542","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":16,"box":{"x":53,"y":169,"width":394,"height":11}},{"id":"ea5b62d3-7318-4bcb-86cc-7786fd9a3c78","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":16,"box":{"x":53,"y":183,"width":401,"height":11}},{"id":"13442694-199c-437f-b47c-aedd70230a98","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":16,"box":{"x":53,"y":197,"width":404,"height":11}},{"id":"d2c3e1b7-de9e-4f72-b7ea-3dd049c6da16","block_type":"box","text":"the process of creating and redeeming Fund shares. 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If you buy Fund","page_number":16,"box":{"x":53,"y":254,"width":397,"height":11}},{"id":"681246ef-6955-4a38-83a1-dffa22b7ccc5","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":16,"box":{"x":53,"y":268,"width":418,"height":11}},{"id":"5456929e-af56-40c7-9644-7cd31ba6fd35","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":16,"box":{"x":53,"y":282,"width":412,"height":11}},{"id":"6833ac21-6f5a-405f-954f-982032862ea0","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":16,"box":{"x":52,"y":296,"width":398,"height":11}},{"id":"df977e46-f580-464e-9b53-7ea9685c93a5","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":16,"box":{"x":53,"y":311,"width":316,"height":11}},{"id":"abf32861-69d0-4322-9da1-952f06d0e1d9","block_type":"box","text":"Non-Diversification Risk","page_number":16,"box":{"x":52,"y":334,"width":165,"height":8}},{"id":"e33deb49-f47e-4258-9124-52838e0b5819","block_type":"box","text":".","page_number":16,"box":{"x":217,"y":340,"width":3,"height":2}},{"id":"6563100c-02a0-428d-879d-36beca527327","block_type":"box","text":"The Fund is classified as “non","page_number":16,"box":{"x":225,"y":334,"width":193,"height":8}},{"id":"ce4dabea-af5e-4f57-8e07-d4cc46f98eb9","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":16,"box":{"x":53,"y":348,"width":377,"height":11}},{"id":"90e3814a-f976-4a9d-ae3f-571d88f5de09","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":16,"box":{"x":53,"y":362,"width":358,"height":11}},{"id":"0c65acea-f719-494f-86c1-329a5feb9f51","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":16,"box":{"x":53,"y":376,"width":369,"height":11}},{"id":"6b9617e4-1db9-4109-8134-0f207b2faacb","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":16,"box":{"x":53,"y":391,"width":422,"height":10}},{"id":"b5feb39f-a5e7-4113-adb9-2511702b78e8","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":16,"box":{"x":53,"y":405,"width":378,"height":11}},{"id":"f4c85efe-6f44-4383-81bc-a98ad8c13446","block_type":"box","text":"particular issuers or counterparties. 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The","page_number":16,"box":{"x":53,"y":801,"width":396,"height":10}},{"id":"26cf916e-d2d9-479b-818d-3115ada2b8b5","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":16,"box":{"x":53,"y":815,"width":396,"height":11}},{"id":"d9e0f6f2-c5bc-41b3-9a1d-b5914b29f8ac","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":16,"box":{"x":53,"y":829,"width":387,"height":11}},{"id":"bcbba642-fbae-4adc-a5e1-7bf210764e75","block_type":"box","text":"base. 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In","page_number":16,"box":{"x":519,"y":296,"width":371,"height":11}},{"id":"67e95b9a-ad6f-4cc3-8d73-4e54494cd5ea","block_type":"box","text":"particular, there is no published Internal Revenue Service (“IRS”)","page_number":16,"box":{"x":519,"y":311,"width":412,"height":10}},{"id":"2c6c4dda-e627-445c-a457-6b412e2e53c7","block_type":"box","text":"guidance or case law on how to determine the “issuer” of certain","page_number":16,"box":{"x":518,"y":325,"width":415,"height":11}},{"id":"5446f4a4-f170-4424-8d3b-50cc97baca8a","block_type":"box","text":"derivatives that the Fund will enter into. 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These companies typically face intense","page_number":16,"box":{"x":519,"y":603,"width":348,"height":11}},{"id":"fd1f8ce2-a824-4555-ae79-f05a4d3e559d","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":16,"box":{"x":519,"y":617,"width":418,"height":11}},{"id":"96570285-ddc5-4fa7-8608-c73c9be7f3ed","block_type":"box","text":"in product cycles and customer preferences. 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