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As a result, the last day of","page_number":1,"box":{"x":116,"y":209,"width":735,"height":12}},{"id":"26f725c7-7d56-4659-b784-1b76ca8e42c5","block_type":"box","text":"trading in the Fund on Cboe BZX Exchange, Inc. (“Cboe BZX”) will be December 1, 2026. Cboe BZX will","page_number":1,"box":{"x":116,"y":224,"width":751,"height":13}},{"id":"a4851384-edc7-41d8-ac5b-5e9b02c3d4b0","block_type":"box","text":"suspend trading in the Fund before the open of trading on December 2, 2026, and shares of the Fund will","page_number":1,"box":{"x":116,"y":240,"width":767,"height":12}},{"id":"0fb993e1-9337-4fba-8412-f9e1f0143844","block_type":"box","text":"no longer be available for new investments as of this date. Proceeds of the liquidation are currently","page_number":1,"box":{"x":117,"y":255,"width":719,"height":13}},{"id":"619d707f-1306-4bef-8754-c5cbb08ceb13","block_type":"box","text":"scheduled to be sent to shareholders on December 4, 2026. The Fund’s final net asset value, as calculated","page_number":1,"box":{"x":116,"y":271,"width":771,"height":11}},{"id":"b65f8c0a-12ae-473a-b941-136ed654389d","block_type":"box","text":"on December 1, 2026, will include any costs associated with the liquidation expected to be borne by the","page_number":1,"box":{"x":116,"y":286,"width":757,"height":13}},{"id":"b111d00c-3c15-4c87-960d-f8c6f700bcd8","block_type":"box","text":"Fund.","page_number":1,"box":{"x":117,"y":302,"width":44,"height":10}},{"id":"7cef165f-00d6-4dd6-95c1-e56dd840701e","block_type":"box","text":"Because shares of the Fund will not be traded on Cboe BZX during the period between December 2, 2026","page_number":1,"box":{"x":117,"y":325,"width":767,"height":13}},{"id":"682307b9-4fa6-4309-b726-981cbc4e2c53","block_type":"box","text":"and December 4, 2026, we cannot assure you that there will be a trading market for your shares. Further,","page_number":1,"box":{"x":116,"y":340,"width":767,"height":13}},{"id":"6ac7f143-9109-46af-b996-f74ee97d3988","block_type":"box","text":"during this period, the Fund will be in the process of closing down and liquidating its portfolio, which may","page_number":1,"box":{"x":116,"y":356,"width":770,"height":13}},{"id":"c1e7c274-c54e-4f55-b6c3-0722864d092f","block_type":"box","text":"result in the Fund not being able to track its Underlying Index (by December 2, 2026, the Underlying","page_number":1,"box":{"x":117,"y":371,"width":727,"height":13}},{"id":"83d0a3e8-a889-42a0-8e0a-a04d816eee07","block_type":"box","text":"Index value will be represented almost entirely by cash as no securities will remain in the Underlying","page_number":1,"box":{"x":117,"y":387,"width":727,"height":13}},{"id":"e4557705-60eb-4c88-8e99-24269edfcf47","block_type":"box","text":"Index). After December 1, 2026, shareholders that remain invested in the Fund will receive the entire","page_number":1,"box":{"x":117,"y":402,"width":731,"height":13}},{"id":"1a869f28-5f2e-41b8-86de-209a06c9d7fb","block_type":"box","text":"amount of their pro rata share of the liquidation proceeds on or about December 4, 2026, subject to their","page_number":1,"box":{"x":116,"y":418,"width":766,"height":13}},{"id":"ff2aafeb-be18-40e1-9670-1f51ae364efb","block_type":"box","text":"brokerage firm’s processes.","page_number":1,"box":{"x":117,"y":433,"width":202,"height":13}},{"id":"207cfa38-82bf-4429-8356-a072c10954ee","block_type":"box","text":"Shareholders may sell their holdings of the Fund prior to December 2, 2026 and may incur the usual and","page_number":1,"box":{"x":116,"y":457,"width":761,"height":12}},{"id":"f09a1bcf-a723-42fd-abbb-e6653b2a8b92","block_type":"box","text":"customary brokerage commissions associated with the sale of Fund shares. If you still hold shares of the","page_number":1,"box":{"x":116,"y":472,"width":761,"height":13}},{"id":"4e5c3e10-a81b-4279-b273-750d6a34ac13","block_type":"box","text":"Fund on December 4, 2026, the Fund will automatically redeem your shares for cash based on the net","page_number":1,"box":{"x":117,"y":488,"width":742,"height":12}},{"id":"82498de0-9ee2-463e-8fbd-0bfd58d10bab","block_type":"box","text":"asset value as of the close of business on December 1, 2026, which will include any dividends or","page_number":1,"box":{"x":116,"y":503,"width":701,"height":13}},{"id":"a40c6e6d-4b5d-4a62-8283-6d21d2fbf82b","block_type":"box","text":"distributions calculated as of that date.","page_number":1,"box":{"x":116,"y":519,"width":286,"height":10}},{"id":"b3c1663a-c4f8-4b23-b2bd-a0017a1a823d","block_type":"box","text":"If you are subject to federal income tax, the liquidation of the Fund will result in one or more taxable","page_number":1,"box":{"x":117,"y":542,"width":727,"height":13}},{"id":"3b8025d3-db2f-4df4-8d25-eb20f210faaa","block_type":"box","text":"events for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a","page_number":1,"box":{"x":116,"y":557,"width":726,"height":13}},{"id":"1330dcfa-c23d-4074-a689-2b70f5b315b9","block_type":"box","text":"capital gain or loss to you for federal income tax purposes. In connection with the liquidation, the Fund","page_number":1,"box":{"x":116,"y":573,"width":750,"height":13}},{"id":"021ff0ac-cc82-4cba-866e-c9f8cab1d5ce","block_type":"box","text":"may declare tax exempt or taxable distributions of its investment income and/or taxable distributions of","page_number":1,"box":{"x":117,"y":589,"width":758,"height":12}},{"id":"297b4714-b34a-44a8-9b4e-71f424fd443d","block_type":"box","text":"its net capital gain. Any liquidation proceeds paid to you","page_number":1,"box":{"x":117,"y":604,"width":410,"height":13}},{"id":"c7141065-efa6-4233-a58b-8405adcc4d41","block_type":"box","text":"should generally be treated as received by you in","page_number":1,"box":{"x":528,"y":604,"width":356,"height":13}},{"id":"dc962b40-5bc5-49f5-bc86-0dab28ef6436","block_type":"box","text":"exchange for your shares and will therefore generally give rise to a capital gain or loss depending on your","page_number":1,"box":{"x":116,"y":620,"width":766,"height":12}},{"id":"217b0d21-11bb-4cab-a95a-2b1a5dc325d4","block_type":"box","text":"tax basis. 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As a result, the last day of","page_number":2,"box":{"x":116,"y":209,"width":735,"height":12}},{"id":"daecfa61-bfe7-402a-ba83-2a6dea6ea2e6","block_type":"box","text":"trading in the Fund on NYSE Arca, Inc. (“NYSE Arca”) will be October 15, 2026. NYSE Arca will suspend","page_number":2,"box":{"x":116,"y":224,"width":750,"height":13}},{"id":"6c5f26ca-de78-4a17-b0d7-2ba1da60b295","block_type":"box","text":"trading in the Fund before the open of trading on October 16, 2026, and shares of the Fund will no longer","page_number":2,"box":{"x":116,"y":240,"width":769,"height":12}},{"id":"298f87c8-99e5-4d6f-9ac7-3ee56b436fdf","block_type":"box","text":"be available for new investments as of this date. Proceeds of the liquidation are currently scheduled to be","page_number":2,"box":{"x":117,"y":255,"width":765,"height":13}},{"id":"c2a920f8-28d7-40d6-a049-928b1e93a61d","block_type":"box","text":"sent to shareholders on October 20, 2026. The Fund’s final net asset value, as calculated on October 15,","page_number":2,"box":{"x":116,"y":271,"width":758,"height":11}},{"id":"ee27d4b8-5531-475a-a551-4f216055f038","block_type":"box","text":"2026, will include any costs associated with the liquidation expected to be borne by the Fund.","page_number":2,"box":{"x":117,"y":286,"width":681,"height":13}},{"id":"f1a936cc-bf8c-4e38-a45b-be4237d806dd","block_type":"box","text":"Because shares of the Fund will not be traded on NYSE Arca during the period between October 16, 2026","page_number":2,"box":{"x":117,"y":309,"width":766,"height":13}},{"id":"18fbb741-4a8b-46a1-a9d5-896812dd00fb","block_type":"box","text":"and October 20, 2026, we cannot assure you that there will be a trading market for your shares. Further,","page_number":2,"box":{"x":116,"y":325,"width":760,"height":13}},{"id":"5950e462-8949-4fb5-8de5-11c0f048b37e","block_type":"box","text":"during this period, the Fund will be in the process of closing down and liquidating its portfolio, which may","page_number":2,"box":{"x":116,"y":340,"width":770,"height":13}},{"id":"5902e795-52d3-43bc-a7e6-296cc82976a0","block_type":"box","text":"result in the Fund not being able to track its Underlying Index (by October 16, 2026, the Underlying Index","page_number":2,"box":{"x":117,"y":356,"width":764,"height":13}},{"id":"5128ed69-51a5-4348-8b0d-45e8007bf0eb","block_type":"box","text":"value will be represented almost entirely by cash as no securities will remain in the Underlying Index).","page_number":2,"box":{"x":116,"y":371,"width":738,"height":13}},{"id":"6ba12e81-80c2-4ad0-9960-2ac8c9fa08c5","block_type":"box","text":"After October 15, 2026, shareholders that remain invested in the Fund will receive the entire amount of","page_number":2,"box":{"x":116,"y":387,"width":752,"height":12}},{"id":"65c9c61d-7fc5-4d9f-b7b2-d30bc4a45aad","block_type":"box","text":"their pro rata share of the liquidation proceeds on or about October 20, 2026, subject to their brokerage","page_number":2,"box":{"x":116,"y":402,"width":757,"height":13}},{"id":"1ceb309a-4536-4681-9cce-502d25ef4407","block_type":"box","text":"firm’s processes.","page_number":2,"box":{"x":116,"y":418,"width":125,"height":13}},{"id":"f2aebaba-dcf5-41ab-b445-963d57a56b48","block_type":"box","text":"Shareholders may sell their holdings of the Fund prior to October 16, 2026 and may incur the usual and","page_number":2,"box":{"x":116,"y":441,"width":755,"height":13}},{"id":"921c650f-8460-4d44-ac7b-8556f61e3b61","block_type":"box","text":"customary brokerage commissions associated with the sale of Fund shares. If you still hold shares of the","page_number":2,"box":{"x":116,"y":457,"width":761,"height":12}},{"id":"8f746d7f-ee08-47f9-85dc-595e3a865e5e","block_type":"box","text":"Fund on October 20, 2026, the Fund will automatically redeem your shares for cash based on the net","page_number":2,"box":{"x":117,"y":472,"width":735,"height":13}},{"id":"1461ea4a-0d1c-4d48-8ff2-71fa58aaa82d","block_type":"box","text":"asset value as of the close of business on October 15, 2026, which will include any dividends or","page_number":2,"box":{"x":116,"y":488,"width":695,"height":12}},{"id":"98d24146-1d15-4df3-8bd1-88344a1547c1","block_type":"box","text":"distributions calculated as of that date.","page_number":2,"box":{"x":116,"y":503,"width":286,"height":10}},{"id":"e2f7409e-5361-45e5-900c-f211d3576674","block_type":"box","text":"If you are subject to federal income tax, the liquidation of the Fund will result in one or more taxable","page_number":2,"box":{"x":117,"y":526,"width":727,"height":13}},{"id":"14d68536-6eda-4637-ad14-a8fc070cb51a","block_type":"box","text":"events for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a","page_number":2,"box":{"x":116,"y":542,"width":726,"height":13}},{"id":"48581e85-d186-4d2d-a3e3-ae8eeab632da","block_type":"box","text":"capital gain or loss to you for federal income tax purposes. In connection with the liquidation, the Fund","page_number":2,"box":{"x":116,"y":557,"width":750,"height":13}},{"id":"9d90caed-f37f-4661-9ca5-59d321cffbf2","block_type":"box","text":"may declare tax exempt or taxable distributions of its investment income and/or taxable distributions of","page_number":2,"box":{"x":117,"y":573,"width":758,"height":13}},{"id":"bbddc526-ab0b-4ae2-aa81-f5d0b1400310","block_type":"box","text":"its net capital gain. Any liquidation proceeds paid to you","page_number":2,"box":{"x":117,"y":589,"width":410,"height":12}},{"id":"53265dfc-e6dd-41f5-a9e6-26de4eccba10","block_type":"box","text":"should generally be treated as received by you in","page_number":2,"box":{"x":528,"y":589,"width":356,"height":12}},{"id":"b35efe1f-944e-4e4b-9b56-129c6eb85ba7","block_type":"box","text":"exchange for your shares and will therefore generally give rise to a capital gain or loss depending on your","page_number":2,"box":{"x":116,"y":604,"width":766,"height":13}},{"id":"3984a5bd-36f0-4313-bd5d-e4f2d77d8dc3","block_type":"box","text":"tax basis. Please refer to the “Taxes” disclosure beginning on page 75 of the SAI and consult your own","page_number":2,"box":{"x":116,"y":620,"width":746,"height":12}},{"id":"dea6acd4-22df-4fdf-96c8-21f4b6ff2a11","block_type":"box","text":"tax advisor about the potential tax consequences of the Fund’s liquidation, including any state, local,","page_number":2,"box":{"x":116,"y":635,"width":732,"height":13}},{"id":"5570ec74-eac5-422b-a75e-79572234de7b","block_type":"box","text":"foreign or other tax consequences.","page_number":2,"box":{"x":116,"y":651,"width":257,"height":12}},{"id":"dc987e5e-5612-4147-ae86-ce22547d6116","block_type":"box","text":"If you have any questions, please call 1-800-iShares 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":11,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"a35b16eb-2bb9-40ef-bde0-70c47ce6b809","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":11,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"48bac2ee-2625-4a17-a0c7-0c1a990fb1ab","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":11,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"581e4b7b-a032-4ae8-875d-c8fe4ba36864","block_type":"box","text":"the tables and examples below.","page_number":11,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"3138051a-c54f-4ba2-a74f-0837103246b9","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":11,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"4d3806f4-9577-464a-9e73-2957aca2ef25","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":11,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"04e7ca51-5a67-43e0-b5f4-48c85926ff24","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":11,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"98578e69-76c9-443d-9383-dde8f11454f2","block_type":"box","text":"$3 $10 $17 $39","page_number":11,"box":{"x":206,"y":548,"width":641,"height":9}},{"id":"9a8cbc53-4a23-4d1c-ae4f-00528f2d516a","block_type":"box","text":"S-1","page_number":11,"box":{"x":526,"y":920,"width":18,"height":9}},{"id":"e65a9422-dd74-4e9d-9a46-939d877ee030","block_type":"box","text":"Portfolio Turnover.","page_number":12,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"d043bca8-dd06-45c6-bfa6-095f8f38634b","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":12,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"40e7954e-e55a-43d3-81d3-3e54dda9e7a2","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":12,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"cd985015-363b-4b34-a914-20118294f20f","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":12,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"ee755b78-e296-4960-ae3a-be044155a4d6","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":12,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"e3b678c3-8d13-47b0-a6b4-f07ee26b1692","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":12,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"4279d2af-4b77-4ef4-bf99-e723c14f4b4c","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":12,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"322c0d79-d19a-4669-9049-17d299bc9f14","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":12,"box":{"x":84,"y":108,"width":411,"height":11}},{"id":"fd66cea4-73ec-4e4c-beda-802022a9c660","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 20% of the","page_number":12,"box":{"x":82,"y":122,"width":385,"height":11}},{"id":"57877eb1-40d4-4a97-95ab-e89ef6e961f3","block_type":"box","text":"average value of its portfolio.","page_number":12,"box":{"x":83,"y":137,"width":184,"height":10}},{"id":"647622d9-2771-422e-9858-9dce1261b212","block_type":"box","text":"Principal Investment Strategies","page_number":12,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"71b3ba4a-5ce3-4c5f-b473-1efca8c66043","block_type":"box","text":"The Fund seeks to track the investment results of the ICE U.S.","page_number":12,"box":{"x":82,"y":191,"width":397,"height":8}},{"id":"57365079-88a2-42fe-8f5b-a9cef65884ef","block_type":"box","text":"Treasury 0-5 Year Inflation Linked Bond Index (the “Underlying","page_number":12,"box":{"x":82,"y":205,"width":399,"height":11}},{"id":"ba397778-5d10-4fd1-9ce1-bb71647e4fd1","block_type":"box","text":"Index”), which tracks the performance of inflation-protected","page_number":12,"box":{"x":83,"y":219,"width":384,"height":11}},{"id":"f156c831-dce4-4d68-b8dd-930e759a579a","block_type":"box","text":"public obligations of the U.S. Treasury, commonly known as","page_number":12,"box":{"x":83,"y":233,"width":380,"height":11}},{"id":"8b6cb2ae-b758-485a-a324-92e21f2b246c","block_type":"box","text":"“TIPS,” that have a remaining maturity of less than or equal to","page_number":12,"box":{"x":83,"y":247,"width":399,"height":11}},{"id":"c275c69f-113e-41bd-b3d0-953531ff01ca","block_type":"box","text":"five years. 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The inflation","page_number":12,"box":{"x":83,"y":318,"width":407,"height":11}},{"id":"10e1d14d-11be-4313-8601-f9a789af966d","block_type":"box","text":"adjustment, which is typically applied monthly to the principal of","page_number":12,"box":{"x":83,"y":333,"width":412,"height":10}},{"id":"d393ea76-d107-4f28-a994-5e01bf6550f2","block_type":"box","text":"the bond, follows a designated inflation index, the non-seasonally","page_number":12,"box":{"x":83,"y":347,"width":418,"height":11}},{"id":"e98fcba4-043a-458b-b17a-2f112c52ab74","block_type":"box","text":"adjusted Consumer Price Index for All Urban Consumers (“CPI”),","page_number":12,"box":{"x":83,"y":361,"width":411,"height":11}},{"id":"1d5ebb22-7b92-4653-8cad-304a55236ed5","block_type":"box","text":"and TIPS’ principal payments are adjusted according to changes","page_number":12,"box":{"x":83,"y":375,"width":410,"height":11}},{"id":"8a50aa31-b925-4a8a-b12d-7a5b70413edf","block_type":"box","text":"in the CPI. A fixed coupon rate is applied to the inflation-adjusted","page_number":12,"box":{"x":83,"y":389,"width":416,"height":11}},{"id":"da04e5d3-8f58-4d06-82e2-252e26f42cc6","block_type":"box","text":"principal so that, as inflation rises, both the principal value and","page_number":12,"box":{"x":83,"y":403,"width":400,"height":11}},{"id":"308f8530-f23d-42eb-ab6a-e5506d89243a","block_type":"box","text":"the interest payments increase. This can provide investors with a","page_number":12,"box":{"x":83,"y":418,"width":414,"height":10}},{"id":"19ca47d4-273b-4d13-bb08-a79fc529fd11","block_type":"box","text":"hedge against inflation, as it helps preserve the purchasing power","page_number":12,"box":{"x":83,"y":432,"width":420,"height":11}},{"id":"7d55cda3-9c7b-453a-8047-8165de607626","block_type":"box","text":"of an investment. 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Index","page_number":12,"box":{"x":83,"y":695,"width":341,"height":11}},{"id":"ab5bf187-10f4-41d9-9bbd-50e4c21ada6e","block_type":"box","text":"constituents are market capitalization weighted based on","page_number":12,"box":{"x":83,"y":709,"width":366,"height":11}},{"id":"c3ddb5ea-ed0f-4e4f-9595-1ba3d5bd248a","block_type":"box","text":"amounts outstanding reduced by amounts held by the Federal","page_number":12,"box":{"x":83,"y":723,"width":395,"height":11}},{"id":"344c2af6-199e-4ddc-8474-c811d52a2412","block_type":"box","text":"Reserve SOMA. 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The Fund will invest no","page_number":12,"box":{"x":549,"y":296,"width":413,"height":11}},{"id":"162d9e0a-b422-47ca-a2b6-0e3625bf1167","block_type":"box","text":"more than 10% of its assets in futures, options and swaps","page_number":12,"box":{"x":549,"y":311,"width":366,"height":10}},{"id":"4388ea09-450a-4b85-9aaa-dbda0d98b06d","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":12,"box":{"x":549,"y":325,"width":352,"height":11}},{"id":"04a81a5b-ecdc-484f-a85a-ffe77079142a","block_type":"box","text":"Underlying Index. 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The Fund seeks to","page_number":12,"box":{"x":549,"y":382,"width":411,"height":10}},{"id":"2766d0dd-26ee-4a99-9f2c-1330b3f3217d","block_type":"box","text":"track the investment results of the Underlying Index before fees","page_number":12,"box":{"x":549,"y":396,"width":408,"height":11}},{"id":"915d8a3f-9278-4cc4-89b8-f7eecfa53b17","block_type":"box","text":"and expenses of the Fund.","page_number":12,"box":{"x":549,"y":410,"width":167,"height":11}},{"id":"5187f5ae-ec3e-41d7-9cd1-c9b3618082cb","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":12,"box":{"x":549,"y":433,"width":411,"height":11}},{"id":"dc14b6ef-2ea8-4102-b334-5f0a47e60417","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":12,"box":{"x":548,"y":447,"width":371,"height":11}},{"id":"b5414b6e-a29f-416f-aef0-bc5aeecdd6a2","block_type":"box","text":"collateral received).","page_number":12,"box":{"x":549,"y":461,"width":125,"height":11}},{"id":"d8a3cee6-84e0-408e-9dda-336d3d14a176","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":12,"box":{"x":549,"y":485,"width":408,"height":10}},{"id":"afdd737f-2173-40dd-a8a7-8144961f7d29","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":12,"box":{"x":550,"y":499,"width":374,"height":11}},{"id":"477d24ef-9b62-4240-b4ab-6b430877dd26","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":12,"box":{"x":549,"y":513,"width":354,"height":11}},{"id":"2ed37ab3-17bc-4b66-b32f-b7b98f681aa9","block_type":"box","text":"determines the composition and relative weightings of the","page_number":12,"box":{"x":549,"y":527,"width":372,"height":11}},{"id":"708171fd-507a-439c-ad5e-7eeda93e9796","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":12,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"c75a0d26-a71f-4eb5-9692-e2866be5a194","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":12,"box":{"x":549,"y":556,"width":327,"height":10}},{"id":"d0a27470-297e-44d9-bff8-964c0b910df0","block_type":"box","text":"Summary of Principal Risks","page_number":12,"box":{"x":549,"y":585,"width":235,"height":13}},{"id":"92ac1e11-5fc0-40fe-9304-8b0d2d6e8525","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":12,"box":{"x":549,"y":610,"width":362,"height":11}},{"id":"0d38937f-d5a3-4abf-ae93-f9b56acaeb03","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":12,"box":{"x":549,"y":624,"width":402,"height":11}},{"id":"eaacdaaa-417b-4cc7-a727-4b1dd74b4c02","block_type":"box","text":"that of other investments. 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Although U.S.","page_number":12,"box":{"x":549,"y":874,"width":392,"height":11}},{"id":"1643dec8-662b-446d-8277-2fdd16e2d379","block_type":"box","text":"S-2","page_number":12,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"d1de297f-d1df-4a7e-aaea-b4ac5565bfc3","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":13,"box":{"x":82,"y":23,"width":412,"height":11}},{"id":"0e3afe17-6748-4397-9c41-e9994f29de39","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":13,"box":{"x":83,"y":37,"width":407,"height":11}},{"id":"76af7385-cb48-4c44-9124-f38fb61ef9a6","block_type":"box","text":"timely payment of interest or principal.","page_number":13,"box":{"x":83,"y":51,"width":247,"height":11}},{"id":"e2a59aed-57fb-48d1-b727-fba4e26b86f1","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":13,"box":{"x":83,"y":75,"width":197,"height":8}},{"id":"04afe7ec-479c-4c2d-87fc-d739e9d5107e","block_type":"box","text":"The principal value of an","page_number":13,"box":{"x":286,"y":75,"width":154,"height":10}},{"id":"118b9470-dd4c-4308-80f3-ddca657379c3","block_type":"box","text":"investment in the Fund is not protected or otherwise guaranteed","page_number":13,"box":{"x":83,"y":89,"width":412,"height":11}},{"id":"74f51d1f-a47e-4d07-9a46-af8862fb8f60","block_type":"box","text":"by virtue of the Fund’s investments in inflation-indexed bonds. The","page_number":13,"box":{"x":83,"y":103,"width":424,"height":11}},{"id":"5d6a871d-f43d-4e61-8fb1-388450f3be67","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":13,"box":{"x":82,"y":117,"width":388,"height":11}},{"id":"f34ac43a-0631-4f44-9e4d-505065a5cb05","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":13,"box":{"x":83,"y":131,"width":419,"height":11}},{"id":"cb4fa021-9047-4723-91b5-0103dc64fee3","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":13,"box":{"x":83,"y":146,"width":424,"height":10}},{"id":"ea147e5d-651e-4fc1-98ab-23eec774cb7f","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":13,"box":{"x":83,"y":160,"width":399,"height":11}},{"id":"cd449d0e-fa2c-46e8-985a-7d3dd4247e11","block_type":"box","text":"rate. 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Depending on changes in inflation","page_number":13,"box":{"x":83,"y":245,"width":409,"height":11}},{"id":"e4c95d78-4eff-42db-9336-0d94b5ff7041","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":13,"box":{"x":83,"y":259,"width":417,"height":11}},{"id":"aa97a425-95f1-4b57-80ca-dc0f58dd259b","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":13,"box":{"x":83,"y":273,"width":376,"height":11}},{"id":"4ced540c-135f-4609-87c2-ca81b7d8e791","block_type":"box","text":"Interest Rate Risk","page_number":13,"box":{"x":83,"y":296,"width":121,"height":9}},{"id":"7aa2c30b-bbb3-4792-b403-61dce01756ee","block_type":"box","text":".","page_number":13,"box":{"x":204,"y":303,"width":2,"height":2}},{"id":"5cc2ad43-6e52-44b1-b66f-5f135f157977","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":13,"box":{"x":212,"y":296,"width":233,"height":9}},{"id":"cb7f194b-ee07-48dd-8883-815d4958eab4","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":13,"box":{"x":82,"y":311,"width":425,"height":10}},{"id":"650944d5-dc0d-46d0-b8c6-7ce076c60e18","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":13,"box":{"x":83,"y":325,"width":417,"height":11}},{"id":"7c89480a-9f92-4fc3-951c-259a8c05b770","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":13,"box":{"x":83,"y":339,"width":388,"height":11}},{"id":"8c58632b-6b08-4353-9e15-d4e23c0134a8","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":13,"box":{"x":82,"y":353,"width":402,"height":11}},{"id":"66db450a-ef45-4608-a44f-f05a8ddf3bb9","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":13,"box":{"x":83,"y":367,"width":391,"height":11}},{"id":"1d666714-1f64-4204-a1c6-0432d5597a7d","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":13,"box":{"x":82,"y":382,"width":424,"height":10}},{"id":"494a97c7-0a26-4439-9a00-27815c67fd1b","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":13,"box":{"x":83,"y":396,"width":407,"height":8}},{"id":"49e2e354-4b73-4b8d-b326-42fcd033fafc","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":13,"box":{"x":82,"y":410,"width":424,"height":11}},{"id":"8673419c-38d6-463e-adee-0a98add41fd2","block_type":"box","text":"changes and subject to greater fluctuations in value. 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Bonds issued by U.S.","page_number":18,"box":{"x":82,"y":369,"width":398,"height":10}},{"id":"c7992ea9-f99d-45c9-8ba6-dcc060ad6433","block_type":"box","text":"territories and the Commonwealth of Puerto Rico are excluded","page_number":18,"box":{"x":83,"y":383,"width":400,"height":8}},{"id":"8ddeb5ac-cb06-4ef1-a26c-e0130a8a43b1","block_type":"box","text":"from the Underlying Index. Each bond must have a rating of at","page_number":18,"box":{"x":82,"y":397,"width":397,"height":11}},{"id":"94a94d8d-6b56-4b03-adb2-5efbb18b6179","block_type":"box","text":"least BBB- by S&P Global Ratings, Baa3 by Moody’s Investors","page_number":18,"box":{"x":83,"y":411,"width":390,"height":11}},{"id":"fd2365bb-b115-43ca-a10e-b2527d82b4db","block_type":"box","text":"Service, Inc., or BBB- by Fitch Ratings, Inc. and must have a","page_number":18,"box":{"x":83,"y":425,"width":380,"height":11}},{"id":"53ff2b68-731a-4484-8d6c-33b6047a81c7","block_type":"box","text":"minimum maturity par amount of $2 million to be eligible for","page_number":18,"box":{"x":83,"y":439,"width":385,"height":11}},{"id":"4b8d6f37-7d3d-4637-8a1c-fcf367b0c2fa","block_type":"box","text":"inclusion in the Underlying Index. To remain in the Underlying","page_number":18,"box":{"x":83,"y":454,"width":391,"height":11}},{"id":"784357fc-aa5b-4111-8eee-e3538eceebdf","block_type":"box","text":"Index, bonds must maintain a minimum par amount greater than","page_number":18,"box":{"x":83,"y":468,"width":411,"height":11}},{"id":"d94dd2d8-00f2-47e3-8d19-980368215d7e","block_type":"box","text":"or equal to $2 million as of each rebalancing reference date. All","page_number":18,"box":{"x":83,"y":481,"width":404,"height":12}},{"id":"ccc4da45-7cce-4686-8a0d-9c5c635e9053","block_type":"box","text":"non-callable bonds in the Underlying Index will mature or be","page_number":18,"box":{"x":83,"y":496,"width":383,"height":11}},{"id":"4f84f360-7bb8-4ce1-aecc-5360fbdc195b","block_type":"box","text":"redeemed after December 31, 2025 and before December 2,","page_number":18,"box":{"x":83,"y":510,"width":388,"height":11}},{"id":"f1a8a464-caa5-4a6f-a1bf-c74a81b86531","block_type":"box","text":"2026. Callable bonds are eligible subject to the following: (i) a","page_number":18,"box":{"x":83,"y":525,"width":396,"height":10}},{"id":"509b46f8-2fbe-451a-ad62-2518a7d4a7fc","block_type":"box","text":"final maturity date after December 31, 2025 and before December","page_number":18,"box":{"x":82,"y":539,"width":425,"height":11}},{"id":"5c71c0f6-cf6f-4fe6-98dc-e9241abffc4d","block_type":"box","text":"2, 2026, and a next call date no sooner than two years prior to","page_number":18,"box":{"x":83,"y":553,"width":399,"height":11}},{"id":"85be0d0d-ad21-427f-90c4-6cd0433c917a","block_type":"box","text":"index maturity year; or (ii) a final maturity up to four years after","page_number":18,"box":{"x":83,"y":567,"width":403,"height":11}},{"id":"f2931244-b943-4bc2-8ef7-229c531d6385","block_type":"box","text":"the index maturity year, if the next call date is within the index","page_number":18,"box":{"x":83,"y":581,"width":398,"height":11}},{"id":"b2b782c7-3838-4299-96ef-635b6d45aeca","block_type":"box","text":"maturity range. In the Underlying Index year of maturity, bonds","page_number":18,"box":{"x":83,"y":595,"width":401,"height":11}},{"id":"7cfd16b4-70ed-4f08-98ac-2d635f542b39","block_type":"box","text":"that mature or are pre-refunded in their respective year of","page_number":18,"box":{"x":83,"y":610,"width":371,"height":11}},{"id":"3c443200-7047-4b2e-a219-536663e16428","block_type":"box","text":"maturity do not accrue interest past the maturity or pre-refund","page_number":18,"box":{"x":83,"y":624,"width":400,"height":11}},{"id":"360c3661-0679-4836-a37a-c0a0e184ae6a","block_type":"box","text":"date. A bond is “pre-refunded” when the bond has been refunded","page_number":18,"box":{"x":83,"y":638,"width":416,"height":11}},{"id":"46705ee2-bd42-45db-b2f6-3db273432e8a","block_type":"box","text":"to a call date prior to maturity. In other words, a holder of a “pre","page_number":18,"box":{"x":83,"y":652,"width":417,"height":11}},{"id":"3b4ee174-c1e5-4874-9130-83a794831837","block_type":"box","text":"refunded” bond receives all payments of interest and principal","page_number":18,"box":{"x":83,"y":666,"width":397,"height":11}},{"id":"5944f727-8251-4eb5-96cd-7a43486633c1","block_type":"box","text":"back on an earlier date then the stated maturity date of the bond.","page_number":18,"box":{"x":83,"y":681,"width":418,"height":10}},{"id":"3cb38e8f-6752-44c5-87b7-1dcd12e767f6","block_type":"box","text":"All payments related to the maturity or pre-refunding of a bond","page_number":18,"box":{"x":82,"y":695,"width":402,"height":11}},{"id":"d12a1a28-610c-40fb-940f-f49082a76367","block_type":"box","text":"are reinvested in tax-exempt cash or cash equivalents for the","page_number":18,"box":{"x":83,"y":709,"width":391,"height":11}},{"id":"c20d290d-1291-4037-8681-99cf43f73c71","block_type":"box","text":"duration of each month.","page_number":18,"box":{"x":83,"y":723,"width":152,"height":9}},{"id":"e476aa53-92ee-4d3d-abb1-460de984d7f4","block_type":"box","text":"Outside of five years prior to the term of the Fund, the Underlying","page_number":18,"box":{"x":83,"y":745,"width":418,"height":11}},{"id":"767fd476-e3b9-4103-8c37-e816e2f605a2","block_type":"box","text":"Index will be market value weighted. Five years prior to the term","page_number":18,"box":{"x":83,"y":759,"width":409,"height":11}},{"id":"cc9e5b78-9c08-4258-94e4-ab2efaf34cc5","block_type":"box","text":"of the Fund, monthly rebalances occurring in rolling two year","page_number":18,"box":{"x":83,"y":773,"width":388,"height":11}},{"id":"ad912b0c-7c03-44f3-9f83-024b58be1c7a","block_type":"box","text":"periods will remove bonds with a maturity year outside the term of","page_number":18,"box":{"x":83,"y":788,"width":425,"height":10}},{"id":"735d2d5d-e5ef-4bea-8ab9-5028dede5dde","block_type":"box","text":"the Fund from the Underlying Index. Such rebalancing will begin","page_number":18,"box":{"x":83,"y":802,"width":407,"height":11}},{"id":"c6f3fa58-9609-48fb-9cfa-42d04578061b","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":18,"box":{"x":82,"y":816,"width":406,"height":11}},{"id":"7f04b3c6-6fb5-448b-8dc9-d2d6780a39d2","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":18,"box":{"x":83,"y":830,"width":396,"height":11}},{"id":"7e00d2b5-c746-4d89-91dd-52a43b01ef14","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":18,"box":{"x":83,"y":844,"width":413,"height":11}},{"id":"0cd4b29e-69c4-4bb0-9d25-39fa8fd2adb4","block_type":"box","text":"the Fund. As a result, as of January 1, 2026, the Underlying Index","page_number":18,"box":{"x":83,"y":858,"width":415,"height":11}},{"id":"e0928712-d0e0-46d3-9ef0-6fb92824caaa","block_type":"box","text":"will not contain bonds with an effective maturity date later than","page_number":18,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"3570360a-0b07-471d-8b40-8b6ecb1461f5","block_type":"box","text":"December 2, 2026.","page_number":18,"box":{"x":550,"y":37,"width":122,"height":10}},{"id":"5369c287-f6b1-4da7-9a33-fb8bc2cdb73e","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":18,"box":{"x":549,"y":59,"width":265,"height":9}},{"id":"96e6a13b-56ed-4085-b456-83d833e23b01","block_type":"box","text":"®","page_number":18,"box":{"x":816,"y":59,"width":8,"height":6}},{"id":"1c9b895a-babd-4fef-b142-55833548863d","block_type":"box","text":"fixed maturity series","page_number":18,"box":{"x":829,"y":59,"width":130,"height":11}},{"id":"966cbd5f-f924-4219-a015-c39d70847f3e","block_type":"box","text":"of bond exchange-traded funds (“ETFs”) sponsored by BlackRock,","page_number":18,"box":{"x":549,"y":73,"width":419,"height":11}},{"id":"f7fab79c-7952-4ee2-a9ef-139942191ff6","block_type":"box","text":"Inc. (“BlackRock”). The iBonds","page_number":18,"box":{"x":550,"y":88,"width":191,"height":10}},{"id":"47b61a2e-8e42-4cec-bc15-58bdbf0b21ef","block_type":"box","text":"®","page_number":18,"box":{"x":743,"y":87,"width":8,"height":6}},{"id":"2b38d39c-04d7-428c-86de-cad6de4eaf92","block_type":"box","text":"fixed maturity series do not invest","page_number":18,"box":{"x":756,"y":88,"width":217,"height":10}},{"id":"ab650d74-8337-4fdd-bb9d-1c3169640bf8","block_type":"box","text":"in U.S. savings bonds or other U.S. government bonds (except to","page_number":18,"box":{"x":549,"y":102,"width":414,"height":11}},{"id":"2e772b55-be08-42a6-b92f-d298556a7ff2","block_type":"box","text":"the extent the funds hold cash equivalent instruments consistent","page_number":18,"box":{"x":549,"y":116,"width":416,"height":11}},{"id":"61b5fc98-2d1a-4aff-9c95-def2a88e187d","block_type":"box","text":"with their investment objectives) and are not designed to provide","page_number":18,"box":{"x":549,"y":130,"width":416,"height":11}},{"id":"1128c114-cfb0-4b03-9c37-8998aba3bc5e","block_type":"box","text":"protection against inflation. The Fund does not invest in U.S.","page_number":18,"box":{"x":549,"y":144,"width":385,"height":11}},{"id":"a55da5b2-7b05-4b6a-b48e-f27d74550eb8","block_type":"box","text":"federal government agency bonds.","page_number":18,"box":{"x":549,"y":158,"width":220,"height":11}},{"id":"40a6a2ba-d038-47f3-ac42-8759194aea77","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":18,"box":{"x":550,"y":182,"width":376,"height":11}},{"id":"925a53c5-17dc-4e93-99ce-b55a1483d4a8","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":18,"box":{"x":549,"y":196,"width":417,"height":11}},{"id":"14b5a472-2d06-4f68-b746-e1c130eddf32","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":18,"box":{"x":549,"y":210,"width":396,"height":11}},{"id":"f4f5bce4-41bc-4414-914d-81346c00e43a","block_type":"box","text":"markets decline or appear overvalued.","page_number":18,"box":{"x":549,"y":224,"width":244,"height":11}},{"id":"5dcf3e40-f7ab-42bf-9df0-23cf7ef7a63b","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":18,"box":{"x":550,"y":247,"width":420,"height":11}},{"id":"b8d445b2-f2cb-4b40-a2a4-78a1500accb8","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":18,"box":{"x":549,"y":262,"width":421,"height":10}},{"id":"eacd4d7e-9280-464a-b097-c5992015ad43","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":18,"box":{"x":549,"y":276,"width":386,"height":11}},{"id":"d70dcab3-fad9-4cfb-b609-d0245aa49749","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":18,"box":{"x":550,"y":290,"width":369,"height":11}},{"id":"1aa3feaf-6263-4241-b73e-b99984237a07","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":18,"box":{"x":549,"y":304,"width":356,"height":11}},{"id":"955427d8-d12f-4d86-a16f-0575836bf9d4","block_type":"box","text":"comparison to actively managed investment companies.","page_number":18,"box":{"x":549,"y":318,"width":359,"height":11}},{"id":"e2e3ae07-d31b-425a-a37d-b05b8d681d5b","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":18,"box":{"x":550,"y":342,"width":411,"height":10}},{"id":"61955108-6dca-4d24-a231-999a0e5c8c79","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":18,"box":{"x":549,"y":356,"width":411,"height":11}},{"id":"758f81c4-5fa1-423e-97c3-99729a3c4f61","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":18,"box":{"x":549,"y":370,"width":424,"height":11}},{"id":"96f285b6-6526-4b07-9bd8-82023b7fbef3","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":18,"box":{"x":549,"y":384,"width":410,"height":11}},{"id":"cbd153a5-045d-41a7-8b48-e27d98a260e8","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":18,"box":{"x":549,"y":398,"width":408,"height":11}},{"id":"fc111844-f3c0-41b8-88fd-ec0db0632dfd","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":18,"box":{"x":549,"y":412,"width":423,"height":11}},{"id":"fb788a2b-4692-4c4c-b332-125e4112fcdf","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":18,"box":{"x":549,"y":427,"width":415,"height":10}},{"id":"ab3305bc-22eb-4b8d-be47-0fb19f44b65f","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":18,"box":{"x":549,"y":441,"width":405,"height":11}},{"id":"a8b10157-f69a-412e-98b6-da26f9ca99e1","block_type":"box","text":"(","page_number":18,"box":{"x":549,"y":455,"width":3,"height":11}},{"id":"4dee5aa1-3338-4952-9e16-4c60688fb5f1","block_type":"box","text":"i.e.","page_number":18,"box":{"x":553,"y":455,"width":17,"height":8}},{"id":"4d49118b-fb8e-4738-bacf-be9eb90c926c","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":18,"box":{"x":573,"y":455,"width":358,"height":11}},{"id":"a6041503-e45d-471d-b1d8-854992b01345","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":18,"box":{"x":549,"y":469,"width":418,"height":11}},{"id":"ea4cd8d5-bd48-4e34-8e1c-11fff3350463","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":18,"box":{"x":549,"y":483,"width":410,"height":11}},{"id":"97237480-406e-4c30-bfdf-5a86531dcb24","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":18,"box":{"x":549,"y":498,"width":399,"height":10}},{"id":"e5a862b1-ba87-41c3-9b17-5c91056e56d5","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":18,"box":{"x":549,"y":521,"width":404,"height":10}},{"id":"74bafa7c-5ae9-4fce-a24c-b1b16842adda","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":18,"box":{"x":549,"y":535,"width":424,"height":11}},{"id":"420a1f7f-1637-4be5-b3dc-949a7ce45393","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":18,"box":{"x":549,"y":549,"width":411,"height":11}},{"id":"5f216e69-04c9-41f6-905f-8c1da02167f7","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":18,"box":{"x":549,"y":563,"width":414,"height":11}},{"id":"e58fd209-1e58-4089-a585-ec29ff813eb3","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":18,"box":{"x":549,"y":577,"width":414,"height":11}},{"id":"0cdb76a8-5334-415b-bd71-c0356d1dde97","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":18,"box":{"x":549,"y":592,"width":419,"height":10}},{"id":"46802f47-713e-459a-a6a7-b2d522fc4fa1","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":18,"box":{"x":549,"y":606,"width":386,"height":11}},{"id":"3a01c9ef-2eea-4e6f-9d16-a65b6514fabb","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":18,"box":{"x":549,"y":620,"width":352,"height":11}},{"id":"be4434bf-b593-4d4e-8551-29612c99f4f2","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":18,"box":{"x":550,"y":634,"width":409,"height":11}},{"id":"550b7a53-e890-4dc1-b624-20929d643e94","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":18,"box":{"x":549,"y":648,"width":423,"height":11}},{"id":"56df0022-5d00-4b28-aded-4b59109714d7","block_type":"box","text":"will help the Fund track the Underlying Index. 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These cash equivalents may not be included in","page_number":19,"box":{"x":83,"y":23,"width":419,"height":11}},{"id":"7eb867e3-51e0-4b59-92e5-5806def9c9ab","block_type":"box","text":"the Underlying Index. By December 2, 2026, the Underlying Index","page_number":19,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"81a464a7-f46a-4548-9288-36284ba8e16f","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":19,"box":{"x":83,"y":51,"width":388,"height":11}},{"id":"55406aef-2b0f-4100-9033-940ae4fcc005","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. 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The Board","page_number":19,"box":{"x":83,"y":137,"width":409,"height":10}},{"id":"106e9cb2-481e-4617-b8a3-ed5933e570a6","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":19,"box":{"x":83,"y":151,"width":371,"height":11}},{"id":"ce333c58-4a7b-444d-9fbb-46bfabf51faf","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":19,"box":{"x":83,"y":165,"width":404,"height":8}},{"id":"203c5981-598d-47a0-9333-0af50d4a9909","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":19,"box":{"x":82,"y":187,"width":414,"height":11}},{"id":"439294d7-1365-409a-99a2-d78f985d2058","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":19,"box":{"x":83,"y":201,"width":282,"height":11}},{"id":"02ef4577-74b7-4ed8-91b4-eba992d810e9","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":19,"box":{"x":82,"y":223,"width":406,"height":11}},{"id":"d0a823c9-86b7-41f4-86b5-a43353919e43","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":19,"box":{"x":83,"y":237,"width":420,"height":11}},{"id":"456805c6-65c0-43c9-a9f6-dc2eca6da943","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":19,"box":{"x":83,"y":251,"width":402,"height":11}},{"id":"8095c18a-b5ef-4ea0-88b6-5a6a08e1dfe8","block_type":"box","text":"over time.","page_number":19,"box":{"x":83,"y":266,"width":63,"height":8}},{"id":"c9e8e438-3aca-4b16-8bdf-2041c3ec1bc6","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":19,"box":{"x":82,"y":289,"width":423,"height":11}},{"id":"30158d44-5fe6-4640-a8b6-7bbd932bcf40","block_type":"box","text":"of the Fund and BFA. 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The Fund is subject to certain risks,","page_number":19,"box":{"x":83,"y":579,"width":396,"height":10}},{"id":"053ec7e5-a4ee-446a-8220-3e62c3065bfa","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":19,"box":{"x":83,"y":593,"width":376,"height":11}},{"id":"f3f7dfc3-dba9-4bfc-8f13-3bb97a38d537","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":19,"box":{"x":83,"y":607,"width":392,"height":11}},{"id":"77c4fa22-4fb6-43df-ae95-c3438d8f7629","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":19,"box":{"x":83,"y":621,"width":416,"height":11}},{"id":"8e7e2ffb-dcee-4cd9-b340-282b3098e3fe","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":19,"box":{"x":83,"y":635,"width":387,"height":11}},{"id":"b80dda72-407d-44fa-885e-9f826bf70ef9","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":19,"box":{"x":82,"y":650,"width":426,"height":10}},{"id":"4a64fca5-13a8-4f44-8857-4a842ec0b284","block_type":"box","text":"risk is difficult to predict and may change over time. 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If","page_number":19,"box":{"x":83,"y":829,"width":424,"height":11}},{"id":"5d38ffa2-3c84-4a57-9603-f742f9aec5b5","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":19,"box":{"x":83,"y":843,"width":379,"height":11}},{"id":"dfb87031-1ee4-4316-bd47-a94f35bb720d","block_type":"box","text":"significantly.","page_number":19,"box":{"x":83,"y":857,"width":78,"height":11}},{"id":"28036aa0-e7a6-45c6-b6d7-b5819014957e","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":19,"box":{"x":549,"y":23,"width":412,"height":11}},{"id":"1d2ee764-60b8-4037-9f3a-6bb77b6ecafd","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":19,"box":{"x":549,"y":37,"width":415,"height":11}},{"id":"cd8603bd-d709-45e5-bfe8-0775613364b1","block_type":"box","text":"and sell municipal bonds, especially on short notice. 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No Authorized","page_number":20,"box":{"x":83,"y":216,"width":378,"height":11}},{"id":"7620014f-c81f-4a61-a9c7-7b92920d4727","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":20,"box":{"x":84,"y":231,"width":379,"height":11}},{"id":"26235588-73bc-4556-9e73-0912f27d6a72","block_type":"box","text":"transactions. 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Operational and technology risks for the","page_number":21,"box":{"x":549,"y":137,"width":411,"height":10}},{"id":"a4a8450d-b830-411b-92f8-fd8fc21185f0","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":21,"box":{"x":549,"y":151,"width":391,"height":8}},{"id":"245f5852-59e2-4102-bd87-a7c7bc432568","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":21,"box":{"x":549,"y":165,"width":422,"height":11}},{"id":"2ea2bfd7-bdf9-401c-a937-547e56682caa","block_type":"box","text":"investments in such issuers to lose value.","page_number":21,"box":{"x":549,"y":179,"width":264,"height":9}},{"id":"deca9ee1-f09d-408b-9d1f-80cf22510b8f","block_type":"box","text":"Tax Risk","page_number":21,"box":{"x":550,"y":202,"width":54,"height":9}},{"id":"48ee1de3-c2fd-40d2-b094-09d9e3f6885b","block_type":"box","text":".","page_number":21,"box":{"x":604,"y":209,"width":3,"height":2}},{"id":"571debbe-2129-4573-bb03-7be8da2b409f","block_type":"box","text":"There is no guarantee that the Fund’s income will be","page_number":21,"box":{"x":612,"y":202,"width":334,"height":11}},{"id":"abbffd59-6a4a-431a-a7a9-b9918fe693dd","block_type":"box","text":"exempt from U.S. federal, state or local income taxes, the federal","page_number":21,"box":{"x":549,"y":216,"width":417,"height":11}},{"id":"9e9b61e5-4c47-40e3-af96-7e5fa1011418","block_type":"box","text":"AMT or the federal Medicare contribution tax of 3.8% on “net","page_number":21,"box":{"x":549,"y":231,"width":388,"height":8}},{"id":"4533f229-9bcd-4eaa-8b86-e10009cb99fa","block_type":"box","text":"investment income.” Neither BFA nor the Fund guarantees that an","page_number":21,"box":{"x":549,"y":245,"width":421,"height":11}},{"id":"f134ef02-cd8c-4550-b0c2-7c5b1023269d","block_type":"box","text":"opinion from bond counsel about a security’s tax-exempt status is","page_number":21,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"15e559ac-383f-434d-b7dd-80d039c027ad","block_type":"box","text":"correct, and there is no assurance that the Internal Revenue","page_number":21,"box":{"x":549,"y":273,"width":384,"height":10}},{"id":"7cf8ad7f-f891-4e8f-9b95-c45b1e45aeaa","block_type":"box","text":"Service (“IRS”) will agree with the bond counsel’s opinion. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":22,"box":{"x":83,"y":684,"width":871,"height":11}},{"id":"29ed353f-33d4-46be-b949-219dc8fb1314","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":22,"box":{"x":83,"y":699,"width":860,"height":10}},{"id":"275bd7c2-94c6-44b3-9d2e-a77c9c7c2635","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":22,"box":{"x":83,"y":713,"width":855,"height":11}},{"id":"b80f89d6-7340-4ebf-911f-4d0978f3df04","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":22,"box":{"x":83,"y":727,"width":883,"height":11}},{"id":"e31c9849-7420-40ce-920f-f298c9db9a5c","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":22,"box":{"x":82,"y":741,"width":861,"height":11}},{"id":"7e75f4ef-aa17-403f-a403-b4e3ad692f97","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":22,"box":{"x":83,"y":755,"width":359,"height":11}},{"id":"341c9f99-1ba2-434f-a434-79faf1b3f4dd","block_type":"box","text":"S-12","page_number":22,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"c19e68ee-4021-4616-a907-b31226255ff3","block_type":"box","text":"Management","page_number":23,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"c1c68903-12cf-4d85-b57a-a430980870e1","block_type":"box","text":"Investment Adviser.","page_number":23,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"cc933193-36e7-40ed-9e99-6efe10b7e79e","block_type":"box","text":"BlackRock Fund Advisors.","page_number":23,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"bdfde6d7-6f03-4230-92ef-87b545aaf062","block_type":"box","text":"Portfolio Managers.","page_number":23,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"ed723082-8591-4a11-8334-277c5264b38e","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":23,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"16e5c5ca-b774-4ebd-b829-43f669cee964","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":23,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"33cb8ac4-1e3b-43bc-b5eb-5b891735ab0f","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":23,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"5df0551e-6e3d-4505-9bd8-8dbfa668213b","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":23,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"5d002fdf-e18c-40a9-8b6f-cb845ac03b1c","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":23,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"bab44b1a-d180-4e74-99f9-192af24184cf","block_type":"box","text":"2025, 2019 and 2025, respectively.","page_number":23,"box":{"x":83,"y":142,"width":225,"height":11}},{"id":"1920bd98-f086-4a37-abe1-6d9872b0c601","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":23,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"dfd18388-5f6d-43c4-ba34-8053963393e3","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":23,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"868170ec-e98d-424a-9883-237b2c8f8617","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":23,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"0c667a0f-953e-429e-aad4-d2039928e1d8","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":23,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"d89313ed-8fa2-4969-9490-323c5a00a449","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":23,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"65ae9ffa-f8b4-4c0b-b670-8a71c9d8bf11","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":23,"box":{"x":83,"y":253,"width":419,"height":10}},{"id":"dd38cf0c-63c9-4f62-89a0-626f5829ce6c","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":23,"box":{"x":83,"y":267,"width":412,"height":11}},{"id":"9095e08d-6550-49c9-ab71-2f584f2f126c","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":23,"box":{"x":83,"y":281,"width":416,"height":11}},{"id":"b7d64fa1-b777-4e4c-904e-00eb7fd838e7","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":23,"box":{"x":83,"y":295,"width":400,"height":11}},{"id":"e8799105-1c76-47be-ac97-abcf7ba3301e","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":23,"box":{"x":83,"y":309,"width":394,"height":11}},{"id":"a9c48631-e896-4d16-9a8c-1e1c76eeab0a","block_type":"box","text":"Tax Information","page_number":23,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"ad85b73d-c360-481f-893e-ef5d5db547f4","block_type":"box","text":"The Fund intends to make distributions primarily from net tax","page_number":23,"box":{"x":549,"y":48,"width":396,"height":10}},{"id":"a3cc682d-09b1-4556-8df9-945988b7f60c","block_type":"box","text":"exempt income, although distributions of taxable capital gains","page_number":23,"box":{"x":549,"y":62,"width":397,"height":11}},{"id":"8de0f6a1-4caa-4b09-bca9-0f2344b0e5ba","block_type":"box","text":"may also occur.","page_number":23,"box":{"x":549,"y":76,"width":100,"height":11}},{"id":"76fff2e5-3bd1-4f86-b997-2dffeee7bc57","block_type":"box","text":"The Fund is generally not an appropriate","page_number":23,"box":{"x":654,"y":76,"width":283,"height":11}},{"id":"70c24d24-ec88-45e5-8570-9d0eb14c7ef3","block_type":"box","text":"investment for a 401(k) plan or an IRA","page_number":23,"box":{"x":549,"y":90,"width":267,"height":11}},{"id":"ba28d4f8-0340-4c0f-b4c0-73a2c24319c9","block_type":"box","text":". Please consult your","page_number":23,"box":{"x":817,"y":90,"width":133,"height":11}},{"id":"732e1f8f-f697-464c-b242-525bdd751c2e","block_type":"box","text":"personal tax advisor.","page_number":23,"box":{"x":549,"y":104,"width":131,"height":11}},{"id":"db7ea083-53ad-4313-b5a9-a62c54a0b012","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":23,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"b6c03377-ecde-4f35-9d1b-ad92b6cb2092","block_type":"box","text":"Intermediaries","page_number":23,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"53b110af-7de4-4b35-be9b-a490636724c7","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":23,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"64383742-f4a4-42fe-b619-87c6192ceafc","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":23,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"6228a3e5-bcf4-41e0-8c57-ac5a17f1a0bb","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":23,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"de4c09e6-27fb-43ca-89db-2725a9ff0178","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":23,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"bb17f5ba-428e-4bc4-b5af-64ae4d923adc","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":23,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"17b5fa0e-3c7b-4378-b5e4-cb838801ff49","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":23,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"e635e555-d9f3-4093-bed2-0cee30ed66d0","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":23,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"e2a96e87-00cd-484e-a182-1abe02ac4f99","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":23,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"3a6ce177-9577-4329-943f-d53ac5ae336e","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":23,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"5a584939-49f5-418b-abed-71263ecc36c6","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":23,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"c899b55b-6c03-4858-ac08-1a351ee09291","block_type":"box","text":"information.","page_number":23,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"010709ee-2b02-4c7d-bf4e-14b5018db59d","block_type":"box","text":"S-13","page_number":23,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"8f58cc4b-eedb-4982-a09b-19b4cdb37d67","block_type":"box","text":"iSHARES","page_number":24,"box":{"x":160,"y":24,"width":119,"height":15}},{"id":"889458aa-29df-4944-b361-8793d974fe42","block_type":"box","text":"®","page_number":24,"box":{"x":282,"y":17,"width":11,"height":8}},{"id":"fa644678-4a89-41e3-9bab-9efb67ed2f3f","block_type":"box","text":"iBONDS","page_number":24,"box":{"x":303,"y":24,"width":108,"height":15}},{"id":"a4dd82f2-df7e-40ce-bfb7-83c3d8c435b6","block_type":"box","text":"®","page_number":24,"box":{"x":414,"y":17,"width":11,"height":8}},{"id":"ef40cb24-93c1-492c-9af9-11abb7899643","block_type":"box","text":"DEC 2027 TERM MUNI BOND ETF","page_number":24,"box":{"x":436,"y":24,"width":462,"height":15}},{"id":"b942a1cd-947b-462e-bf23-56281eeeb587","block_type":"box","text":"Ticker: IBMP Stock Exchange: Cboe BZX","page_number":24,"box":{"x":284,"y":53,"width":484,"height":12}},{"id":"8c884eec-642f-4a2a-9c18-2dbcb9614b27","block_type":"box","text":"Investment Objective","page_number":24,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"f8b48abc-b656-4162-8499-dca2723295c3","block_type":"box","text":"The iShares iBonds Dec 2027 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment","page_number":24,"box":{"x":82,"y":116,"width":890,"height":11}},{"id":"61bde584-6806-4963-8619-77ac6c1c1293","block_type":"box","text":"grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2027.","page_number":24,"box":{"x":83,"y":130,"width":582,"height":11}},{"id":"15891f7c-c55a-4024-bc64-25696bcb53bf","block_type":"box","text":"Fees and Expenses","page_number":24,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"ad562790-6e0a-474d-909a-b2ce661ae736","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":24,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"3d6e94fd-72d2-437a-8d73-146aabf54723","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":24,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"a58dcef7-d411-422d-8c09-1158554be42d","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":24,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"6df03d46-7e13-4410-ae01-ae41392ad9da","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":24,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"60ab9e50-9c98-4492-a14f-33e16955accc","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":24,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"1b2029b8-dc0f-4436-82c3-dfa6ee25c410","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":24,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"421f1caf-5787-4953-ba66-17db1e9c13ab","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":24,"box":{"x":82,"y":277,"width":701,"height":11}},{"id":"e960ca18-4ff8-449e-ad40-c0101aa003b0","block_type":"box","text":"pro rata","page_number":24,"box":{"x":787,"y":278,"width":50,"height":10}},{"id":"cd361ca1-2ab5-467a-9b15-ff725a1be80d","block_type":"box","text":"share of the fees","page_number":24,"box":{"x":842,"y":277,"width":106,"height":9}},{"id":"49194cfc-04a9-439b-bf29-260de8fad5ee","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":24,"box":{"x":83,"y":291,"width":890,"height":11}},{"id":"cfc95515-34af-4d2a-a448-aec59feccb5d","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":24,"box":{"x":84,"y":305,"width":868,"height":11}},{"id":"2e9ebfcc-83d7-4a5e-98f7-047abd22cc25","block_type":"box","text":"shown in the","page_number":24,"box":{"x":83,"y":320,"width":80,"height":8}},{"id":"cdce7742-987b-4419-a426-4e1fe9d3ec3e","block_type":"box","text":"Financial Highlights","page_number":24,"box":{"x":168,"y":320,"width":122,"height":10}},{"id":"4923d48e-8b6a-4480-9262-7a4dafce040e","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":24,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"32187fac-9723-42c2-8df9-91a69adf1c6a","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":24,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"50c1d529-0709-4c3a-b4ed-e76214855758","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":24,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"ea208216-0f8e-4100-bd13-6662468a2e37","block_type":"box","text":"December 2, 2027. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust","page_number":24,"box":{"x":83,"y":362,"width":885,"height":11}},{"id":"32e8e1ec-5dc7-412b-b0c9-3e711dd6cc80","block_type":"box","text":"and BFA.","page_number":24,"box":{"x":83,"y":376,"width":55,"height":9}},{"id":"28be7bcf-7524-4805-bd80-e6252559d45e","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":24,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"bb891647-77a6-49ad-8409-0d1d6735ba4d","block_type":"box","text":"the tables and examples below.","page_number":24,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"8faf6745-d0bd-4800-acd1-8e3d725ed882","block_type":"box","text":"Annual Fund Operating 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Such rebalancing will begin","page_number":25,"box":{"x":83,"y":802,"width":407,"height":11}},{"id":"4a852c80-9057-4ef6-86c6-aa0db68fa16d","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":25,"box":{"x":82,"y":816,"width":406,"height":11}},{"id":"462d3b72-82aa-458f-a15a-6e39c45deb44","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":25,"box":{"x":83,"y":830,"width":396,"height":11}},{"id":"fdc5b60d-cf1e-47f1-a6ef-da4be6f3aa68","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":25,"box":{"x":83,"y":844,"width":413,"height":11}},{"id":"73e1098d-7db0-4b2b-9bc5-d0d88db2681d","block_type":"box","text":"the Fund. 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The Fund does not invest in U.S.","page_number":25,"box":{"x":549,"y":144,"width":385,"height":11}},{"id":"7ffcf112-a2a0-4281-8676-0f7d62c4421c","block_type":"box","text":"federal government agency bonds.","page_number":25,"box":{"x":549,"y":158,"width":220,"height":11}},{"id":"c3820fc2-533f-4456-8955-b377a8cde3a5","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":25,"box":{"x":550,"y":182,"width":376,"height":11}},{"id":"7ffbb6fe-9ccf-4e5b-9632-38b2eecb2e66","block_type":"box","text":"investment objective. 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The Fund may","page_number":25,"box":{"x":549,"y":483,"width":410,"height":11}},{"id":"b1dfc3d1-8fa8-4629-bd1e-9e08e08ed317","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":25,"box":{"x":549,"y":498,"width":399,"height":10}},{"id":"3fa8c6ae-62d8-4d71-b67c-5d6ae26de37b","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":25,"box":{"x":549,"y":521,"width":404,"height":10}},{"id":"057becd7-5ae5-4517-b780-edfe2f0ec677","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":25,"box":{"x":549,"y":535,"width":424,"height":11}},{"id":"0be3da24-22ac-497c-8c2f-c6d2f5e05dd3","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":25,"box":{"x":549,"y":549,"width":411,"height":11}},{"id":"426cd5e9-a808-41f7-878e-ef2ff7f3d301","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":25,"box":{"x":549,"y":563,"width":414,"height":11}},{"id":"cc2bef0d-f247-4549-b34f-f41606b760ab","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":25,"box":{"x":549,"y":577,"width":414,"height":11}},{"id":"3d9295db-1c93-457c-8dc4-2b0b0dc47213","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":25,"box":{"x":549,"y":592,"width":419,"height":10}},{"id":"eb2f75a5-3fbb-4b4e-81c3-a29c91d11888","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":25,"box":{"x":549,"y":606,"width":386,"height":11}},{"id":"416cac87-9c04-447d-9227-85e619472d84","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":25,"box":{"x":549,"y":620,"width":352,"height":11}},{"id":"97cdb373-d66e-4dba-9819-b25c3a024cbe","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":25,"box":{"x":550,"y":634,"width":409,"height":11}},{"id":"925e8a4b-c122-4aab-ac85-81eece0dedb6","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":25,"box":{"x":549,"y":648,"width":423,"height":11}},{"id":"f8ff3d1c-36cd-4a04-9345-5e0ef0c67e49","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":25,"box":{"x":549,"y":663,"width":385,"height":10}},{"id":"b87843c3-7847-4eab-a14d-1fb70b3ea473","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":25,"box":{"x":549,"y":677,"width":409,"height":10}},{"id":"54286618-da30-4f87-9fc5-619453f0ff3f","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":25,"box":{"x":549,"y":691,"width":414,"height":11}},{"id":"c6a26bf3-51c0-4cc9-b94d-3e868c81b426","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":25,"box":{"x":549,"y":705,"width":408,"height":11}},{"id":"904e1e29-9055-4c4b-b65c-7e039c3c0606","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":25,"box":{"x":549,"y":719,"width":409,"height":11}},{"id":"6a3b749b-a5bb-43e3-977b-fa3083ca91d5","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":25,"box":{"x":549,"y":733,"width":375,"height":11}},{"id":"3a8078e4-9714-4dfa-be8f-5930fca6e25c","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":25,"box":{"x":549,"y":748,"width":396,"height":10}},{"id":"7d4c00e5-1840-420d-9932-87b2e2d3047a","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":25,"box":{"x":549,"y":762,"width":389,"height":8}},{"id":"18b6d53d-4ab3-425e-8ed8-7442c3feedb0","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":25,"box":{"x":549,"y":776,"width":355,"height":11}},{"id":"7502a08b-ef1d-4d2b-9fc3-4f3639f71c6e","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":25,"box":{"x":550,"y":798,"width":395,"height":11}},{"id":"d2a5c357-be9f-4928-863e-b2c82a6be9f4","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":25,"box":{"x":549,"y":812,"width":411,"height":11}},{"id":"c96596ba-ef59-49b8-8a1e-6e20d49800a4","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":25,"box":{"x":549,"y":826,"width":380,"height":11}},{"id":"44a3b4a8-b9dc-4525-a86b-0c4f6086d632","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":25,"box":{"x":549,"y":840,"width":398,"height":11}},{"id":"243c2ee6-f1fc-4f2a-bd96-ef0d7db022e5","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":25,"box":{"x":549,"y":855,"width":389,"height":10}},{"id":"df8305d6-c023-4304-afb4-685ce7ed2c23","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":25,"box":{"x":549,"y":869,"width":422,"height":11}},{"id":"54da1765-201d-466e-aca2-48da434e9351","block_type":"box","text":"S-15","page_number":25,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"24bc6689-ca17-4a3b-b409-83866a6c632d","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":26,"box":{"x":83,"y":23,"width":419,"height":11}},{"id":"18624d61-657f-4b35-92bc-d129318d3d06","block_type":"box","text":"the Underlying Index. By December 2, 2027, the Underlying Index","page_number":26,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"023ff571-826d-4762-9b07-5638c474a9ec","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":26,"box":{"x":83,"y":51,"width":388,"height":11}},{"id":"c9fe8c2a-0ebd-46c3-be00-52e611be030f","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":26,"box":{"x":82,"y":66,"width":418,"height":10}},{"id":"0201e284-f3d7-45a2-ab06-5860310e0258","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":26,"box":{"x":83,"y":80,"width":382,"height":11}},{"id":"622312a6-1b6b-42c1-8ced-d6285a3bb1f1","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":26,"box":{"x":83,"y":94,"width":408,"height":11}},{"id":"f4a6bbca-b91e-4947-a575-b09edc2e988b","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":26,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"5e93ec64-6daa-4ab7-86a9-1dbc1e3dab8f","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":26,"box":{"x":83,"y":122,"width":404,"height":11}},{"id":"805f1a7b-0b49-448b-a945-e2b26f390476","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":26,"box":{"x":83,"y":137,"width":409,"height":10}},{"id":"9fb7b8bf-a175-4d78-ae1d-493666b31bec","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":26,"box":{"x":83,"y":151,"width":371,"height":11}},{"id":"259505b9-fc4c-42b0-b314-4ffe8cae98b8","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":26,"box":{"x":83,"y":165,"width":404,"height":8}},{"id":"836f0a49-0563-4045-987b-f5aaaf6bd30f","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":26,"box":{"x":82,"y":187,"width":414,"height":11}},{"id":"18b650fb-b456-4e9b-b487-28e216638a0b","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":26,"box":{"x":83,"y":201,"width":282,"height":11}},{"id":"72f22759-37a4-4fc0-9fdc-8005e0f3a56c","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":26,"box":{"x":82,"y":223,"width":406,"height":11}},{"id":"4b0d2df6-2e22-4ccb-b9b5-b3d790045ec7","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":26,"box":{"x":83,"y":237,"width":420,"height":11}},{"id":"81c91501-53be-48dd-98d6-9758a54b9351","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":26,"box":{"x":83,"y":251,"width":402,"height":11}},{"id":"d29b7938-d5b6-407a-adca-82a2101bfed8","block_type":"box","text":"over time.","page_number":26,"box":{"x":83,"y":266,"width":63,"height":8}},{"id":"2a0d02b5-8c61-42eb-8dba-f10fd6ebd4a9","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":26,"box":{"x":82,"y":289,"width":423,"height":11}},{"id":"7595bc14-e9f2-4b87-96f9-3a7275428c99","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":26,"box":{"x":83,"y":303,"width":356,"height":8}},{"id":"2e40eaed-8f64-473e-bc48-8b2e80129bc0","block_type":"box","text":"composition and relative weightings of the components of the","page_number":26,"box":{"x":83,"y":317,"width":395,"height":11}},{"id":"37fce6b0-9a69-466f-89d3-92a90ae3783e","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":26,"box":{"x":83,"y":331,"width":416,"height":11}},{"id":"9c8215e5-1c0d-4cb3-aef5-4ab8eb61ff1a","block_type":"box","text":"value of the Underlying Index.","page_number":26,"box":{"x":82,"y":345,"width":190,"height":11}},{"id":"c418fad5-02a3-4875-9808-2cb854c758c4","block_type":"box","text":"Industry Concentration Policy.","page_number":26,"box":{"x":83,"y":369,"width":210,"height":10}},{"id":"cc6d3a92-ed88-4ac2-8192-189a79594805","block_type":"box","text":"The Fund will concentrate its","page_number":26,"box":{"x":298,"y":369,"width":184,"height":8}},{"id":"134fd4ff-22f6-4335-bd38-3cfa7d4816b7","block_type":"box","text":"investments (","page_number":26,"box":{"x":83,"y":383,"width":85,"height":11}},{"id":"b11f2444-2de4-4986-929e-9e90cf0d9e0f","block_type":"box","text":"i.e.","page_number":26,"box":{"x":169,"y":383,"width":17,"height":8}},{"id":"2d04b619-4b2f-4ee1-a5da-91fa429d50df","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":26,"box":{"x":189,"y":383,"width":264,"height":11}},{"id":"e519689a-091d-4bfd-901b-df150fa7975b","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":26,"box":{"x":83,"y":397,"width":394,"height":11}},{"id":"795525c4-e60b-4a13-b8ad-7265906f53d0","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":26,"box":{"x":83,"y":411,"width":377,"height":11}},{"id":"80c4581e-b8e7-41a4-8adc-9d2a75a33bda","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":26,"box":{"x":83,"y":425,"width":389,"height":11}},{"id":"a10b0604-d714-4398-9363-c993f1cc4816","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":26,"box":{"x":83,"y":440,"width":365,"height":10}},{"id":"9c6a8639-36d7-4d38-907f-eaae9be00d61","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":26,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"8b57b8cc-6b3a-40b2-b638-e84c0ba1ef82","block_type":"box","text":"securities of state or municipal governments and their political","page_number":26,"box":{"x":83,"y":468,"width":399,"height":11}},{"id":"4327f65c-2ad5-400c-ac42-c1542fcfd15a","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":26,"box":{"x":83,"y":482,"width":410,"height":11}},{"id":"7f40822d-62af-4ded-994f-fe4b17860537","block_type":"box","text":"industry.","page_number":26,"box":{"x":83,"y":496,"width":54,"height":11}},{"id":"fa67923f-8dcc-4338-b37c-fef0f706f955","block_type":"box","text":"Summary of Principal Risks","page_number":26,"box":{"x":83,"y":525,"width":235,"height":14}},{"id":"6b9c3b7c-9b8b-43ec-b0ff-5a0c738530e5","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":26,"box":{"x":82,"y":550,"width":363,"height":11}},{"id":"8579e853-3a44-4b64-8e7d-6d604c5d5b88","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":26,"box":{"x":83,"y":565,"width":402,"height":10}},{"id":"a8aaff7d-d8e8-4b10-a066-a3506529670e","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":26,"box":{"x":83,"y":579,"width":396,"height":10}},{"id":"a63434ef-8cf2-4aa8-8167-c8c93305db55","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":26,"box":{"x":83,"y":593,"width":376,"height":11}},{"id":"8fbc16f2-16d1-4f59-814b-6affcfd6fe40","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":26,"box":{"x":83,"y":607,"width":392,"height":11}},{"id":"64d86d95-583a-4f50-ad84-ff42f3d12073","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":26,"box":{"x":83,"y":621,"width":416,"height":11}},{"id":"54c3c866-4852-45a2-a408-6d467aa0a29b","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":26,"box":{"x":83,"y":635,"width":387,"height":11}},{"id":"98ce1207-c0f4-4245-b74b-ec06c1ff1969","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":26,"box":{"x":82,"y":650,"width":426,"height":10}},{"id":"a18b1641-25b9-4126-963f-94eb19cfb351","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":26,"box":{"x":83,"y":664,"width":404,"height":11}},{"id":"4262e0a7-55a7-4c6c-a35f-a8ec9ad30ebe","block_type":"box","text":"review each risk factor carefully.","page_number":26,"box":{"x":83,"y":678,"width":206,"height":11}},{"id":"fa25c5d4-8d9d-4e2c-91eb-319052becbdc","block_type":"box","text":"Municipal Securities Risk","page_number":26,"box":{"x":83,"y":701,"width":172,"height":11}},{"id":"f7d9840b-9ded-45c9-9af8-a462b3951920","block_type":"box","text":".","page_number":26,"box":{"x":255,"y":708,"width":3,"height":2}},{"id":"8edd1088-0840-4634-af47-2368af5bd21b","block_type":"box","text":"Municipal securities are subject to","page_number":26,"box":{"x":264,"y":701,"width":219,"height":11}},{"id":"36ab8209-d45c-4a8e-b307-6bf40cf72ccb","block_type":"box","text":"the risk that the issuer may be unable to pay the instrument’s","page_number":26,"box":{"x":83,"y":715,"width":393,"height":11}},{"id":"d2f27140-e0c2-447b-ae4b-0fded69fb389","block_type":"box","text":"obligations, which would adversely affect the value of the","page_number":26,"box":{"x":83,"y":730,"width":365,"height":10}},{"id":"b58af942-5d99-421b-9bef-c472929f390b","block_type":"box","text":"securities. 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If","page_number":26,"box":{"x":83,"y":829,"width":424,"height":11}},{"id":"6dba486f-9f89-4431-a41c-56b2657cf107","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":26,"box":{"x":83,"y":843,"width":379,"height":11}},{"id":"0ab21e2f-067d-4615-b82f-055e379ffbd2","block_type":"box","text":"significantly.","page_number":26,"box":{"x":83,"y":857,"width":78,"height":11}},{"id":"58887d02-8597-4f2b-96ea-cef75818ab6c","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":26,"box":{"x":549,"y":23,"width":412,"height":11}},{"id":"e3526412-22a0-4665-8a5a-535db849b632","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":26,"box":{"x":549,"y":37,"width":415,"height":11}},{"id":"92ac5550-0532-4fcf-a859-0b512e7b0d78","block_type":"box","text":"and sell municipal bonds, especially on short notice. 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Interest rate changes can be","page_number":26,"box":{"x":549,"y":282,"width":417,"height":11}},{"id":"74eb1d80-ba78-4a12-a3dc-49eba88996fa","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":26,"box":{"x":549,"y":296,"width":389,"height":11}},{"id":"3a71206b-91cc-4d06-88bb-d4386221a23f","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":26,"box":{"x":549,"y":311,"width":401,"height":10}},{"id":"8f7dcf21-e068-4e23-9b29-3d1153c9830c","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":26,"box":{"x":549,"y":325,"width":391,"height":11}},{"id":"d01409f1-d5a1-4798-ad04-dd609b439a2e","block_type":"box","text":"fixed-income securities. 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During periods of very low or negative interest","page_number":26,"box":{"x":549,"y":438,"width":386,"height":11}},{"id":"93f53d8f-7775-43b3-89d4-e411b7501355","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":26,"box":{"x":549,"y":452,"width":404,"height":11}},{"id":"2ee4203b-2536-42b6-a576-ba8efca05e3c","block_type":"box","text":"dividends to shareholders.","page_number":26,"box":{"x":549,"y":467,"width":168,"height":8}},{"id":"95bdf26a-d421-45d5-9367-96de3ffc3c0b","block_type":"box","text":"Market Risk","page_number":26,"box":{"x":549,"y":490,"width":82,"height":8}},{"id":"d69fb170-e51d-4dde-8e8b-990d86c2b8c4","block_type":"box","text":".","page_number":26,"box":{"x":631,"y":496,"width":3,"height":2}},{"id":"c2da2084-5c3e-4a84-85e2-8ebc80d5a858","block_type":"box","text":"The Fund could lose money over short periods due","page_number":26,"box":{"x":639,"y":490,"width":322,"height":11}},{"id":"16ecc8de-2fa4-46b5-8d25-d742b8845ac8","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":26,"box":{"x":549,"y":504,"width":413,"height":11}},{"id":"defd1925-e3f0-47a0-b258-3572b7bed9cd","block_type":"box","text":"more prolonged market downturns. 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Errors in index data, index computations or the","page_number":26,"box":{"x":549,"y":726,"width":366,"height":10}},{"id":"d98ce68e-62d1-48b1-af59-e60aae09aa56","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":26,"box":{"x":549,"y":740,"width":377,"height":11}},{"id":"345ab472-6fe6-47c1-a261-fd7edc0957ed","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":26,"box":{"x":549,"y":754,"width":413,"height":11}},{"id":"dec9002b-6c90-4ff2-a47b-3a8cdfa52f7b","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":26,"box":{"x":549,"y":768,"width":396,"height":11}},{"id":"d231471b-98c3-4227-95d9-9be06ef50645","block_type":"box","text":"impact on the Fund and its shareholders. 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To the extent that Authorized Participants exit the","page_number":27,"box":{"x":83,"y":245,"width":404,"height":11}},{"id":"e50d634a-eae2-4b65-bfba-9aab694714a3","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":27,"box":{"x":83,"y":259,"width":399,"height":11}},{"id":"b58e06e1-32de-48d6-a05c-e77929e6208e","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":27,"box":{"x":84,"y":273,"width":391,"height":11}},{"id":"d8a4d15c-6300-4dce-8181-1104d858a419","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":27,"box":{"x":83,"y":287,"width":408,"height":11}},{"id":"886fefee-ee82-4f07-932b-b5bc6cce4443","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":27,"box":{"x":83,"y":302,"width":273,"height":10}},{"id":"cac04d16-fe50-44b5-b21c-4efe8cad8027","block_type":"box","text":"Call Risk","page_number":27,"box":{"x":83,"y":325,"width":59,"height":8}},{"id":"1f5058b4-5033-4ff9-b3dd-735eb89ac9a7","block_type":"box","text":".","page_number":27,"box":{"x":142,"y":331,"width":2,"height":2}},{"id":"b7b2da59-610b-4385-8090-72e0ff5d496f","block_type":"box","text":"During periods of falling interest rates, an issuer of a","page_number":27,"box":{"x":150,"y":325,"width":335,"height":11}},{"id":"7d03cf3f-9e4e-4604-84c7-2abe0a5f989d","block_type":"box","text":"callable debt obligation held by the Fund may “call” or repay the","page_number":27,"box":{"x":83,"y":339,"width":408,"height":11}},{"id":"ae1a003f-9d4c-4ad8-ac0a-f2d181fad500","block_type":"box","text":"debt obligation before its stated maturity, and the Fund may have","page_number":27,"box":{"x":83,"y":353,"width":418,"height":11}},{"id":"2274c45b-08c1-4164-8fcc-6e0e0e5979b7","block_type":"box","text":"to reinvest the proceeds in instruments with lower yields, which","page_number":27,"box":{"x":83,"y":367,"width":406,"height":11}},{"id":"6afd91f5-5437-4983-8869-f29e989e9a99","block_type":"box","text":"would result in a decline in the Fund’s income, or in instruments","page_number":27,"box":{"x":82,"y":382,"width":409,"height":10}},{"id":"e7cb7369-e7c3-4c43-a4bc-c1acde038e32","block_type":"box","text":"with greater risks or with other less favorable features. 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The Fund may be adversely affected if an investment","page_number":27,"box":{"x":549,"y":66,"width":406,"height":10}},{"id":"038a6655-3a20-4d04-acd5-a663e5f54345","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":27,"box":{"x":549,"y":80,"width":324,"height":11}},{"id":"aa7b839a-55fc-4cca-8e56-635c3d8b61d0","block_type":"box","text":"Declining Yield Risk.","page_number":27,"box":{"x":549,"y":103,"width":136,"height":11}},{"id":"3dc3701e-83a0-4bb3-9c71-7499e7e24a26","block_type":"box","text":"In the months leading up to the Fund’s","page_number":27,"box":{"x":691,"y":103,"width":245,"height":11}},{"id":"f7ee8345-8e1d-4ca0-a092-89d98fd8b83d","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":27,"box":{"x":549,"y":117,"width":386,"height":11}},{"id":"31bfb2f8-d1f3-4e93-8096-62d4a5a0d9b8","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":27,"box":{"x":549,"y":131,"width":408,"height":11}},{"id":"d551aee0-c7b3-451e-9c89-6269be7c9278","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":27,"box":{"x":549,"y":146,"width":424,"height":10}},{"id":"f77f29ed-f8d1-4910-9b42-38558f02c11a","block_type":"box","text":"yields for bonds in the market.","page_number":27,"box":{"x":549,"y":160,"width":193,"height":11}},{"id":"ba5db839-8374-46e2-b2e0-4e38fd1b4eb2","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk","page_number":27,"box":{"x":549,"y":183,"width":332,"height":11}},{"id":"74fe772c-b502-4845-9d3c-e371fa191fcd","block_type":"box","text":".","page_number":27,"box":{"x":881,"y":190,"width":3,"height":1}},{"id":"4bb32fa3-885d-4976-89f8-7413b75742e2","block_type":"box","text":"The Fund,","page_number":27,"box":{"x":889,"y":183,"width":61,"height":10}},{"id":"950be22e-dc53-4b06-848e-4191689e3e8e","block_type":"box","text":"unlike a direct investment in a municipal bond that has a level","page_number":27,"box":{"x":549,"y":197,"width":394,"height":11}},{"id":"43dc39d9-634e-46f5-baef-e5d742ba0120","block_type":"box","text":"coupon payment and a fixed payment at maturity, will make","page_number":27,"box":{"x":549,"y":211,"width":381,"height":11}},{"id":"2b740c30-596b-4211-afdd-afa84d3ae208","block_type":"box","text":"distributions of income that vary over time. 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Unlike a","page_number":27,"box":{"x":549,"y":268,"width":398,"height":11}},{"id":"3b92a51c-e367-44d8-bccd-0d31feae3f15","block_type":"box","text":"direct investment in municipal bonds, the breakdown of returns","page_number":27,"box":{"x":549,"y":282,"width":406,"height":11}},{"id":"f607f89e-a819-4f10-938b-04888f846636","block_type":"box","text":"between Fund distributions and liquidation proceeds are not","page_number":27,"box":{"x":549,"y":296,"width":385,"height":11}},{"id":"bd169ab0-89bc-4a7f-99d4-3efb28483a26","block_type":"box","text":"predictable at the time of your investment. 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The","page_number":27,"box":{"x":549,"y":782,"width":424,"height":11}},{"id":"dc6c7e50-7e9b-4762-b21f-21d759171956","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":27,"box":{"x":550,"y":797,"width":423,"height":10}},{"id":"9e6213e8-74a3-4d24-9917-1d72b7823f4a","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":27,"box":{"x":549,"y":811,"width":394,"height":11}},{"id":"061c02d6-ecc6-4f9b-be1b-189d604adf94","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":27,"box":{"x":549,"y":825,"width":419,"height":11}},{"id":"02c70daf-9eb3-4ce0-bfaf-b9eef4959b88","block_type":"box","text":"Issuer Risk","page_number":27,"box":{"x":549,"y":848,"width":75,"height":9}},{"id":"b24c163c-c8e3-45db-97d7-d3c832852d9f","block_type":"box","text":".","page_number":27,"box":{"x":624,"y":855,"width":3,"height":2}},{"id":"d4352c7b-f6bf-4079-b05f-1bddbd33343b","block_type":"box","text":"The performance of the Fund depends on the","page_number":27,"box":{"x":632,"y":848,"width":288,"height":11}},{"id":"69e5bcde-30d4-4035-b88b-163a9e43d377","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":27,"box":{"x":549,"y":862,"width":412,"height":11}},{"id":"7c5cea95-7317-43e1-a888-74fd8ca69833","block_type":"box","text":"Fund has exposure. 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As the Fund will not fully replicate the","page_number":28,"box":{"x":83,"y":438,"width":362,"height":11}},{"id":"fd3bb431-6a81-4a17-9543-692536c11f91","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":28,"box":{"x":83,"y":452,"width":388,"height":11}},{"id":"27d7f7df-85d8-4478-9fb8-599a92157a81","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":28,"box":{"x":83,"y":467,"width":409,"height":10}},{"id":"1abb0022-e30e-4959-8552-c50c07513793","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":28,"box":{"x":83,"y":481,"width":419,"height":11}},{"id":"da3dc563-1e85-418c-8f40-b71367c738f4","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":28,"box":{"x":82,"y":495,"width":420,"height":11}},{"id":"c05b462e-d6ab-4ecb-b7e3-3f15f5ca950c","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":28,"box":{"x":83,"y":509,"width":402,"height":11}},{"id":"b6fd6957-be96-4a4a-b5f1-44e81f1bbc8f","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":28,"box":{"x":83,"y":523,"width":323,"height":11}},{"id":"ecd1493d-33b1-46b0-9a16-74e81255475b","block_type":"box","text":"Market Trading Risk","page_number":28,"box":{"x":83,"y":546,"width":136,"height":11}},{"id":"5407269b-2fc1-4c0a-81d5-6e24e1d635cf","block_type":"box","text":".","page_number":28,"box":{"x":219,"y":553,"width":2,"height":2}},{"id":"3e256d90-a9da-46e3-a4f8-53fee9c78d67","block_type":"box","text":"The Fund faces numerous market trading","page_number":28,"box":{"x":226,"y":547,"width":263,"height":10}},{"id":"4344f047-e17b-42ce-a6d4-f21f018c56f2","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":28,"box":{"x":83,"y":561,"width":394,"height":11}},{"id":"db995940-9cca-4526-9f23-92d25fdd89ad","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":28,"box":{"x":83,"y":575,"width":401,"height":11}},{"id":"0c405e71-4a5c-4662-9b64-f133917ed081","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":28,"box":{"x":83,"y":589,"width":404,"height":11}},{"id":"c0879b18-95ec-40b5-82ce-e206eedaceb5","block_type":"box","text":"the process of creating and redeeming Fund shares. 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If you buy Fund","page_number":28,"box":{"x":83,"y":646,"width":397,"height":11}},{"id":"11fb5e01-0047-42b3-bfa3-cd0f2794e5af","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":28,"box":{"x":83,"y":660,"width":419,"height":11}},{"id":"bbf7fc59-4bee-42e7-a21c-02bc675a34d0","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":28,"box":{"x":83,"y":674,"width":412,"height":11}},{"id":"50ab2b8a-7058-4f3d-8da8-19d3fc3ab89a","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":28,"box":{"x":83,"y":688,"width":397,"height":11}},{"id":"98184717-f8cd-40eb-9761-fe1b5ed3e16c","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":28,"box":{"x":83,"y":702,"width":316,"height":11}},{"id":"ce4157d6-000b-470a-877e-2727582d9861","block_type":"box","text":"Operational and Technology Risks","page_number":28,"box":{"x":83,"y":726,"width":230,"height":11}},{"id":"d9c98d12-6e36-4a1a-a667-f6808aa83130","block_type":"box","text":".","page_number":28,"box":{"x":314,"y":732,"width":2,"height":2}},{"id":"be2d52aa-69b0-4967-b304-ce1ec83c2700","block_type":"box","text":"The Fund is directly and","page_number":28,"box":{"x":321,"y":726,"width":151,"height":11}},{"id":"f45d05e0-2cb2-44cd-9ac2-f100f8640adb","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":28,"box":{"x":83,"y":740,"width":368,"height":11}},{"id":"4c561ac9-171f-4ba2-b93f-abe9fe625fc5","block_type":"box","text":"including those related to human errors, processing errors,","page_number":28,"box":{"x":83,"y":754,"width":376,"height":11}},{"id":"6ee745b8-a34e-4a2e-b3cd-d4682a0c20a5","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":28,"box":{"x":83,"y":768,"width":413,"height":11}},{"id":"ed261b2b-1a0d-4a41-9113-f3496cb6c81c","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":28,"box":{"x":83,"y":782,"width":404,"height":11}},{"id":"5eb748ef-84f6-494d-9902-34445276b9ed","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":28,"box":{"x":82,"y":797,"width":402,"height":10}},{"id":"9937adb7-cafe-462b-b11e-c84da7d7186b","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":28,"box":{"x":83,"y":811,"width":376,"height":11}},{"id":"536f985f-54f6-44e0-8336-a1f77ce6a97f","block_type":"box","text":"providers are required to have appropriate operational,","page_number":28,"box":{"x":83,"y":825,"width":350,"height":11}},{"id":"862d0abb-bbe5-4166-b347-a06311e80f6e","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":28,"box":{"x":83,"y":839,"width":414,"height":11}},{"id":"729b74e2-74a7-4d28-b981-bdb61b979770","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":28,"box":{"x":83,"y":853,"width":397,"height":11}},{"id":"7e2258c0-5b4e-433a-9206-8de9b147e8ad","block_type":"box","text":"from those of the Fund. 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Events","page_number":28,"box":{"x":549,"y":160,"width":417,"height":11}},{"id":"a817b6bd-7fa3-4f46-a447-61baf52cd964","block_type":"box","text":"occurring after a municipal bond is issued or acquired by a Fund","page_number":28,"box":{"x":549,"y":174,"width":409,"height":11}},{"id":"35ce8f68-2f4e-4137-922e-d776ae92758f","block_type":"box","text":"may result in a determination that the bond’s interest is includible","page_number":28,"box":{"x":549,"y":188,"width":420,"height":11}},{"id":"e6e783e9-c794-4c37-a261-c24f40837c66","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for","page_number":28,"box":{"x":549,"y":202,"width":412,"height":11}},{"id":"8eef58ae-4f3c-4bd0-bb98-2304fdc963b9","block_type":"box","text":"purposes of U.S. federal income taxes, the federal AMT or the","page_number":28,"box":{"x":549,"y":216,"width":394,"height":11}},{"id":"2c0fb87b-3882-46d3-99fd-4becae33ecd1","block_type":"box","text":"federal Medicare contribution tax. 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The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust","page_number":31,"box":{"x":83,"y":362,"width":887,"height":11}},{"id":"83b644c4-cf2f-45df-955e-db892a51dcb9","block_type":"box","text":"and BFA.","page_number":31,"box":{"x":83,"y":376,"width":55,"height":9}},{"id":"e00a7862-d41b-42df-ac44-8439bdf8334f","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":31,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"92caca7b-07fd-4159-b03b-6315e40b8c11","block_type":"box","text":"the tables and examples below.","page_number":31,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"be3b0b35-2c9d-489a-861b-efae32d84863","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":31,"box":{"x":83,"y":661,"width":872,"height":11}},{"id":"b060e5dc-ad1a-4553-958c-38fe9552b5a9","block_type":"box","text":"be:","page_number":31,"box":{"x":83,"y":675,"width":18,"height":9}},{"id":"8d8a212e-8c44-4a68-8854-515207b6fc89","block_type":"box","text":"1 Year Maturity","page_number":31,"box":{"x":299,"y":706,"width":460,"height":9}},{"id":"ca3406a0-7d33-4328-a387-eb70371b50ec","block_type":"box","text":"$18 $53","page_number":31,"box":{"x":307,"y":726,"width":436,"height":9}},{"id":"58f85ccf-3cb3-4180-bfa4-771307f7abe8","block_type":"box","text":"S-21","page_number":31,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"435f2047-7f10-4f3a-841b-7fd0bed1a106","block_type":"box","text":"Portfolio Turnover.","page_number":32,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"bd146ed5-714a-42f5-8fea-ba472acacf00","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":32,"box":{"x":216,"y":23,"width":287,"height":11}},{"id":"11b3133c-810e-4093-94ac-a4beb9f64ef8","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":32,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"c078b206-350d-45c8-8d9e-bc4771d110ec","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":32,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"bae33cb1-5966-49c0-b325-b7a65427e478","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":32,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"6274df46-b84f-42a1-bfcf-da6a96ae1aea","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":32,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"ce6c6474-0a75-41da-aceb-40d9e63bafa8","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":32,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"4da9f512-19db-47fc-b8f0-778634cbda02","block_type":"box","text":"Example, affect the Fund’s performance. 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As of October 31, 2025,","page_number":32,"box":{"x":83,"y":276,"width":395,"height":11}},{"id":"baa1ded4-2fda-4e92-b221-4ff0cf5c6c57","block_type":"box","text":"there were 12,167 issues in the Underlying Index.","page_number":32,"box":{"x":83,"y":290,"width":312,"height":11}},{"id":"61e1b2e9-3e78-4641-90c7-9ea0ab08a750","block_type":"box","text":"The Underlying Index includes municipal bonds primarily from","page_number":32,"box":{"x":82,"y":312,"width":394,"height":11}},{"id":"a0ab7641-8696-41a7-b2d8-b8dac05d7c9c","block_type":"box","text":"issuers that are U.S. state, federal district (the District of","page_number":32,"box":{"x":83,"y":326,"width":363,"height":11}},{"id":"7a05a201-e700-4396-bb90-918875a38efe","block_type":"box","text":"Columbia), or local government or agency such that the interest","page_number":32,"box":{"x":83,"y":340,"width":408,"height":11}},{"id":"af77634d-c094-44ed-a9b6-7630279fc559","block_type":"box","text":"on the bonds is exempt from U.S. federal income taxes and the","page_number":32,"box":{"x":83,"y":354,"width":403,"height":11}},{"id":"73dc930d-7dc9-4873-ae8d-2cbc18052f9b","block_type":"box","text":"federal alternative minimum tax (“AMT”). Bonds issued by U.S.","page_number":32,"box":{"x":82,"y":369,"width":398,"height":10}},{"id":"50495ec1-e1d8-4c4a-944f-9c11267474ca","block_type":"box","text":"territories and the Commonwealth of Puerto Rico are excluded","page_number":32,"box":{"x":83,"y":383,"width":400,"height":8}},{"id":"e4e01750-09a3-4a45-9f47-6e0f5967dc30","block_type":"box","text":"from the Underlying Index. Each bond must have a rating of at","page_number":32,"box":{"x":82,"y":397,"width":397,"height":11}},{"id":"e6860d91-8e46-40e8-bf8e-7dd9ee36f30b","block_type":"box","text":"least BBB- by S&P Global Ratings, Baa3 by Moody’s Investors","page_number":32,"box":{"x":83,"y":411,"width":390,"height":11}},{"id":"d4499273-91f3-4f41-b6a3-676197fa15db","block_type":"box","text":"Service, Inc., or BBB- by Fitch Ratings, Inc. and must have a","page_number":32,"box":{"x":83,"y":425,"width":380,"height":11}},{"id":"89ff8f21-98da-4cc9-8fc0-257c4d46749d","block_type":"box","text":"minimum maturity par amount of $2 million to be eligible for","page_number":32,"box":{"x":83,"y":439,"width":385,"height":11}},{"id":"a4118306-095e-4221-b09a-5ef5eff285e1","block_type":"box","text":"inclusion in the Underlying Index. To remain in the Underlying","page_number":32,"box":{"x":83,"y":454,"width":391,"height":11}},{"id":"e4ca7168-5638-4dc0-94f3-c636b8ef7dc5","block_type":"box","text":"Index, bonds must maintain a minimum par amount greater than","page_number":32,"box":{"x":83,"y":468,"width":411,"height":11}},{"id":"4da77ac0-e7e6-495e-bb66-c1901d4312a8","block_type":"box","text":"or equal to $2 million as of each rebalancing reference date. All","page_number":32,"box":{"x":83,"y":481,"width":404,"height":12}},{"id":"666ebb5f-042b-4128-a568-ce3494ff9965","block_type":"box","text":"non-callable bonds in the Underlying Index will mature or be","page_number":32,"box":{"x":83,"y":496,"width":383,"height":11}},{"id":"6a6a3d44-79fb-4a56-bb09-b617a55d92c7","block_type":"box","text":"redeemed after December 31, 2027 and before December 2,","page_number":32,"box":{"x":83,"y":510,"width":387,"height":11}},{"id":"2002aa70-8a9f-41ed-8208-bd4bcd7c7237","block_type":"box","text":"2028. 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In the Underlying Index year of maturity, bonds","page_number":32,"box":{"x":83,"y":595,"width":401,"height":11}},{"id":"d776e84f-350a-4e2a-bad7-33901e0163d4","block_type":"box","text":"that mature or are pre-refunded in their respective year of","page_number":32,"box":{"x":83,"y":610,"width":371,"height":11}},{"id":"27976d3f-348c-4960-ac97-a74caf26d87b","block_type":"box","text":"maturity do not accrue interest past the maturity or pre-refund","page_number":32,"box":{"x":83,"y":624,"width":400,"height":11}},{"id":"b866eeed-580a-4241-84d2-c1a69e4ceebf","block_type":"box","text":"date. A bond is “pre-refunded” when the bond has been refunded","page_number":32,"box":{"x":83,"y":638,"width":416,"height":11}},{"id":"31b9303b-efad-44a9-83c0-ff947be16828","block_type":"box","text":"to a call date prior to maturity. In other words, a holder of a “pre","page_number":32,"box":{"x":83,"y":652,"width":413,"height":11}},{"id":"69a2493c-d105-4eaa-8f44-eb22106a429e","block_type":"box","text":"refunded” bond receives all payments of interest and principal","page_number":32,"box":{"x":83,"y":666,"width":397,"height":11}},{"id":"de9f046f-93a2-4328-af37-24eb9248d8ad","block_type":"box","text":"back on an earlier date then the stated maturity date of the bond.","page_number":32,"box":{"x":83,"y":681,"width":418,"height":10}},{"id":"99cc3725-aafd-49f6-99a2-6f63f1d0e61a","block_type":"box","text":"All payments related to the maturity or pre-refunding of a bond","page_number":32,"box":{"x":82,"y":695,"width":402,"height":11}},{"id":"9d01ce14-ffc0-4f20-9c73-005301b4b5e7","block_type":"box","text":"are reinvested in tax-exempt cash or cash equivalents for the","page_number":32,"box":{"x":83,"y":709,"width":391,"height":11}},{"id":"31533a09-64b2-446b-bb27-dc2edf5e70ca","block_type":"box","text":"duration of each month.","page_number":32,"box":{"x":83,"y":723,"width":152,"height":9}},{"id":"6d31a4f0-f269-41f4-8ae7-a2a94022d474","block_type":"box","text":"Outside of five years prior to the term of the Fund, the Underlying","page_number":32,"box":{"x":83,"y":745,"width":418,"height":11}},{"id":"447d3cd1-79dd-4510-aa78-f86bf4e12c21","block_type":"box","text":"Index will be market value weighted. Five years prior to the term","page_number":32,"box":{"x":83,"y":759,"width":409,"height":11}},{"id":"44e45e3e-0ab0-426c-bf95-0187d5dfc907","block_type":"box","text":"of the Fund, monthly rebalances occurring in rolling two year","page_number":32,"box":{"x":83,"y":773,"width":388,"height":11}},{"id":"f4916fa1-5659-4d33-a3b1-8f74c4ee016c","block_type":"box","text":"periods will remove bonds with a maturity year outside the term of","page_number":32,"box":{"x":83,"y":788,"width":425,"height":10}},{"id":"cf13a245-80ca-4235-9cfc-daae9dcb35ac","block_type":"box","text":"the Fund from the Underlying Index. Such rebalancing will begin","page_number":32,"box":{"x":83,"y":802,"width":407,"height":11}},{"id":"42ecd597-f857-4f0a-9c94-cff8dc1cc44c","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":32,"box":{"x":82,"y":816,"width":406,"height":11}},{"id":"347cc05f-bb7b-446d-b8bd-2427d4fa8806","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":32,"box":{"x":83,"y":830,"width":396,"height":11}},{"id":"e946d455-0de9-4be0-b5e3-0a727b830cce","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":32,"box":{"x":83,"y":844,"width":413,"height":11}},{"id":"31841022-09e3-4a58-853e-419e2e8a899f","block_type":"box","text":"the Fund. As a result, as of January 1, 2028, the Underlying Index","page_number":32,"box":{"x":83,"y":858,"width":415,"height":11}},{"id":"69f1a357-fd8e-4529-8949-143c409f1f69","block_type":"box","text":"will not contain bonds with an effective maturity date later than","page_number":32,"box":{"x":549,"y":23,"width":404,"height":11}},{"id":"b1730c56-6f15-4301-8c36-e55de60a2d08","block_type":"box","text":"December 2, 2028.","page_number":32,"box":{"x":550,"y":37,"width":122,"height":10}},{"id":"4b5bd7cc-3575-4cb8-b26b-7d0f5fa51d4f","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":32,"box":{"x":549,"y":59,"width":265,"height":9}},{"id":"a864928c-2729-4520-b910-7dff5027c179","block_type":"box","text":"®","page_number":32,"box":{"x":816,"y":59,"width":8,"height":6}},{"id":"608aa43c-c7c3-41fc-8249-f394d787b044","block_type":"box","text":"fixed maturity series","page_number":32,"box":{"x":829,"y":59,"width":130,"height":11}},{"id":"ad8486d3-b431-4060-b5a9-602a6792a1a4","block_type":"box","text":"of bond exchange-traded funds (“ETFs”) sponsored by BlackRock,","page_number":32,"box":{"x":549,"y":73,"width":419,"height":11}},{"id":"1518cb69-c19b-498b-a5c7-f4575deef5e8","block_type":"box","text":"Inc. (“BlackRock”). The iBonds","page_number":32,"box":{"x":550,"y":88,"width":191,"height":10}},{"id":"37f63d7c-4867-4b59-ad5e-b4725d67679f","block_type":"box","text":"®","page_number":32,"box":{"x":743,"y":87,"width":8,"height":6}},{"id":"39a2e1f9-a4a0-4073-a8ef-f4f8d81b6d27","block_type":"box","text":"fixed maturity series do not invest","page_number":32,"box":{"x":756,"y":88,"width":217,"height":10}},{"id":"e6220cf0-0726-4fb2-8cc2-b2a29de2cce6","block_type":"box","text":"in U.S. savings bonds or other U.S. government bonds (except to","page_number":32,"box":{"x":549,"y":102,"width":414,"height":11}},{"id":"0bffc7a4-7d17-494a-ab2b-df03537adb6d","block_type":"box","text":"the extent the funds hold cash equivalent instruments consistent","page_number":32,"box":{"x":549,"y":116,"width":416,"height":11}},{"id":"9a00b531-cc88-4ea9-936f-f3b9b0853200","block_type":"box","text":"with their investment objectives) and are not designed to provide","page_number":32,"box":{"x":549,"y":130,"width":416,"height":11}},{"id":"c9005d47-1d0f-4240-8944-c95ee573f389","block_type":"box","text":"protection against inflation. The Fund does not invest in U.S.","page_number":32,"box":{"x":549,"y":144,"width":385,"height":11}},{"id":"63e53600-739e-4dc7-92ce-ba7ab38b476b","block_type":"box","text":"federal government agency bonds.","page_number":32,"box":{"x":549,"y":158,"width":220,"height":11}},{"id":"5c9cb399-e1a9-482b-9e2b-17824d22cdf0","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":32,"box":{"x":550,"y":182,"width":376,"height":11}},{"id":"3671dcbc-772b-4e40-b753-c83bee607115","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":32,"box":{"x":549,"y":196,"width":417,"height":11}},{"id":"b1ef08b1-6a3e-4bf4-bb27-a12b8e7aec89","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":32,"box":{"x":549,"y":210,"width":396,"height":11}},{"id":"997ff7d5-0dec-4d82-bef7-bc38a919e2ed","block_type":"box","text":"markets decline or appear overvalued.","page_number":32,"box":{"x":549,"y":224,"width":244,"height":11}},{"id":"103a91d0-3460-4295-9f90-7b25ec7fb968","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":32,"box":{"x":550,"y":247,"width":420,"height":11}},{"id":"47493a63-e461-400c-9b32-21482b73927d","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":32,"box":{"x":549,"y":262,"width":421,"height":10}},{"id":"0eaf7ada-426b-48ce-8495-0699898cab64","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":32,"box":{"x":549,"y":276,"width":386,"height":11}},{"id":"e0d4d836-fdc1-478a-a691-c381670e3486","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":32,"box":{"x":550,"y":290,"width":369,"height":11}},{"id":"a600ea57-7777-41d6-8161-69cba5dd5a22","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":32,"box":{"x":549,"y":304,"width":356,"height":11}},{"id":"1da161c0-7351-48aa-b2d4-16b28cc9c456","block_type":"box","text":"comparison to actively managed investment companies.","page_number":32,"box":{"x":549,"y":318,"width":359,"height":11}},{"id":"318ccc22-7268-4beb-8e95-097ae903a18d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":32,"box":{"x":550,"y":342,"width":411,"height":10}},{"id":"5603b6b6-b001-4747-905c-df3c9ac27443","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":32,"box":{"x":549,"y":356,"width":411,"height":11}},{"id":"b0d21d08-2cc2-4758-89ac-2b58e6dced52","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":32,"box":{"x":549,"y":370,"width":424,"height":11}},{"id":"ebf122ee-f3d0-4c2f-ad87-dd4eacd4a828","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":32,"box":{"x":549,"y":384,"width":410,"height":11}},{"id":"a2d1b0e0-023f-499f-b4bd-14a9c8cd18fe","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":32,"box":{"x":549,"y":398,"width":408,"height":11}},{"id":"a78ad569-11e2-43cc-8a3a-4670d3971bb1","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":32,"box":{"x":549,"y":412,"width":423,"height":11}},{"id":"5131f707-4919-40b3-ada0-dfff34052915","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":32,"box":{"x":549,"y":427,"width":415,"height":10}},{"id":"de5149ee-1a0c-462a-a3c0-08d5c14b9896","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":32,"box":{"x":549,"y":441,"width":405,"height":11}},{"id":"c5ffeaa7-3a4a-4823-b28d-26cbb827b155","block_type":"box","text":"(","page_number":32,"box":{"x":549,"y":455,"width":3,"height":11}},{"id":"0a1b37e6-b3a8-4948-92cd-2a1b26edeee4","block_type":"box","text":"i.e.","page_number":32,"box":{"x":553,"y":455,"width":17,"height":8}},{"id":"94c28e7d-9d93-4d64-bc10-0f17102cf8d6","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":32,"box":{"x":573,"y":455,"width":358,"height":11}},{"id":"1561dd9e-5073-4e72-bcba-d104c818d2cd","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":32,"box":{"x":549,"y":469,"width":418,"height":11}},{"id":"1b0aa6b7-1f76-4ff2-a253-83704fb20898","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":32,"box":{"x":549,"y":483,"width":410,"height":11}},{"id":"4db333fb-ab67-4f2e-9cb5-bce5d586b1ce","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":32,"box":{"x":549,"y":498,"width":399,"height":10}},{"id":"ea60f201-d57d-4f7c-b61d-da9146b70167","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":32,"box":{"x":549,"y":521,"width":404,"height":10}},{"id":"a4400196-a7de-4f82-864e-d0e744d35f86","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":32,"box":{"x":549,"y":535,"width":424,"height":11}},{"id":"dc372505-8174-47e6-b8ae-d549bbb5ff6b","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":32,"box":{"x":549,"y":549,"width":411,"height":11}},{"id":"81b667ff-9d09-4ee7-88cc-b1856f095147","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":32,"box":{"x":549,"y":563,"width":414,"height":11}},{"id":"ada59e48-a4f3-449f-a399-b7d2539afef2","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":32,"box":{"x":549,"y":577,"width":414,"height":11}},{"id":"6f663374-6501-4940-b9ee-75673430b25f","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":32,"box":{"x":549,"y":592,"width":419,"height":10}},{"id":"d9d3850d-0ce6-4bad-864e-a74ef8c2b1f5","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":32,"box":{"x":549,"y":606,"width":386,"height":11}},{"id":"7e512d29-1b9f-40b9-abf1-2a9d60e99b3c","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":32,"box":{"x":549,"y":620,"width":352,"height":11}},{"id":"f696a3af-739b-4f94-ad65-72dea20e6b2f","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":32,"box":{"x":550,"y":634,"width":409,"height":11}},{"id":"74f7618e-9e90-4125-aa3a-e0957e94d9f5","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":32,"box":{"x":549,"y":648,"width":423,"height":11}},{"id":"5cc05f00-2f56-4dce-b4ab-e5ff122fed55","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":32,"box":{"x":549,"y":663,"width":385,"height":10}},{"id":"ddfeef1a-b42a-49b8-af12-4dfa6b197076","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":32,"box":{"x":549,"y":677,"width":409,"height":10}},{"id":"0b113765-5f5e-4355-9339-32b65a7306f3","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":32,"box":{"x":549,"y":691,"width":414,"height":11}},{"id":"da4bd1ef-343c-4281-8747-e61a4b2e491f","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":32,"box":{"x":549,"y":705,"width":408,"height":11}},{"id":"0da95757-4ac2-48ab-a7d8-15e9100816df","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":32,"box":{"x":549,"y":719,"width":409,"height":11}},{"id":"fd80b07d-b4cc-41fc-b553-138b1080349a","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":32,"box":{"x":549,"y":733,"width":375,"height":11}},{"id":"a78a7cc0-7a81-4471-bbfd-888549b732a8","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":32,"box":{"x":549,"y":748,"width":396,"height":10}},{"id":"a9d2f414-2779-4451-842c-6e7b831a2f2e","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":32,"box":{"x":549,"y":762,"width":389,"height":8}},{"id":"56e1d9d6-9a11-4d34-8a83-6b3d4c407aac","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":32,"box":{"x":549,"y":776,"width":355,"height":11}},{"id":"de5749c1-df7f-4eb1-9531-00e9bb0b76e2","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":32,"box":{"x":550,"y":798,"width":395,"height":11}},{"id":"603336c6-b95e-436e-8817-01546cae6a2b","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":32,"box":{"x":549,"y":812,"width":411,"height":11}},{"id":"8846a9aa-36d7-458c-832a-544cb10dea76","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":32,"box":{"x":549,"y":826,"width":380,"height":11}},{"id":"58e7a4d9-38d3-44d1-842c-f4b8170a74a9","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":32,"box":{"x":549,"y":840,"width":398,"height":11}},{"id":"0de84727-5731-4b7f-b809-4fdc04ca3bd8","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":32,"box":{"x":549,"y":855,"width":389,"height":10}},{"id":"f07c0623-779d-4da4-b36b-075cf48ba40c","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":32,"box":{"x":549,"y":869,"width":422,"height":11}},{"id":"5319cb10-50c6-45a2-a3b4-c9f27456281c","block_type":"box","text":"S-22","page_number":32,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ef371094-2403-4250-9520-3b1869ee943b","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":33,"box":{"x":83,"y":23,"width":419,"height":11}},{"id":"2e10d26a-d255-45f4-be93-697125fcc362","block_type":"box","text":"the Underlying Index. By December 2, 2028, the Underlying Index","page_number":33,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"5aa83637-168f-4436-87a3-5acd194d8fc4","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":33,"box":{"x":83,"y":51,"width":388,"height":11}},{"id":"6e47665e-1e93-4ae9-9042-43f48808ee33","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":33,"box":{"x":82,"y":66,"width":418,"height":10}},{"id":"ed69467c-c7f5-40d0-8706-e2f2b917d7f6","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":33,"box":{"x":83,"y":80,"width":382,"height":11}},{"id":"7d89500f-3f08-475c-8ed3-a0b98964049a","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":33,"box":{"x":83,"y":94,"width":408,"height":11}},{"id":"c3ec750e-bc40-4f3f-bfb9-860b23fc4450","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":33,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"d556ed44-0c53-46e7-909a-a0c002303abf","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":33,"box":{"x":83,"y":122,"width":404,"height":11}},{"id":"fa586460-e779-4fb3-9b3c-03f9977738b4","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":33,"box":{"x":83,"y":137,"width":409,"height":10}},{"id":"b28744f5-5466-4f83-9a69-747eb1908ef3","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":33,"box":{"x":83,"y":151,"width":371,"height":11}},{"id":"ad59c76e-433f-48fa-88d6-5fba96eddcc1","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":33,"box":{"x":83,"y":165,"width":404,"height":8}},{"id":"bb1e583e-2d78-47a8-8a9d-e6b59285db57","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":33,"box":{"x":82,"y":187,"width":414,"height":11}},{"id":"d7aec887-1257-4351-a8a4-d78c171f6f86","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":33,"box":{"x":83,"y":201,"width":282,"height":11}},{"id":"af6773c3-67de-4338-8557-c2528ddbcd9b","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":33,"box":{"x":82,"y":223,"width":406,"height":11}},{"id":"db206b1a-edd3-43f3-aea2-b1ebe49b2c9d","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":33,"box":{"x":83,"y":237,"width":420,"height":11}},{"id":"7a1d97bb-a881-4686-9d92-c2ec5fbe1a65","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":33,"box":{"x":83,"y":251,"width":402,"height":11}},{"id":"2d565a49-5228-4f0b-a830-5276504cb09b","block_type":"box","text":"over time.","page_number":33,"box":{"x":83,"y":266,"width":63,"height":8}},{"id":"ba9d2dc5-374a-455c-844c-47acbcf5e8a8","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":33,"box":{"x":82,"y":289,"width":423,"height":11}},{"id":"624b9563-9e5e-46db-9359-246663e969fb","block_type":"box","text":"of the Fund and BFA. 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For","page_number":33,"box":{"x":83,"y":411,"width":377,"height":11}},{"id":"c4a53d67-0217-45ef-ad5a-31d5511a5145","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":33,"box":{"x":83,"y":425,"width":389,"height":11}},{"id":"ebd98ebd-38fa-4f64-9a29-cd48b0cd03eb","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":33,"box":{"x":83,"y":440,"width":365,"height":10}},{"id":"d1a941b1-f5bf-44de-a25b-d21c3c6dfebe","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":33,"box":{"x":83,"y":454,"width":392,"height":11}},{"id":"1d09a9ee-4fb9-4934-9597-92449d050651","block_type":"box","text":"securities of state or municipal governments and their political","page_number":33,"box":{"x":83,"y":468,"width":399,"height":11}},{"id":"6a8ac8c0-fc6f-4836-ae53-00c9059df240","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":33,"box":{"x":83,"y":482,"width":410,"height":11}},{"id":"aa90b09b-a8cd-46f9-a8e7-9f5991f0655a","block_type":"box","text":"industry.","page_number":33,"box":{"x":83,"y":496,"width":54,"height":11}},{"id":"2e7d1821-0018-4671-a3ed-1a96230d6b9d","block_type":"box","text":"Summary of Principal Risks","page_number":33,"box":{"x":83,"y":525,"width":235,"height":14}},{"id":"c578c79a-d3bd-4fc8-9ade-74f479dbb9a5","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":33,"box":{"x":82,"y":550,"width":363,"height":11}},{"id":"c9037bb2-b5b1-4a37-9277-34b7b99f234c","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":33,"box":{"x":83,"y":565,"width":402,"height":10}},{"id":"ed5600d8-6c25-4880-9bac-1f7a0f5b5f15","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":33,"box":{"x":83,"y":579,"width":396,"height":10}},{"id":"ff15f870-2a95-4ec3-8412-31dcb1ee9637","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":33,"box":{"x":83,"y":593,"width":376,"height":11}},{"id":"29907b04-b27d-425a-bfa3-82d452676def","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":33,"box":{"x":83,"y":607,"width":392,"height":11}},{"id":"a6b85313-258d-4ea1-b6a3-ec57d8ce82d1","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":33,"box":{"x":83,"y":621,"width":416,"height":11}},{"id":"7f1ebfef-4d2a-4ce7-a8e4-4a91d64a3fe2","block_type":"box","text":"objective. 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If","page_number":33,"box":{"x":83,"y":829,"width":424,"height":11}},{"id":"85e56f35-738a-43ca-85ce-af0b7f79b747","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":33,"box":{"x":83,"y":843,"width":379,"height":11}},{"id":"46527ad1-fb94-4561-ab51-1926bb2923d6","block_type":"box","text":"significantly.","page_number":33,"box":{"x":83,"y":857,"width":78,"height":11}},{"id":"94d64cfe-e3c6-4291-a725-9bcaa7d4071e","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":33,"box":{"x":549,"y":23,"width":412,"height":11}},{"id":"eb86bbe2-d9de-442a-a350-88abfc3f3bad","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":33,"box":{"x":549,"y":37,"width":415,"height":11}},{"id":"61ebfa5c-e036-4f11-b02d-bb4482ec4f91","block_type":"box","text":"and sell municipal bonds, especially on short notice. There may be","page_number":33,"box":{"x":549,"y":52,"width":423,"height":10}},{"id":"1c37083d-b093-476e-87bb-62ebdf87cbe4","block_type":"box","text":"less publicly available information about the financial condition of","page_number":33,"box":{"x":549,"y":66,"width":419,"height":10}},{"id":"35e312f7-a22f-4bc0-9485-6b643b16f884","block_type":"box","text":"municipal security issuers than for issuers of other types of","page_number":33,"box":{"x":549,"y":80,"width":379,"height":11}},{"id":"7cd0f574-2941-40ef-9159-761c91fd0525","block_type":"box","text":"securities. As a result, municipal securities may be more difficult","page_number":33,"box":{"x":549,"y":94,"width":413,"height":11}},{"id":"521b038b-29ac-4f13-a4d0-1bde3d6b502b","block_type":"box","text":"to value accurately. A default or insolvency of certain issuers of","page_number":33,"box":{"x":549,"y":108,"width":405,"height":11}},{"id":"07248865-8cd9-473c-8d4d-6c86dd198ee0","block_type":"box","text":"municipal bonds may be subject to proceedings that are","page_number":33,"box":{"x":549,"y":122,"width":359,"height":11}},{"id":"bd49a590-d6e6-4624-bea1-3447cd2387cc","block_type":"box","text":"significantly different from corporate bankruptcy proceedings,","page_number":33,"box":{"x":549,"y":137,"width":397,"height":10}},{"id":"275c9cf3-b1f1-4ff4-91b8-1cffada9c2c2","block_type":"box","text":"and the Fund’s ability to recover assets may be limited.","page_number":33,"box":{"x":549,"y":151,"width":352,"height":11}},{"id":"ec5c814d-2b3d-486d-a403-536138bbbfa2","block_type":"box","text":"Risk of Investing in the U.S","page_number":33,"box":{"x":549,"y":174,"width":182,"height":11}},{"id":"b4cba56e-70ff-4145-b5b9-2f5a2d6580da","block_type":"box","text":".","page_number":33,"box":{"x":732,"y":181,"width":2,"height":1}},{"id":"5c51bf89-4ca0-4951-a1a5-600a5bf0b7ad","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":33,"box":{"x":740,"y":174,"width":210,"height":11}},{"id":"bd11df85-f6ef-49c3-8d4c-422248568043","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":33,"box":{"x":549,"y":188,"width":391,"height":11}},{"id":"04b082a5-2cc1-421d-9d4c-87601d7632b5","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":33,"box":{"x":549,"y":202,"width":423,"height":11}},{"id":"7eaa3695-c151-4a9c-a084-257db5394a8e","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":33,"box":{"x":550,"y":216,"width":412,"height":11}},{"id":"41ef0417-d6f7-45da-8a91-871c9dbf4f16","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":33,"box":{"x":549,"y":231,"width":396,"height":10}},{"id":"6c99add9-138e-42ed-aac6-99ed16f0c948","block_type":"box","text":"Interest Rate Risk","page_number":33,"box":{"x":549,"y":254,"width":121,"height":8}},{"id":"a40d457c-cad6-4117-be7a-98484e36b453","block_type":"box","text":".","page_number":33,"box":{"x":670,"y":260,"width":2,"height":2}},{"id":"0ff04bb3-0758-469a-8ac0-f06daa14ed14","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":33,"box":{"x":678,"y":254,"width":233,"height":8}},{"id":"0af58e6c-12c8-4481-8c22-6b7db6936140","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":33,"box":{"x":549,"y":268,"width":424,"height":11}},{"id":"3b392af6-6034-4fa5-8f26-f10dd75206af","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":33,"box":{"x":549,"y":282,"width":417,"height":11}},{"id":"15b75ccb-0f8b-4db9-b5fe-608c9b76f752","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":33,"box":{"x":549,"y":296,"width":389,"height":11}},{"id":"984665ba-edcf-4d4f-ae55-9a8efd6f595e","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":33,"box":{"x":549,"y":311,"width":401,"height":10}},{"id":"97db9b32-8a1c-4811-a764-28ee9870c92d","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":33,"box":{"x":549,"y":325,"width":391,"height":11}},{"id":"023d2291-3595-4956-9bc2-9c6235aafb3a","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":33,"box":{"x":549,"y":339,"width":423,"height":11}},{"id":"75870c91-089a-4aa5-8471-5aaedcc29940","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":33,"box":{"x":549,"y":353,"width":408,"height":9}},{"id":"a275c59a-30e9-4614-a36c-7a96e03b87d0","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":33,"box":{"x":549,"y":367,"width":423,"height":11}},{"id":"94fb426c-7739-4e8c-9d2a-ff84fe33a2d7","block_type":"box","text":"changes and subject to greater fluctuations in value. 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During periods of very low or negative interest","page_number":33,"box":{"x":549,"y":438,"width":386,"height":11}},{"id":"5f88f67e-37c3-4fac-b052-ebd0a22bffa2","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":33,"box":{"x":549,"y":452,"width":404,"height":11}},{"id":"00e3e619-b491-4ec4-a1db-dd42ff8f9a87","block_type":"box","text":"dividends to shareholders.","page_number":33,"box":{"x":549,"y":467,"width":168,"height":8}},{"id":"3cde416a-a036-491a-bd78-be36e719f33a","block_type":"box","text":"Market Risk","page_number":33,"box":{"x":549,"y":490,"width":82,"height":8}},{"id":"513abda5-3898-4030-aab6-4de905c175f8","block_type":"box","text":".","page_number":33,"box":{"x":631,"y":496,"width":3,"height":2}},{"id":"6f9505cf-6a8d-49d8-91a4-4e4cd36d8513","block_type":"box","text":"The Fund could lose money over short periods due","page_number":33,"box":{"x":639,"y":490,"width":322,"height":11}},{"id":"b1d3f6f9-4c05-4daa-8d7a-f4a846c04b0b","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":33,"box":{"x":549,"y":504,"width":413,"height":11}},{"id":"ef8fd123-d7c6-4d67-8541-6fedc8283299","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":33,"box":{"x":549,"y":518,"width":382,"height":11}},{"id":"044f28ef-855c-4401-afa7-0d8a0baa7db2","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":33,"box":{"x":549,"y":532,"width":411,"height":11}},{"id":"e00d9ff4-f42f-4ead-a53e-ac7167508344","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":33,"box":{"x":549,"y":547,"width":370,"height":10}},{"id":"0418e383-b984-4705-b585-3069742e8387","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":33,"box":{"x":549,"y":561,"width":404,"height":11}},{"id":"a3cfbc6e-a95a-4e55-8b01-e7f5a98e3700","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":33,"box":{"x":549,"y":575,"width":395,"height":11}},{"id":"0f51d80e-a541-478a-8900-bda87a417cf2","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":33,"box":{"x":549,"y":589,"width":395,"height":11}},{"id":"853b73b4-2d80-44b4-9049-ba6827aea671","block_type":"box","text":"NAV.","page_number":33,"box":{"x":550,"y":603,"width":27,"height":9}},{"id":"6fafec00-80b0-4b77-a818-e466491dc541","block_type":"box","text":"Index-Related Risk.","page_number":33,"box":{"x":549,"y":626,"width":129,"height":9}},{"id":"93f121ad-5d8f-47e3-a673-2d4d4ad0e4e4","block_type":"box","text":"The Index Provider may rely on various","page_number":33,"box":{"x":683,"y":626,"width":247,"height":11}},{"id":"578f6c2d-8f60-43e9-8205-70d42b7715a8","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":33,"box":{"x":549,"y":641,"width":423,"height":10}},{"id":"95d01a6c-633e-402d-80af-90d6cce8531e","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":33,"box":{"x":550,"y":655,"width":391,"height":11}},{"id":"4c1696d7-6691-4954-8296-354d685ff26b","block_type":"box","text":"assumptions and estimates. 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Errors in index data, index computations or the","page_number":33,"box":{"x":549,"y":726,"width":366,"height":10}},{"id":"e7ae56fb-0f7b-41db-91dc-76ef1edc1841","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":33,"box":{"x":549,"y":740,"width":377,"height":11}},{"id":"59c79d3f-f374-454f-aaff-7c7cf9b648d3","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":33,"box":{"x":549,"y":754,"width":413,"height":11}},{"id":"cfafae2b-f91d-4082-b732-f26c7201700c","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":33,"box":{"x":549,"y":768,"width":396,"height":11}},{"id":"26799b32-e9ff-4765-9e8b-7de3af3a4cb5","block_type":"box","text":"impact on the Fund and its shareholders. 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The Fund may be adversely affected if an investment","page_number":34,"box":{"x":549,"y":66,"width":406,"height":10}},{"id":"5a5db477-6141-472d-81e5-fe16d517c89c","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":34,"box":{"x":549,"y":80,"width":324,"height":11}},{"id":"d993c1d9-4777-4db8-9b7c-6563e36f45a5","block_type":"box","text":"Declining Yield Risk.","page_number":34,"box":{"x":549,"y":103,"width":136,"height":11}},{"id":"4afed9a3-2574-452a-a11e-49d50cdd72f1","block_type":"box","text":"In the months leading up to the Fund’s","page_number":34,"box":{"x":691,"y":103,"width":245,"height":11}},{"id":"ad8af0a9-728f-4724-8e93-06eec02b9849","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":34,"box":{"x":549,"y":117,"width":386,"height":11}},{"id":"c830c8a5-6398-469f-b74c-a427f683d9e4","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":34,"box":{"x":549,"y":131,"width":408,"height":11}},{"id":"4d00ee04-a896-4d57-bcb7-76d81f5d23bd","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":34,"box":{"x":549,"y":146,"width":424,"height":10}},{"id":"68e9137e-6c32-437e-a132-96e8a952329c","block_type":"box","text":"yields for bonds in the market.","page_number":34,"box":{"x":549,"y":160,"width":193,"height":11}},{"id":"4273cb70-4fa2-41e8-88b0-1e8e576b0098","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk","page_number":34,"box":{"x":549,"y":183,"width":332,"height":11}},{"id":"e3848d73-6b1c-4402-98bd-d00bc486ca78","block_type":"box","text":".","page_number":34,"box":{"x":881,"y":190,"width":3,"height":1}},{"id":"fbe44880-3c36-4fe8-9342-2df4c1568388","block_type":"box","text":"The Fund,","page_number":34,"box":{"x":889,"y":183,"width":61,"height":10}},{"id":"6d0951ed-c9ec-48fb-a6b7-094935624167","block_type":"box","text":"unlike a direct investment in a municipal bond that has a level","page_number":34,"box":{"x":549,"y":197,"width":394,"height":11}},{"id":"c96a4851-b321-421c-8255-fbfa7c82b3fc","block_type":"box","text":"coupon payment and a fixed payment at maturity, will make","page_number":34,"box":{"x":549,"y":211,"width":381,"height":11}},{"id":"e72d7156-ad21-4ced-ab25-b03d47ff23aa","block_type":"box","text":"distributions of income that vary over time. It is expected that an","page_number":34,"box":{"x":549,"y":226,"width":414,"height":10}},{"id":"d7e74d21-681c-4d2c-b00d-2f44d88d2b59","block_type":"box","text":"investment in the Fund, if held through maturity, will produce","page_number":34,"box":{"x":549,"y":240,"width":389,"height":11}},{"id":"a38dcc5a-2d60-4bd4-95ba-aa260c35ae48","block_type":"box","text":"aggregate returns comparable to a direct investment in a group of","page_number":34,"box":{"x":549,"y":254,"width":422,"height":11}},{"id":"b741b89c-cf53-4c50-90b4-92ba48274dc8","block_type":"box","text":"municipal bonds of similar credit quality and maturity. 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The ability to","page_number":35,"box":{"x":548,"y":844,"width":425,"height":11}},{"id":"68b6ccba-e193-4880-be57-49d5f0cfefb6","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":35,"box":{"x":548,"y":859,"width":400,"height":10}},{"id":"b68f2e2b-b873-4084-938c-f9b454e20c55","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":35,"box":{"x":549,"y":873,"width":405,"height":10}},{"id":"9fea54a7-7c51-4621-9392-fc3557c1a064","block_type":"box","text":"S-25","page_number":35,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0b825437-215e-42f8-bb6a-9e5031edf501","block_type":"box","text":"Performance Information","page_number":36,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"e23e4964-aefb-49b7-b817-4d4cf91694f0","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":36,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"c9af399f-effa-40c1-97ad-d2ff7b7a40e8","block_type":"box","text":"of the risks of investing in the Fund. 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(except in the case of a pre","page_number":39,"box":{"x":83,"y":440,"width":316,"height":10}},{"id":"14bbd8bf-7ab8-4083-9b31-16ae945c7347","block_type":"box","text":"refunded/escrowed to maturity bond). Each bond must be rated","page_number":39,"box":{"x":83,"y":454,"width":411,"height":11}},{"id":"337d7ff0-a973-492f-ba75-a2279d5fdb59","block_type":"box","text":"by at least one of the rating agencies. The Index Provider will use","page_number":39,"box":{"x":83,"y":468,"width":414,"height":11}},{"id":"119f43a1-acd5-4b50-b4ac-3728cf74c892","block_type":"box","text":"the lowest rating in determining if a bond is investment grade. In","page_number":39,"box":{"x":83,"y":482,"width":411,"height":11}},{"id":"e191f3c8-1c27-4f7e-84fb-a04ce580fd44","block_type":"box","text":"addition, each bond must have a minimum maturity par amount of","page_number":39,"box":{"x":83,"y":496,"width":423,"height":11}},{"id":"edcb608c-58af-4101-9fa8-25f5a2c08f63","block_type":"box","text":"$2 million to be eligible for inclusion in the Underlying Index. To","page_number":39,"box":{"x":83,"y":510,"width":404,"height":11}},{"id":"7b92fad3-2045-43b9-a080-d58841f87147","block_type":"box","text":"remain in the Underlying Index, bonds must maintain a minimum","page_number":39,"box":{"x":83,"y":525,"width":412,"height":10}},{"id":"22ac733d-f391-4ecc-b888-c5f2e2a1d8c9","block_type":"box","text":"par amount greater than or equal to $2 million as of each","page_number":39,"box":{"x":83,"y":538,"width":364,"height":12}},{"id":"c08e3b80-25ea-4ae8-86ac-0f59f7ea2ecb","block_type":"box","text":"rebalancing reference date. All non-callable bonds in the","page_number":39,"box":{"x":83,"y":553,"width":360,"height":11}},{"id":"ae831b06-eea2-4c1a-bfa8-001c340f139a","block_type":"box","text":"Underlying Index will mature or be redeemed after December 31,","page_number":39,"box":{"x":83,"y":567,"width":413,"height":11}},{"id":"379869b1-38e0-4f10-8ba2-eb318a33df9c","block_type":"box","text":"2028 and before December 2, 2029. Callable bonds are eligible","page_number":39,"box":{"x":83,"y":581,"width":407,"height":11}},{"id":"fcb84a17-5b74-4499-9724-74a39ec76fc4","block_type":"box","text":"subject to the following: (i) a final maturity date after December","page_number":39,"box":{"x":83,"y":595,"width":408,"height":11}},{"id":"587aeef3-44e1-48da-a2c8-47ed34ce5d96","block_type":"box","text":"31, 2028 and before December 2, 2029, and a next call date no","page_number":39,"box":{"x":83,"y":610,"width":405,"height":10}},{"id":"834112a1-50d2-45a6-9f3b-b030015736eb","block_type":"box","text":"sooner than two years prior to final maturity; or (ii) a final maturity","page_number":39,"box":{"x":83,"y":624,"width":423,"height":11}},{"id":"61d9a11e-8919-4914-945b-3a3443fed7fc","block_type":"box","text":"up to four years after the index maturity year, if the next call date","page_number":39,"box":{"x":83,"y":638,"width":416,"height":11}},{"id":"a7e4a618-f7a3-4607-a6ed-ca0b1baa8764","block_type":"box","text":"is within the index maturity range. Prior to the Underlying Index","page_number":39,"box":{"x":83,"y":652,"width":404,"height":11}},{"id":"3af54008-4f55-4868-ae50-50c11347764b","block_type":"box","text":"year of maturity, redeemed bonds are represented as cash until","page_number":39,"box":{"x":82,"y":666,"width":407,"height":11}},{"id":"8a61b986-e7b8-420f-a9ea-22e6c47e05ce","block_type":"box","text":"the subsequent monthly rebalancing date during which eligible","page_number":39,"box":{"x":83,"y":681,"width":400,"height":10}},{"id":"7812b263-adae-4d36-8d49-88daded39050","block_type":"box","text":"bonds are added to the Underlying Index. In the Underlying Index","page_number":39,"box":{"x":83,"y":695,"width":415,"height":11}},{"id":"603c549e-ad41-4f13-896e-a1611af972b6","block_type":"box","text":"year of maturity, bonds that mature or are pre-refunded in their","page_number":39,"box":{"x":82,"y":709,"width":406,"height":11}},{"id":"0e31963c-b7f6-46ce-a625-0f1ce95e286b","block_type":"box","text":"respective year of maturity do not accrue interest past the","page_number":39,"box":{"x":83,"y":723,"width":372,"height":11}},{"id":"2abeddf5-b5e3-4dda-ab3c-45367dd62b8f","block_type":"box","text":"maturity or pre-refund date. A bond is “pre-refunded” when the","page_number":39,"box":{"x":83,"y":737,"width":403,"height":11}},{"id":"2593cdd7-61ff-40df-98ca-8f838e05e1ce","block_type":"box","text":"bond has been refunded to a call date prior to maturity. In other","page_number":39,"box":{"x":83,"y":751,"width":407,"height":11}},{"id":"e14f0a3d-e731-4fbf-b126-3a3d958e87ca","block_type":"box","text":"words, a holder of a “pre-refunded” bond receives all payments of","page_number":39,"box":{"x":82,"y":766,"width":421,"height":10}},{"id":"993681c9-b913-4734-926d-092bd2ec0790","block_type":"box","text":"interest and principal back on an earlier date then the stated","page_number":39,"box":{"x":83,"y":780,"width":387,"height":11}},{"id":"1e8b4d55-1327-4b6e-8d24-210a771f0755","block_type":"box","text":"maturity date of the bond. All payments related to the maturity or","page_number":39,"box":{"x":83,"y":794,"width":418,"height":11}},{"id":"ef174db9-b37d-4de7-93ca-d427db065cfc","block_type":"box","text":"pre-refunding of a bond are reinvested in tax-exempt cash or cash","page_number":39,"box":{"x":83,"y":808,"width":422,"height":11}},{"id":"8c76a0fd-c342-469b-9194-a8a0d353366a","block_type":"box","text":"equivalents for the duration of each month.","page_number":39,"box":{"x":83,"y":822,"width":276,"height":11}},{"id":"39291fc6-25bd-4d3e-8daa-fdf7e4d653a7","block_type":"box","text":"Outside of five years prior to the term of the Fund, the Underlying","page_number":39,"box":{"x":83,"y":844,"width":418,"height":11}},{"id":"844ea0b9-49d7-47cb-b8ca-556b81aa5e03","block_type":"box","text":"Index will be market value weighted. Five years prior to the term","page_number":39,"box":{"x":83,"y":859,"width":409,"height":10}},{"id":"a22a2110-d34b-4e7b-b3b1-0df5b5d8083e","block_type":"box","text":"of the Fund, monthly rebalances occurring in rolling two year","page_number":39,"box":{"x":83,"y":873,"width":388,"height":11}},{"id":"a9a64acc-c9ee-4c01-a12d-f49392a608ef","block_type":"box","text":"periods will remove bonds with a maturity year outside the term of","page_number":39,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"825330fa-b7b8-4567-8216-2f8c3ef2976a","block_type":"box","text":"the Fund from the Underlying Index. Such rebalancing will begin","page_number":39,"box":{"x":549,"y":37,"width":407,"height":11}},{"id":"ebfdb0fe-e33f-4764-965d-efdfdcd59b60","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":39,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"1d2f75ce-126e-46d4-9e4a-a2815d44c0c9","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":39,"box":{"x":549,"y":66,"width":396,"height":11}},{"id":"b10e23e5-6457-4e4a-a84f-509de16a6f00","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":39,"box":{"x":549,"y":80,"width":413,"height":11}},{"id":"bba545f6-b60d-4460-b528-70ca82713b17","block_type":"box","text":"the Fund. As a result, as of January 1, 2029, the Underlying Index","page_number":39,"box":{"x":549,"y":94,"width":415,"height":11}},{"id":"585e7399-5b6f-472c-85d6-803ca8878096","block_type":"box","text":"will not contain bonds with an effective maturity date later than","page_number":39,"box":{"x":549,"y":108,"width":404,"height":11}},{"id":"7f6d23e0-9da7-4b61-936f-55734f0d78b1","block_type":"box","text":"December 2, 2029.","page_number":39,"box":{"x":550,"y":123,"width":122,"height":10}},{"id":"4a7414e6-7b66-4ad2-9e3d-0d5807b45633","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":39,"box":{"x":549,"y":144,"width":265,"height":9}},{"id":"d386a70e-30ab-46b1-b27c-ed0be6d5dadf","block_type":"box","text":"®","page_number":39,"box":{"x":816,"y":144,"width":8,"height":6}},{"id":"4bf14f4f-53e3-4264-b9d2-053b34457d18","block_type":"box","text":"fixed maturity series","page_number":39,"box":{"x":829,"y":144,"width":130,"height":11}},{"id":"b42d086e-4f53-42ba-8b6a-a9ca85957bf4","block_type":"box","text":"of bond exchange-traded funds (“ETFs”) sponsored by BlackRock,","page_number":39,"box":{"x":549,"y":158,"width":419,"height":11}},{"id":"b90e9590-ab89-4a7d-81dc-82dbd195c54f","block_type":"box","text":"Inc. (“BlackRock”). The iBonds","page_number":39,"box":{"x":550,"y":173,"width":191,"height":10}},{"id":"4e68d120-0bd0-4790-86bc-07cb27f43e58","block_type":"box","text":"®","page_number":39,"box":{"x":743,"y":172,"width":8,"height":6}},{"id":"3368acc5-0388-47bb-b375-ab23a676f53e","block_type":"box","text":"fixed maturity series do not invest","page_number":39,"box":{"x":756,"y":173,"width":217,"height":10}},{"id":"18703262-1cea-4f83-ad95-e29b124c049b","block_type":"box","text":"in U.S. savings bonds or other U.S. government bonds (except to","page_number":39,"box":{"x":549,"y":187,"width":414,"height":11}},{"id":"46b940bf-4692-4568-94eb-fe5989880f32","block_type":"box","text":"the extent the funds hold cash equivalent instruments consistent","page_number":39,"box":{"x":549,"y":201,"width":416,"height":11}},{"id":"3bbcd6d7-978a-48ab-9dd5-022a3d027217","block_type":"box","text":"with their investment objectives) and are not designed to provide","page_number":39,"box":{"x":549,"y":215,"width":416,"height":11}},{"id":"39b2abd1-41a2-4955-9aca-e50e8e15b8af","block_type":"box","text":"protection against inflation. The Fund does not invest in U.S.","page_number":39,"box":{"x":549,"y":229,"width":385,"height":11}},{"id":"c141592d-21a1-4007-a492-07292c332c2f","block_type":"box","text":"federal government agency bonds.","page_number":39,"box":{"x":549,"y":244,"width":220,"height":10}},{"id":"88c6c4fb-9ac4-4b48-83fa-56b3333a8ee2","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":39,"box":{"x":550,"y":267,"width":376,"height":11}},{"id":"12de86e7-514c-40dc-bdb8-abacfb1508a7","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":39,"box":{"x":549,"y":281,"width":417,"height":11}},{"id":"4d00395e-d425-4de6-af55-c67577b68832","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":39,"box":{"x":549,"y":295,"width":396,"height":11}},{"id":"bb41fee7-a130-4ef1-bc32-b6140d225cc4","block_type":"box","text":"markets decline or appear overvalued.","page_number":39,"box":{"x":549,"y":309,"width":244,"height":11}},{"id":"e2f3791d-b5e7-405d-8db6-62716a8addfb","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":39,"box":{"x":550,"y":333,"width":420,"height":10}},{"id":"fd840a09-6b07-4b0c-adfb-9b1fdd4cc9c4","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":39,"box":{"x":549,"y":347,"width":421,"height":11}},{"id":"3c650ddc-55aa-4295-a829-c8d46ac4eb67","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":39,"box":{"x":549,"y":361,"width":386,"height":11}},{"id":"4a8e5817-c004-4ae1-b11c-3fbcced9bc44","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":39,"box":{"x":550,"y":375,"width":369,"height":11}},{"id":"c520b99d-ead7-41a9-986a-f7080a5d5411","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":39,"box":{"x":549,"y":389,"width":356,"height":11}},{"id":"3b91b5b1-89e6-436d-9aef-a66ac90d1789","block_type":"box","text":"comparison to actively managed investment companies.","page_number":39,"box":{"x":549,"y":403,"width":359,"height":11}},{"id":"1edb2033-d103-49c2-a6db-b57f5e7a6e58","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":39,"box":{"x":550,"y":427,"width":411,"height":10}},{"id":"aa68cccf-13c5-4cff-833d-53b927fa5ba2","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":39,"box":{"x":549,"y":441,"width":411,"height":11}},{"id":"6f30104a-aaa6-42ce-bf0c-ccd7772dbd14","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":39,"box":{"x":549,"y":455,"width":424,"height":11}},{"id":"de6f9f98-bc1f-4c0a-8ced-d7e5d8bbee69","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":39,"box":{"x":549,"y":469,"width":410,"height":11}},{"id":"3e4f0d52-339c-4cfb-a7c3-a4eb09317b36","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":39,"box":{"x":549,"y":483,"width":408,"height":11}},{"id":"39ad2395-94f3-4326-8691-c73f97632718","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":39,"box":{"x":549,"y":498,"width":423,"height":10}},{"id":"dfe4a80a-72d2-43df-ba16-f517204c4f9d","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":39,"box":{"x":549,"y":512,"width":415,"height":11}},{"id":"00dac944-3d06-4ce3-8aca-7373a5e3f0a8","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":39,"box":{"x":549,"y":526,"width":405,"height":11}},{"id":"c90e9d6a-74cc-40e6-89a0-cb102c9044df","block_type":"box","text":"(","page_number":39,"box":{"x":549,"y":540,"width":3,"height":11}},{"id":"8bcb3857-2f77-4fe8-bf55-308163003cf2","block_type":"box","text":"i.e.","page_number":39,"box":{"x":553,"y":540,"width":17,"height":9}},{"id":"b3ee960e-7d55-4851-90cf-15da2d5b7da6","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":39,"box":{"x":573,"y":540,"width":358,"height":11}},{"id":"42b5b26a-ed30-414d-8ee8-36914f105826","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":39,"box":{"x":549,"y":554,"width":418,"height":11}},{"id":"d0e48a87-2c51-4c4f-91e1-3de74c257abb","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":39,"box":{"x":549,"y":568,"width":410,"height":11}},{"id":"006f1566-5e96-4f9f-8035-ab4371348a55","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":39,"box":{"x":549,"y":583,"width":399,"height":10}},{"id":"e5144cca-36df-4e0f-a3f8-b5a7cfdfd7f1","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":39,"box":{"x":549,"y":606,"width":404,"height":11}},{"id":"59f60e03-0e3d-4996-bd02-4351d659c2de","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":39,"box":{"x":549,"y":620,"width":424,"height":11}},{"id":"b7918ae0-0595-421a-9239-c03f8b704fa1","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":39,"box":{"x":549,"y":634,"width":411,"height":11}},{"id":"d9bccef6-b653-42c1-9531-4590a2f6245e","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":39,"box":{"x":549,"y":648,"width":414,"height":11}},{"id":"422f3d25-2bf9-4aae-b72d-16553dd7ff0b","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":39,"box":{"x":549,"y":663,"width":414,"height":10}},{"id":"c3e82d7d-1033-4cce-9248-c8649b5a6a7a","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":39,"box":{"x":549,"y":677,"width":419,"height":10}},{"id":"42f8afa0-e91b-4779-8f54-ecc7acbb28af","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":39,"box":{"x":549,"y":691,"width":386,"height":11}},{"id":"149dfed6-5f85-4ca1-8ab4-ab36043e1a2c","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":39,"box":{"x":549,"y":705,"width":352,"height":11}},{"id":"a6352f2a-4249-4151-bbc8-cb5e52082a2f","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":39,"box":{"x":550,"y":719,"width":409,"height":11}},{"id":"49b979f7-9f56-42a2-b9ca-0050e0ce6cc0","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":39,"box":{"x":549,"y":733,"width":423,"height":11}},{"id":"8e52dd70-beaa-40aa-8291-361d22d28ec0","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":39,"box":{"x":549,"y":748,"width":385,"height":10}},{"id":"3c333628-5574-4524-9c1e-adee265351ff","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":39,"box":{"x":549,"y":762,"width":409,"height":11}},{"id":"580fc3fe-d74f-47af-848d-da2dd2f84d50","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":39,"box":{"x":549,"y":776,"width":414,"height":11}},{"id":"70d98b2d-3f40-44af-8ded-a1d65cecf7c9","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":39,"box":{"x":549,"y":790,"width":408,"height":11}},{"id":"e983c7fb-c2b4-4fdf-93eb-8adcf1fd41c5","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":39,"box":{"x":549,"y":804,"width":409,"height":11}},{"id":"b3ff31dd-7fd4-462c-814d-41a775a1bffe","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":39,"box":{"x":549,"y":819,"width":375,"height":10}},{"id":"14f0dc9b-521e-46f1-8a5a-6e39ea5a9354","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":39,"box":{"x":549,"y":833,"width":396,"height":10}},{"id":"1f0ebfd5-0972-4180-87ab-66f7ee23db79","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":39,"box":{"x":549,"y":847,"width":389,"height":8}},{"id":"4a4221c8-e3db-41b7-a8ab-6db1fd21f4f3","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":39,"box":{"x":549,"y":861,"width":355,"height":11}},{"id":"989713d5-dd8d-4d98-b9cc-190c5c9f4198","block_type":"box","text":"S-29","page_number":39,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"dbb3a47e-ecce-4f5a-8230-51afbcfab7e5","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":40,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"4fa54418-42fc-45d8-84d1-e4da68666536","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":40,"box":{"x":83,"y":37,"width":411,"height":11}},{"id":"7e6bf9b0-53f9-4c60-a92c-8c8d2f38f2f4","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":40,"box":{"x":82,"y":52,"width":381,"height":10}},{"id":"fd4c2b88-fd57-494a-afa4-6954d21afe28","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":40,"box":{"x":83,"y":66,"width":398,"height":10}},{"id":"5b5ae2ef-bc01-4800-990b-4a5245f4f04b","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":40,"box":{"x":83,"y":80,"width":389,"height":11}},{"id":"ef98afcf-3e6e-4423-bace-b080f2310d9c","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":40,"box":{"x":83,"y":94,"width":422,"height":11}},{"id":"a7b4d517-607e-4871-81d7-3f2cd3502f3f","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":40,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"a399507a-e5f0-4fba-8c6a-95eb224b5a55","block_type":"box","text":"the Underlying Index. By December 2, 2029, the Underlying Index","page_number":40,"box":{"x":83,"y":122,"width":420,"height":11}},{"id":"41558604-ee5b-4984-b7b9-ecbd9bdf07ce","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":40,"box":{"x":83,"y":137,"width":388,"height":10}},{"id":"bf02ecbc-b82d-48f7-8969-b86cd99f269e","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":40,"box":{"x":82,"y":151,"width":418,"height":11}},{"id":"6bae5a34-4164-4081-bcc1-e2bdb2529909","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":40,"box":{"x":83,"y":165,"width":382,"height":11}},{"id":"a34b8aba-76d2-4b7a-849a-c24487b7b3e0","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":40,"box":{"x":83,"y":179,"width":408,"height":11}},{"id":"b510ea69-5cfa-4603-bde3-edffb6b63c9f","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":40,"box":{"x":83,"y":193,"width":419,"height":11}},{"id":"4dda04a8-9b87-401f-a482-d6d75ad32a9b","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":40,"box":{"x":83,"y":207,"width":404,"height":11}},{"id":"8189b8a2-641a-41e4-bf9d-f8df78776aa2","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":40,"box":{"x":83,"y":222,"width":409,"height":10}},{"id":"660fb49b-4060-4fde-aaeb-92053f942cc3","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":40,"box":{"x":83,"y":236,"width":371,"height":11}},{"id":"1c3781dd-9496-4d1a-a472-54539e5349b1","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":40,"box":{"x":83,"y":250,"width":404,"height":9}},{"id":"750226fd-2b45-4533-954f-85bbdd241c9d","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":40,"box":{"x":82,"y":272,"width":414,"height":11}},{"id":"8630d955-f9ff-46c3-ae9b-32ec32fbb8e3","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":40,"box":{"x":83,"y":286,"width":282,"height":11}},{"id":"1c5cdf59-945e-4429-9ebc-ba913096cfe3","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":40,"box":{"x":82,"y":308,"width":406,"height":11}},{"id":"bd66e65a-4fc2-4bf9-8509-5adf9bba5e78","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":40,"box":{"x":83,"y":322,"width":420,"height":11}},{"id":"2fbd51fc-792b-4c6c-8a75-380ee18720bf","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":40,"box":{"x":83,"y":336,"width":402,"height":11}},{"id":"0acb982a-f60d-4ea3-b071-0206c6c10d9a","block_type":"box","text":"over time.","page_number":40,"box":{"x":83,"y":351,"width":63,"height":8}},{"id":"d138aa87-f5b7-42a9-bbcb-0f6736c2bc3b","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":40,"box":{"x":82,"y":374,"width":423,"height":11}},{"id":"ab96fcbf-6ed6-467b-80dd-e2bd203b39dd","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":40,"box":{"x":83,"y":388,"width":356,"height":8}},{"id":"afa726f0-e8ea-4a7b-9cf5-777537153991","block_type":"box","text":"composition and relative weightings of the components of the","page_number":40,"box":{"x":83,"y":402,"width":395,"height":11}},{"id":"dd2b8345-44b8-42f8-8d9b-ce4a64bb01a7","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":40,"box":{"x":83,"y":416,"width":416,"height":11}},{"id":"b854949e-79f0-4f5a-a9e1-973286a1deee","block_type":"box","text":"value of the Underlying Index.","page_number":40,"box":{"x":82,"y":430,"width":190,"height":11}},{"id":"199c7baf-bbc3-4839-aa7a-e577ac1b76ef","block_type":"box","text":"Industry Concentration Policy.","page_number":40,"box":{"x":83,"y":454,"width":210,"height":11}},{"id":"3d515a44-bb58-43b8-b7f8-a0765715dc86","block_type":"box","text":"The Fund will concentrate its","page_number":40,"box":{"x":298,"y":454,"width":184,"height":8}},{"id":"a395a1a1-4ea0-4fcb-9bda-d325293417c5","block_type":"box","text":"investments (","page_number":40,"box":{"x":83,"y":468,"width":85,"height":11}},{"id":"fb38ebee-c1f6-4d44-8c39-2519261af5e5","block_type":"box","text":"i.e.","page_number":40,"box":{"x":169,"y":468,"width":17,"height":8}},{"id":"ac19dd7b-d1db-45e3-a853-f234aaf0605b","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":40,"box":{"x":189,"y":468,"width":264,"height":11}},{"id":"39ae52f3-89d9-4f3a-9e06-2b90cb19354b","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":40,"box":{"x":83,"y":482,"width":394,"height":11}},{"id":"d502a6a5-a704-4c5e-8efc-ea18b8b7dbfe","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":40,"box":{"x":83,"y":496,"width":377,"height":11}},{"id":"6e05f05a-bb25-4f00-b274-735f5ac87b4e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":40,"box":{"x":83,"y":510,"width":389,"height":11}},{"id":"18031e42-63ab-488a-b36c-01cf09a88c9c","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":40,"box":{"x":83,"y":525,"width":365,"height":10}},{"id":"acaeb2b5-28ba-4722-b4f6-0887e0e88809","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":40,"box":{"x":83,"y":539,"width":392,"height":11}},{"id":"35115845-2e54-49ba-9965-458ea453cf75","block_type":"box","text":"securities of state or municipal governments and their political","page_number":40,"box":{"x":83,"y":553,"width":399,"height":11}},{"id":"d864ccb6-e17e-4d98-9419-a2e74f132f00","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":40,"box":{"x":83,"y":567,"width":410,"height":11}},{"id":"3b3dc378-b356-468c-998c-869a4241088d","block_type":"box","text":"industry.","page_number":40,"box":{"x":83,"y":581,"width":54,"height":11}},{"id":"e61c0ca1-6415-484a-8ee7-aedfb1ae62a6","block_type":"box","text":"Summary of Principal Risks","page_number":40,"box":{"x":83,"y":610,"width":235,"height":14}},{"id":"2afb781f-6e92-493f-a7a4-c10ae93e2016","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":40,"box":{"x":82,"y":635,"width":363,"height":11}},{"id":"f48ca243-f17b-486d-9e95-b12046b9bfa7","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":40,"box":{"x":83,"y":650,"width":402,"height":10}},{"id":"946f2b72-53cf-42fd-b685-ce16329934ad","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":40,"box":{"x":83,"y":664,"width":396,"height":10}},{"id":"4a2eaae3-ce36-4f2d-905c-5b0a24d11894","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":40,"box":{"x":83,"y":678,"width":376,"height":11}},{"id":"0342cc0e-6607-4e72-a08e-3a6b1c04a987","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":40,"box":{"x":83,"y":692,"width":392,"height":11}},{"id":"8a04cab4-fc4f-4e59-8c0e-0788d279589a","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":40,"box":{"x":83,"y":706,"width":416,"height":11}},{"id":"81b38407-9d09-4b45-99b9-82d14f66b7d3","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":40,"box":{"x":83,"y":721,"width":387,"height":10}},{"id":"cf5e1131-4661-4f96-979b-3a0daede4eae","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":40,"box":{"x":82,"y":735,"width":426,"height":11}},{"id":"03d0d56b-74b6-4e9a-a3a4-60caf7e5a879","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":40,"box":{"x":83,"y":749,"width":404,"height":11}},{"id":"b8d61658-f1ea-4655-aaa6-03202a0d85d1","block_type":"box","text":"review each risk factor carefully.","page_number":40,"box":{"x":83,"y":763,"width":206,"height":11}},{"id":"d4c170c4-0875-466b-8adf-a23a73d11f54","block_type":"box","text":"Municipal Securities Risk","page_number":40,"box":{"x":83,"y":786,"width":172,"height":11}},{"id":"1e502045-65e4-4cfb-a7e6-e765f41134df","block_type":"box","text":".","page_number":40,"box":{"x":255,"y":793,"width":3,"height":2}},{"id":"83107ea4-ed7f-40ea-b359-03d5173c036b","block_type":"box","text":"Municipal securities are subject to","page_number":40,"box":{"x":264,"y":786,"width":219,"height":11}},{"id":"72480dff-74d6-4695-b481-cc42286b5691","block_type":"box","text":"the risk that the issuer may be unable to pay the instrument’s","page_number":40,"box":{"x":83,"y":800,"width":393,"height":11}},{"id":"d9353f92-b84f-496c-8206-190d90bb1f22","block_type":"box","text":"obligations, which would adversely affect the value of the","page_number":40,"box":{"x":83,"y":815,"width":365,"height":11}},{"id":"63755096-ff8e-4f59-b228-fa377c86434d","block_type":"box","text":"securities. Legal, regulatory, fiscal, political, economic and other","page_number":40,"box":{"x":83,"y":829,"width":413,"height":11}},{"id":"45bcdfa6-3ddf-4e60-b0ac-3baf06af4786","block_type":"box","text":"developments may also adversely affect the value of municipal","page_number":40,"box":{"x":83,"y":843,"width":400,"height":11}},{"id":"8bf2f4a5-56af-4cb3-a00f-6343aa40d735","block_type":"box","text":"securities. 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If","page_number":40,"box":{"x":549,"y":51,"width":424,"height":11}},{"id":"df1a04a3-9495-416e-9ff0-2dee9b7d4da3","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":40,"box":{"x":549,"y":66,"width":379,"height":10}},{"id":"36a86554-1d6d-48b4-8e2a-140949a088c6","block_type":"box","text":"significantly.","page_number":40,"box":{"x":549,"y":80,"width":78,"height":11}},{"id":"dd552aad-dcec-4331-b11a-bb940a93b7bf","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":40,"box":{"x":549,"y":103,"width":412,"height":11}},{"id":"ba286ba8-c17c-47b9-93a0-ef3697451761","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":40,"box":{"x":549,"y":117,"width":415,"height":11}},{"id":"0ae412c8-0984-43f6-9cc5-d433d0c87ad7","block_type":"box","text":"and sell municipal bonds, especially on short notice. 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Errors in index data, index computations or the","page_number":40,"box":{"x":549,"y":806,"width":366,"height":10}},{"id":"56fcb4d0-4c35-4028-ac59-57c34446b931","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":40,"box":{"x":549,"y":820,"width":377,"height":11}},{"id":"7ee60ac0-4ddf-47d0-8f2b-bffbb25d0989","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":40,"box":{"x":549,"y":834,"width":413,"height":11}},{"id":"45eb3dbf-e6ad-4870-9668-a44169a15abf","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":40,"box":{"x":549,"y":848,"width":396,"height":11}},{"id":"4a6635d3-3c7f-4b93-a13a-534e5306ae9c","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":40,"box":{"x":549,"y":862,"width":367,"height":11}},{"id":"8b095499-c9d8-40fc-9810-73f0d36e2fb0","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":40,"box":{"x":549,"y":877,"width":400,"height":10}},{"id":"d1e39ab8-d02d-4992-94f1-90a4255dc92e","block_type":"box","text":"S-30","page_number":40,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"8742aeea-161a-4e0d-b9ba-39cb4997c2ff","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":41,"box":{"x":83,"y":23,"width":409,"height":11}},{"id":"72c3f214-e1ea-4b60-b1e3-eb1d8ad4c6bb","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":41,"box":{"x":83,"y":37,"width":414,"height":11}},{"id":"ca081a3e-766a-4ad5-9a0f-a0f45024d162","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":41,"box":{"x":83,"y":52,"width":362,"height":10}},{"id":"fc22abed-f721-48c9-be8e-2361617b969f","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":41,"box":{"x":83,"y":66,"width":423,"height":11}},{"id":"4132cbd1-6ca0-42c1-a161-d98cf8212ad8","block_type":"box","text":"Asset Class Risk.","page_number":41,"box":{"x":81,"y":89,"width":115,"height":8}},{"id":"d26d3d6c-8be6-48fa-bc49-f1c60f5a14d0","block_type":"box","text":"The securities and other assets in the","page_number":41,"box":{"x":202,"y":89,"width":239,"height":8}},{"id":"1e7b9660-a370-45b9-8ff3-c686e22a7a47","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":41,"box":{"x":83,"y":103,"width":406,"height":11}},{"id":"8ce45af9-613f-4372-b3c8-4fdf8494343f","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":41,"box":{"x":83,"y":117,"width":405,"height":11}},{"id":"86b92968-84e1-4e03-8836-233330d0e87f","block_type":"box","text":"market, another index, or other asset classes.","page_number":41,"box":{"x":83,"y":131,"width":292,"height":11}},{"id":"868e9a7f-75df-4325-84f4-a2dca85af13b","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":41,"box":{"x":81,"y":155,"width":290,"height":10}},{"id":"063a58f2-5750-4804-ac9d-1d34a942d43b","block_type":"box","text":"An “Authorized","page_number":41,"box":{"x":381,"y":155,"width":93,"height":8}},{"id":"ad5a0b6c-26bf-4ae6-a9fa-eaf9103bc6ab","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":41,"box":{"x":84,"y":169,"width":379,"height":11}},{"id":"f468b0b6-74e4-490c-ba04-ac946abd8941","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":41,"box":{"x":83,"y":183,"width":411,"height":11}},{"id":"2f8014a5-d63c-4986-81b4-e174d1da8a96","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":41,"box":{"x":84,"y":197,"width":395,"height":11}},{"id":"dae09eaa-b078-4a32-9f97-726cccd08c04","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":41,"box":{"x":84,"y":211,"width":399,"height":11}},{"id":"5d9c8650-ca0a-41f3-a349-34ef4ecba655","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":41,"box":{"x":83,"y":226,"width":407,"height":10}},{"id":"7ab48272-c40e-45e4-a138-97f2ae8bb786","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":41,"box":{"x":83,"y":240,"width":409,"height":11}},{"id":"d94f0aaf-0fea-4ff0-9276-07e059917516","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":41,"box":{"x":83,"y":254,"width":412,"height":11}},{"id":"fc6edadd-89a7-49e9-81b8-0719438f8867","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":41,"box":{"x":83,"y":268,"width":403,"height":11}},{"id":"bbffb97d-9520-41a5-9fcd-7cbb7dc7dd67","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":41,"box":{"x":83,"y":282,"width":378,"height":11}},{"id":"7acff891-bcb4-4a24-8a17-0dbcaebe00d9","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":41,"box":{"x":84,"y":296,"width":379,"height":11}},{"id":"4cbf226b-17ac-4342-ae26-21a398660058","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":41,"box":{"x":83,"y":311,"width":404,"height":10}},{"id":"62c1d27b-6778-4872-9d91-3d56166335d0","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":41,"box":{"x":83,"y":325,"width":399,"height":11}},{"id":"78b8f2e4-950f-416b-8f94-8618a109b3ec","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":41,"box":{"x":84,"y":339,"width":391,"height":11}},{"id":"951b1502-96cf-4722-97be-8b6e89b2f4c3","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":41,"box":{"x":83,"y":353,"width":408,"height":11}},{"id":"b1290607-69cf-4a2e-9817-8921d828d782","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":41,"box":{"x":83,"y":367,"width":273,"height":11}},{"id":"03856e21-0c18-4ef0-a4ba-6ea55d2799be","block_type":"box","text":"Call Risk","page_number":41,"box":{"x":83,"y":391,"width":59,"height":8}},{"id":"6ceccb6a-416c-407e-aa73-23eb8be7ba23","block_type":"box","text":".","page_number":41,"box":{"x":142,"y":397,"width":2,"height":2}},{"id":"3b455b02-e4bc-490f-aef0-b58182378549","block_type":"box","text":"During periods of falling interest rates, an issuer of a","page_number":41,"box":{"x":150,"y":391,"width":335,"height":10}},{"id":"390d62e6-ae10-4c7c-bd05-64a9972f4d71","block_type":"box","text":"callable debt obligation held by the Fund may “call” or repay the","page_number":41,"box":{"x":83,"y":405,"width":408,"height":11}},{"id":"75e7698c-108a-42ec-8d7e-9eb13579a878","block_type":"box","text":"debt obligation before its stated maturity, and the Fund may have","page_number":41,"box":{"x":83,"y":419,"width":418,"height":11}},{"id":"151047c3-7e06-476a-8082-e9bd9fc94dfe","block_type":"box","text":"to reinvest the proceeds in instruments with lower yields, which","page_number":41,"box":{"x":83,"y":433,"width":406,"height":11}},{"id":"4f7ad3b8-b9e2-4634-bd7e-0e96a17063fa","block_type":"box","text":"would result in a decline in the Fund’s income, or in instruments","page_number":41,"box":{"x":82,"y":447,"width":409,"height":10}},{"id":"11d1c2a8-df07-4536-88f7-ae3a9a74b13e","block_type":"box","text":"with greater risks or with other less favorable features. Issuers of","page_number":41,"box":{"x":82,"y":461,"width":417,"height":11}},{"id":"abfb79c3-528b-4eff-9a77-64b8f952483f","block_type":"box","text":"longer maturity securities may be more likely to call such","page_number":41,"box":{"x":83,"y":476,"width":364,"height":10}},{"id":"d57400cb-97d4-49a2-abed-066fa17f7459","block_type":"box","text":"securities as interest rates fall. As a result, the Fund’s investment","page_number":41,"box":{"x":83,"y":490,"width":418,"height":10}},{"id":"083c6e30-fa05-4300-b19a-4a87de840d46","block_type":"box","text":"in certain callable securities maturing outside the term of the","page_number":41,"box":{"x":83,"y":504,"width":390,"height":11}},{"id":"1a03ebeb-c202-414c-a76e-088e028f9887","block_type":"box","text":"Fund may increase the likelihood that securities held by the Fund","page_number":41,"box":{"x":84,"y":518,"width":414,"height":11}},{"id":"971fe90d-8d80-451e-8d55-24a70b6200c3","block_type":"box","text":"are called prior to December 2, 2029.","page_number":41,"box":{"x":83,"y":532,"width":240,"height":11}},{"id":"e75e7811-54ad-4fd5-aef7-86b8ed2b9fa2","block_type":"box","text":"Cash Transactions Risk","page_number":41,"box":{"x":83,"y":556,"width":157,"height":8}},{"id":"305cae2c-8bab-4271-87a9-161e71de690d","block_type":"box","text":".","page_number":41,"box":{"x":240,"y":562,"width":3,"height":2}},{"id":"2fbca30f-78a7-4cfb-b220-619226389b96","block_type":"box","text":"The Fund’s creation and redemption","page_number":41,"box":{"x":248,"y":556,"width":230,"height":10}},{"id":"2c37d64e-b468-4632-9344-9f22a4b3a80e","block_type":"box","text":"transactions generally are expected to be effected in cash, rather","page_number":41,"box":{"x":83,"y":570,"width":418,"height":11}},{"id":"d646ed22-fdb5-4a10-936c-c4b2333777d1","block_type":"box","text":"than as in-kind transactions in which portfolio securities or other","page_number":41,"box":{"x":83,"y":584,"width":414,"height":11}},{"id":"016c4a54-308c-42c6-91f6-18f9c26c3042","block_type":"box","text":"investments are delivered. 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This may","page_number":41,"box":{"x":83,"y":655,"width":415,"height":11}},{"id":"f2ebdd88-aaa2-4560-a2d9-9f8a17b27b16","block_type":"box","text":"decrease the tax efficiency of the Fund compared with that of","page_number":41,"box":{"x":83,"y":669,"width":394,"height":11}},{"id":"d89d4fc9-eb73-432a-b47d-e8d91e84e9f1","block_type":"box","text":"ETFs that use in-kind redemptions. 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As a result, the Fund’s","page_number":42,"box":{"x":549,"y":23,"width":375,"height":11}},{"id":"5cef0869-61e0-4a1d-8837-bad997c7cc3a","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":42,"box":{"x":549,"y":37,"width":418,"height":11}},{"id":"762744e8-235a-4741-8540-7b61b1b190c4","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":42,"box":{"x":549,"y":51,"width":418,"height":11}},{"id":"16b3f376-1420-45f7-927f-00780050d02a","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":42,"box":{"x":549,"y":66,"width":210,"height":10}},{"id":"df405bfc-30bd-45a1-ae3d-38509bcb8bd5","block_type":"box","text":"Operational and Technology Risks","page_number":42,"box":{"x":549,"y":89,"width":230,"height":11}},{"id":"033edd36-0cde-41b0-a2f9-9fe4b04b9c67","block_type":"box","text":".","page_number":42,"box":{"x":780,"y":95,"width":2,"height":2}},{"id":"f888d2cb-5ca9-44ee-b51a-4900527bc355","block_type":"box","text":"The Fund is directly and","page_number":42,"box":{"x":787,"y":89,"width":152,"height":11}},{"id":"e4f70d1e-acc8-40c5-aa94-faea89b3cee0","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":42,"box":{"x":549,"y":103,"width":368,"height":11}},{"id":"9fb9395b-e91d-47ec-8343-0dbbf0066c89","block_type":"box","text":"including those related to human errors, processing errors,","page_number":42,"box":{"x":549,"y":117,"width":376,"height":11}},{"id":"413a2666-458e-40e9-ba56-92c07ce1a08b","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":42,"box":{"x":549,"y":131,"width":413,"height":11}},{"id":"11b08d0d-06a5-4ef0-91b7-1d1be1820202","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":42,"box":{"x":549,"y":146,"width":404,"height":10}},{"id":"d24d6e14-ee5b-49fe-975c-abdc57604620","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":42,"box":{"x":549,"y":160,"width":401,"height":11}},{"id":"74b4f42c-0359-4276-83f2-796cb7bbb8df","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":42,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"ac364487-170f-4d08-8ad7-66d142af9ee8","block_type":"box","text":"providers are required to have appropriate operational,","page_number":42,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"b8feb38c-73d7-449d-9ceb-3a3b623797d7","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":42,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"8f047e52-4aa1-4320-98bd-7f66dd925b51","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":42,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"c9df52cc-ca0c-4831-91b6-72cff35263cb","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":42,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"38566ee0-012f-41ce-b077-474b636e82c6","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":42,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"51ed71b5-aab3-4b70-aaf8-81879888afa2","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":42,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"e9c767ba-899c-4f25-b2d9-b08e4aa6986b","block_type":"box","text":"investments in such issuers to lose value.","page_number":42,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"dacc6194-d482-421c-845b-277a256d8192","block_type":"box","text":"Tax Risk","page_number":42,"box":{"x":550,"y":296,"width":54,"height":9}},{"id":"7a50b53e-0b54-4246-8b3f-f1543fa9794d","block_type":"box","text":".","page_number":42,"box":{"x":604,"y":303,"width":3,"height":2}},{"id":"7372792e-f4d5-4691-b41e-7b11cd216ffe","block_type":"box","text":"There is no guarantee that the Fund’s income will be","page_number":42,"box":{"x":612,"y":296,"width":334,"height":11}},{"id":"5f2771c9-5347-4442-9546-bc1f9f46c93a","block_type":"box","text":"exempt from U.S. federal, state or local income taxes, the federal","page_number":42,"box":{"x":549,"y":311,"width":417,"height":10}},{"id":"19c4470c-8230-4bd7-b613-9f5bc380ed5e","block_type":"box","text":"AMT or the federal Medicare contribution tax of 3.8% on “net","page_number":42,"box":{"x":549,"y":325,"width":388,"height":8}},{"id":"a127785a-8836-4042-8b9f-5cf4f91e79a5","block_type":"box","text":"investment income.” Neither BFA nor the Fund guarantees that an","page_number":42,"box":{"x":549,"y":339,"width":421,"height":11}},{"id":"f8209aee-6069-4851-9dfd-d6ad64c42886","block_type":"box","text":"opinion from bond counsel about a security’s tax-exempt status is","page_number":42,"box":{"x":549,"y":353,"width":422,"height":11}},{"id":"b4656714-8bce-4aa5-abe4-88d830fa733f","block_type":"box","text":"correct, and there is no assurance that the Internal Revenue","page_number":42,"box":{"x":549,"y":367,"width":384,"height":10}},{"id":"37e78aaf-4c78-4e9a-9280-6418b6a490ad","block_type":"box","text":"Service (“IRS”) will agree with the bond counsel’s opinion. Events","page_number":42,"box":{"x":549,"y":382,"width":417,"height":10}},{"id":"47a5b9df-afed-4d22-928f-8081a9b71953","block_type":"box","text":"occurring after a municipal bond is issued or acquired by a Fund","page_number":42,"box":{"x":549,"y":396,"width":409,"height":11}},{"id":"69ea1324-863b-4163-8fa9-1fc5202f123c","block_type":"box","text":"may result in a determination that the bond’s interest is includible","page_number":42,"box":{"x":549,"y":410,"width":420,"height":11}},{"id":"1cdde8a0-53e9-4ad9-a454-105b7e5d5222","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for","page_number":42,"box":{"x":549,"y":424,"width":412,"height":11}},{"id":"af2e0aab-ab97-439e-bcb9-dd57ea6adeee","block_type":"box","text":"purposes of U.S. federal income taxes, the federal AMT or the","page_number":42,"box":{"x":549,"y":438,"width":394,"height":11}},{"id":"2812e9c6-bf20-43e1-8480-afed187d705e","block_type":"box","text":"federal Medicare contribution tax. The interest on money market","page_number":42,"box":{"x":549,"y":452,"width":413,"height":11}},{"id":"55447dd6-62ce-4d6f-8890-f97d323feadb","block_type":"box","text":"instruments, other cash equivalents and derivatives held by a","page_number":42,"box":{"x":549,"y":467,"width":391,"height":10}},{"id":"0d12914a-b91a-43ee-af24-07c02f67e2f4","block_type":"box","text":"Fund may be subject to federal, state and local income taxes and","page_number":42,"box":{"x":550,"y":481,"width":415,"height":11}},{"id":"262babcd-77c7-43b6-ab8d-d991a2181c3c","block_type":"box","text":"the federal Medicare contribution tax.","page_number":42,"box":{"x":549,"y":495,"width":241,"height":8}},{"id":"707830f1-8a95-42e7-8b8f-f43a48f099d0","block_type":"box","text":"Tracking Error Risk","page_number":42,"box":{"x":550,"y":518,"width":128,"height":11}},{"id":"1e3ddfad-baa1-48c3-805d-e95af0102a8a","block_type":"box","text":".","page_number":42,"box":{"x":678,"y":525,"width":3,"height":2}},{"id":"246b4afd-a275-4e1e-bbe6-d3fbb86b75cc","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":42,"box":{"x":686,"y":518,"width":284,"height":11}},{"id":"ceb723e9-3cb7-4096-b6e6-5b41bf30e8c7","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":42,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"eaac8d5a-42f7-4eb8-bdfc-73a27cad8f70","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":42,"box":{"x":549,"y":546,"width":425,"height":11}},{"id":"96b75cb9-020a-4b04-b680-004c58a936e1","block_type":"box","text":"factors, including differences between the securities and other","page_number":42,"box":{"x":549,"y":561,"width":401,"height":11}},{"id":"881b5053-b65a-4406-baeb-995c9c4484ab","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":42,"box":{"x":549,"y":575,"width":381,"height":11}},{"id":"abce0ac8-91a7-4c56-9179-29ce2d2c971b","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":42,"box":{"x":550,"y":589,"width":396,"height":11}},{"id":"43c234f5-e958-4a22-8d21-b442824bfdfc","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":42,"box":{"x":549,"y":603,"width":407,"height":10}},{"id":"b4a7c8f1-69cc-4877-a287-e0ec06616fd8","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":42,"box":{"x":549,"y":617,"width":400,"height":11}},{"id":"2c0724a5-75a8-470a-a528-b336f2e482da","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":42,"box":{"x":549,"y":632,"width":421,"height":10}},{"id":"d771fd67-6abc-4f52-b198-4e530c9ed299","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":42,"box":{"x":549,"y":646,"width":374,"height":11}},{"id":"efaedd32-c232-4397-8484-4d9986060218","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":42,"box":{"x":549,"y":660,"width":370,"height":11}},{"id":"c839677f-c63f-46a7-bc18-42a25610a432","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":42,"box":{"x":549,"y":674,"width":372,"height":11}},{"id":"940cfbe2-31e6-466d-9401-4764d899301e","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":42,"box":{"x":549,"y":688,"width":420,"height":11}},{"id":"22b30876-2853-4217-9ddd-169333b2cd87","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":42,"box":{"x":549,"y":702,"width":387,"height":11}},{"id":"6f3ea94f-ff30-40c0-8fd2-67c161304a10","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":42,"box":{"x":549,"y":717,"width":377,"height":11}},{"id":"1328f392-3ec0-4a6c-8059-38300c1e94cb","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":42,"box":{"x":549,"y":731,"width":380,"height":11}},{"id":"a169cb73-5af0-468c-89eb-b617991a7c3b","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":42,"box":{"x":549,"y":745,"width":366,"height":11}},{"id":"cabf24dc-9b30-47e7-98b1-4581a6ab0484","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":42,"box":{"x":549,"y":759,"width":414,"height":11}},{"id":"52984968-0bc3-4561-857a-5895b3b2506c","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":42,"box":{"x":550,"y":773,"width":386,"height":11}},{"id":"55ee3ff6-7152-40fd-84a4-037e573cafa0","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index where","page_number":42,"box":{"x":549,"y":816,"width":395,"height":8}},{"id":"74b8417e-611c-444e-bf27-698d65aa63ae","block_type":"box","text":"municipal bonds are an investment focus may experience higher","page_number":42,"box":{"x":549,"y":830,"width":412,"height":11}},{"id":"404e7214-714d-489f-9812-f111e09df495","block_type":"box","text":"tracking error than ETFs that do not track such indexes.","page_number":42,"box":{"x":549,"y":844,"width":355,"height":11}},{"id":"021f1134-7262-4149-ab96-5644c736957e","block_type":"box","text":"S-32","page_number":42,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"383cf01e-1230-4409-ac33-06207591ac01","block_type":"box","text":"Valuation Risk","page_number":43,"box":{"x":84,"y":23,"width":96,"height":9}},{"id":"f2b7a7c5-90fa-4509-b15c-678e217f2e13","block_type":"box","text":".","page_number":43,"box":{"x":180,"y":30,"width":2,"height":2}},{"id":"fb6cec40-6744-4cd3-a184-4d90b4a50bc6","block_type":"box","text":"The price that the Fund could receive upon the","page_number":43,"box":{"x":187,"y":23,"width":298,"height":11}},{"id":"b66ed058-a5a8-4458-9ccf-2cdff7c5764f","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":43,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"1278aec3-6932-41c2-a630-65d8d87b68d0","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":43,"box":{"x":82,"y":51,"width":356,"height":11}},{"id":"79e79321-52f7-43ef-9ed0-f7a03bf4dc8c","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":43,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"09a0e017-8766-454c-9f09-8458b0732dbf","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":43,"box":{"x":83,"y":80,"width":347,"height":11}},{"id":"d296c9f0-d051-4a0d-9387-74c78e6a4012","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":43,"box":{"x":83,"y":94,"width":418,"height":11}},{"id":"b2abf4a2-fe8e-4d54-97d5-e699d0869eb9","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":43,"box":{"x":83,"y":108,"width":406,"height":11}},{"id":"c37beb8f-d038-4e7f-848d-0a6f49283d84","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":43,"box":{"x":83,"y":122,"width":411,"height":11}},{"id":"189886ba-855d-445c-ba1f-3ca50851b28b","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":43,"box":{"x":83,"y":137,"width":392,"height":10}},{"id":"d705e2db-2627-4ccf-9a2f-35099b8927f9","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":43,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"fe329762-c0c6-46c7-a345-446d5acde0c7","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":43,"box":{"x":549,"y":37,"width":394,"height":11}},{"id":"ef7f937d-c462-4e14-a0d3-b658edb02651","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":43,"box":{"x":548,"y":51,"width":383,"height":11}},{"id":"e8c8dc69-894a-4e32-ba09-88ba1098bd71","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":43,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"9ddf097f-78c2-4b35-9d41-cba810722e27","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":43,"box":{"x":549,"y":80,"width":392,"height":8}},{"id":"ade3aa35-21fa-4af3-8d89-a82b011c7978","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":43,"box":{"x":548,"y":94,"width":425,"height":11}},{"id":"e97ac64c-6b73-419c-b3c4-5654fe5b8a27","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":43,"box":{"x":548,"y":108,"width":400,"height":11}},{"id":"68850781-baa3-460a-ba28-e2d1e05c7658","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":43,"box":{"x":549,"y":122,"width":405,"height":11}},{"id":"a00773d2-fb1d-4248-9b7f-8f7a1c80fe79","block_type":"box","text":"S-33","page_number":43,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d9e770dd-55ab-4f41-b34a-2ebbbc27279d","block_type":"box","text":"Performance Information","page_number":44,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"6fa4d0e7-43a1-4346-a4af-17419e2c338a","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":44,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"b71ff5f1-0f6c-412c-a605-35d9e5b4b815","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":44,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"d1580ef7-177d-4f4f-891d-f2617c043ac3","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":44,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"d38ecf83-ab16-4459-95c3-aea548309c35","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":44,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"4ae86e2f-8189-4221-9f9a-98bdaedb1a39","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":44,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"3492a6e3-38ce-48d3-9d91-cd565c16593a","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":44,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"17e5eda5-a380-4b9a-82c1-2f42d8df0fe8","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":44,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"f3e09be5-625f-4871-9519-763e83497f89","block_type":"box","text":"Calendar Year-by-Year 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(%) Period Ended","page_number":44,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"1ac83d93-1359-4bef-832a-ddc0b2229de4","block_type":"box","text":"During the period shown in the chart:","page_number":44,"box":{"x":318,"y":366,"width":232,"height":9}},{"id":"dee476db-15b0-4b24-a94d-e2e912dfc959","block_type":"box","text":"Best Quarter 3.22% September 30, 2024","page_number":44,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"8f0d8f69-6a75-4af3-990f-e465610cf89c","block_type":"box","text":"Worst Quarter -1.26% December 31, 2024","page_number":44,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"e0321d27-aa33-4a8b-9a00-45c47a7cb3f4","block_type":"box","text":"Average Annual Total Returns","page_number":44,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"88b0105b-dc04-4193-8007-a9b888d854b8","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":44,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"fcbed72c-71b3-4959-ab30-5d175d0f1bb5","block_type":"box","text":"One Year","page_number":44,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"b3bc7d26-bee3-46b4-bb1a-46cca22de0ab","block_type":"box","text":"Since Fund","page_number":44,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"067d830f-efd1-446d-9625-71cab37d1fe9","block_type":"box","text":"Inception","page_number":44,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"364134af-10f3-4c58-a9fe-fd4d04311cc8","block_type":"box","text":"(Inception Date: 5/9/2023)","page_number":44,"box":{"x":123,"y":482,"width":171,"height":9}},{"id":"5cc44695-bed0-42c0-aa42-9950c609d6c7","block_type":"box","text":"Return Before Taxes","page_number":44,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"e498e9d9-5209-436d-badd-da6003b62396","block_type":"box","text":"4.53% 3.05%","page_number":44,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"a3ee9d31-32de-4dbb-b0e9-613cdbfe70f5","block_type":"box","text":"Return After Taxes on Distributions","page_number":44,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"ce6c4eac-7d44-4a50-8c03-81890664a716","block_type":"box","text":"4.53% 3.05%","page_number":44,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"b78d6236-1548-4371-91b7-359032281ca9","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.75% 2.91%","page_number":44,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"bd7988a2-3ae2-477c-9455-e40e5ad14f59","block_type":"box","text":"S&P Municipal Bond Index","page_number":44,"box":{"x":123,"y":528,"width":161,"height":10}},{"id":"4c1b40fa-bdaa-4d8f-830b-82f12fcf5c3b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 4.34% 3.38%","page_number":44,"box":{"x":288,"y":528,"width":628,"height":10}},{"id":"9f66d5b5-f5f1-4449-977e-fd8fc607295b","block_type":"box","text":"S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index","page_number":44,"box":{"x":123,"y":540,"width":378,"height":9}},{"id":"7fcc0b86-0d7e-444a-9dcf-a19ad20d13bf","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":44,"box":{"x":506,"y":540,"width":246,"height":9}},{"id":"dcd5c3e4-5975-4528-b96f-79b148262e92","block_type":"box","text":"expenses or taxes)","page_number":44,"box":{"x":137,"y":553,"width":105,"height":9}},{"id":"55ef25b8-cdbf-44ed-85cc-2c346f5782e3","block_type":"box","text":"4.56% 2.57%","page_number":44,"box":{"x":800,"y":553,"width":116,"height":7}},{"id":"2d1c274a-6204-4731-aea2-cf405a2ba3ec","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":44,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"cba0fc57-4ae2-401d-a19c-438f2a450296","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":44,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"b39e27b4-eebd-4d9c-bfb3-4a667e957024","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":44,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"c98f2444-82a9-4512-aad0-cbaf7df2a1d9","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":44,"box":{"x":83,"y":634,"width":855,"height":11}},{"id":"0acd02e0-47e7-42ec-bb0d-511b60e0791c","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":44,"box":{"x":83,"y":648,"width":883,"height":11}},{"id":"0c7948e4-5329-4023-af34-be2930a1b4af","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":44,"box":{"x":82,"y":663,"width":861,"height":10}},{"id":"c477ab09-ba3e-4034-9dbd-5678e01ef4bc","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":44,"box":{"x":83,"y":677,"width":359,"height":10}},{"id":"cee1fce6-9032-4a89-8882-c585a7bb0c44","block_type":"box","text":"S-34","page_number":44,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"79c51f97-8cd4-42b3-9cbf-7834f8c13b62","block_type":"box","text":"Management","page_number":45,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"d3f48947-5b9c-4248-baad-e1962d4f3a26","block_type":"box","text":"Investment Adviser.","page_number":45,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"c1e068fe-0e32-4227-9777-79510f0514ed","block_type":"box","text":"BlackRock Fund Advisors.","page_number":45,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"705657b7-1334-48d0-87c5-1583be6dadff","block_type":"box","text":"Portfolio Managers.","page_number":45,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"d71a9cea-3f27-4070-8550-faf09c7a04f5","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":45,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"9324dc7e-b179-48b2-8d41-2cc520ae4c20","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":45,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"75a9c486-1437-4592-a6b8-22cc0d5c9830","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":45,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"9b47b2e5-3979-4439-b993-6899ca98a66e","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":45,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"a66f6b9d-1284-4556-b99a-8e7e2dceb693","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":45,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"5986039d-2c49-49b2-bb99-375493086963","block_type":"box","text":"2025, 2023 and 2025, respectively.","page_number":45,"box":{"x":83,"y":142,"width":228,"height":11}},{"id":"87a6ffa0-15b6-4930-8ccd-3b72da86276a","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":45,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"4239ded1-0e6d-470b-8875-0b405d088c54","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":45,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"883ce608-4169-4ad1-9eee-2bf965f567ac","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":45,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"b3cf04ad-2cb9-4870-9161-233dd1f6afad","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":45,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"be6d6bcd-01ef-4d0a-bdd0-257959eb797a","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":45,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"340519df-23bd-422b-8329-46a021fcbfdc","block_type":"box","text":"than NAV (a discount). 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BFA, the investment adviser to the Fund, has","page_number":46,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"e98e649d-dfc0-45ac-9372-a484787a3343","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":46,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"d46d0891-96cc-44e1-9a94-e9aaf10dd27c","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":46,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"90858087-e7fd-4fe7-ba0c-9d8a4a9b8aa8","block_type":"box","text":"December 2, 2030. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust","page_number":46,"box":{"x":83,"y":362,"width":887,"height":11}},{"id":"e55286a4-d178-4558-8748-5bc0cfb9c881","block_type":"box","text":"and BFA.","page_number":46,"box":{"x":83,"y":376,"width":55,"height":9}},{"id":"27939722-b923-4097-b3ec-9bb1519a15d6","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":46,"box":{"x":82,"y":399,"width":883,"height":12}},{"id":"089d92be-5068-4fca-b4ce-9bcc2813782d","block_type":"box","text":"the tables and examples below.","page_number":46,"box":{"x":83,"y":414,"width":220,"height":10}},{"id":"4998b8a4-f230-47c8-90e1-0c3bed75805b","block_type":"box","text":"Annual Fund Operating 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(except in the case of a pre","page_number":47,"box":{"x":83,"y":440,"width":316,"height":10}},{"id":"50d288ca-4b84-452d-9535-b824e87edb5e","block_type":"box","text":"refunded/escrowed to maturity bond). Each bond must be rated","page_number":47,"box":{"x":83,"y":454,"width":411,"height":11}},{"id":"f2864ed1-dc4f-4740-a453-6050efe36496","block_type":"box","text":"by at least one of the rating agencies. The Index Provider will use","page_number":47,"box":{"x":83,"y":468,"width":414,"height":11}},{"id":"28ff1824-3bf1-4d31-b98e-d4de77afe425","block_type":"box","text":"the lowest rating in determining if a bond is investment grade. In","page_number":47,"box":{"x":83,"y":482,"width":411,"height":11}},{"id":"a9474ee3-3e69-4728-8529-853f70496ff8","block_type":"box","text":"addition, each bond must have a minimum maturity par amount of","page_number":47,"box":{"x":83,"y":496,"width":423,"height":11}},{"id":"b47dda18-d9b4-4714-8b89-4ce29b8d973b","block_type":"box","text":"$2 million to be eligible for inclusion in the Underlying Index. To","page_number":47,"box":{"x":83,"y":510,"width":404,"height":11}},{"id":"b5177c4f-3aaf-4fd2-9c08-ee2f6e16ada2","block_type":"box","text":"remain in the Underlying Index, bonds must maintain a minimum","page_number":47,"box":{"x":83,"y":525,"width":412,"height":10}},{"id":"90954c9c-2e76-420c-a090-d60fdd3bc9f7","block_type":"box","text":"par amount greater than or equal to $2 million as of each","page_number":47,"box":{"x":83,"y":538,"width":364,"height":12}},{"id":"b06e695c-bbaf-4aff-bd48-1bb13177ed23","block_type":"box","text":"rebalancing reference date. All non-callable bonds in the","page_number":47,"box":{"x":83,"y":553,"width":360,"height":11}},{"id":"4844b330-39cb-4542-b678-f96033d93e3e","block_type":"box","text":"Underlying Index will mature or be redeemed after December 31,","page_number":47,"box":{"x":83,"y":567,"width":413,"height":11}},{"id":"de0633bd-c41f-4377-b1d3-b187dda74357","block_type":"box","text":"2029 and before December 2, 2030. 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In the Underlying Index","page_number":47,"box":{"x":83,"y":695,"width":415,"height":11}},{"id":"0973f890-c225-41fc-9f6e-8be03766eb1d","block_type":"box","text":"year of maturity, bonds that mature or are pre-refunded in their","page_number":47,"box":{"x":82,"y":709,"width":406,"height":11}},{"id":"ee626b7d-626f-4713-bfbc-97776c96f923","block_type":"box","text":"respective year of maturity do not accrue interest past the","page_number":47,"box":{"x":83,"y":723,"width":372,"height":11}},{"id":"79222e9d-742d-4116-8dcc-0c824b286d31","block_type":"box","text":"maturity or pre-refund date. A bond is “pre-refunded” when the","page_number":47,"box":{"x":83,"y":737,"width":403,"height":11}},{"id":"ab503eb2-9405-4a5d-b819-483cae926aab","block_type":"box","text":"bond has been refunded to a call date prior to maturity. In other","page_number":47,"box":{"x":83,"y":751,"width":407,"height":11}},{"id":"2f15bf61-5267-4794-9763-34443b3c4803","block_type":"box","text":"words, a holder of a “pre-refunded” bond receives all payments of","page_number":47,"box":{"x":82,"y":766,"width":421,"height":10}},{"id":"2bdf19c9-7a4c-4e18-b975-26e8aff5c267","block_type":"box","text":"interest and principal back on an earlier date then the stated","page_number":47,"box":{"x":83,"y":780,"width":387,"height":11}},{"id":"665b49da-ff7f-497f-98e9-10c1a519c333","block_type":"box","text":"maturity date of the bond. 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Such rebalancing will begin","page_number":47,"box":{"x":549,"y":37,"width":407,"height":11}},{"id":"eaf9270a-2cba-464b-ae10-2a62a99ebdc5","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":47,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"200405f8-59cf-41fb-b822-898483b5dc5f","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":47,"box":{"x":549,"y":66,"width":396,"height":11}},{"id":"743561a9-65b6-426a-9436-85d057190a67","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":47,"box":{"x":549,"y":80,"width":413,"height":11}},{"id":"db408d64-0dbf-4352-aa64-27f67dbb7d53","block_type":"box","text":"the Fund. 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The iBonds","page_number":47,"box":{"x":550,"y":173,"width":191,"height":10}},{"id":"1067e3d5-dcba-48cb-81e2-6deb5282f726","block_type":"box","text":"®","page_number":47,"box":{"x":743,"y":172,"width":8,"height":6}},{"id":"6a639298-ad81-455b-bc71-ea3a8f1e35a9","block_type":"box","text":"fixed maturity series do not invest","page_number":47,"box":{"x":756,"y":173,"width":217,"height":10}},{"id":"a5d15d2e-87ce-41e1-bb41-85975d8c3f02","block_type":"box","text":"in U.S. savings bonds or other U.S. government bonds (except to","page_number":47,"box":{"x":549,"y":187,"width":414,"height":11}},{"id":"c2fb116d-2c1d-4017-ace0-d96cd2b210cd","block_type":"box","text":"the extent the funds hold cash equivalent instruments consistent","page_number":47,"box":{"x":549,"y":201,"width":416,"height":11}},{"id":"f2a0f2ad-7f10-4557-a100-981b327ead0c","block_type":"box","text":"with their investment objectives) and are not designed to provide","page_number":47,"box":{"x":549,"y":215,"width":416,"height":11}},{"id":"6c9cb31d-418e-4694-930c-f1ec3dbc3e98","block_type":"box","text":"protection against inflation. The Fund does not invest in U.S.","page_number":47,"box":{"x":549,"y":229,"width":385,"height":11}},{"id":"ea97d605-c70f-4fdf-87fc-6b7382115e81","block_type":"box","text":"federal government agency bonds.","page_number":47,"box":{"x":549,"y":244,"width":220,"height":10}},{"id":"807f03a2-f255-4c0a-97af-a9885cc125bf","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":47,"box":{"x":550,"y":267,"width":376,"height":11}},{"id":"3d10d6d8-5e7f-4011-ad9c-8ca3ad559052","block_type":"box","text":"investment objective. 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The instruments selected","page_number":47,"box":{"x":549,"y":483,"width":408,"height":11}},{"id":"e8c806e2-19fb-44b2-aa82-b269c81d6ddf","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":47,"box":{"x":549,"y":498,"width":423,"height":10}},{"id":"bd5e9c3f-65e1-40ef-991f-71f9e1ba8af8","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":47,"box":{"x":549,"y":512,"width":415,"height":11}},{"id":"0a75c89a-64f7-4275-9cce-d7b594592ec9","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":47,"box":{"x":549,"y":526,"width":405,"height":11}},{"id":"136517bc-80ee-440d-8ac7-e6d95384fcb5","block_type":"box","text":"(","page_number":47,"box":{"x":549,"y":540,"width":3,"height":11}},{"id":"b31b6fa8-8154-4122-b80b-8f9b6055207d","block_type":"box","text":"i.e.","page_number":47,"box":{"x":553,"y":540,"width":17,"height":9}},{"id":"2fdbda73-e2e8-4d18-9d91-01fb4102f24b","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":47,"box":{"x":573,"y":540,"width":358,"height":11}},{"id":"ff32f5dc-407d-4931-b411-6644d5b5f99f","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":47,"box":{"x":549,"y":554,"width":418,"height":11}},{"id":"65747b3d-f767-4f5e-a683-ae78a8a7f574","block_type":"box","text":"similar to those of an applicable underlying index. 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The Fund will invest","page_number":47,"box":{"x":549,"y":677,"width":419,"height":10}},{"id":"90efee1e-654a-4754-aee5-4c82e99812e8","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":47,"box":{"x":549,"y":691,"width":386,"height":11}},{"id":"32869352-6248-48b2-8af3-d9eb11aa3051","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":47,"box":{"x":549,"y":705,"width":352,"height":11}},{"id":"5d78047d-a216-4bb9-97af-aff7ab26f017","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":47,"box":{"x":550,"y":719,"width":409,"height":11}},{"id":"73039744-8495-4aab-9d81-9ac93006f78d","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":47,"box":{"x":549,"y":733,"width":423,"height":11}},{"id":"1bb23ec8-f3c9-40fd-b28a-98cefcdb0091","block_type":"box","text":"will help the Fund track the Underlying Index. 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These cash equivalents may not be included in","page_number":48,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"5463e8da-ebe4-41b0-b5aa-41fc9818cb4b","block_type":"box","text":"the Underlying Index. By December 2, 2030, the Underlying Index","page_number":48,"box":{"x":83,"y":122,"width":420,"height":11}},{"id":"e11799af-2a41-4cbd-8cae-ec3337554724","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":48,"box":{"x":83,"y":137,"width":388,"height":10}},{"id":"ec454bd1-73f1-4d83-8488-a365f8d8c267","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":48,"box":{"x":82,"y":151,"width":418,"height":11}},{"id":"d1741dba-ca7c-41ea-9225-922aa4f7a472","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":48,"box":{"x":83,"y":165,"width":382,"height":11}},{"id":"3255439d-aab4-42ad-87ff-fe1b1d240ec8","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":48,"box":{"x":83,"y":179,"width":408,"height":11}},{"id":"16edf1c0-125d-4df4-9ca0-8ee6599efe02","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":48,"box":{"x":83,"y":193,"width":419,"height":11}},{"id":"ae535bd8-f8f0-4780-b933-457df302cbb4","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":48,"box":{"x":83,"y":207,"width":404,"height":11}},{"id":"4c82fd16-2dff-4031-b501-0e46972e108a","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":48,"box":{"x":83,"y":222,"width":409,"height":10}},{"id":"2a29ae26-d2ea-420f-a2fe-0071330f3132","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":48,"box":{"x":83,"y":236,"width":371,"height":11}},{"id":"e93750a2-09e0-4888-9dfd-02997201d962","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":48,"box":{"x":83,"y":250,"width":404,"height":9}},{"id":"64326020-44d0-4bfb-98a0-7c44f69023fd","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":48,"box":{"x":82,"y":272,"width":414,"height":11}},{"id":"189f1c46-b470-4d45-b7e4-00bbbe91d9ab","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":48,"box":{"x":83,"y":286,"width":282,"height":11}},{"id":"3bbb67ee-fc8a-4559-bfdf-c9fba927a476","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":48,"box":{"x":82,"y":308,"width":406,"height":11}},{"id":"7e6a87d0-34c5-4f11-9b86-e02274cfcdbb","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":48,"box":{"x":83,"y":322,"width":420,"height":11}},{"id":"df71c1c3-f927-48d4-a994-c778913aab41","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":48,"box":{"x":83,"y":336,"width":402,"height":11}},{"id":"f7513595-28a2-492d-a0a2-2f226a025934","block_type":"box","text":"over time.","page_number":48,"box":{"x":83,"y":351,"width":63,"height":8}},{"id":"6228b995-91c3-4e29-b14c-530414b4f5ae","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":48,"box":{"x":82,"y":374,"width":423,"height":11}},{"id":"294c1a48-5825-47cb-8a94-ed5ce71a485c","block_type":"box","text":"of the Fund and BFA. 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The Fund is subject to certain risks,","page_number":48,"box":{"x":83,"y":664,"width":396,"height":10}},{"id":"458ad955-7ed9-4383-b8a8-0c380ecd835e","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":48,"box":{"x":83,"y":678,"width":376,"height":11}},{"id":"a2acbd42-2a2c-4e4d-aed6-84dcbc886e1d","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":48,"box":{"x":83,"y":692,"width":392,"height":11}},{"id":"fe9db8a9-4212-4850-b7dc-e5ad347a86f5","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":48,"box":{"x":83,"y":706,"width":416,"height":11}},{"id":"f8ee8fcf-fde5-425a-8604-6edc13f14196","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":48,"box":{"x":83,"y":721,"width":387,"height":10}},{"id":"e2abeeac-85f8-4793-bae1-bec8fe58cd56","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":48,"box":{"x":82,"y":735,"width":426,"height":11}},{"id":"b20bd6f5-90c8-4a56-a089-1247536af6bc","block_type":"box","text":"risk is difficult to predict and may change over time. 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Errors in index data, index computations or the","page_number":48,"box":{"x":549,"y":806,"width":366,"height":10}},{"id":"967f88a5-21fb-4912-bf4d-f90189e6cfe9","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":48,"box":{"x":549,"y":820,"width":377,"height":11}},{"id":"58f4f295-50b0-41a9-87ee-f6f11cba33c1","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":48,"box":{"x":549,"y":834,"width":413,"height":11}},{"id":"ab7d739e-5daa-4bea-bfaf-2e579ed35f14","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":48,"box":{"x":549,"y":848,"width":396,"height":11}},{"id":"f8f7ebff-c98d-480c-8e1e-47f771f836e3","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":49,"box":{"x":83,"y":282,"width":378,"height":11}},{"id":"3b86540e-f623-4e7a-b315-f1e818c8935d","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":49,"box":{"x":84,"y":296,"width":379,"height":11}},{"id":"f33ad32d-c047-4186-a7fd-702f1cf954a1","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":49,"box":{"x":83,"y":311,"width":404,"height":10}},{"id":"6d0f1fd8-407e-43fd-b0aa-22678b907fa0","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":49,"box":{"x":83,"y":325,"width":399,"height":11}},{"id":"628cd22b-6c87-436c-bad8-0795a224fb21","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":49,"box":{"x":84,"y":339,"width":391,"height":11}},{"id":"e251dc74-29f0-4148-b5d3-ecdc17a0769b","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":49,"box":{"x":83,"y":353,"width":408,"height":11}},{"id":"127ef7c1-3f14-4f12-96a0-b716335e392e","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":49,"box":{"x":83,"y":367,"width":273,"height":11}},{"id":"5f742ffa-d21e-4c0b-9e97-bf9c5eeaf6ef","block_type":"box","text":"Call Risk","page_number":49,"box":{"x":83,"y":391,"width":59,"height":8}},{"id":"6f14f04b-ab77-406d-9bb2-e10062df9e2f","block_type":"box","text":".","page_number":49,"box":{"x":142,"y":397,"width":2,"height":2}},{"id":"51968460-bc59-4ef8-8225-41f3f1957785","block_type":"box","text":"During periods of falling interest rates, an issuer of a","page_number":49,"box":{"x":150,"y":391,"width":335,"height":10}},{"id":"ad690329-a42f-4846-b785-f78339210972","block_type":"box","text":"callable debt obligation held by the Fund may “call” or repay the","page_number":49,"box":{"x":83,"y":405,"width":408,"height":11}},{"id":"7740fe33-68c8-4bd9-b3c8-10dd54ae451c","block_type":"box","text":"debt obligation before its stated maturity, and the Fund may have","page_number":49,"box":{"x":83,"y":419,"width":418,"height":11}},{"id":"c3520f68-e98c-4032-a7f6-af671a8f2ba8","block_type":"box","text":"to reinvest the proceeds in instruments with lower yields, which","page_number":49,"box":{"x":83,"y":433,"width":406,"height":11}},{"id":"088f4943-f2ed-4142-9c60-1513fa79765d","block_type":"box","text":"would result in a decline in the Fund’s income, or in instruments","page_number":49,"box":{"x":82,"y":447,"width":409,"height":10}},{"id":"d97b9aa4-a1e5-409b-8e6f-1dd1b26a7cb2","block_type":"box","text":"with greater risks or with other less favorable features. 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Unlike a","page_number":49,"box":{"x":549,"y":339,"width":398,"height":11}},{"id":"704e9cf5-d400-4f94-b261-b357cde2e8da","block_type":"box","text":"direct investment in municipal bonds, the breakdown of returns","page_number":49,"box":{"x":549,"y":353,"width":406,"height":11}},{"id":"09f4b546-e229-48ba-bfa6-e95b45213fe7","block_type":"box","text":"between Fund distributions and liquidation proceeds are not","page_number":49,"box":{"x":549,"y":367,"width":385,"height":11}},{"id":"8beff60c-b56a-47b6-8a71-df01a2d744c2","block_type":"box","text":"predictable at the time of your investment. 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Operational and technology risks for the","page_number":50,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"e4cd692a-3447-4c09-91bd-c4cb12f8100e","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":50,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"e20cfa58-ea52-4cbe-995c-8db29715bfd0","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":50,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"d5c5c9b8-e0f4-4307-a43d-6700d9e1640b","block_type":"box","text":"investments in such issuers to lose value.","page_number":50,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"37b273e7-1a4f-4caf-a140-a270ac96359a","block_type":"box","text":"Tax Risk","page_number":50,"box":{"x":550,"y":296,"width":54,"height":9}},{"id":"470f964f-9058-48c8-b8a2-0df9f3d36a46","block_type":"box","text":".","page_number":50,"box":{"x":604,"y":303,"width":3,"height":2}},{"id":"5063ee15-74af-4c79-818c-797db17d6999","block_type":"box","text":"There is no guarantee that the Fund’s income will be","page_number":50,"box":{"x":612,"y":296,"width":334,"height":11}},{"id":"31d697fe-bd84-4787-acf3-1366acc04ce1","block_type":"box","text":"exempt from U.S. federal, state or local income taxes, the federal","page_number":50,"box":{"x":549,"y":311,"width":417,"height":10}},{"id":"c17b7474-3acf-4881-94b7-95deea5e07c0","block_type":"box","text":"AMT or the federal Medicare contribution tax of 3.8% on “net","page_number":50,"box":{"x":549,"y":325,"width":388,"height":8}},{"id":"ceee4e87-3cff-497b-8312-6b470f8182f5","block_type":"box","text":"investment income.” Neither BFA nor the Fund guarantees that an","page_number":50,"box":{"x":549,"y":339,"width":421,"height":11}},{"id":"0673b651-6b8c-407d-a584-5a7f0e59073d","block_type":"box","text":"opinion from bond counsel about a security’s tax-exempt status is","page_number":50,"box":{"x":549,"y":353,"width":422,"height":11}},{"id":"fec342d5-a451-4595-a18b-1756754f8ac8","block_type":"box","text":"correct, and there is no assurance that the Internal Revenue","page_number":50,"box":{"x":549,"y":367,"width":384,"height":10}},{"id":"a687d9e5-e90d-4d24-946e-c350aef6af92","block_type":"box","text":"Service (“IRS”) will agree with the bond counsel’s opinion. Events","page_number":50,"box":{"x":549,"y":382,"width":417,"height":10}},{"id":"bb79d1c5-288b-47c4-b2ca-6376fab549e1","block_type":"box","text":"occurring after a municipal bond is issued or acquired by a Fund","page_number":50,"box":{"x":549,"y":396,"width":409,"height":11}},{"id":"c409e482-de56-44c8-8931-49ab3aea2571","block_type":"box","text":"may result in a determination that the bond’s interest is includible","page_number":50,"box":{"x":549,"y":410,"width":420,"height":11}},{"id":"3230e745-d88b-45c6-852c-090386b3268c","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for","page_number":50,"box":{"x":549,"y":424,"width":412,"height":11}},{"id":"d868e840-aeb8-491f-8503-97046e610e0f","block_type":"box","text":"purposes of U.S. federal income taxes, the federal AMT or the","page_number":50,"box":{"x":549,"y":438,"width":394,"height":11}},{"id":"a82de964-0bda-4b63-9f4d-d7293d478d9a","block_type":"box","text":"federal Medicare contribution tax. The interest on money market","page_number":50,"box":{"x":549,"y":452,"width":413,"height":11}},{"id":"3b2a5219-c3e1-4e0a-87f5-c2238dd2e451","block_type":"box","text":"instruments, other cash equivalents and derivatives held by a","page_number":50,"box":{"x":549,"y":467,"width":391,"height":10}},{"id":"f2ecba60-93df-40fb-9cae-714f2def0d85","block_type":"box","text":"Fund may be subject to federal, state and local income taxes and","page_number":50,"box":{"x":550,"y":481,"width":415,"height":11}},{"id":"840790df-df81-41fd-8c68-b4be79e0c80d","block_type":"box","text":"the federal Medicare contribution tax.","page_number":50,"box":{"x":549,"y":495,"width":241,"height":8}},{"id":"484c2aef-3978-409f-8186-45495e92c199","block_type":"box","text":"Tracking Error Risk","page_number":50,"box":{"x":550,"y":518,"width":128,"height":11}},{"id":"93687321-8c5f-4ead-8257-833e482d94c0","block_type":"box","text":".","page_number":50,"box":{"x":678,"y":525,"width":3,"height":2}},{"id":"d2de8dc4-714f-4f67-ae27-1ba357a64b7d","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":50,"box":{"x":686,"y":518,"width":284,"height":11}},{"id":"9ecdb836-e87a-4a47-9ca7-210c25983a1d","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":50,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"924a2595-cb6b-409b-aeac-01fc619fbf41","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":50,"box":{"x":549,"y":546,"width":425,"height":11}},{"id":"dae19703-8fee-4fa9-9524-3362971cc5f4","block_type":"box","text":"factors, including differences between the securities and other","page_number":50,"box":{"x":549,"y":561,"width":401,"height":11}},{"id":"e663bac8-842d-448b-b410-3d7cff6ba036","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":50,"box":{"x":549,"y":575,"width":381,"height":11}},{"id":"ddafad03-9cbe-4fa6-953c-6cc077658fd4","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":50,"box":{"x":550,"y":589,"width":396,"height":11}},{"id":"4e5d74ba-879c-470c-8509-4385fd905843","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":50,"box":{"x":549,"y":603,"width":407,"height":10}},{"id":"51c434e9-ca82-450c-827f-5ae6f959bfe3","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":50,"box":{"x":549,"y":617,"width":400,"height":11}},{"id":"62ba80b9-592f-4f6d-ad73-4c728df8de28","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":50,"box":{"x":549,"y":632,"width":421,"height":10}},{"id":"e0741cbb-a4ac-430b-9a66-12e56860a78b","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":50,"box":{"x":549,"y":646,"width":374,"height":11}},{"id":"ed2e5f8d-c807-41c8-985e-9cfb9190c696","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":50,"box":{"x":549,"y":660,"width":370,"height":11}},{"id":"561dd2e2-e71b-4680-8a85-f3db7ddf6b44","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":50,"box":{"x":549,"y":674,"width":372,"height":11}},{"id":"5a0f622c-b864-400f-b5d8-b73f73f324d3","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":50,"box":{"x":549,"y":688,"width":420,"height":11}},{"id":"9480ca6c-af00-4fb9-951d-19db0924c09c","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":50,"box":{"x":549,"y":702,"width":387,"height":11}},{"id":"9deb0b65-5c40-413e-9ac6-3050f0fb8cc8","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":50,"box":{"x":549,"y":717,"width":377,"height":11}},{"id":"9887cd72-608a-4a7f-bef4-45df228beb83","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":50,"box":{"x":549,"y":731,"width":380,"height":11}},{"id":"70d1a7c3-0c6a-41cd-9554-826e9ff92b1d","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":50,"box":{"x":549,"y":745,"width":366,"height":11}},{"id":"a5a29f5d-6ec0-48a0-810b-a96ec2fd6b8c","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":50,"box":{"x":549,"y":759,"width":414,"height":11}},{"id":"c8c7e8d9-9ff6-497f-8645-2e8678af6b37","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":50,"box":{"x":550,"y":773,"width":386,"height":11}},{"id":"6b9104bb-4067-486f-b738-53c091812583","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":50,"box":{"x":549,"y":788,"width":414,"height":10}},{"id":"4710c6e6-a923-43d4-a8ac-97b3be0279f8","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":50,"box":{"x":549,"y":802,"width":420,"height":11}},{"id":"4e5061d3-5861-474d-ade7-c74ffc0f61a8","block_type":"box","text":"unusual market conditions. A Fund that tracks an index where","page_number":50,"box":{"x":549,"y":816,"width":395,"height":8}},{"id":"2bc181f0-e610-40fa-84f1-99d1e380162e","block_type":"box","text":"municipal bonds are an investment focus may experience higher","page_number":50,"box":{"x":549,"y":830,"width":412,"height":11}},{"id":"8faf5a7f-a049-47f6-8450-f8491245d5b4","block_type":"box","text":"tracking error than ETFs that do not track such indexes.","page_number":50,"box":{"x":549,"y":844,"width":355,"height":11}},{"id":"4e654ab3-27ef-494c-8d6c-5ba7e2288bda","block_type":"box","text":"S-40","page_number":50,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d6deb55b-55d9-4a2b-b84c-9153d51c55cd","block_type":"box","text":"Valuation Risk","page_number":51,"box":{"x":84,"y":23,"width":96,"height":9}},{"id":"d75a1c05-92f5-4300-b798-1fe5554f8a6b","block_type":"box","text":".","page_number":51,"box":{"x":180,"y":30,"width":2,"height":2}},{"id":"f4cdc36c-16b0-4ba5-936f-816e4235f150","block_type":"box","text":"The price that the Fund could receive upon the","page_number":51,"box":{"x":187,"y":23,"width":298,"height":11}},{"id":"a094e4be-fee3-468c-8b22-59650cff3d13","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":51,"box":{"x":83,"y":37,"width":408,"height":11}},{"id":"64586a2e-19ad-4209-a69f-22b9afa844c1","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":51,"box":{"x":82,"y":51,"width":356,"height":11}},{"id":"e937841d-2155-47b2-bb3e-7863b2d3b4ed","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":51,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"7700aa25-666e-4649-b27d-c468e1b20bcb","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":51,"box":{"x":83,"y":80,"width":347,"height":11}},{"id":"ac32d5ef-62e0-4459-8a5b-3cf6d6b6803d","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":51,"box":{"x":83,"y":94,"width":418,"height":11}},{"id":"d98af20c-6d26-46c3-9e55-5a0718d6fcdd","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":51,"box":{"x":83,"y":108,"width":406,"height":11}},{"id":"54d1c43b-dc1f-4fa4-a6c5-a2ff87b7fbd8","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":51,"box":{"x":83,"y":122,"width":411,"height":11}},{"id":"8c82c9da-a592-4fb4-a4b0-26a300a17bab","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":51,"box":{"x":83,"y":137,"width":392,"height":10}},{"id":"d8042aa3-033f-4f62-8947-d4a6a468bc5b","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":51,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"79be0d01-8636-410f-ba0b-142ea3c4f30c","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":51,"box":{"x":549,"y":37,"width":394,"height":11}},{"id":"ba1fbea4-06ec-4532-9cc6-bf41585e3320","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":51,"box":{"x":548,"y":51,"width":383,"height":11}},{"id":"e9636523-e852-41d0-ae4b-aeb946431079","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":51,"box":{"x":549,"y":66,"width":414,"height":11}},{"id":"8d6e77a7-62c6-4d14-b873-22dda17f412f","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":51,"box":{"x":549,"y":80,"width":392,"height":8}},{"id":"ba5b9732-c0ff-4831-a14e-1c93800ce6f8","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":51,"box":{"x":548,"y":94,"width":425,"height":11}},{"id":"cbe5b682-5068-4265-b389-c4f9bc025c51","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":51,"box":{"x":548,"y":108,"width":400,"height":11}},{"id":"4b71e569-a9f8-4bfb-a28f-22640abe21e6","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":51,"box":{"x":549,"y":122,"width":405,"height":11}},{"id":"819c5483-3348-4f9f-b444-00a0e29f2023","block_type":"box","text":"S-41","page_number":51,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"dbb1c6cd-76c6-4dcd-938b-0bfb13fd6c57","block_type":"box","text":"Performance Information","page_number":52,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"e34b8625-1e19-47d8-8ede-8cc035655ba6","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":52,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"56c48612-7e4c-4523-afba-ec3a58c47064","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":52,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"fc7c3e0c-4e6b-4bf1-8f81-774b9b38f377","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":52,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"90255368-6302-42a5-a65e-13f5d5708f34","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":52,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"40fb4015-1ab3-4c3a-83b9-f77836089632","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":52,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"a18aa7a0-5388-444c-8898-c6b55640894a","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":52,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"77e08ca4-41f3-44fe-92fd-6eb35c7debf5","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":52,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"b0734fa3-7912-4cff-97be-0ab3eb350bbe","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":52,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"343f80d0-dd26-4b6a-9cb2-c5b99d30e31d","block_type":"box","text":"8%","page_number":52,"box":{"x":340,"y":201,"width":13,"height":7}},{"id":"13f6f89f-796e-424d-b85d-3b7ea3bbf0b2","block_type":"box","text":"6%","page_number":52,"box":{"x":340,"y":226,"width":13,"height":7}},{"id":"94ee5a49-e394-4877-a0d6-e4ae8827397c","block_type":"box","text":"4%","page_number":52,"box":{"x":339,"y":250,"width":14,"height":7}},{"id":"0fc071a9-c679-4ae2-8326-18bb1b7b714d","block_type":"box","text":"2%","page_number":52,"box":{"x":340,"y":275,"width":13,"height":7}},{"id":"eb0a4176-3c7f-4f0f-bd61-5febc4739f35","block_type":"box","text":"0%","page_number":52,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"9637929e-3160-4243-89d1-7e1ed6342319","block_type":"box","text":"2","page_number":52,"box":{"x":526,"y":321,"width":5,"height":7}},{"id":"d3cd3306-994e-4a0c-8ec8-30b92bbc91db","block_type":"box","text":"0","page_number":52,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"f6ec3dbb-d612-4664-8380-2e3d282a58d0","block_type":"box","text":"2","page_number":52,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"61394e3d-3ba7-471e-b8d4-d7fd719a9338","block_type":"box","text":"5","page_number":52,"box":{"x":548,"y":321,"width":5,"height":7}},{"id":"c96a9240-eba4-4a89-9192-98e3b6c7696e","block_type":"box","text":"5.28%","page_number":52,"box":{"x":526,"y":227,"width":27,"height":6}},{"id":"7424b836-464e-4cf8-a0bc-262f7133b9f2","block_type":"box","text":"Return (%) Period Ended","page_number":52,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"827a1b27-1f6e-448b-8d10-e4c91cce1203","block_type":"box","text":"During the periods shown in the chart:","page_number":52,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"7da5588c-0c10-46ff-bc23-e7059a3c0fe1","block_type":"box","text":"Best Quarter 2.32% September 30, 2025","page_number":52,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"4bfb1869-2851-47b3-8caa-c2d7d66d6eba","block_type":"box","text":"Worst Quarter 0.58% March 31, 2025","page_number":52,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"d20ac6ac-cf65-489f-9e80-29f2c8f8f61c","block_type":"box","text":"Average Annual Total Returns","page_number":52,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"d43eae25-796c-4d25-a24b-9bdedfd22ed4","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":52,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"b78e7695-e538-488a-84a5-b02559fc800d","block_type":"box","text":"One Year","page_number":52,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"03ca466d-892a-47a1-92d9-3258b065ab9a","block_type":"box","text":"Since Fund","page_number":52,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"a932cdec-7e0b-4b8c-9ae9-f4f05c9a880b","block_type":"box","text":"Inception","page_number":52,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"5869913e-32f4-4ccf-9a47-472b38982042","block_type":"box","text":"(Inception Date: 5/22/2024)","page_number":52,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"b8934145-f125-4041-8a2e-a095d4b12b4a","block_type":"box","text":"Return Before Taxes","page_number":52,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"defbc6a8-26cd-41c5-ad09-fbaec54bc7e4","block_type":"box","text":"5.28% 4.92%","page_number":52,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"7cbf2a87-5edd-4252-a064-fd71f2349996","block_type":"box","text":"Return After Taxes on Distributions","page_number":52,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"06062c58-4ba0-4918-b70e-f1b3d9a90214","block_type":"box","text":"5.27% 4.91%","page_number":52,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"e8ba9d0c-3e84-4f2f-bbed-c202230cfc63","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.18% 4.34%","page_number":52,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"ad0d82ae-9f33-4a3b-8372-918257424af5","block_type":"box","text":"S&P Municipal Bond Index","page_number":52,"box":{"x":123,"y":528,"width":161,"height":10}},{"id":"3555ac9e-f817-456b-a073-5f3022b246e6","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 4.34% 4.32%","page_number":52,"box":{"x":288,"y":528,"width":628,"height":10}},{"id":"18d244f4-c1f6-4c46-8e78-091f4b533dfd","block_type":"box","text":"S&P AMT-Free Municipal Series Callable-Adjusted 2030 Index","page_number":52,"box":{"x":123,"y":540,"width":378,"height":9}},{"id":"4c3c6014-dabb-4abf-aa72-187e520a0c8c","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":52,"box":{"x":506,"y":540,"width":246,"height":9}},{"id":"78a78ac5-1005-4098-b597-93b457ac1efc","block_type":"box","text":"expenses or taxes)","page_number":52,"box":{"x":137,"y":553,"width":105,"height":9}},{"id":"b062e9b9-5e38-4523-bdef-c0611ec68e25","block_type":"box","text":"5.09% 4.67%","page_number":52,"box":{"x":800,"y":553,"width":116,"height":7}},{"id":"2c4ae5cc-5f65-4d34-bdd8-4600bcc7c7c5","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":52,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"e9711d67-bdf8-429d-a5d0-fd5ccbcec25c","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":52,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"3f42857f-d1f1-43e5-8f62-2cbeb168b8c8","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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From inception (March","page_number":55,"box":{"x":84,"y":108,"width":407,"height":11}},{"id":"e66dc089-1c2c-41f8-88da-6be8376f1f39","block_type":"box","text":"25, 2025) to the most recent fiscal year end, the Fund’s portfolio","page_number":55,"box":{"x":83,"y":122,"width":415,"height":11}},{"id":"b3942b6f-2ab0-48f1-9c58-448736b663ed","block_type":"box","text":"turnover rate was 0% of the average value of its portfolio.","page_number":55,"box":{"x":83,"y":137,"width":364,"height":10}},{"id":"32df9ece-d832-4b97-a455-7cb9858256ee","block_type":"box","text":"Principal Investment Strategies","page_number":55,"box":{"x":84,"y":166,"width":268,"height":13}},{"id":"9df6118a-6c4e-421c-b0e7-323522f48393","block_type":"box","text":"The Fund seeks to track the investment results of the S&P AMT","page_number":55,"box":{"x":82,"y":191,"width":408,"height":8}},{"id":"9de399bd-a0c5-4ddf-92d5-861640e31383","block_type":"box","text":"Free Municipal Series Callable-Adjusted 2031 Index","page_number":55,"box":{"x":84,"y":205,"width":329,"height":11}},{"id":"126b1f8e-bfaf-490d-9d9e-d63b27eda85b","block_type":"box","text":"TM","page_number":55,"box":{"x":413,"y":203,"width":15,"height":5}},{"id":"83253732-9494-4666-aa43-4062deb408b7","block_type":"box","text":"(the","page_number":55,"box":{"x":434,"y":205,"width":23,"height":11}},{"id":"8278ae40-a5dd-4046-aedd-b48c17d79bbf","block_type":"box","text":"“Underlying Index”), which is a market-value-weighted index that","page_number":55,"box":{"x":83,"y":219,"width":413,"height":11}},{"id":"6baf9a7c-79dc-4e4c-a912-4877e6f7a3f2","block_type":"box","text":"seeks to measure the performance of investment-grade (as","page_number":55,"box":{"x":83,"y":233,"width":380,"height":11}},{"id":"1c905475-de22-4883-bb28-06027ae16877","block_type":"box","text":"determined by S&P Dow Jones Indices LLC (the “Index Provider”","page_number":55,"box":{"x":83,"y":247,"width":409,"height":11}},{"id":"2c37dab0-71cb-48f3-82a8-3a5be3726a73","block_type":"box","text":"or “SPDJI”)), tax-exempt, U.S. municipal bonds, reducing callable","page_number":55,"box":{"x":83,"y":262,"width":414,"height":10}},{"id":"041dcf83-aeb8-4e10-865c-15297546e2f0","block_type":"box","text":"bonds before 2031, and only including non-callable bonds","page_number":55,"box":{"x":83,"y":276,"width":368,"height":11}},{"id":"40345cdb-f7e0-4f41-8ea9-73977abe00c0","block_type":"box","text":"maturing in 2031. 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Bonds issued by U.S. territories and the","page_number":55,"box":{"x":83,"y":383,"width":396,"height":11}},{"id":"7e1556fa-d5a5-48ef-9517-a7320ebddba9","block_type":"box","text":"Commonwealth of Puerto Rico are excluded from the Underlying","page_number":55,"box":{"x":83,"y":397,"width":412,"height":11}},{"id":"1d38bd37-e7a4-4381-a79f-75d65ce09be5","block_type":"box","text":"Index. Each bond must have a rating of at least BBB- by S&P","page_number":55,"box":{"x":83,"y":411,"width":384,"height":11}},{"id":"971e693e-1257-4c48-af6e-d9b13e76caf6","block_type":"box","text":"Global Ratings, Baa3 by Moody’s Investors Service, Inc., or BBB","page_number":55,"box":{"x":83,"y":425,"width":411,"height":11}},{"id":"6ca97294-6580-46ec-94f2-d9ad16b17260","block_type":"box","text":"by Fitch Ratings, Inc. (except in the case of a pre","page_number":55,"box":{"x":83,"y":440,"width":316,"height":10}},{"id":"04aa8fbd-bbd9-4633-91f2-8f1a5cf5fd91","block_type":"box","text":"refunded/escrowed to maturity bond). Each bond must be rated","page_number":55,"box":{"x":83,"y":454,"width":411,"height":11}},{"id":"2d15656e-0ca4-4dba-8629-0367d173c5f6","block_type":"box","text":"by at least one of the rating agencies. The Index Provider will use","page_number":55,"box":{"x":83,"y":468,"width":414,"height":11}},{"id":"426ef3d6-dba9-49d2-9a27-1f07a4e08528","block_type":"box","text":"the lowest rating in determining if a bond is investment grade. In","page_number":55,"box":{"x":83,"y":482,"width":411,"height":11}},{"id":"f61a1b04-e5dc-4a24-843a-01eab2e77b1a","block_type":"box","text":"addition, each bond must have a minimum maturity par amount of","page_number":55,"box":{"x":83,"y":496,"width":423,"height":11}},{"id":"e0cb9820-6c4e-400f-a2ff-1044f30c61c6","block_type":"box","text":"$2 million to be eligible for inclusion in the Underlying Index. To","page_number":55,"box":{"x":83,"y":510,"width":404,"height":11}},{"id":"575b42e1-c6c0-413f-beaf-54975eabf24b","block_type":"box","text":"remain in the Underlying Index, bonds must maintain a minimum","page_number":55,"box":{"x":83,"y":525,"width":412,"height":10}},{"id":"90b093d5-fc4a-4f39-97df-af8fa3269ad1","block_type":"box","text":"par amount greater than or equal to $2 million as of each","page_number":55,"box":{"x":83,"y":538,"width":364,"height":12}},{"id":"00b545c8-73c1-4ed8-926f-9bdff1c490e3","block_type":"box","text":"rebalancing reference date. All non-callable bonds in the","page_number":55,"box":{"x":83,"y":553,"width":360,"height":11}},{"id":"4ea8fe95-7ccf-4261-9763-c6562c77b1cd","block_type":"box","text":"Underlying Index will mature or be redeemed after December 31,","page_number":55,"box":{"x":83,"y":567,"width":413,"height":11}},{"id":"4780c153-2f64-47ff-92bb-9727de91fc79","block_type":"box","text":"2030 and before December 2, 2031. Callable bonds are eligible","page_number":55,"box":{"x":83,"y":581,"width":404,"height":11}},{"id":"9c011434-35dc-4ea6-b288-29b0edf171e7","block_type":"box","text":"subject to the following: (i) a final maturity date after December","page_number":55,"box":{"x":83,"y":595,"width":408,"height":11}},{"id":"6cbcda75-bae8-45cd-bb73-dffcf0fbea33","block_type":"box","text":"31, 2030 and before December 2, 2031, and a next call date no","page_number":55,"box":{"x":83,"y":610,"width":403,"height":10}},{"id":"d496f71b-340a-493e-b625-9bc2a468e738","block_type":"box","text":"sooner than two years prior to final maturity; or (ii) a final maturity","page_number":55,"box":{"x":83,"y":624,"width":423,"height":11}},{"id":"55f5ea7c-d8ba-4d44-abcc-23fffe4c27d1","block_type":"box","text":"up to four years after the index maturity year, if the next call date","page_number":55,"box":{"x":83,"y":638,"width":416,"height":11}},{"id":"ec456eb7-34c6-4e01-8d3f-5a224460b673","block_type":"box","text":"is within the index maturity range. Prior to the Underlying Index","page_number":55,"box":{"x":83,"y":652,"width":404,"height":11}},{"id":"4954705d-3776-4d13-8786-2bbdda09b10d","block_type":"box","text":"year of maturity, redeemed bonds are represented as cash until","page_number":55,"box":{"x":82,"y":666,"width":407,"height":11}},{"id":"6dfb4b3d-b03c-43df-b43d-db96f7324314","block_type":"box","text":"the subsequent monthly rebalancing date during which eligible","page_number":55,"box":{"x":83,"y":681,"width":400,"height":10}},{"id":"799d12f9-3e2f-4db8-9ca1-91864d75d14a","block_type":"box","text":"bonds are added to the Underlying Index. In the Underlying Index","page_number":55,"box":{"x":83,"y":695,"width":415,"height":11}},{"id":"65d42891-b453-4d33-ada8-db26a11e5138","block_type":"box","text":"year of maturity, bonds that mature or are pre-refunded in their","page_number":55,"box":{"x":82,"y":709,"width":406,"height":11}},{"id":"e21c275d-7e77-48bc-9bd9-01b9d9e3b6ed","block_type":"box","text":"respective year of maturity do not accrue interest past the","page_number":55,"box":{"x":83,"y":723,"width":372,"height":11}},{"id":"878fc3a5-faf3-4099-9e0b-0f951d454154","block_type":"box","text":"maturity or pre-refund date. A bond is “pre-refunded” when the","page_number":55,"box":{"x":83,"y":737,"width":403,"height":11}},{"id":"167e0dce-63d8-403a-b2bb-9b8ebebb8387","block_type":"box","text":"bond has been refunded to a call date prior to maturity. In other","page_number":55,"box":{"x":83,"y":751,"width":407,"height":11}},{"id":"d847d932-411b-4ad4-8b39-0f4615d07822","block_type":"box","text":"words, a holder of a “pre-refunded” bond receives all payments of","page_number":55,"box":{"x":82,"y":766,"width":421,"height":10}},{"id":"acb83ca9-eec9-4ea6-b37f-bc729f8b2286","block_type":"box","text":"interest and principal back on an earlier date then the stated","page_number":55,"box":{"x":83,"y":780,"width":387,"height":11}},{"id":"1e64e820-149e-4873-9b07-110f7f87755d","block_type":"box","text":"maturity date of the bond. All payments related to the maturity or","page_number":55,"box":{"x":83,"y":794,"width":418,"height":11}},{"id":"cd08f757-cd65-4a87-99d2-9e62817172bb","block_type":"box","text":"pre-refunding of a bond are reinvested in tax-exempt cash or cash","page_number":55,"box":{"x":83,"y":808,"width":422,"height":11}},{"id":"782df2dc-fab3-46b8-91fd-6a09c56092f6","block_type":"box","text":"equivalents for the duration of each month.","page_number":55,"box":{"x":83,"y":822,"width":276,"height":11}},{"id":"0fc0ff46-9c7b-4507-a2d8-beb66cb5d4a6","block_type":"box","text":"Outside of five years prior to the term of the Fund, the Underlying","page_number":55,"box":{"x":83,"y":844,"width":418,"height":11}},{"id":"c36929f3-42b7-4e9f-90d2-7c6edeb90c29","block_type":"box","text":"Index will be market value weighted. Five years prior to the term","page_number":55,"box":{"x":83,"y":859,"width":409,"height":10}},{"id":"6e6c3b8a-6807-4d9f-a085-3070c92dd995","block_type":"box","text":"of the Fund, monthly rebalances occurring in rolling two year","page_number":55,"box":{"x":83,"y":873,"width":388,"height":11}},{"id":"8d05ff7d-9ca0-43e9-bf34-a871a38e27b6","block_type":"box","text":"periods will remove bonds with a maturity year outside the term of","page_number":55,"box":{"x":549,"y":23,"width":425,"height":11}},{"id":"658aec0b-23d9-4ea3-9f0b-c1a7dc91c0ea","block_type":"box","text":"the Fund from the Underlying Index. Such rebalancing will begin","page_number":55,"box":{"x":549,"y":37,"width":407,"height":11}},{"id":"d5e431c0-a902-4384-9481-65378ccb4157","block_type":"box","text":"with those bonds whose effective maturity date is furthest from","page_number":55,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"22c8037f-2cd6-4667-90d8-665f4ca77263","block_type":"box","text":"that of the Underlying Index. Each two year period will remove","page_number":55,"box":{"x":549,"y":66,"width":396,"height":11}},{"id":"3b7b68b5-9acc-493a-8d11-7997ac193a6c","block_type":"box","text":"bonds scheduled to mature in a specific year outside the term of","page_number":55,"box":{"x":549,"y":80,"width":413,"height":11}},{"id":"caf523ed-6488-4029-b67b-a20126fb36e2","block_type":"box","text":"the Fund. As a result, as of January 1, 2031, the Underlying Index","page_number":55,"box":{"x":549,"y":94,"width":413,"height":11}},{"id":"bfe0d57c-49c4-4312-a859-39c73a5dd8b5","block_type":"box","text":"will not contain bonds with an effective maturity date later than","page_number":55,"box":{"x":549,"y":108,"width":404,"height":11}},{"id":"3721ff62-9b7c-4c39-aa16-34e699401376","block_type":"box","text":"December 2, 2031.","page_number":55,"box":{"x":550,"y":123,"width":120,"height":10}},{"id":"7b12dc6d-2765-4981-8348-636817a57c8c","block_type":"box","text":"The Fund is a series of the iShares iBonds","page_number":55,"box":{"x":549,"y":144,"width":265,"height":9}},{"id":"69978d60-9a47-482b-8faa-0fad06d6a5fd","block_type":"box","text":"®","page_number":55,"box":{"x":816,"y":144,"width":8,"height":6}},{"id":"c6b2f08e-8eae-4d24-99b9-d5189fae5f45","block_type":"box","text":"fixed maturity series","page_number":55,"box":{"x":829,"y":144,"width":130,"height":11}},{"id":"597fa563-2b0f-4c3c-a674-48139a32e76d","block_type":"box","text":"of bond exchange-traded funds (“ETFs”) sponsored by BlackRock,","page_number":55,"box":{"x":549,"y":158,"width":419,"height":11}},{"id":"e17202c8-45bf-4f38-9a49-7ddf7f17d927","block_type":"box","text":"Inc. 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The iBonds","page_number":55,"box":{"x":550,"y":173,"width":191,"height":10}},{"id":"7a4160b6-b965-426b-b557-53f68aa839f2","block_type":"box","text":"®","page_number":55,"box":{"x":743,"y":172,"width":8,"height":6}},{"id":"f8917813-6cb2-476c-b177-4bfde6094ade","block_type":"box","text":"fixed maturity series do not invest","page_number":55,"box":{"x":756,"y":173,"width":217,"height":10}},{"id":"240b350e-e850-4335-842a-ef17bdb00fcd","block_type":"box","text":"in U.S. savings bonds or other U.S. government bonds (except to","page_number":55,"box":{"x":549,"y":187,"width":414,"height":11}},{"id":"aac6f6c6-8123-47d6-af1c-5a6d89b4e215","block_type":"box","text":"the extent the funds hold cash equivalent instruments consistent","page_number":55,"box":{"x":549,"y":201,"width":416,"height":11}},{"id":"32a94b7d-8f47-4c4b-9cf5-36582a700eb1","block_type":"box","text":"with their investment objectives) and are not designed to provide","page_number":55,"box":{"x":549,"y":215,"width":416,"height":11}},{"id":"3e2b2d29-6191-4b4e-8766-a321c9da9899","block_type":"box","text":"protection against inflation. 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The Fund may","page_number":55,"box":{"x":549,"y":568,"width":410,"height":11}},{"id":"6fae213a-f27e-45b0-a32e-dbb35c1c7b7f","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":55,"box":{"x":549,"y":583,"width":399,"height":10}},{"id":"9a10842c-a29d-4514-ae35-7f8b46567a9e","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":55,"box":{"x":549,"y":606,"width":404,"height":11}},{"id":"0881b96b-ebf0-4ff0-9e42-f0926e0e90ef","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":55,"box":{"x":549,"y":620,"width":424,"height":11}},{"id":"6fe1026a-11ea-4d2b-be18-5ee6a3537a39","block_type":"box","text":"90% of its assets in fixed income securities of the types included","page_number":55,"box":{"x":549,"y":634,"width":411,"height":11}},{"id":"199e8941-abc3-41d1-8bef-108b6c6d25a1","block_type":"box","text":"in the Underlying Index that BFA believes will help the Fund track","page_number":55,"box":{"x":549,"y":648,"width":414,"height":11}},{"id":"d422fcdc-5fdb-47c4-b04d-8fe0aaa7ae86","block_type":"box","text":"the Underlying Index, in each case except during the last months","page_number":55,"box":{"x":549,"y":663,"width":414,"height":10}},{"id":"48cb02d3-b552-4b60-af6e-2251460c0c76","block_type":"box","text":"of the Fund’s operations, as described below. The Fund will invest","page_number":55,"box":{"x":549,"y":677,"width":419,"height":10}},{"id":"dee16d74-1b3c-4d0a-8bb3-07910cc52198","block_type":"box","text":"no more than 10% of its assets in futures, options and swaps","page_number":55,"box":{"x":549,"y":691,"width":386,"height":11}},{"id":"0ac37fa7-d106-4a71-9362-e8dc7598e574","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":55,"box":{"x":549,"y":705,"width":352,"height":11}},{"id":"9a5d27d2-5afe-4158-ba12-0a7d087b9342","block_type":"box","text":"Underlying Index as well as in fixed income securities other than","page_number":55,"box":{"x":550,"y":719,"width":409,"height":11}},{"id":"367d2830-f1dc-490f-973b-988b3bd1530e","block_type":"box","text":"the types included in the Underlying Index, but which BFA believes","page_number":55,"box":{"x":549,"y":733,"width":423,"height":11}},{"id":"1c0d2cce-20a4-4f08-a030-93cf76957e50","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":55,"box":{"x":549,"y":748,"width":385,"height":10}},{"id":"357d45fb-c6ae-410e-b98a-16c72363d89e","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":55,"box":{"x":549,"y":762,"width":409,"height":11}},{"id":"8bb2c094-b7c4-4706-98e5-e5b69cbf6ce8","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":55,"box":{"x":549,"y":776,"width":414,"height":11}},{"id":"6c903df9-8948-4849-87bd-291dca049f67","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":55,"box":{"x":549,"y":790,"width":408,"height":11}},{"id":"f9c85a89-7986-4129-b8bd-9f57bf239fb5","block_type":"box","text":"The Fund will generally hold municipal bond securities issued by","page_number":55,"box":{"x":549,"y":804,"width":409,"height":11}},{"id":"80c760a1-c341-4b3e-837a-6bb9523eb834","block_type":"box","text":"state and local municipalities whose interest payments are","page_number":55,"box":{"x":549,"y":819,"width":375,"height":10}},{"id":"d32c65ed-024f-418d-b7dd-9a936de4fefb","block_type":"box","text":"exempt from U.S. federal income tax, the federal AMT and the","page_number":55,"box":{"x":549,"y":833,"width":396,"height":10}},{"id":"28aeffff-8f84-4c85-a2aa-fc13dc952553","block_type":"box","text":"federal Medicare contribution tax of 3.8% on “net investment","page_number":55,"box":{"x":549,"y":847,"width":389,"height":8}},{"id":"a3b51ae5-f5f6-4049-83b0-4e065f766ec6","block_type":"box","text":"income,” including dividends, interest and capital gains.","page_number":55,"box":{"x":549,"y":861,"width":355,"height":11}},{"id":"b6bdc2e5-b95f-41fb-bd15-8b175b9ac7b2","block_type":"box","text":"S-45","page_number":55,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"21e5ab8e-9a5a-4fdc-8fd6-6d84b1df8af6","block_type":"box","text":"In the last months of operation, as the bonds held by the Fund","page_number":56,"box":{"x":83,"y":23,"width":396,"height":11}},{"id":"2663852d-72a5-4a89-aa3f-54e0f63822cc","block_type":"box","text":"mature, the proceeds will not be reinvested in bonds but instead","page_number":56,"box":{"x":83,"y":37,"width":411,"height":11}},{"id":"0c608ebf-78b7-4fa1-a415-e7978197d8a8","block_type":"box","text":"will be held in cash and cash equivalents, including, without","page_number":56,"box":{"x":82,"y":52,"width":381,"height":10}},{"id":"751e8e83-7512-4f37-8cc1-9dd6add66e5f","block_type":"box","text":"limitation, shares of money market funds advised by BFA or its","page_number":56,"box":{"x":83,"y":66,"width":398,"height":10}},{"id":"25ce4dda-3862-4ad9-b894-2e155af7857c","block_type":"box","text":"affiliates, AMT-free tax-exempt municipal notes, variable rate","page_number":56,"box":{"x":83,"y":80,"width":389,"height":11}},{"id":"b0729b9b-42b1-4c5c-bf7c-f279fc209c76","block_type":"box","text":"demand notes and obligations, tender option bonds and municipal","page_number":56,"box":{"x":83,"y":94,"width":422,"height":11}},{"id":"8fc5c8b0-ffd2-436c-8522-e8e074a03ab0","block_type":"box","text":"commercial paper. These cash equivalents may not be included in","page_number":56,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"4aeba8e1-6680-4ec8-9890-2fcb4b48a368","block_type":"box","text":"the Underlying Index. By December 2, 2031, the Underlying Index","page_number":56,"box":{"x":83,"y":122,"width":417,"height":11}},{"id":"5460afff-8cd7-4db8-a1d5-7138bfe90418","block_type":"box","text":"is expected to consist entirely of cash earned in this manner.","page_number":56,"box":{"x":83,"y":137,"width":388,"height":10}},{"id":"81665e5d-dfd4-4773-8747-0eeed8de2923","block_type":"box","text":"Around the same time, the Fund will wind up and terminate. After","page_number":56,"box":{"x":82,"y":151,"width":418,"height":11}},{"id":"31c9853b-a1a3-4e0b-aac0-c5c19570b83f","block_type":"box","text":"appropriate provision is made for any Fund liabilities, its net","page_number":56,"box":{"x":83,"y":165,"width":382,"height":11}},{"id":"03cf31d9-1c72-451f-b0a9-91a5a8de1690","block_type":"box","text":"assets will be distributed to then-current shareholders pursuant","page_number":56,"box":{"x":83,"y":179,"width":408,"height":11}},{"id":"48c63151-dff1-43bc-b302-ba82d2d4f069","block_type":"box","text":"to a plan of liquidation. The Fund’s termination was approved by a","page_number":56,"box":{"x":83,"y":193,"width":419,"height":11}},{"id":"cea9007e-981f-400f-b9af-56abe8f5a4e7","block_type":"box","text":"majority of the Trust’s Board of Trustees (the “Board”) and does","page_number":56,"box":{"x":83,"y":207,"width":404,"height":11}},{"id":"525c3c40-cac0-41b5-9f2f-ef3743d1ee92","block_type":"box","text":"not require additional approval by Fund shareholders. The Board","page_number":56,"box":{"x":83,"y":222,"width":409,"height":10}},{"id":"ba6c6384-5d1c-4bc9-b540-609aa26a9c28","block_type":"box","text":"may extend the termination date if a majority of the Board","page_number":56,"box":{"x":83,"y":236,"width":371,"height":11}},{"id":"4e78851c-965f-4dc4-9da7-6a742de608d4","block_type":"box","text":"determines the extension to be in the best interest of the Fund.","page_number":56,"box":{"x":83,"y":250,"width":404,"height":9}},{"id":"4f2c15b1-dab4-46c3-8646-b6bedbc4b285","block_type":"box","text":"The Fund does not seek to return any predetermined amount at","page_number":56,"box":{"x":82,"y":264,"width":407,"height":11}},{"id":"da8358e9-86c1-48a6-9504-e89e83dbf7fe","block_type":"box","text":"maturity or in periodic distributions.","page_number":56,"box":{"x":83,"y":278,"width":228,"height":11}},{"id":"c944e022-c92c-440b-9e91-ff6ab8bd8768","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":56,"box":{"x":82,"y":300,"width":414,"height":11}},{"id":"fbc3d7ec-7983-4295-a4d9-960a9cb8a50d","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":56,"box":{"x":83,"y":314,"width":282,"height":11}},{"id":"c51815ce-248c-4be9-972f-b261141b0e02","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":56,"box":{"x":82,"y":336,"width":406,"height":11}},{"id":"483cc343-78a7-448d-8fc6-360d0ff7b2e2","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":56,"box":{"x":83,"y":351,"width":420,"height":10}},{"id":"c074f71c-f44e-4b3a-a087-1b53c7cb3624","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":56,"box":{"x":83,"y":365,"width":402,"height":11}},{"id":"08884331-1a42-4d46-b9d3-29718dbe0520","block_type":"box","text":"over time.","page_number":56,"box":{"x":83,"y":379,"width":63,"height":8}},{"id":"48e6157c-4ad4-4e65-81d5-4ea33266fe18","block_type":"box","text":"The Underlying Index is sponsored by SPDJI, which is independent","page_number":56,"box":{"x":82,"y":402,"width":423,"height":11}},{"id":"5eb60f91-f0ba-400c-9c5e-a25afac5d41b","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":56,"box":{"x":83,"y":416,"width":356,"height":9}},{"id":"c7a4172d-36ac-4078-8632-1ff101f1e3a2","block_type":"box","text":"composition and relative weightings of the components of the","page_number":56,"box":{"x":83,"y":430,"width":395,"height":11}},{"id":"873917d7-1a09-495e-9328-1911ec2fcf22","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":56,"box":{"x":83,"y":445,"width":416,"height":11}},{"id":"2528af4e-2360-4964-b7cd-311b7a74ae17","block_type":"box","text":"value of the Underlying Index.","page_number":56,"box":{"x":82,"y":459,"width":190,"height":11}},{"id":"29232b85-95f1-4d15-90f5-9863fb6522b1","block_type":"box","text":"Industry Concentration Policy.","page_number":56,"box":{"x":83,"y":482,"width":210,"height":11}},{"id":"2bb72459-f9d2-464e-b2af-01449bfedd1f","block_type":"box","text":"The Fund will concentrate its","page_number":56,"box":{"x":298,"y":482,"width":184,"height":9}},{"id":"bed08483-0e0f-479a-a543-81a1e0a5e362","block_type":"box","text":"investments (","page_number":56,"box":{"x":83,"y":496,"width":85,"height":11}},{"id":"eb455224-3d88-48df-8d05-d18625dd34f8","block_type":"box","text":"i.e.","page_number":56,"box":{"x":169,"y":496,"width":17,"height":9}},{"id":"6a4abe67-1f22-4026-a5fe-cf6d00b23c59","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":56,"box":{"x":189,"y":496,"width":264,"height":11}},{"id":"eda4529b-2eb2-456b-b6ba-a59c41a72451","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":56,"box":{"x":83,"y":510,"width":394,"height":11}},{"id":"9a1bcea3-833a-4718-8df6-f9af9733336f","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":56,"box":{"x":83,"y":525,"width":377,"height":10}},{"id":"c5a2d012-2736-4958-8ff0-147c91dab5f5","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":56,"box":{"x":83,"y":539,"width":389,"height":11}},{"id":"d902d355-0e1e-44c1-af48-f0b00d4549ca","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":56,"box":{"x":83,"y":553,"width":365,"height":11}},{"id":"2ecec754-8c7b-4e32-92f1-a0507f2eb03f","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":56,"box":{"x":83,"y":567,"width":392,"height":11}},{"id":"c654cd8c-b791-45ab-a2b9-257377e600c0","block_type":"box","text":"securities of state or municipal governments and their political","page_number":56,"box":{"x":83,"y":581,"width":399,"height":11}},{"id":"4c3b5ae3-d719-43a9-a920-a18fb72e8b30","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":56,"box":{"x":83,"y":595,"width":410,"height":11}},{"id":"b67b7921-4ac8-4744-b299-5ea316549a5c","block_type":"box","text":"industry.","page_number":56,"box":{"x":83,"y":610,"width":54,"height":11}},{"id":"65fc3a49-cd8c-461e-b2f8-ee87ba4fcca9","block_type":"box","text":"Summary of Principal Risks","page_number":56,"box":{"x":83,"y":639,"width":235,"height":13}},{"id":"8d40adae-ef66-4c0b-becf-876247a1b060","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":56,"box":{"x":82,"y":664,"width":363,"height":11}},{"id":"7ee0d7f8-7648-494b-953f-288d885647ba","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":56,"box":{"x":83,"y":678,"width":402,"height":11}},{"id":"555c1217-8b38-439d-b7a3-bff5b8b6639f","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":56,"box":{"x":83,"y":692,"width":396,"height":11}},{"id":"b346d5c7-32b2-4372-b18c-1067e9d31df4","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":56,"box":{"x":83,"y":706,"width":376,"height":11}},{"id":"0518de58-34ce-42ee-8000-a094532a299f","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":56,"box":{"x":83,"y":721,"width":392,"height":10}},{"id":"6f1a46b2-b9fb-4cff-bad0-b839ad24e79e","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":56,"box":{"x":83,"y":735,"width":416,"height":11}},{"id":"7a25068f-1649-48db-9a00-2a5915286ecf","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":56,"box":{"x":83,"y":749,"width":387,"height":11}},{"id":"3c4f3c7d-cf46-4693-8a83-cd14e76e3a23","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":56,"box":{"x":82,"y":763,"width":426,"height":11}},{"id":"ba2ea7ba-9e8b-485b-ab42-77344ce2f53c","block_type":"box","text":"risk is difficult to predict and may change over time. 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If","page_number":56,"box":{"x":549,"y":80,"width":424,"height":11}},{"id":"738b453e-90af-4613-bb1e-e3afbadb573b","block_type":"box","text":"a security loses its tax-exempt status, its value may decline","page_number":56,"box":{"x":549,"y":94,"width":379,"height":11}},{"id":"3473f445-97fa-4257-be9e-1c3edca601a8","block_type":"box","text":"significantly.","page_number":56,"box":{"x":549,"y":108,"width":78,"height":11}},{"id":"c938ef5a-e0ac-470d-9b10-f9746808c340","block_type":"box","text":"The market for municipal bonds may be less liquid than for other","page_number":56,"box":{"x":549,"y":131,"width":412,"height":11}},{"id":"8f5fbe31-c0d9-43e1-84eb-c2e965f750a7","block_type":"box","text":"types of debt securities, and it may be harder for the Fund to buy","page_number":56,"box":{"x":549,"y":146,"width":415,"height":10}},{"id":"c6c99a6d-3644-433b-93c8-dbe0790a9cca","block_type":"box","text":"and sell municipal bonds, especially on short notice. 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Errors in index data, index computations or the","page_number":56,"box":{"x":549,"y":834,"width":366,"height":11}},{"id":"5709189d-2d32-4df3-afc1-bdbe7c10e238","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":56,"box":{"x":549,"y":848,"width":377,"height":11}},{"id":"fedab52d-4a88-4419-9c0f-95305d30808d","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":56,"box":{"x":549,"y":862,"width":413,"height":11}},{"id":"b8d03e9e-381f-4e49-9ecc-c9ed3ebc1590","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":56,"box":{"x":549,"y":877,"width":396,"height":10}},{"id":"6a60f080-202b-4606-bc4a-fe912e643efb","block_type":"box","text":"S-46","page_number":56,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e90a8706-3559-42e8-94a1-69a377722f71","block_type":"box","text":"impact on the Fund and its shareholders. 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It is expected that an","page_number":57,"box":{"x":549,"y":470,"width":414,"height":11}},{"id":"611decaa-01d9-46c1-a2eb-85c83be9550a","block_type":"box","text":"investment in the Fund, if held through maturity, will produce","page_number":57,"box":{"x":549,"y":485,"width":389,"height":10}},{"id":"1e0bb221-61fe-4a37-a709-4c4312794ec3","block_type":"box","text":"aggregate returns comparable to a direct investment in a group of","page_number":57,"box":{"x":549,"y":499,"width":422,"height":11}},{"id":"fae7db22-8d31-4b1c-9182-e78dfaee8feb","block_type":"box","text":"municipal bonds of similar credit quality and maturity. 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The","page_number":58,"box":{"x":82,"y":160,"width":425,"height":11}},{"id":"2690959b-a33b-4664-9b61-37ef68f5b725","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":58,"box":{"x":83,"y":174,"width":424,"height":11}},{"id":"4935d19a-69be-445b-8b89-c73d5a67f503","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":58,"box":{"x":83,"y":188,"width":394,"height":11}},{"id":"c7e14bc3-6fb7-4dfb-86ce-94e176f081f7","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":58,"box":{"x":83,"y":202,"width":419,"height":11}},{"id":"9750ab9e-d358-4db6-896d-d5544cfde959","block_type":"box","text":"Issuer Risk","page_number":58,"box":{"x":83,"y":226,"width":75,"height":8}},{"id":"4d61bc33-d00f-4848-a6c8-0f7d275ea1fe","block_type":"box","text":".","page_number":58,"box":{"x":158,"y":232,"width":3,"height":2}},{"id":"99d46d61-3218-4530-bbcd-b29e5613dd7f","block_type":"box","text":"The performance of the Fund depends on the","page_number":58,"box":{"x":166,"y":226,"width":288,"height":10}},{"id":"054534a1-9956-452e-b493-d4f07767dd98","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":58,"box":{"x":83,"y":240,"width":412,"height":10}},{"id":"1102bca5-0140-465e-a513-ff6c0e046f18","block_type":"box","text":"Fund has exposure. 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As the Fund will not fully replicate the","page_number":58,"box":{"x":83,"y":683,"width":362,"height":11}},{"id":"74bc24d4-71f7-4ce6-a456-ad5ae5dce14f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":58,"box":{"x":83,"y":697,"width":388,"height":11}},{"id":"5e3c4481-7add-4113-bf6c-5d2d7f0f1098","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":58,"box":{"x":83,"y":712,"width":409,"height":10}},{"id":"0510faec-2261-4e6e-9192-42695abbb99e","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":58,"box":{"x":83,"y":726,"width":419,"height":11}},{"id":"40070b93-b02f-4a7e-a5a4-adf872dccd04","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":58,"box":{"x":82,"y":740,"width":420,"height":11}},{"id":"beffda31-b7b0-4b92-9971-563200d8e943","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":58,"box":{"x":83,"y":754,"width":402,"height":11}},{"id":"b1ca210d-bde1-4005-9f09-a4f52e771011","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":58,"box":{"x":83,"y":768,"width":323,"height":11}},{"id":"4d910cc7-3a88-47f6-b718-ddd505220370","block_type":"box","text":"Market Trading Risk","page_number":58,"box":{"x":83,"y":791,"width":136,"height":11}},{"id":"e48a30c9-9940-4e1c-84ee-a8501f2139f8","block_type":"box","text":".","page_number":58,"box":{"x":219,"y":798,"width":2,"height":2}},{"id":"fd8310da-04ee-42f4-aeed-40117f015a65","block_type":"box","text":"The Fund faces numerous market trading","page_number":58,"box":{"x":226,"y":791,"width":263,"height":11}},{"id":"5355ecfe-ab91-44ba-aacd-a70fd824f186","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":58,"box":{"x":83,"y":806,"width":394,"height":10}},{"id":"f87769bb-9313-4452-bec6-0130a9228b1a","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":58,"box":{"x":83,"y":820,"width":401,"height":11}},{"id":"19f6dcce-3151-49ba-82e7-76136c3f0bc4","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":58,"box":{"x":83,"y":834,"width":404,"height":11}},{"id":"857d3630-259a-40f7-a039-eefe0027dc3d","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":58,"box":{"x":83,"y":848,"width":416,"height":11}},{"id":"eb0a71eb-04d9-4b62-9e7e-3476380bc02f","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":58,"box":{"x":82,"y":862,"width":405,"height":11}},{"id":"eef5c0d2-fcef-496c-abfe-9499f47335e8","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":58,"box":{"x":83,"y":877,"width":411,"height":10}},{"id":"b3541a54-4f23-4287-95db-d0c8d70fb7d2","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. 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As a result, the Fund’s","page_number":58,"box":{"x":549,"y":188,"width":375,"height":11}},{"id":"a45c5621-7ba8-4c2a-bc6f-b7b79a13db78","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":58,"box":{"x":549,"y":202,"width":418,"height":11}},{"id":"56be6f81-4d42-444e-b7d7-2a20df9979c4","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":58,"box":{"x":549,"y":216,"width":418,"height":11}},{"id":"b07de127-e9f6-4367-b14d-b776a9a09712","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":58,"box":{"x":549,"y":231,"width":210,"height":10}},{"id":"248d57b6-7f27-4092-824c-b9ae1be2aa37","block_type":"box","text":"Operational and Technology Risks","page_number":58,"box":{"x":549,"y":254,"width":230,"height":11}},{"id":"00541c39-5f08-4255-8962-cb752ce7b06e","block_type":"box","text":".","page_number":58,"box":{"x":780,"y":260,"width":2,"height":2}},{"id":"802dfc7c-602d-44e9-b22c-ba0a8c18eb38","block_type":"box","text":"The Fund is directly and","page_number":58,"box":{"x":787,"y":254,"width":152,"height":11}},{"id":"50c1acf2-acd0-4ef8-acb6-d32c4955c361","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":58,"box":{"x":549,"y":268,"width":368,"height":11}},{"id":"b79c0080-0f56-4d08-b5a4-2668c05d7a6f","block_type":"box","text":"including those related to human errors, processing errors,","page_number":58,"box":{"x":549,"y":282,"width":376,"height":11}},{"id":"6917ecc4-6cb4-4443-b471-85cc8c8f26a7","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":58,"box":{"x":549,"y":296,"width":413,"height":11}},{"id":"630a0303-8f98-4519-bf34-e0598d5806c4","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":58,"box":{"x":549,"y":311,"width":404,"height":10}},{"id":"c7f4aa99-c2e5-4ae2-b23a-90f0956017f7","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":58,"box":{"x":549,"y":325,"width":401,"height":11}},{"id":"c8de0e95-43dc-48ea-96b0-b6f4f8a919d6","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":58,"box":{"x":549,"y":339,"width":377,"height":11}},{"id":"c48b978a-6e5f-4c51-aeaf-1900575aac46","block_type":"box","text":"providers are required to have appropriate operational,","page_number":58,"box":{"x":549,"y":353,"width":350,"height":11}},{"id":"d3f2fd48-db13-4562-9e68-a7477598b6ed","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":58,"box":{"x":549,"y":367,"width":414,"height":11}},{"id":"3d811299-9aa0-4d50-b855-9e866da99e8b","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":58,"box":{"x":549,"y":381,"width":397,"height":11}},{"id":"bbde1f90-a358-4934-82c5-0af69d6491f8","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":58,"box":{"x":549,"y":396,"width":411,"height":11}},{"id":"176131e2-accd-4e6c-b574-dd712a930088","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":58,"box":{"x":549,"y":410,"width":391,"height":8}},{"id":"79887424-b8cd-4457-ba3a-606c7e8de870","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":58,"box":{"x":549,"y":424,"width":422,"height":11}},{"id":"8218286a-4f35-47e8-b3c5-49e9f6c80eb9","block_type":"box","text":"investments in such issuers to lose value.","page_number":58,"box":{"x":549,"y":438,"width":264,"height":9}},{"id":"ef2e2e4a-eb09-4110-a1af-b7306dffb481","block_type":"box","text":"Small Fund Risk.","page_number":58,"box":{"x":548,"y":461,"width":111,"height":9}},{"id":"f481f37e-1e2f-4da9-91b0-5e2bb44761ce","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":58,"box":{"x":665,"y":461,"width":282,"height":11}},{"id":"c79f1407-7729-4aae-958d-0baac0d2b30e","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":58,"box":{"x":549,"y":476,"width":397,"height":10}},{"id":"097d7759-d70c-4341-ad27-ec6647796fb6","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":58,"box":{"x":550,"y":490,"width":396,"height":11}},{"id":"b0ee17ce-5f34-4b5a-a64d-20cd3e3b6bdb","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":58,"box":{"x":549,"y":504,"width":387,"height":11}},{"id":"16b1f1d8-df83-4f8a-b226-46b37ee50711","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller","page_number":58,"box":{"x":549,"y":518,"width":417,"height":11}},{"id":"2f112065-ab9a-4b1b-8a1e-9a354b2a5a10","block_type":"box","text":"sized bonds known as “odd lots,” which may be purchased or sold","page_number":58,"box":{"x":549,"y":532,"width":420,"height":11}},{"id":"74d899c9-526a-4c13-8154-d62bee07aab4","block_type":"box","text":"at a discount to similar “round lot” bonds. 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Events","page_number":58,"box":{"x":549,"y":768,"width":417,"height":11}},{"id":"7bbbcaf0-7def-435d-a9a0-94b835374fa8","block_type":"box","text":"occurring after a municipal bond is issued or acquired by a Fund","page_number":58,"box":{"x":549,"y":782,"width":409,"height":11}},{"id":"adbe0630-e8f8-4636-b41a-e4b894ff8b1b","block_type":"box","text":"may result in a determination that the bond’s interest is includible","page_number":58,"box":{"x":549,"y":797,"width":420,"height":10}},{"id":"63f803dd-06fc-4b89-952d-057527caf729","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for","page_number":58,"box":{"x":549,"y":811,"width":412,"height":11}},{"id":"2ff5dbf1-458e-4822-be5b-5f9226f6e099","block_type":"box","text":"purposes of U.S. federal income taxes, the federal AMT or the","page_number":58,"box":{"x":549,"y":825,"width":394,"height":11}},{"id":"a058d8f8-5602-4b3d-bba4-e90aa16e0c34","block_type":"box","text":"federal Medicare contribution tax. 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Tracking error may occur due to a number of","page_number":59,"box":{"x":83,"y":89,"width":425,"height":11}},{"id":"7e01e1eb-cddd-4434-bb85-7e460cd033ef","block_type":"box","text":"factors, including differences between the securities and other","page_number":59,"box":{"x":82,"y":103,"width":402,"height":11}},{"id":"07cb8ddf-77e3-4148-85a8-1861bbf873dc","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":59,"box":{"x":83,"y":117,"width":381,"height":11}},{"id":"87e09751-b823-4199-b54f-2623f12c8904","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":59,"box":{"x":83,"y":131,"width":396,"height":11}},{"id":"3d2bfa51-c329-4738-a5dc-2fd7ae1431d0","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":59,"box":{"x":83,"y":146,"width":407,"height":10}},{"id":"a6343e7e-2458-4398-bd02-6b5edb3e76a9","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":59,"box":{"x":83,"y":160,"width":400,"height":11}},{"id":"99614dd8-0e08-4551-8057-80e849b23a29","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":59,"box":{"x":83,"y":174,"width":421,"height":11}},{"id":"58b2b4b0-4dc9-4f17-ae49-f2480faca801","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":59,"box":{"x":83,"y":188,"width":373,"height":11}},{"id":"8a4d60ba-63c3-411a-a8bd-0eac4505af0c","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":59,"box":{"x":83,"y":202,"width":370,"height":11}},{"id":"bb01d4ae-0857-422c-8400-ead7f9c4f14e","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":59,"box":{"x":83,"y":216,"width":372,"height":11}},{"id":"599cc64f-d47c-4d2e-9e82-abf33c01be94","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":59,"box":{"x":83,"y":231,"width":420,"height":11}},{"id":"75c1fd78-1a84-4051-bc97-fcf4de777aef","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":59,"box":{"x":83,"y":245,"width":386,"height":11}},{"id":"9abe0dc6-38a4-4e07-8afd-585f4adc5a31","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":59,"box":{"x":82,"y":259,"width":378,"height":11}},{"id":"1d57456b-88b8-4fc6-9454-745ee6b4a89e","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":59,"box":{"x":83,"y":273,"width":380,"height":11}},{"id":"27ed969f-61e2-4c78-a373-00ded1cabee1","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":59,"box":{"x":83,"y":287,"width":366,"height":11}},{"id":"1b761cbb-3378-4226-b56a-148d17f54b02","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":59,"box":{"x":83,"y":302,"width":414,"height":10}},{"id":"a1faf4a7-daea-4a51-af6a-b968812f22e0","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":59,"box":{"x":83,"y":316,"width":387,"height":11}},{"id":"c16116c1-f368-4a32-bad4-e1c3ff2f9a3b","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":59,"box":{"x":83,"y":330,"width":414,"height":11}},{"id":"f045280f-ea63-44a0-ad5e-307f9c52c832","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":59,"box":{"x":83,"y":344,"width":419,"height":11}},{"id":"7da15805-f420-4901-9c4a-f95820fa3284","block_type":"box","text":"unusual market conditions. A Fund that tracks an index where","page_number":59,"box":{"x":83,"y":358,"width":395,"height":9}},{"id":"460bef27-3dc4-4786-acd3-f89b42ab7832","block_type":"box","text":"municipal bonds are an investment focus may experience higher","page_number":59,"box":{"x":83,"y":372,"width":412,"height":11}},{"id":"75245200-d52b-44d6-8d0c-be96d638fa7e","block_type":"box","text":"tracking error than ETFs that do not track such indexes. Until the","page_number":59,"box":{"x":83,"y":387,"width":414,"height":11}},{"id":"24870a1c-eda7-43e9-adb1-129d8b129dd4","block_type":"box","text":"Fund reaches greater scale, it may experience higher tracking","page_number":59,"box":{"x":550,"y":23,"width":394,"height":11}},{"id":"6192a142-7f8c-4e7d-81c7-b6145245d874","block_type":"box","text":"error than is typical for similar index ETFs.","page_number":59,"box":{"x":549,"y":37,"width":268,"height":11}},{"id":"280405d0-0ecc-4b4e-b453-2789e80b786e","block_type":"box","text":"Valuation Risk","page_number":59,"box":{"x":550,"y":60,"width":96,"height":9}},{"id":"bf8599fa-8968-4c5a-983d-47a35faec5a6","block_type":"box","text":".","page_number":59,"box":{"x":646,"y":67,"width":2,"height":2}},{"id":"0a7390e7-057b-4182-8b72-4bbe7b0f77dd","block_type":"box","text":"The price that the Fund could receive upon the","page_number":59,"box":{"x":653,"y":61,"width":298,"height":10}},{"id":"01c7eb7c-0a9f-4c09-a6ff-70bc7803736d","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":59,"box":{"x":549,"y":75,"width":408,"height":11}},{"id":"cab4a75f-6f52-4609-aa83-375e144f5161","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":59,"box":{"x":549,"y":89,"width":355,"height":11}},{"id":"bd523582-a33b-4549-bc8d-3d8b3f640b4e","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":59,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"e42eed6d-e8d5-4c8b-a11c-dbc6595ff18e","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":59,"box":{"x":549,"y":117,"width":347,"height":11}},{"id":"e336c4c5-697a-45a1-ba00-ed699609713f","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":59,"box":{"x":549,"y":131,"width":418,"height":11}},{"id":"5d4f2bdf-72a0-4d27-9c24-eec6bb6128df","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":59,"box":{"x":549,"y":146,"width":406,"height":10}},{"id":"cec1253e-6c7b-4ddc-9763-9da64201bef4","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":59,"box":{"x":549,"y":160,"width":411,"height":11}},{"id":"34034525-b39b-46b9-897a-14e7b20c1743","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":59,"box":{"x":549,"y":174,"width":392,"height":11}},{"id":"ea17f3fd-585f-4cee-a4da-2e17b782c2bf","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":59,"box":{"x":549,"y":188,"width":414,"height":11}},{"id":"c771ee25-33bb-485d-9ad3-7f23b304de19","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":59,"box":{"x":549,"y":202,"width":394,"height":11}},{"id":"2d99ee22-3cfc-4f2d-94a5-f76e43ae4b60","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":59,"box":{"x":548,"y":216,"width":383,"height":11}},{"id":"1758f8eb-555c-4168-a2b4-dd54ae8c0ba7","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":59,"box":{"x":549,"y":231,"width":414,"height":11}},{"id":"34db29f3-afa3-46eb-8fd3-8f2f9ad71d38","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":59,"box":{"x":549,"y":245,"width":392,"height":8}},{"id":"29e30cfc-5fe7-442d-959b-75a8a6ed4b86","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":59,"box":{"x":548,"y":259,"width":425,"height":11}},{"id":"ed79be1e-d520-41fd-b0e0-e2f225c77c3b","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":59,"box":{"x":548,"y":273,"width":400,"height":11}},{"id":"132c06d3-9eea-490e-88ce-1ad72f00c2b2","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":59,"box":{"x":549,"y":287,"width":405,"height":11}},{"id":"6fdb4c46-d02f-47de-bf05-724cd1c3024d","block_type":"box","text":"Performance Information","page_number":59,"box":{"x":550,"y":316,"width":213,"height":11}},{"id":"432cf1f3-73ab-4296-8dad-c6ed4f8f2026","block_type":"box","text":"As of the date of this Prospectus, the Fund does not have a full","page_number":59,"box":{"x":549,"y":342,"width":400,"height":10}},{"id":"d26710a6-f767-4295-9a09-82476be88aaf","block_type":"box","text":"calendar year of performance information to report.","page_number":59,"box":{"x":549,"y":356,"width":330,"height":11}},{"id":"40656821-61bb-4fa6-b81e-ec74ec8a2480","block_type":"box","text":"S-49","page_number":59,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0d43b1c9-e413-459a-b4b5-9b3c556735f3","block_type":"box","text":"Management","page_number":60,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"97f3e78f-adba-4225-8adb-a112d49a62d5","block_type":"box","text":"Investment Adviser.","page_number":60,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"b10ef688-792e-42f4-a9a3-4fcf5841f6b4","block_type":"box","text":"BlackRock Fund Advisors.","page_number":60,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"fd9fb789-3493-45df-8e4b-9d2636d1b48d","block_type":"box","text":"Portfolio Managers.","page_number":60,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"fbaecd97-7208-4daf-8a78-1de4b85905f9","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":60,"box":{"x":223,"y":71,"width":276,"height":10}},{"id":"3922013c-b575-4658-b345-00e679b94e38","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":60,"box":{"x":82,"y":85,"width":407,"height":11}},{"id":"d0c691f6-c6b5-4272-a05d-c8ab74adb9af","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":60,"box":{"x":83,"y":99,"width":390,"height":11}},{"id":"38c42f01-566b-48d9-a760-74db8937b4e1","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":60,"box":{"x":83,"y":113,"width":412,"height":11}},{"id":"3b6c9eee-fa36-4b26-9952-8e6181ea4884","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":60,"box":{"x":83,"y":128,"width":387,"height":10}},{"id":"2de2891c-cc30-4a38-9207-1c47248aafe5","block_type":"box","text":"2025.","page_number":60,"box":{"x":83,"y":142,"width":36,"height":8}},{"id":"92df3bb6-a3fd-4bfd-b672-c51a25c52d72","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":60,"box":{"x":84,"y":171,"width":290,"height":10}},{"id":"397182ed-49e9-4046-83be-f790ee25481c","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":60,"box":{"x":82,"y":196,"width":391,"height":11}},{"id":"73f64746-0096-44c3-9b6e-581d87a1ae4b","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":60,"box":{"x":83,"y":210,"width":420,"height":11}},{"id":"15285997-82c5-4bde-bb5d-dcc9a1ec4f09","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":60,"box":{"x":84,"y":224,"width":399,"height":11}},{"id":"3bfbf391-d579-4e63-881f-72d2197e3ba4","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":60,"box":{"x":83,"y":238,"width":416,"height":11}},{"id":"c1a8473a-3928-48a9-ad58-0e9243edf2d4","block_type":"box","text":"than NAV (a discount). 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BFA, the investment adviser to the Fund, has","page_number":61,"box":{"x":295,"y":320,"width":624,"height":10}},{"id":"e2ed0f56-c51e-4a40-9b80-e1747fbc770e","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":61,"box":{"x":83,"y":334,"width":840,"height":11}},{"id":"da1451b5-343d-4918-beb5-37e96785b103","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":61,"box":{"x":83,"y":348,"width":887,"height":11}},{"id":"6273d6ee-f665-4630-b4e9-ae9a88aa33a5","block_type":"box","text":"October 15, 2026. 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Index constituents are market capitalization","page_number":62,"box":{"x":83,"y":788,"width":395,"height":10}},{"id":"3bdb1cca-3110-4cc5-aaa0-042d5c5442ae","block_type":"box","text":"weighted based on amounts outstanding reduced by amounts","page_number":62,"box":{"x":82,"y":802,"width":395,"height":11}},{"id":"e1ec6344-bcb0-46c5-8609-988fdb7af171","block_type":"box","text":"held by the Federal Reserve SOMA times price plus accrued","page_number":62,"box":{"x":83,"y":816,"width":382,"height":11}},{"id":"c6b88ed7-109d-49d1-854e-e5af398cb49c","block_type":"box","text":"interest.","page_number":62,"box":{"x":83,"y":830,"width":52,"height":9}},{"id":"ae32a98d-7a36-40cc-bf0f-d4e3238550f6","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of","page_number":62,"box":{"x":82,"y":852,"width":398,"height":11}},{"id":"fc0d6c70-1ddd-4995-8fca-d6822a8e50c7","block_type":"box","text":"each month. New issues must settle on or before the following","page_number":62,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"2a3cdb7f-8d03-4185-9af5-91255dd84d17","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":62,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"55f99032-6814-4eda-9dab-4b70a1b65e58","block_type":"box","text":"inclusion for such following month (","page_number":62,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"076026e0-8b03-4a7b-88c1-be59fca02b28","block_type":"box","text":"e.g","page_number":62,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"9cc8091d-9264-48f9-913a-536b7a83f6ee","block_type":"box","text":"., an issue must settle on or","page_number":62,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"6209c4bd-6e23-4994-8bcf-1edc175472fe","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":62,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"e6bc6a37-76fa-46b2-aa35-f4aed095f454","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":62,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"946ff90d-2065-44ed-89f4-604a9afc92c2","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":62,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"9f7388d3-138e-4f01-8638-45d281466777","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":62,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"4dfabb07-39e6-411c-8807-930a0f167b50","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":62,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"921c5917-5ec7-4706-9243-f5063571ea58","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":62,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"070e2f8c-98f9-47e0-85e1-80208484e1f9","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":62,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"77b1abd4-7d9a-4306-8114-e1b8f59358b4","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":62,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"fe27d5ef-d7bb-4e2f-8404-6967c99ea96a","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":62,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"1f0222e2-dee0-4aab-a147-f29beaf4213f","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":62,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"ab8e535e-170c-4ddf-bf6e-12ef341bc733","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":62,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"41106f5f-60e6-46cb-a161-baec2e1e8335","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":62,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"7a25d4c2-fb8d-4a06-9abc-c0f6074a57e6","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":62,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"7cc4cd7a-8b4a-4960-9dd4-6d9a224a2453","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":62,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"87aa7186-e57e-4272-9361-839a1d935b54","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":62,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"3e3c6dc1-a90b-4ce9-a5dd-dcdc153098d2","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":62,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"e140275e-7325-4fd0-bbe0-f693787b94b5","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":62,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"b5d5d917-c43d-469f-937e-5553aaa03c35","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":62,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"fa9a7bb2-68dd-469f-af7d-11d5bb233037","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":62,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"56579c56-ec0a-411d-aea1-54d13f75d016","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":62,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"cc4f809d-7427-43ce-b8f6-06fd97f36bbf","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":62,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"2386d0be-9571-4415-b26a-77d45b56ca29","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":62,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"55188268-9c78-41e8-b1a5-290ae2a06d59","block_type":"box","text":"Index before fees and expenses of the Fund. 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After appropriate provision is made for any Fund","page_number":62,"box":{"x":549,"y":500,"width":379,"height":11}},{"id":"4c8a8a9e-801e-426b-a715-4470c08644ec","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":62,"box":{"x":549,"y":514,"width":368,"height":10}},{"id":"177e0db2-0f61-4b01-8ec5-665fd830b7e7","block_type":"box","text":"shareholders pursuant to a plan of liquidation. 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The Index Provider","page_number":63,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"723074f1-ec3a-40d5-9f78-f3694773a321","block_type":"box","text":"determines the composition and relative weightings of the","page_number":63,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"2fa8c13f-e4f1-4280-93e4-04178a0531f4","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":63,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"1b5dad50-6b96-4747-82a3-57d901f63512","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":63,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"011947aa-f403-4934-948f-67239b057770","block_type":"box","text":"Summary of Principal Risks","page_number":63,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"ca89ab4b-955f-4481-a991-8e20e32ec167","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":63,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"5ce9ca9e-e7ac-4c51-8695-13fc30622cd5","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":63,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"919bb0fc-632d-4a74-9514-a9ad3d5a602f","block_type":"box","text":"that of other investments. 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Depending on changes in inflation","page_number":63,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"d9367395-ca9f-4cc6-8938-0f70af85d70a","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":63,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"20931248-1c5f-40b8-989c-c28a91c383a4","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":63,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"e647b3fc-ba45-4d41-9f1c-5bd14750d35d","block_type":"box","text":"Interest Rate Risk","page_number":63,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"601fae4c-898a-4fad-a7d0-c92038a651f1","block_type":"box","text":".","page_number":63,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"bf3be114-a4e2-4641-baf0-ea6c87e8edb5","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":63,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"d8d60dd0-0f54-4da3-a308-f3d852844709","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":63,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"5f3d00d9-e834-4300-8e26-e8311d87657f","block_type":"box","text":"in the general level of interest rates. 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As the Fund will not fully replicate the","page_number":64,"box":{"x":83,"y":730,"width":362,"height":10}},{"id":"36871e91-2272-4534-8e47-280e9551840d","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":64,"box":{"x":83,"y":744,"width":388,"height":11}},{"id":"8b696e07-fad3-4157-bd44-aad7ddb6160a","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":64,"box":{"x":83,"y":758,"width":409,"height":11}},{"id":"1ce4ebba-6c41-42e9-8c8e-a9996566992c","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":64,"box":{"x":83,"y":772,"width":419,"height":11}},{"id":"bfde8320-9237-41c4-85a8-dfb7574f0f43","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":64,"box":{"x":82,"y":786,"width":420,"height":11}},{"id":"33103732-99b3-4301-a21c-006d08837ded","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":64,"box":{"x":83,"y":800,"width":402,"height":11}},{"id":"fe04b4b5-3a07-44bc-ad73-a832cde93eaf","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":64,"box":{"x":83,"y":815,"width":323,"height":10}},{"id":"16f7ad86-0cd9-480d-a408-8fac108c0b68","block_type":"box","text":"Market Trading Risk","page_number":64,"box":{"x":83,"y":838,"width":136,"height":11}},{"id":"a5910ab4-85b5-4391-8ed8-e8e7b431d9e7","block_type":"box","text":".","page_number":64,"box":{"x":219,"y":844,"width":2,"height":2}},{"id":"79c02ebf-3da1-4daa-b369-6c31b760b39a","block_type":"box","text":"The Fund faces numerous market trading","page_number":64,"box":{"x":226,"y":838,"width":263,"height":11}},{"id":"16ebe501-8e7b-4efa-8c55-e24fa9be7f58","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":64,"box":{"x":83,"y":852,"width":394,"height":11}},{"id":"184f982d-e8a6-49b2-abd5-fbf278e4a094","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":64,"box":{"x":83,"y":866,"width":401,"height":11}},{"id":"27ab60c4-e4ff-4737-a8c5-95cc4f3516f9","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":64,"box":{"x":83,"y":880,"width":404,"height":11}},{"id":"ecd46dac-0c60-43af-a55a-5d104d17021e","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":64,"box":{"x":549,"y":23,"width":416,"height":11}},{"id":"b974816e-0904-412b-82af-4820ca6f6731","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":64,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"4638cd64-6fbb-4087-a88c-bb8b59ed2645","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":64,"box":{"x":549,"y":52,"width":411,"height":10}},{"id":"a709c4e9-a857-4d59-bbb3-5103bebaae0a","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":64,"box":{"x":549,"y":66,"width":397,"height":11}},{"id":"153386bf-31d0-40c7-8d18-fb70c2b68bbc","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":64,"box":{"x":549,"y":80,"width":419,"height":11}},{"id":"280c99f1-0f10-4a6f-83c8-b87581a8463a","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":64,"box":{"x":549,"y":94,"width":413,"height":11}},{"id":"0b26199c-3bff-431a-b11f-cf51d30c982b","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":64,"box":{"x":549,"y":108,"width":397,"height":11}},{"id":"a5ed852e-7936-40c7-bbea-9622baaf3830","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":64,"box":{"x":549,"y":122,"width":316,"height":11}},{"id":"c598466e-db27-4ff7-b8d0-724e5bc65c51","block_type":"box","text":"Operational and Technology Risks","page_number":64,"box":{"x":549,"y":146,"width":230,"height":10}},{"id":"e202ce3b-2538-4c70-bc61-55fab08fa875","block_type":"box","text":".","page_number":64,"box":{"x":780,"y":152,"width":2,"height":2}},{"id":"145950bf-6c52-474a-8732-1ebcf48be396","block_type":"box","text":"The Fund is directly and","page_number":64,"box":{"x":787,"y":146,"width":152,"height":10}},{"id":"b103cbc3-51c9-4fbb-a0fd-f2df972af75c","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":64,"box":{"x":549,"y":160,"width":368,"height":11}},{"id":"f1847e34-d6e3-4b3d-9bbb-3a645e8887ae","block_type":"box","text":"including those related to human errors, processing errors,","page_number":64,"box":{"x":549,"y":174,"width":376,"height":11}},{"id":"f52cacab-2c8c-41ab-9f65-8d382b493be1","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":64,"box":{"x":549,"y":188,"width":413,"height":11}},{"id":"46bf7380-aae9-46c5-8a6b-d8d1d4aca236","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":64,"box":{"x":549,"y":202,"width":404,"height":11}},{"id":"37d1a232-a5c5-4fb3-8e73-5aaaef286c64","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":64,"box":{"x":549,"y":216,"width":401,"height":11}},{"id":"2bef9fa4-d313-456d-a93d-d9222aaa6dcb","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":64,"box":{"x":549,"y":231,"width":377,"height":10}},{"id":"62c8082f-e8c8-41ba-a6c2-c745c81668c8","block_type":"box","text":"providers are required to have appropriate operational,","page_number":64,"box":{"x":549,"y":245,"width":350,"height":11}},{"id":"3671e9e9-fb84-4e11-a830-aa63b452c706","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":64,"box":{"x":549,"y":259,"width":414,"height":11}},{"id":"17e73423-2dd1-4be1-a04f-2be9e8cc37e1","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":64,"box":{"x":549,"y":273,"width":397,"height":11}},{"id":"cb324b1d-2349-4dea-8f25-277293363eb4","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":64,"box":{"x":549,"y":287,"width":411,"height":11}},{"id":"3ebf0149-3824-4ef4-b33d-3402f90f4b94","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":64,"box":{"x":549,"y":302,"width":391,"height":8}},{"id":"381e70b2-9ec4-4d93-aa16-42cc7f76e5db","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":64,"box":{"x":549,"y":316,"width":422,"height":11}},{"id":"3183c1c5-c5cd-4b8a-8519-7617bcd2efb8","block_type":"box","text":"investments in such issuers to lose value.","page_number":64,"box":{"x":549,"y":330,"width":264,"height":8}},{"id":"17457142-0290-48e0-b339-69f1f59d88e8","block_type":"box","text":"Risk of Investing in the U.S","page_number":64,"box":{"x":549,"y":353,"width":182,"height":11}},{"id":"9031e05f-f984-4156-8f4b-6ed0ab7a3ec0","block_type":"box","text":".","page_number":64,"box":{"x":732,"y":360,"width":2,"height":2}},{"id":"b3d3ef77-1e20-4baa-883d-89436f8fd4a2","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":64,"box":{"x":740,"y":353,"width":210,"height":11}},{"id":"f93a009b-7530-4eb6-8f20-4d46359bc18f","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":64,"box":{"x":549,"y":367,"width":391,"height":11}},{"id":"0e6d13ee-1615-418f-9637-9c728f4197d4","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":64,"box":{"x":549,"y":381,"width":423,"height":11}},{"id":"1cd65def-65ff-40bf-82fc-958df1c3d1d0","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":64,"box":{"x":550,"y":396,"width":412,"height":11}},{"id":"8d58eb6e-bead-47ce-b76c-b7ebe5472f6b","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":64,"box":{"x":549,"y":410,"width":396,"height":11}},{"id":"a7097d4b-ef37-406a-bab7-afc3218d7a95","block_type":"box","text":"Securities Lending Risk.","page_number":64,"box":{"x":548,"y":433,"width":162,"height":11}},{"id":"51b9c46a-a484-486c-a730-9f330fc4901a","block_type":"box","text":"The Fund may engage in securities","page_number":64,"box":{"x":716,"y":433,"width":221,"height":11}},{"id":"e130f24b-2080-4d6e-8146-a01a8d519251","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":64,"box":{"x":549,"y":447,"width":397,"height":11}},{"id":"42203411-ae4f-4f86-b863-4f7ca7ae4138","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":64,"box":{"x":549,"y":461,"width":418,"height":11}},{"id":"d8e0b485-e9f0-4e5c-8f7c-3f9866ac4e49","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":64,"box":{"x":549,"y":476,"width":409,"height":10}},{"id":"06e93106-2f9d-4df5-98b5-bd110a33ec29","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":64,"box":{"x":549,"y":490,"width":416,"height":11}},{"id":"ba975430-f0f8-4f60-8e58-72250ac2b1b4","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":64,"box":{"x":549,"y":504,"width":389,"height":11}},{"id":"6129e2b5-c4c1-48de-b778-ea64249c50ea","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":64,"box":{"x":549,"y":518,"width":406,"height":9}},{"id":"15e4e6a1-6df4-42c2-a9fa-0cfb1fcf7f61","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":64,"box":{"x":549,"y":532,"width":301,"height":11}},{"id":"0972a184-af1b-443a-bf60-e06007b47b22","block_type":"box","text":"Tracking Error Risk","page_number":64,"box":{"x":550,"y":556,"width":128,"height":10}},{"id":"b1dae7df-9cff-4341-a1ba-bde0de1dcb1d","block_type":"box","text":".","page_number":64,"box":{"x":678,"y":562,"width":3,"height":2}},{"id":"9e885cce-1270-4db2-9094-4c326d20b49d","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":64,"box":{"x":686,"y":556,"width":284,"height":10}},{"id":"4aa05387-caec-4412-949f-39ec785887f0","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":64,"box":{"x":549,"y":570,"width":404,"height":11}},{"id":"756bfdde-d947-4442-9872-b6bfb86711b3","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":64,"box":{"x":549,"y":584,"width":425,"height":11}},{"id":"72f6aa89-e6e9-49fc-a9e1-602cd08c1d1e","block_type":"box","text":"factors, including differences between the securities and other","page_number":64,"box":{"x":549,"y":598,"width":401,"height":11}},{"id":"b877d847-9f28-4570-868f-4be131f4551b","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":64,"box":{"x":549,"y":612,"width":381,"height":11}},{"id":"7abf77d4-aec0-42d1-b5e9-aecc7830678c","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":64,"box":{"x":550,"y":626,"width":396,"height":11}},{"id":"4f7ae2e1-49ac-4397-a9fb-276e1fd1b8bc","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":64,"box":{"x":549,"y":641,"width":407,"height":10}},{"id":"90d3dd79-4424-444f-971c-113357168ce2","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":64,"box":{"x":549,"y":655,"width":400,"height":11}},{"id":"f039de44-1c4c-46f3-b5d2-198b298e439c","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":64,"box":{"x":549,"y":669,"width":421,"height":11}},{"id":"f8c12ce4-1e71-4a45-8b9c-5ab844455f63","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":64,"box":{"x":549,"y":683,"width":374,"height":11}},{"id":"933336df-2fe5-4a10-b230-e55bfb5b1364","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":64,"box":{"x":549,"y":697,"width":370,"height":11}},{"id":"00a620ff-4194-49d7-97be-d65dac3baaab","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":64,"box":{"x":549,"y":712,"width":372,"height":10}},{"id":"89c4f5b1-9014-4819-b8e0-fdf3cc47dda9","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":64,"box":{"x":549,"y":726,"width":420,"height":11}},{"id":"bc65c093-1f9d-4dbb-a596-5ac16d1eaf39","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":64,"box":{"x":549,"y":740,"width":387,"height":11}},{"id":"4f471ad9-1f3a-44d5-8b46-14a8e31aa4fd","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":64,"box":{"x":549,"y":754,"width":377,"height":11}},{"id":"ddf8e20f-3db0-4c9a-aa0e-a2437aa62c43","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":64,"box":{"x":549,"y":768,"width":380,"height":11}},{"id":"761120e5-f899-4e27-bb99-6e1e48587cad","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":64,"box":{"x":549,"y":782,"width":366,"height":11}},{"id":"7d75bc9f-7e96-49a1-b970-d6cd72c8df6d","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":64,"box":{"x":549,"y":797,"width":414,"height":10}},{"id":"1c605d5c-3515-4144-805d-3a6dc99e8628","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":64,"box":{"x":550,"y":811,"width":386,"height":11}},{"id":"56affd9a-44c8-4c57-a1a7-67fee47a53b0","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":64,"box":{"x":549,"y":825,"width":414,"height":11}},{"id":"6e66da05-8fbe-4913-ace2-555e76636a7e","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":64,"box":{"x":549,"y":839,"width":420,"height":11}},{"id":"6b0f267e-72e0-4d73-8191-7d236ed98e2f","block_type":"box","text":"unusual market conditions.","page_number":64,"box":{"x":549,"y":853,"width":172,"height":9}},{"id":"41f4e58d-e47f-43d3-8383-be6c5df9ba35","block_type":"box","text":"S-54","page_number":64,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"021393d1-122b-4ef2-a1dc-0ee3ce4b9b14","block_type":"box","text":"Performance Information","page_number":65,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"307bbf42-4b8a-4f25-b7d5-4d0f4f94bfa9","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":65,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"8a5270e8-70cc-411a-9237-7328f4b1805a","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":65,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"b90c96f6-ce38-418c-8508-2fc2aaea8f38","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":65,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"46502aec-ce8c-4e14-a834-7166d6ca4be8","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":65,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"6eff5e3b-56fa-4b6d-b0f7-b6537bbcb69d","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Updated performance information, including the Fund’s current NAV,","page_number":65,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"7592a6ff-d450-4300-8434-3893f67eaaf2","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":65,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"5586d3ae-1598-41ec-88a0-adcb0a76c230","block_type":"box","text":"Calendar Year-by-Year 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Because of this inflation adjustment feature, inflation","page_number":68,"box":{"x":83,"y":539,"width":423,"height":10}},{"id":"b4a59206-42b7-4e09-8722-2ad1eb336ae7","block_type":"box","text":"protected bonds typically have lower yields than conventional","page_number":68,"box":{"x":83,"y":553,"width":393,"height":11}},{"id":"225f5d74-d871-4343-b42c-d4f1cb38eb92","block_type":"box","text":"fixed-rate bonds.","page_number":68,"box":{"x":82,"y":567,"width":108,"height":9}},{"id":"4a662610-bf34-400d-b25a-ebbd589b2c69","block_type":"box","text":"The securities in the Underlying Index must be denominated in","page_number":68,"box":{"x":82,"y":589,"width":399,"height":11}},{"id":"63b78425-5b5f-47fb-953b-11c1718df6a8","block_type":"box","text":"U.S. dollars and have (1) a fixed coupon schedule, (2) a remaining","page_number":68,"box":{"x":83,"y":603,"width":416,"height":11}},{"id":"f0a58ce3-14a3-4786-bb14-60eff7cfdc25","block_type":"box","text":"term to final maturity of more than one day as of the monthly","page_number":68,"box":{"x":83,"y":617,"width":391,"height":11}},{"id":"27da8b91-bf3e-4e00-8fa6-cd3c1e2824c4","block_type":"box","text":"rebalancing date and (3) at least $1 billion of outstanding face","page_number":68,"box":{"x":83,"y":631,"width":396,"height":11}},{"id":"8903c163-876b-426d-90ef-3e607405954c","block_type":"box","text":"value (excluding amounts held by the Federal Reserve System","page_number":68,"box":{"x":82,"y":646,"width":396,"height":11}},{"id":"54f57cf0-587c-417a-9b08-ba6a819c44c5","block_type":"box","text":"Open Market Account (“SOMA”)). 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Index constituents are market capitalization","page_number":68,"box":{"x":83,"y":788,"width":395,"height":10}},{"id":"8128c369-9618-4d31-8e6c-c9bc5a86e649","block_type":"box","text":"weighted based on amounts outstanding reduced by amounts","page_number":68,"box":{"x":82,"y":802,"width":395,"height":11}},{"id":"322f0ffe-1d8d-46fb-9734-667ca11831bd","block_type":"box","text":"held by the Federal Reserve SOMA times price plus accrued","page_number":68,"box":{"x":83,"y":816,"width":382,"height":11}},{"id":"54c4f944-db31-4608-8893-1c89d2c6d1c3","block_type":"box","text":"interest.","page_number":68,"box":{"x":83,"y":830,"width":52,"height":9}},{"id":"482bfa0e-c856-4cf6-a0b8-d4affe318d84","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of","page_number":68,"box":{"x":82,"y":852,"width":398,"height":11}},{"id":"b3901ad4-7e67-4b77-8eeb-97f66825bcfd","block_type":"box","text":"each month. New issues must settle on or before the following","page_number":68,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"4ffc9944-8612-4d8f-b2e8-d5d6858ff28a","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":68,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"a531d6d9-f3db-4922-a2fc-0a3e824abfda","block_type":"box","text":"inclusion for such following month (","page_number":68,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"be2d1075-ae06-480d-91ef-dd5f92a11bd0","block_type":"box","text":"e.g","page_number":68,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"9a167536-0b3c-4eb8-9802-83d4afa4d378","block_type":"box","text":"., an issue must settle on or","page_number":68,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"1a43be46-6de3-4274-af77-a1247571055c","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":68,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"289e8578-69cc-4adc-90da-f3c813d1100a","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":68,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"87eae8c8-3c59-428f-95a8-044e2bc1bb06","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":68,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"632e75a1-2837-460b-a604-9a9006c19314","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":68,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"2fa95d7b-a74c-4258-a5c6-a510f20ea004","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":68,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"1972aee5-3e86-4f09-accb-46b39f886597","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":68,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"4a24c776-1208-4723-8ad7-959528285435","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":68,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"fc4742ff-66bf-4dd7-b493-e303c4a1b5de","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":68,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"d8580905-f6fb-4e36-b493-ae9d9311c54c","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":68,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"0e983933-be4a-468f-9983-746996f63614","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":68,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"9c2f046c-db52-43c5-91bc-d76f3ba82c95","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":68,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"a025e037-85a9-4146-ae7d-7b2a312cd275","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":68,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"9116d662-585c-4967-badd-b74a45c1b62a","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":68,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"5bd35109-86c8-43d6-b717-3c59b078e898","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":68,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"d02c8850-82e7-454b-92c0-f472aff4321c","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":68,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"e4765a32-2ee4-406c-be65-a2c28a2da692","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":68,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"e6f5f26b-93ea-4d53-97e7-fb4a2f9e0527","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":68,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"ffa29949-f247-4d0f-922a-aab313c7cc2d","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":68,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"f572128c-0121-4c77-97e6-7b804080f0f1","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":68,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"27e8ca19-6eac-431b-8f59-a0aee678a197","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":68,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"e19be5b9-c836-4871-a9b5-41f2e1e9a083","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":68,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"7083beb0-bda7-47ad-be4b-ded72b7790b5","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":68,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"5eee1f45-6002-4d88-810f-0130b60bed31","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Fund’s","page_number":68,"box":{"x":549,"y":528,"width":367,"height":11}},{"id":"d370d5db-4354-4222-8b6d-803cb4ab7c1a","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":68,"box":{"x":549,"y":543,"width":398,"height":10}},{"id":"e585ee88-209e-4bf7-916f-ebc8d6f66a5d","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":68,"box":{"x":549,"y":557,"width":423,"height":11}},{"id":"ba1e9520-5cc5-4933-93b5-ad96836dd352","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":68,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"0c080487-ddd6-4a65-81cd-0ade46f6f818","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":68,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"9c4c805b-f9a8-4fd3-b79e-d99ac6214f65","block_type":"box","text":"interest of the Fund.","page_number":68,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"849a0936-a9de-4c10-b292-e2d813e4e4d5","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":68,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"07a48e9d-7ba0-4aa2-9669-5af8cf53d6e7","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":68,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"c74c91fd-ba49-458c-8be7-a918bc60f4ee","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":68,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"22e62d30-d0be-419d-8136-c34255d3f007","block_type":"box","text":"markets decline or appear overvalued.","page_number":68,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"73fd7269-bb7d-4391-87a4-15fd1b8944d0","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":68,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"0ce6589b-9e2d-4fe3-827c-f49aa70ae1fb","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":68,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"de92c7aa-08e1-4177-b72a-09a1bab0728f","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":68,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"86543819-af02-4c13-87b9-5b6ca209460a","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":68,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"f52667c6-64fb-4e9d-9073-e62119fdb3fe","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":68,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"67f2a5c5-30a1-46f1-9109-85466b43026d","block_type":"box","text":"comparison to actively managed investment companies.","page_number":68,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"2c8b518c-8db1-427a-9bbd-ac4c5388c978","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":68,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"396d84a1-5689-4e93-be45-6b37c90fd131","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":68,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"f368130b-75ed-41e6-80d4-8f297b4fb539","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":68,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"27c04dc3-00b3-4e04-8111-28da3c3525a9","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":68,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"c502815f-7a56-485c-b876-6e046b576cc3","block_type":"box","text":"that of an applicable underlying index. 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The Fund may","page_number":69,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"895521a0-0b37-49ec-92db-57133812e9f5","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":69,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"5f0658a0-abf6-472a-85bb-1e3eab6ac9e3","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":69,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"48239860-b8e6-49ef-887f-1dbd5a23da37","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":69,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"ce4c1767-cf00-4af9-b61d-3d1e6588336e","block_type":"box","text":"collateral received).","page_number":69,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"5f92e86f-0a11-49d0-8f92-b9baae34f285","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":69,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"be68ccff-4ac2-44d7-a833-9f06e0fabfb7","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":69,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"fd0a5a18-7e4b-40c0-a6a0-156bbdcb5995","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":69,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"1ca1c45c-2681-4ef9-8dc4-378a730964bc","block_type":"box","text":"determines the composition and relative weightings of the","page_number":69,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"477bd985-a3f6-409f-ba46-b28bf062e9e9","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":69,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"95894e57-6bba-42b2-9201-b42ca09dbafb","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":69,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"39dea070-fbbf-492a-976e-37fb7950b8f9","block_type":"box","text":"Summary of Principal Risks","page_number":69,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"b5b1022b-4a29-4b47-ac34-879f1d2bedd5","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":69,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"09f237d0-ddda-4f53-9db2-2b34f85e5485","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":69,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"b722e31b-d6ba-449b-ba3c-f2ab6b03a904","block_type":"box","text":"that of other investments. 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The","page_number":69,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"40ad87fa-5165-4d2b-95dd-065bd0f75450","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":69,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"fe97863a-5b86-4ac9-a561-a6c564960f84","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":69,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"8ba8521e-9d2f-4348-ab04-d4d8ed9634e6","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":69,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"48216ea1-8ef0-46cf-a3cf-b8d98c86dc75","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":69,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"14168dae-6e1c-4b0f-a3de-4d90f370047c","block_type":"box","text":"rate. 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Depending on changes in inflation","page_number":69,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"c7a0f862-d11b-41d3-96e2-31780cf6b11b","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":69,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"f4d8744e-0960-4b82-b990-2233a074b937","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":69,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"203494cb-0ef8-405b-821b-a8b6697ab830","block_type":"box","text":"Interest Rate Risk","page_number":69,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"37751b76-0143-4c02-8d14-9400752caaf7","block_type":"box","text":".","page_number":69,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"c04f6e7b-ba49-478b-8e1b-1f00f5a28c00","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":69,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"c1e434c3-59ef-486a-8724-ef18a2945bea","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":69,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"fee46e4b-a450-4b53-88cc-ebfb603b6a7d","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":69,"box":{"x":83,"y":860,"width":417,"height":11}},{"id":"a93aec92-78ca-4ebf-94d7-0b64aea34eac","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":69,"box":{"x":83,"y":874,"width":388,"height":11}},{"id":"01248dd6-23c3-433e-be1c-352354dba654","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":69,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"3b128105-cfb9-4e34-9130-eafd3a6d65b3","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":69,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"905c83a2-1905-4de7-906d-a9bd03a913d8","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":69,"box":{"x":549,"y":51,"width":423,"height":11}},{"id":"eac71154-20fb-4927-a248-4a5eba311e71","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":69,"box":{"x":549,"y":66,"width":408,"height":8}},{"id":"6ee6f8f8-c263-40d8-83f5-d1c7acb0d8a0","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":69,"box":{"x":549,"y":80,"width":423,"height":11}},{"id":"85303d7e-5221-4b80-b8f4-cf70b7fca11f","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":69,"box":{"x":549,"y":94,"width":409,"height":11}},{"id":"0bd71665-b0d1-48fb-8693-e48c53f156c4","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":69,"box":{"x":549,"y":108,"width":397,"height":11}},{"id":"5cfed5e2-cc48-4cdb-87c6-c0c0bb85de84","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":69,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"50555491-fd6c-4a2e-8f9f-b432369f24ad","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":69,"box":{"x":549,"y":137,"width":363,"height":10}},{"id":"0330d2ca-1f66-4929-8582-f016eed96f5e","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":69,"box":{"x":549,"y":151,"width":386,"height":11}},{"id":"c4aefe32-1821-4657-9fb7-9ddd79816230","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":69,"box":{"x":549,"y":165,"width":404,"height":11}},{"id":"50e25a00-e262-4bde-a638-edb72fe9440b","block_type":"box","text":"dividends to shareholders.","page_number":69,"box":{"x":549,"y":179,"width":168,"height":9}},{"id":"837d562b-c15a-4b05-ad9f-60cd936df2d0","block_type":"box","text":"Market Risk","page_number":69,"box":{"x":549,"y":202,"width":82,"height":9}},{"id":"3377b516-39fa-40a2-82ba-eed05e95edd2","block_type":"box","text":".","page_number":69,"box":{"x":631,"y":209,"width":3,"height":2}},{"id":"90cde562-a8ef-45c6-b667-7d4838196a40","block_type":"box","text":"The Fund could lose money over short periods due","page_number":69,"box":{"x":639,"y":202,"width":322,"height":11}},{"id":"41c4dae9-6077-46fc-81fc-becc15deb280","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":69,"box":{"x":549,"y":217,"width":413,"height":10}},{"id":"ff2dc63d-0b2e-479a-a431-07ec426ecb19","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":69,"box":{"x":549,"y":231,"width":382,"height":11}},{"id":"142ea986-f82f-47fa-92d9-360c640957b1","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":69,"box":{"x":549,"y":245,"width":411,"height":11}},{"id":"a9e6bf60-4442-4a69-a094-02b38ee01b7e","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":69,"box":{"x":549,"y":259,"width":370,"height":11}},{"id":"6f60af4c-55c9-4411-a9d6-5a18cf5aa4fe","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":69,"box":{"x":549,"y":273,"width":404,"height":11}},{"id":"ce108e3a-c05e-49a2-93f9-3701e912cdcd","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":69,"box":{"x":549,"y":287,"width":395,"height":11}},{"id":"d2d77edf-0bed-44c9-b798-d1bda7e3c7b4","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":69,"box":{"x":549,"y":302,"width":395,"height":10}},{"id":"d3ab695a-46b5-4380-9916-d7c42163b6df","block_type":"box","text":"NAV.","page_number":69,"box":{"x":550,"y":316,"width":27,"height":8}},{"id":"96de923a-7a65-4e53-a3c7-5520486b0bb9","block_type":"box","text":"Index-Related Risk.","page_number":69,"box":{"x":549,"y":339,"width":129,"height":8}},{"id":"d7730d9e-b33c-4062-b04a-5218de894ccf","block_type":"box","text":"The Index Provider may rely on various","page_number":69,"box":{"x":683,"y":339,"width":247,"height":11}},{"id":"d7b44cd8-1bbb-4f1d-bd59-95dab50be4ca","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":69,"box":{"x":549,"y":353,"width":423,"height":11}},{"id":"b7ba89be-05a7-49fa-96ae-ef2633b46964","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":69,"box":{"x":550,"y":367,"width":391,"height":11}},{"id":"c98800ed-29c0-409e-be85-0d68d855e912","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":69,"box":{"x":549,"y":381,"width":406,"height":11}},{"id":"1071512c-0463-4ff7-bba8-f97cd9879c45","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":69,"box":{"x":549,"y":396,"width":408,"height":11}},{"id":"9377cb13-7e65-4f11-8047-33873a54fe6a","block_type":"box","text":"information will provide an accurate assessment of included","page_number":69,"box":{"x":549,"y":410,"width":384,"height":11}},{"id":"1a6e59a6-d891-4f49-b471-7ffdadcaab42","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":69,"box":{"x":549,"y":424,"width":388,"height":11}},{"id":"d7d0915c-1916-4085-a276-5d9880076503","block_type":"box","text":"objective. 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While the Fund’s service","page_number":70,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"1f504bdb-b634-4b95-9cc6-56842a29d56f","block_type":"box","text":"providers are required to have appropriate operational,","page_number":70,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"c86c88ff-8961-441a-b18c-d98a55c3828c","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":70,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"e81cbf7c-d4c9-4b77-a330-78b32d10d1eb","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":70,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"8bb31d4d-86bc-49f4-8d50-76bf1c2efbb1","block_type":"box","text":"from those of the Fund. 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5.60%","page_number":71,"box":{"x":800,"y":493,"width":116,"height":8}},{"id":"d57f7895-8fd0-4c09-8903-41105dccae6a","block_type":"box","text":"Return After Taxes on Distributions","page_number":71,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"3e8d761c-01b3-4f0e-b36e-0f4db71eb912","block_type":"box","text":"3.88% 3.85%","page_number":71,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"da854190-323d-4faa-a3c7-a9bc086f8ca6","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.39% 3.53%","page_number":71,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"a03b5b73-5c4f-4a50-bdf3-74cdf205b4fa","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":71,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"ddda097e-82ec-42ae-bcf6-e38fcf45e2ed","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 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New issues must settle on or before the following","page_number":74,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"67272df1-72c1-4f57-b88f-c4cdcb7580e1","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":74,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"40f0857d-455f-43d8-8fcc-f0f0e820c509","block_type":"box","text":"inclusion for such following month (","page_number":74,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"eda51f47-983e-4e00-9642-48751a26f5e2","block_type":"box","text":"e.g","page_number":74,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"4b03d754-82f8-44ba-9944-11aa235ec19d","block_type":"box","text":"., an issue must settle on or","page_number":74,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"401ae003-0d6c-4e88-b827-34d4bc3a52e9","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":74,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"989e17a4-f640-4680-ab1c-a790fef0a99f","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":74,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"6b683800-f7ef-49a3-8557-bb10246bdc64","block_type":"box","text":"calendar day of each month. 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When cash or a security is removed as part of the","page_number":74,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"a1303333-21be-48c9-9613-8efa62d5c755","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":74,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"15d17b80-9399-466b-82ab-6cc82040e02c","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":74,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"929c8522-ba5b-4f95-ab23-732a03790134","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":74,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"beeb100e-9097-491d-a234-578c611b9b05","block_type":"box","text":"the Underlying Index. 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The Index Provider","page_number":75,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"2277df91-da56-4523-ab7b-85ec026273e1","block_type":"box","text":"determines the composition and relative weightings of the","page_number":75,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"3e156247-3e44-4f8c-ad0e-ea82465eafad","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":75,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"2b1e1d49-d963-447c-a7f5-3131f41a85f4","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":75,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"77c0f01a-9013-4cef-9e7e-e1f2c6df1f59","block_type":"box","text":"Summary of Principal Risks","page_number":75,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"9d3bcb6d-49cf-44d9-825f-bdbccae0e65b","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":75,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"87499d5d-6109-4074-847e-383ce3ba7eed","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":75,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"3a9ab2df-4104-4243-bf66-5dc3e642629d","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":75,"box":{"x":83,"y":308,"width":396,"height":11}},{"id":"7f723d33-b2ec-4f50-ba66-c3c48605fbdf","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":75,"box":{"x":83,"y":322,"width":376,"height":11}},{"id":"ef99ee07-418f-46a1-8de1-35760dd87a62","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":75,"box":{"x":83,"y":336,"width":392,"height":11}},{"id":"c98818e0-891e-47f7-82ea-9ec6e87fdb4b","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":75,"box":{"x":83,"y":351,"width":416,"height":10}},{"id":"cb88441b-68be-4154-b241-096b9a3b6255","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":75,"box":{"x":83,"y":365,"width":387,"height":11}},{"id":"c0760aba-6db2-41e5-8b78-ad0abff4f5a4","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":75,"box":{"x":82,"y":379,"width":426,"height":11}},{"id":"ac4fb77c-03db-4879-9328-e69da0a754d4","block_type":"box","text":"risk is difficult to predict and may change over time. 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The","page_number":75,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"3e79e09c-e00f-4c79-aa62-b3faf934600e","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":75,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"d2b1d098-5177-4ef4-a787-b2fe2ec8f24e","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":75,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"48740341-08bd-4121-bee3-6b21c088fb97","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":75,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"42d2bcf9-b334-4b26-9953-865ff7b43395","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":75,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"d3ba8759-86d6-4b99-a356-898e1924736c","block_type":"box","text":"rate. 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If the","page_number":75,"box":{"x":83,"y":723,"width":400,"height":11}},{"id":"230af42f-f02d-44c6-9a53-cb723e4a7ab3","block_type":"box","text":"Fund purchases TIPS in the secondary market and the bonds’","page_number":75,"box":{"x":84,"y":737,"width":391,"height":11}},{"id":"8565b713-f08b-4387-9c50-8bdc72cb4ae7","block_type":"box","text":"principal values previously were adjusted upward, but then there","page_number":75,"box":{"x":83,"y":752,"width":412,"height":10}},{"id":"b6a3ca71-9775-4161-a70b-5bb16f6498e3","block_type":"box","text":"is a period of declining inflation rates, the Fund may receive at","page_number":75,"box":{"x":83,"y":766,"width":397,"height":11}},{"id":"cd1ff4e4-9457-4b82-a0fc-ab735143fc07","block_type":"box","text":"maturity less than it invested. Depending on changes in inflation","page_number":75,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"c05a441d-fd33-4978-9f1b-a524a9bc7a84","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":75,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"8173ca7e-fc15-4b6b-bc48-ac78bbb86c35","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":75,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"23d9375a-43d8-42b9-8bb1-4e9a4027f19a","block_type":"box","text":"Interest Rate Risk","page_number":75,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"b482327e-531c-49ae-bc32-fb0a780b1318","block_type":"box","text":".","page_number":75,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"29da887a-3cf3-4d2a-b141-a12671e0802b","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":75,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"1849b428-bf2b-4d8f-a616-c2a723e8bdb4","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":75,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"f19dc207-da9a-4034-9c11-011338a6a1f9","block_type":"box","text":"in the general level of interest rates. 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While the Fund’s service","page_number":76,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"3d67fece-87d9-444d-b4d7-521fa681cd2b","block_type":"box","text":"providers are required to have appropriate operational,","page_number":76,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"a88d1a20-2318-4bee-9594-cb4ad64e3cb3","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":76,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"7842ba09-141d-40b0-9993-bc0103a48a90","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":76,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"757d2f78-6a2b-4846-88d1-6a9a58511ced","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":76,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"70f98702-b192-464a-98fe-060eed95678a","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":76,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"d6fe2d37-ef8c-42e8-aa4b-411e93dd41de","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":76,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"b5bf4bd0-8d17-431c-91c7-7e64963752e3","block_type":"box","text":"investments in such issuers to lose value.","page_number":76,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"b6a410d1-2548-4dda-936b-a51d4bec2f9f","block_type":"box","text":"Risk of Investing in the U.S","page_number":76,"box":{"x":549,"y":296,"width":182,"height":11}},{"id":"d81b8761-aa4e-4c9d-b399-c851b636ddd2","block_type":"box","text":".","page_number":76,"box":{"x":732,"y":303,"width":2,"height":2}},{"id":"b7a446ff-ddec-418b-8005-199e50a3b882","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":76,"box":{"x":740,"y":296,"width":210,"height":11}},{"id":"6e1ce69a-d2e6-49fe-be97-f5b5b42451b2","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":76,"box":{"x":549,"y":311,"width":391,"height":10}},{"id":"f2e936b3-e536-4756-a385-5885ecca9dc5","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":76,"box":{"x":549,"y":325,"width":423,"height":11}},{"id":"9e9b4fda-2741-46af-9a79-0bb9c2cd2601","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":76,"box":{"x":550,"y":339,"width":412,"height":11}},{"id":"4872237c-bed2-4f52-b48f-aa223f61b91e","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":76,"box":{"x":549,"y":353,"width":396,"height":11}},{"id":"8e5cbadf-b060-476a-af5d-226995361660","block_type":"box","text":"Securities Lending Risk.","page_number":76,"box":{"x":548,"y":376,"width":162,"height":11}},{"id":"cca1d269-0079-45a8-ac4f-fe0fd6500067","block_type":"box","text":"The Fund may engage in securities","page_number":76,"box":{"x":716,"y":376,"width":221,"height":11}},{"id":"9fa477fd-abe6-4f45-8f5d-f1b958b71150","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":76,"box":{"x":549,"y":391,"width":397,"height":10}},{"id":"b8472c13-aae7-41d0-8f7a-2ff0ef59e783","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":76,"box":{"x":549,"y":405,"width":418,"height":11}},{"id":"637c3ffe-e039-4a0b-b6dd-a599b726a4ad","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":76,"box":{"x":549,"y":419,"width":409,"height":11}},{"id":"b86e8baf-35f5-41f3-952f-46ab98b7c421","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":76,"box":{"x":549,"y":433,"width":416,"height":11}},{"id":"765b3d42-f62e-488d-9716-0de2ebf471eb","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":76,"box":{"x":549,"y":447,"width":389,"height":11}},{"id":"59406111-b768-4554-9cd1-2793e496b30c","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":76,"box":{"x":549,"y":461,"width":406,"height":9}},{"id":"c72d4791-6bea-4d36-aadd-e74e697630bc","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":76,"box":{"x":549,"y":476,"width":301,"height":10}},{"id":"cf1c55f4-c6bc-4b06-afbc-a7a8599065db","block_type":"box","text":"Tracking Error Risk","page_number":76,"box":{"x":550,"y":499,"width":128,"height":11}},{"id":"64b757da-cbf7-448f-8aab-5c7737940cd0","block_type":"box","text":".","page_number":76,"box":{"x":678,"y":505,"width":3,"height":2}},{"id":"8847c146-74ee-4f83-b00d-b3dde65d2be5","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":76,"box":{"x":686,"y":499,"width":284,"height":11}},{"id":"522020ca-3e00-4d90-84a7-69f66dfb8439","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":76,"box":{"x":549,"y":513,"width":404,"height":11}},{"id":"5a1f06cc-9af7-42d5-a65f-feafa3d49f3a","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":76,"box":{"x":549,"y":527,"width":425,"height":11}},{"id":"da7004fa-ddb0-4d46-a937-5ce195e1acc1","block_type":"box","text":"factors, including differences between the securities and other","page_number":76,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"5eda9f78-5a86-4d42-8514-a94e396656f8","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":76,"box":{"x":549,"y":556,"width":381,"height":10}},{"id":"da43937b-2aca-45a1-b433-cc30f7b1d460","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":76,"box":{"x":550,"y":570,"width":396,"height":11}},{"id":"231ea7bd-1b1d-4234-ba5d-ecd08e124ac4","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":76,"box":{"x":549,"y":584,"width":407,"height":10}},{"id":"a0af2fd8-5a85-48b5-8395-962f90e60806","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":76,"box":{"x":549,"y":598,"width":400,"height":11}},{"id":"2177e221-6ba8-43c1-96d0-f7d1b4684dff","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":76,"box":{"x":549,"y":612,"width":421,"height":11}},{"id":"0e958916-5e13-4216-9ae7-4b060815009c","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":76,"box":{"x":549,"y":626,"width":374,"height":11}},{"id":"540c82ed-040a-42be-987b-4e3ece7d261e","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":76,"box":{"x":549,"y":641,"width":370,"height":10}},{"id":"38f38eb6-6f2f-43e6-97bc-682a51c435e4","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":76,"box":{"x":549,"y":655,"width":372,"height":11}},{"id":"c1735cdd-4da4-4757-9f86-290c9ec5d2b4","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":76,"box":{"x":549,"y":669,"width":420,"height":11}},{"id":"cee840d9-7842-4620-b76f-ac6abacfb466","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":76,"box":{"x":549,"y":683,"width":387,"height":11}},{"id":"72d7a3c0-18f6-4c36-9b60-e007eeb503e9","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":76,"box":{"x":549,"y":697,"width":377,"height":11}},{"id":"4d38bd84-c7bf-4952-8e48-e3f462b0a35b","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":76,"box":{"x":549,"y":712,"width":380,"height":10}},{"id":"91ec061f-0b35-4af8-88c1-bc31b40015cc","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":76,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"eb4cf639-f838-4c2e-b5e6-3de450762fac","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":76,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"a89da291-4c41-4ea4-a794-141a4a7eaf07","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":76,"box":{"x":550,"y":754,"width":386,"height":11}},{"id":"7ec4418a-58dc-4ec2-97df-7579d253263a","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":76,"box":{"x":549,"y":768,"width":414,"height":11}},{"id":"44b84ab9-e900-4af8-b6c4-df19a95afaa7","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":76,"box":{"x":549,"y":782,"width":420,"height":11}},{"id":"6c6f916e-9c22-445c-a67b-f7b284c90052","block_type":"box","text":"unusual market conditions.","page_number":76,"box":{"x":549,"y":797,"width":172,"height":8}},{"id":"347ef389-3ba6-48da-ad5b-84317e767a47","block_type":"box","text":"S-66","page_number":76,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"31de4aa3-ab82-43c2-86b1-4de543494916","block_type":"box","text":"Performance Information","page_number":77,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"2ecb49e4-3484-4375-8fbc-295893422b09","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":77,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"2cc880d0-40d2-4d54-afc1-be288ee901a2","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":77,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"f9d63b91-f1bd-41f6-b0f6-f4fdac782e1f","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":77,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"e1ee877b-b67e-4325-8a0a-627c42273b7b","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":77,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"a5313eb6-a5e3-4155-b6e0-c0c12cf60ad8","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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The Fund will invest no more than 10% of its","page_number":80,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"f712591e-7736-4790-8978-e2a90226d735","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":80,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"a86446dc-dce4-426d-8c3d-2d5f8ac03b6a","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":80,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"c9f016d1-cef6-4c07-98d1-7e28e65abf66","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":80,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"de7731dc-6e93-4f4d-bbc1-50bec37cac50","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":80,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"cc94e448-c818-4714-9cdc-b5245e9bea7c","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":80,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"9ec54680-3d32-4b7d-b0cd-9f15c5dc5fc2","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":80,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"3e954eef-0c21-4fa1-8d79-e6cef9569fbf","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Board may extend the termination date if","page_number":80,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"2abbef12-b9d9-4c90-bfe8-2fc6d6698485","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":80,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"b9653f60-c456-417b-9133-700596affa1b","block_type":"box","text":"interest of the Fund.","page_number":80,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"a7200f22-599e-4099-b515-edff60a70a82","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":80,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"aa23d36e-b68e-4fab-aa2c-9c552d3334ee","block_type":"box","text":"investment objective. 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The instruments selected","page_number":80,"box":{"x":549,"y":839,"width":408,"height":11}},{"id":"42c2d0a8-29c5-47c6-b71c-f2b14774a801","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":80,"box":{"x":549,"y":853,"width":423,"height":11}},{"id":"b4a738df-8af8-4a33-b2fd-4e739a12533a","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":80,"box":{"x":549,"y":867,"width":415,"height":11}},{"id":"6850010b-f7b7-464a-a5c9-61b788be6d0e","block_type":"box","text":"S-70","page_number":80,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d9cbfb30-952d-4952-bd35-a35f8b998890","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":81,"box":{"x":82,"y":23,"width":406,"height":11}},{"id":"7b2e15e5-52e4-4996-99d9-52f467a2e526","block_type":"box","text":"(","page_number":81,"box":{"x":83,"y":37,"width":3,"height":11}},{"id":"343a23cd-46c7-421d-bec3-8b023a738d40","block_type":"box","text":"i.e.","page_number":81,"box":{"x":87,"y":37,"width":17,"height":9}},{"id":"f79a2bcb-7dcd-402b-8f25-35b4662265d3","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":81,"box":{"x":106,"y":37,"width":359,"height":11}},{"id":"a7ece485-d170-42b3-babc-94c57648a3b5","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":81,"box":{"x":83,"y":52,"width":418,"height":10}},{"id":"f64de714-4a10-4043-9bb3-f06ee59110b0","block_type":"box","text":"similar to those of an applicable underlying index. 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The Index Provider","page_number":81,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"e649e77f-d55f-4fce-a38a-5bb75ddc90b7","block_type":"box","text":"determines the composition and relative weightings of the","page_number":81,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"5ba67756-a9b5-4aa7-a85c-9e0e9d18352a","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":81,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"26d721b8-1336-4c64-aa41-c87801c12086","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":81,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"b75a2101-7b79-47ad-a68a-be2118b3107b","block_type":"box","text":"Summary of Principal Risks","page_number":81,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"1333bba0-3a12-4a41-967f-5d7945014be3","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":81,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"ed5f2585-8be1-4f42-9a9a-e7385e0584a9","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":81,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"baa4911e-9dec-4509-ac39-c3e4937b8b17","block_type":"box","text":"that of other investments. 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Operational and technology risks for the","page_number":82,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"7f598112-8946-4345-ab3f-f94310bac656","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":82,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"2eebd032-8ee9-4450-87a1-78d158276e05","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":82,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"387c0d2d-dd0b-4079-8494-e19a9954b7e4","block_type":"box","text":"investments in such issuers to lose value.","page_number":82,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"ea83ad4b-2de6-4f2a-91e4-9788b31b44a1","block_type":"box","text":"Risk of Investing in the U.S","page_number":82,"box":{"x":549,"y":296,"width":182,"height":11}},{"id":"4203ff04-b19b-4e29-b92d-21517855ae79","block_type":"box","text":".","page_number":82,"box":{"x":732,"y":303,"width":2,"height":2}},{"id":"b6a0f8bf-0a83-4a87-8d28-37c38d2a37d6","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":82,"box":{"x":740,"y":296,"width":210,"height":11}},{"id":"82f1e393-da90-4c35-b2ab-98094e9b3ad4","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":82,"box":{"x":549,"y":311,"width":391,"height":10}},{"id":"1aedc800-c773-4d31-a048-3ac63fc9318f","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":82,"box":{"x":549,"y":325,"width":423,"height":11}},{"id":"03999676-220b-46e1-816e-b0dba74f651a","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":82,"box":{"x":550,"y":339,"width":412,"height":11}},{"id":"b92ded9b-0531-4834-a335-c5aa18eae44d","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":82,"box":{"x":549,"y":353,"width":396,"height":11}},{"id":"0440fbaf-4997-4c7d-aac3-e5d1208bdc80","block_type":"box","text":"Securities Lending Risk.","page_number":82,"box":{"x":548,"y":376,"width":162,"height":11}},{"id":"83ca55eb-a23f-4bc0-aab7-8ea59e9125e5","block_type":"box","text":"The Fund may engage in securities","page_number":82,"box":{"x":716,"y":376,"width":221,"height":11}},{"id":"631fd9ce-6bad-4a7c-a332-02f09aef4818","block_type":"box","text":"lending. 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Tracking error may occur due to a number of","page_number":82,"box":{"x":549,"y":527,"width":425,"height":11}},{"id":"07931e91-d47c-4f90-8818-c2f309079709","block_type":"box","text":"factors, including differences between the securities and other","page_number":82,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"4e270d33-df9d-4a88-a86e-cedd841c5f0f","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":82,"box":{"x":549,"y":556,"width":381,"height":10}},{"id":"e768e0b3-b093-48a5-b398-3a0885f5fe68","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":82,"box":{"x":550,"y":570,"width":396,"height":11}},{"id":"e5fb0c44-485c-4687-9329-0a1d52ef14ec","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":82,"box":{"x":549,"y":584,"width":407,"height":10}},{"id":"ed77f119-1e25-486a-a2f5-f05a0895bbe9","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":82,"box":{"x":549,"y":598,"width":400,"height":11}},{"id":"137e2397-65de-4a58-a54f-4719ac4f6358","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":82,"box":{"x":549,"y":612,"width":421,"height":11}},{"id":"8fd0e369-3bec-4557-b9b9-49252071c819","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":82,"box":{"x":549,"y":626,"width":374,"height":11}},{"id":"a06f758f-9b80-402d-9aee-b85a30fa33c7","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":82,"box":{"x":549,"y":641,"width":370,"height":10}},{"id":"0e801469-6458-4679-aeec-44027832de4e","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":82,"box":{"x":549,"y":655,"width":372,"height":11}},{"id":"2442c6e2-8d9d-43fd-b9f9-eea282092309","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":82,"box":{"x":549,"y":669,"width":420,"height":11}},{"id":"3b1e8f3d-4ba5-40f6-b197-1bed2df7c817","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":82,"box":{"x":549,"y":683,"width":387,"height":11}},{"id":"517e7cc8-5884-4be4-9b07-6fb5b3026a22","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":82,"box":{"x":549,"y":697,"width":377,"height":11}},{"id":"44c69a8d-cb96-40d8-8d83-3b33f75b9a7c","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":82,"box":{"x":549,"y":712,"width":380,"height":10}},{"id":"d929fcb3-c46c-49be-aa6a-061abad458f9","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":82,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"574dc091-9f05-4bb0-a451-5aa1b209512c","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":82,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"53a5b4d8-1857-4ac1-a057-97f4693d6847","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":82,"box":{"x":550,"y":754,"width":386,"height":11}},{"id":"7032df39-7070-4a93-8fba-c342ad71f17d","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":82,"box":{"x":549,"y":768,"width":414,"height":11}},{"id":"64d4ad3b-dbaf-406a-9203-1b35e67c09d2","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":82,"box":{"x":549,"y":782,"width":420,"height":11}},{"id":"54c38d6f-bd02-4c47-b279-3a56685cd72c","block_type":"box","text":"unusual market conditions.","page_number":82,"box":{"x":549,"y":797,"width":172,"height":8}},{"id":"9597f7b4-b0a8-4406-a72b-3c09e8563ebd","block_type":"box","text":"S-72","page_number":82,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"b7b6cf62-c63b-426e-a5ad-8c792e6d71eb","block_type":"box","text":"Performance Information","page_number":83,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"8f8e3cb3-ed18-46a8-b8fe-0f39760e2f6a","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":83,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"74c596a9-2298-4126-ae56-88a77a74a799","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":83,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"6a4d0e3b-b969-462f-be33-5c00d81584a5","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":83,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"60fd341e-80fb-456a-825c-104f7226ab0a","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":83,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"dc9839cc-775e-4092-b310-0b8473c7a092","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":83,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"f851fe5e-c181-493b-a831-f435d62e0e47","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":83,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"7681d7ed-1724-4c55-b1e4-414ffeaf5bf1","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":83,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"3421db6c-da68-4d54-9621-5787c58ea3b3","block_type":"box","text":"Calendar Year-by-Year 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(%) Period Ended","page_number":83,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"4a0da637-2995-4cca-bb43-9ecd1152df21","block_type":"box","text":"During the period shown in the chart:","page_number":83,"box":{"x":318,"y":366,"width":232,"height":9}},{"id":"5cedd3f0-3031-4b52-991d-8f72e9c3d986","block_type":"box","text":"Best Quarter 4.02% March 31, 2025","page_number":83,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"f45ff4c1-f246-4cb8-bf9b-f4a1cc624775","block_type":"box","text":"Worst Quarter -1.73% December 31, 2024","page_number":83,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"dfc90aae-75fe-4a7e-bc86-62dcc21447a6","block_type":"box","text":"Average Annual Total Returns","page_number":83,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"f36cdc10-803b-4dfe-83eb-a75acd2a0039","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":83,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"f806de8b-942b-4848-9821-37643daefaf3","block_type":"box","text":"One Year","page_number":83,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"ab6e40d0-9fb2-4d13-a150-2be5ddf9f904","block_type":"box","text":"Since Fund","page_number":83,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"5488f498-2a73-4489-983a-ecf7f2b5ab01","block_type":"box","text":"Inception","page_number":83,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"9b001a3c-1b82-4a51-affb-f18e40c6b1ba","block_type":"box","text":"(Inception Date: 9/19/2023)","page_number":83,"box":{"x":123,"y":482,"width":178,"height":9}},{"id":"264bacaa-0d66-4158-8470-ec37afabbbec","block_type":"box","text":"Return Before Taxes","page_number":83,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"8774ea7a-f964-4fa7-be8a-4c35da72376e","block_type":"box","text":"7.32% 6.03%","page_number":83,"box":{"x":802,"y":493,"width":114,"height":8}},{"id":"867ddfbb-b201-4ff3-ad60-5560b84021e2","block_type":"box","text":"Return After Taxes on Distributions","page_number":83,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"f2d31e8c-57fa-4433-8ce2-af80319c3096","block_type":"box","text":"5.39% 4.26%","page_number":83,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"8f76ba12-f105-40a2-b238-368e68f03863","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.32% 3.86%","page_number":83,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"e657df57-8aea-4969-831c-06bd42e3f7c5","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":83,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"9398a047-6782-4905-9efa-026479604555","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 6.08%","page_number":83,"box":{"x":328,"y":528,"width":588,"height":10}},{"id":"d1b0389b-8f1b-47f8-b6bc-d4a1806df5b6","block_type":"box","text":"ICE 2029 Maturity US Inflation-Linked Treasury Index","page_number":83,"box":{"x":124,"y":540,"width":330,"height":9}},{"id":"159c3616-5b90-47a4-a4b5-a2e35475b8d7","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":83,"box":{"x":459,"y":540,"width":303,"height":9}},{"id":"bf92b470-1f81-4be7-9bbe-54c2f98b22af","block_type":"box","text":"or taxes)","page_number":83,"box":{"x":137,"y":553,"width":48,"height":9}},{"id":"026a4436-8988-41f5-8eaa-14dab194d7ae","block_type":"box","text":"7.42% 6.12%","page_number":83,"box":{"x":802,"y":553,"width":114,"height":7}},{"id":"82576ac3-832d-4d07-8bd9-567339a44970","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":83,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"0932983f-36dd-45f8-b96b-2aca3024006a","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":83,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"f77003bc-67c9-452f-b696-69a450a36b72","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":83,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"e0478045-18a2-410e-9192-0003750735f2","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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TIPS are income","page_number":86,"box":{"x":83,"y":369,"width":387,"height":10}},{"id":"82a1a960-bd20-4367-bc4c-67106e376519","block_type":"box","text":"generating instruments whose interest and principal payments are","page_number":86,"box":{"x":83,"y":383,"width":424,"height":11}},{"id":"46436789-0a78-47f4-ba2a-efb2f9a1f085","block_type":"box","text":"adjusted for inflation—a sustained increase in prices that erodes","page_number":86,"box":{"x":83,"y":397,"width":411,"height":11}},{"id":"7c14dfa8-4b65-4798-ac06-c000cdb46bb4","block_type":"box","text":"the purchasing power of money. 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Index constituents are market capitalization","page_number":86,"box":{"x":83,"y":788,"width":395,"height":10}},{"id":"20d400e6-60a3-4cf7-8657-2070b8a3ffef","block_type":"box","text":"weighted based on amounts outstanding reduced by amounts","page_number":86,"box":{"x":82,"y":802,"width":395,"height":11}},{"id":"cf7784b7-41bc-4b1f-aba1-7c5ec59f2815","block_type":"box","text":"held by the Federal Reserve SOMA times price plus accrued","page_number":86,"box":{"x":83,"y":816,"width":382,"height":11}},{"id":"be77e2b0-dbc6-4713-84db-879155f3e418","block_type":"box","text":"interest.","page_number":86,"box":{"x":83,"y":830,"width":52,"height":9}},{"id":"cba4eb4a-673d-4599-b58b-c1f678e6df18","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of","page_number":86,"box":{"x":82,"y":852,"width":398,"height":11}},{"id":"6ecec22b-fee4-45e6-8fb4-cbfaca58fd77","block_type":"box","text":"each month. New issues must settle on or before the following","page_number":86,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"da1c0786-b72a-40fd-9cc2-e4e29f89f835","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":86,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"5e59fb2a-0e56-4b86-9b7a-e476b6c3a42e","block_type":"box","text":"inclusion for such following month (","page_number":86,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"0b814f8c-7efa-4426-8551-6d54234e2230","block_type":"box","text":"e.g","page_number":86,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"297df682-3846-4d30-8782-32bbe6cc57a5","block_type":"box","text":"., an issue must settle on or","page_number":86,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"28c5fada-895e-434e-8f56-b1f79c7e4304","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":86,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"6115f55d-0cc5-4d89-9544-92e97456b25e","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":86,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"5986d67f-38b0-41e4-bc64-b0cf447c02ba","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":86,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"20d1f6b5-e8de-4267-8502-98ce016f3697","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":86,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"f6cc113d-fc7c-440b-b569-339de87356a4","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":86,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"cbe61911-2c10-44a9-9a37-f62818b8073f","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":86,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"c644c553-87f4-4b53-8a68-904512acd380","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":86,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"9b2e34cd-57fd-47d5-ba94-dc93d8c3fab4","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":86,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"185fa1e9-be7c-449a-b628-c2eb90c28a3e","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":86,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"874ae5ba-6961-49c6-99a1-77d2c8079f68","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":86,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"900fea06-f29c-4267-998c-1015dedc4229","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":86,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"d00b1e70-fe0f-4dda-bb20-122702ee9d0c","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":86,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"555b4138-3e3b-4699-bbf9-16d1d909fe77","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":86,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"453bf5b3-af75-4af9-9666-59eb2ee62871","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":86,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"026ce17e-62b2-423b-80a0-5fc5d9a63c32","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":86,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"3a079b9e-0694-4341-8b71-f3d23be1a3d2","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":86,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"c42a83bc-2cf9-4981-9d1d-02232a224da9","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":86,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"cae13931-945c-44e9-8dae-7c9ff2447f91","block_type":"box","text":"will help the Fund track the Underlying Index. 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The Fund does not try to “beat” the index it","page_number":86,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"c683270f-7426-4257-a1bc-c4e1725f1593","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":86,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"8b54f4c9-0526-4757-bb36-aa6e40e57c74","block_type":"box","text":"markets decline or appear overvalued.","page_number":86,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"a1b6c67f-8b6d-4355-8423-27b08290f1ce","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":86,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"8e81e524-3dea-419a-a9b9-63fa6e2867b6","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":86,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"76a056ff-1321-460c-b657-b2c5efd7348a","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":86,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"f42ea840-0cb6-48be-90ec-b681a95712f1","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":86,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"b365254f-d9fd-405a-9223-7513f536f320","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":86,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"2f0031bd-c42b-4e4e-ae62-2c062aa2eafc","block_type":"box","text":"comparison to actively managed investment companies.","page_number":86,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"ed0b7b36-e1a9-499b-9d3e-5a8cf073a06b","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":86,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"1e3f00b4-20db-45d9-b84b-efc9a0983de6","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":86,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"a0d5c295-3829-4b4e-ac4a-24dd26e5c7e3","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":86,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"df797f07-a3e7-4d5e-a69a-0dbb41a68e47","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":86,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"ba94fadd-520b-4cb6-8cf5-96f89b960491","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":86,"box":{"x":549,"y":839,"width":408,"height":11}},{"id":"280c4c45-68b4-4f44-8c4b-4c2084395ef5","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":86,"box":{"x":549,"y":853,"width":423,"height":11}},{"id":"fef8e19d-af40-48ce-8597-a447f30698d4","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":86,"box":{"x":549,"y":867,"width":415,"height":11}},{"id":"37f2daf7-3722-46b3-a587-2eefe2e30fd9","block_type":"box","text":"S-76","page_number":86,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0c659133-c173-47b1-8a3a-e9a60a2b347d","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":87,"box":{"x":82,"y":23,"width":406,"height":11}},{"id":"12d98f8b-5a33-451f-901f-2248290ffc69","block_type":"box","text":"(","page_number":87,"box":{"x":83,"y":37,"width":3,"height":11}},{"id":"9c8cfb3b-93c8-426d-82d4-4b05dde945fe","block_type":"box","text":"i.e.","page_number":87,"box":{"x":87,"y":37,"width":17,"height":9}},{"id":"1bd2d3d8-6b82-4f8e-9558-95d7f1e67d63","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":87,"box":{"x":106,"y":37,"width":359,"height":11}},{"id":"7de3e3a4-8909-43e5-b107-8380714e2a66","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":87,"box":{"x":83,"y":52,"width":418,"height":10}},{"id":"d6b5a032-5c57-4130-bd42-9b44b34bf54c","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":87,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"ae2a602d-cb46-4fa7-bc71-36b3e78cc532","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":87,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"e99a23db-56e6-48db-987e-49314a221213","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":87,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"1dc53568-1f3c-412a-a6e8-129513bd83c4","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":87,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"7e68151a-5566-415c-8fef-7cd93febd948","block_type":"box","text":"collateral received).","page_number":87,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"7f918a0c-f036-4cf3-8795-41bb7eea4053","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":87,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"d9e92f9c-39af-44fb-bf22-330e66cb31a8","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":87,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"3d96b611-e20c-4e4d-8f9f-1575b99ff71d","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":87,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"eb03418a-e4c2-4746-90a4-f6adcce4ff19","block_type":"box","text":"determines the composition and relative weightings of the","page_number":87,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"6f811def-5231-4a10-8a02-58026f20261a","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":87,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"ae8f5238-fe16-447e-9c64-b51c9997c545","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":87,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"1cfbd72c-a26c-44f3-afc8-6be44a774522","block_type":"box","text":"Summary of Principal Risks","page_number":87,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"b4565bb9-efdf-4071-96af-836b2e731d76","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":87,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"1e1af373-73a5-4983-92b7-47d4fa030205","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":87,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"4ca53387-ee12-4184-b7e7-2d9eeaffc272","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":87,"box":{"x":83,"y":308,"width":396,"height":11}},{"id":"83ae9e0e-c6c0-4313-9699-a41a45ace1cb","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":87,"box":{"x":83,"y":322,"width":376,"height":11}},{"id":"58c343fc-bb1d-4ac1-b798-d6a8b5511a1c","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":87,"box":{"x":83,"y":336,"width":392,"height":11}},{"id":"5eafb3e0-a608-4253-b4af-9c7c653ddc7c","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":87,"box":{"x":83,"y":351,"width":416,"height":10}},{"id":"013350d5-ba0d-4d5b-b475-a6c9f244f86a","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":87,"box":{"x":83,"y":365,"width":387,"height":11}},{"id":"0938f1ca-bdfd-45b4-868f-70191325e0c6","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":87,"box":{"x":82,"y":379,"width":426,"height":11}},{"id":"a35ef8ef-7ce3-4f9c-9213-7cde01058e38","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":87,"box":{"x":83,"y":393,"width":404,"height":11}},{"id":"f4937134-52a2-4a13-83c3-cdf08f7badd2","block_type":"box","text":"review each risk factor carefully.","page_number":87,"box":{"x":83,"y":407,"width":206,"height":11}},{"id":"3b92ac2b-5e13-4393-87c2-30048e6a1a5d","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":87,"box":{"x":83,"y":430,"width":206,"height":11}},{"id":"0e540618-6150-4829-b7d9-4c463b6e6986","block_type":"box","text":"U.S. Treasury obligations may","page_number":87,"box":{"x":296,"y":431,"width":189,"height":10}},{"id":"a05425c1-f19b-497c-8f15-510fc1a41536","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":87,"box":{"x":83,"y":445,"width":385,"height":10}},{"id":"152b373a-da45-4727-b040-7613115c1abc","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":87,"box":{"x":83,"y":459,"width":385,"height":11}},{"id":"783c81b4-1a70-4664-8609-b6f16a11d37c","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":87,"box":{"x":83,"y":473,"width":417,"height":11}},{"id":"708191d5-d59b-4899-ae4e-ce2e765ae6ca","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":87,"box":{"x":83,"y":487,"width":393,"height":11}},{"id":"06ec7093-2931-4e00-b708-963b59aa2bd0","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":87,"box":{"x":83,"y":501,"width":392,"height":11}},{"id":"62455db6-8b69-48b5-967d-93e8ec6b7239","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":87,"box":{"x":83,"y":516,"width":423,"height":10}},{"id":"46d4d894-dd0b-4968-8e9a-07fb40297b47","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":87,"box":{"x":83,"y":530,"width":424,"height":11}},{"id":"1b7cad76-51ca-4723-a675-29091b847879","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":87,"box":{"x":83,"y":544,"width":392,"height":11}},{"id":"f0082e31-3e29-452c-9085-c61f363e3051","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":87,"box":{"x":82,"y":558,"width":412,"height":11}},{"id":"0db85d9d-8ddc-4269-9b9d-7e1a2570836a","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":87,"box":{"x":83,"y":572,"width":407,"height":11}},{"id":"8005e241-a6f3-4afd-abbb-2da7335a9e9c","block_type":"box","text":"timely payment of interest or principal.","page_number":87,"box":{"x":83,"y":586,"width":247,"height":11}},{"id":"1f00f77c-d923-4d89-bcb2-5af7f728b162","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":87,"box":{"x":83,"y":610,"width":197,"height":8}},{"id":"a6b86f02-23e7-448b-b008-f25db15774db","block_type":"box","text":"The principal value of an","page_number":87,"box":{"x":286,"y":610,"width":154,"height":10}},{"id":"8c08efc9-d833-4ee1-9214-adc88b71bc1b","block_type":"box","text":"investment in the Fund is not protected or otherwise guaranteed","page_number":87,"box":{"x":83,"y":624,"width":412,"height":11}},{"id":"fe9b6e39-a5d8-42db-9172-d4dd159c1c1d","block_type":"box","text":"by virtue of the Fund’s investments in inflation-indexed bonds. The","page_number":87,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"7dfcee18-8135-4544-8a8a-c41fc9c7f7d1","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":87,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"bdc5cb74-cbdb-42ed-b90c-f2a7a0911aa4","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":87,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"a12bbb29-579c-4b64-b623-7b345e0381e4","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":87,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"574dbe63-d0d3-48c3-8275-85e868a9fa01","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":87,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"3ba99140-b62d-4f40-9d0d-632f5314611a","block_type":"box","text":"rate. In addition, interest payments on inflation-indexed securities","page_number":87,"box":{"x":83,"y":709,"width":421,"height":11}},{"id":"7f5562c5-a049-4885-8a2e-3ac187ac61be","block_type":"box","text":"generally vary up or down along with the rate of inflation. If the","page_number":87,"box":{"x":83,"y":723,"width":400,"height":11}},{"id":"8d175c85-4a0f-42d2-b00f-29cb6aedbf13","block_type":"box","text":"Fund purchases TIPS in the secondary market and the bonds’","page_number":87,"box":{"x":84,"y":737,"width":391,"height":11}},{"id":"9106cd24-1c18-4d3f-9cb6-0ad3ca2c77f4","block_type":"box","text":"principal values previously were adjusted upward, but then there","page_number":87,"box":{"x":83,"y":752,"width":412,"height":10}},{"id":"7f799733-e105-4964-9d1e-7d260df39027","block_type":"box","text":"is a period of declining inflation rates, the Fund may receive at","page_number":87,"box":{"x":83,"y":766,"width":397,"height":11}},{"id":"dfcfc149-0547-455e-9260-604eafdceb97","block_type":"box","text":"maturity less than it invested. Depending on changes in inflation","page_number":87,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"34a065f8-55be-42d6-a5c2-b3d87dd7c8b4","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":87,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"a1c25019-c450-484e-ab10-3f8a0b06e02d","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":87,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"8b159ee8-abc1-4385-8979-a69bc3ede02a","block_type":"box","text":"Interest Rate Risk","page_number":87,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"13f22707-a552-4e84-b471-a2967ca9cf02","block_type":"box","text":".","page_number":87,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"a72d74fc-6b33-4e5f-9c92-0219891deaa0","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":87,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"db87ecfc-8c91-4a04-bff1-6ffed1446d2e","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":87,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"625602d4-a64a-4a0e-9691-be93d336bb66","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":87,"box":{"x":83,"y":860,"width":417,"height":11}},{"id":"2a10422e-e9cc-473e-b392-e4223984f553","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":87,"box":{"x":83,"y":874,"width":388,"height":11}},{"id":"05cbb6b4-7f1c-4aca-9898-3bcfece97284","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":87,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"c9b68cec-950f-4205-8b29-2787da62377c","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":87,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"4663ee5f-a8cb-44b6-a954-b0224a642ccd","block_type":"box","text":"fixed-income securities. 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As the Fund will not fully replicate the","page_number":88,"box":{"x":83,"y":607,"width":362,"height":11}},{"id":"d1dac9a6-edf9-4512-9ddf-c3444459340f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":88,"box":{"x":83,"y":621,"width":388,"height":11}},{"id":"898ae6e8-542a-4880-8d0e-b057ed0f287e","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":88,"box":{"x":83,"y":636,"width":409,"height":10}},{"id":"37e5dca8-3c7e-4451-bed5-df3dd63543a8","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":88,"box":{"x":83,"y":650,"width":419,"height":10}},{"id":"ec19b645-c12f-4196-a4f1-23f93b25a897","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":88,"box":{"x":82,"y":664,"width":420,"height":11}},{"id":"decf2b16-ed80-4d1a-8b91-b3b81be00e98","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":88,"box":{"x":83,"y":678,"width":402,"height":11}},{"id":"25e271f9-af9b-41ad-b53c-4bf5df73cbc5","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":88,"box":{"x":83,"y":692,"width":323,"height":11}},{"id":"de896ecd-0162-4b3f-8df2-89f435f84ed5","block_type":"box","text":"Market Trading Risk","page_number":88,"box":{"x":83,"y":715,"width":136,"height":11}},{"id":"348a3878-1fed-4ae9-8d85-1cc05a26014d","block_type":"box","text":".","page_number":88,"box":{"x":219,"y":722,"width":2,"height":2}},{"id":"cfe80e34-6225-4e93-9f13-453146a4a9cd","block_type":"box","text":"The Fund faces numerous market trading","page_number":88,"box":{"x":226,"y":715,"width":263,"height":11}},{"id":"617166d3-e1c9-4729-8e1d-a79d231b300e","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":88,"box":{"x":83,"y":730,"width":394,"height":10}},{"id":"7193b0d0-4bdc-4262-9319-4ca8ab3c690b","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":88,"box":{"x":83,"y":744,"width":401,"height":11}},{"id":"c6e24181-a3a5-4de3-963f-1e3c10b17b36","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":88,"box":{"x":83,"y":758,"width":404,"height":11}},{"id":"dc016963-cd56-4eb4-9338-0db286e5f694","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":88,"box":{"x":83,"y":772,"width":416,"height":11}},{"id":"d81eed81-4c8e-41a1-aaba-63164dc2434f","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":88,"box":{"x":82,"y":786,"width":405,"height":11}},{"id":"2010c171-ba04-44e1-a611-889e02db0156","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":88,"box":{"x":83,"y":801,"width":411,"height":10}},{"id":"9e3aa3ab-4d8e-4b4d-a7b2-5660a99c82c4","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":88,"box":{"x":83,"y":815,"width":397,"height":10}},{"id":"32dc0769-20d7-4afe-b348-2e0fdd1e85c0","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":88,"box":{"x":549,"y":23,"width":419,"height":11}},{"id":"951816ac-f804-4405-a399-96f7d91909ef","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":88,"box":{"x":549,"y":37,"width":413,"height":11}},{"id":"975ef273-bac0-414a-aa41-9afb1147684d","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":88,"box":{"x":549,"y":51,"width":397,"height":11}},{"id":"b767b40e-647e-4d6c-b8ad-2731052e4d87","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":88,"box":{"x":549,"y":66,"width":316,"height":11}},{"id":"a21a3016-de19-49de-8e47-7183db227d3b","block_type":"box","text":"Operational and Technology Risks","page_number":88,"box":{"x":549,"y":89,"width":230,"height":11}},{"id":"74ec30e9-b03a-4b8f-a63b-fac4ac8d11ca","block_type":"box","text":".","page_number":88,"box":{"x":780,"y":95,"width":2,"height":2}},{"id":"4c48f154-5550-4954-920a-00e784b9b742","block_type":"box","text":"The Fund is directly and","page_number":88,"box":{"x":787,"y":89,"width":152,"height":11}},{"id":"61c1d813-fee9-4310-9d30-7cd4c7942809","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":88,"box":{"x":549,"y":103,"width":368,"height":11}},{"id":"e05208f1-acf2-45b8-9a81-6a2cc8f9c488","block_type":"box","text":"including those related to human errors, processing errors,","page_number":88,"box":{"x":549,"y":117,"width":376,"height":11}},{"id":"c1a739a1-b992-4dc1-b5be-4be996e4b82e","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":88,"box":{"x":549,"y":131,"width":413,"height":11}},{"id":"cebb5f3e-3987-45e2-818e-4739288df29e","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":88,"box":{"x":549,"y":146,"width":404,"height":10}},{"id":"b9345af2-79a3-4b12-a901-9fe8a6bcb1df","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":88,"box":{"x":549,"y":160,"width":401,"height":11}},{"id":"aad4377b-bd9f-4612-a981-64718ca7d50c","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":88,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"bcd87d7f-432d-43d7-8f18-36aab8a8f77e","block_type":"box","text":"providers are required to have appropriate operational,","page_number":88,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"a768f5b0-93e8-4c15-907d-52c8e41ef433","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":88,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"f641be68-3ee2-4ebb-9745-d948ea2e209d","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":88,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"1ec9f65b-989e-40b3-8683-322ef5cea02d","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":88,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"a1339447-e4fe-40d1-a267-630dac1c21a6","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":88,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"2f4be7b1-c122-4f1c-87a7-2954f28bd944","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":88,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"a01b81d9-cfc0-4b93-a9ec-92c77e665d1b","block_type":"box","text":"investments in such issuers to lose value.","page_number":88,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"79ba57ff-9ba3-4119-8136-314a881e4d71","block_type":"box","text":"Risk of Investing in the U.S","page_number":88,"box":{"x":549,"y":296,"width":182,"height":11}},{"id":"52b602cf-d560-4e2e-bfab-542c574df9bf","block_type":"box","text":".","page_number":88,"box":{"x":732,"y":303,"width":2,"height":2}},{"id":"9d72877b-a248-494d-82a6-f3980805a871","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":88,"box":{"x":740,"y":296,"width":210,"height":11}},{"id":"316ba3bf-dc00-4332-888b-57d1f8c58df7","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":88,"box":{"x":549,"y":311,"width":391,"height":10}},{"id":"39f020ba-ec53-4f94-bf7c-ffeab4763d12","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":88,"box":{"x":549,"y":325,"width":423,"height":11}},{"id":"64bfd66c-4c17-41cd-9b87-ccf9b4c2606c","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":88,"box":{"x":550,"y":339,"width":412,"height":11}},{"id":"0feb4c8c-b2e6-4bdf-b966-1c901fb73400","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":88,"box":{"x":549,"y":353,"width":396,"height":11}},{"id":"b95eb42b-7e68-47cc-b624-6b70a79edd61","block_type":"box","text":"Securities Lending Risk.","page_number":88,"box":{"x":548,"y":376,"width":162,"height":11}},{"id":"c13acf14-f0c3-43a6-8082-442789472b5e","block_type":"box","text":"The Fund may engage in securities","page_number":88,"box":{"x":716,"y":376,"width":221,"height":11}},{"id":"e4019723-4605-4ded-976a-5f10a6eb7e37","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":88,"box":{"x":549,"y":391,"width":397,"height":10}},{"id":"a2a6f469-2831-4ba1-988e-b32aec084ac6","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":88,"box":{"x":549,"y":405,"width":418,"height":11}},{"id":"fed1fc7b-b725-4cf0-a08d-a342581f2441","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":88,"box":{"x":549,"y":419,"width":409,"height":11}},{"id":"5c5d5f70-2f08-42d6-86dd-b86e5f04c072","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":88,"box":{"x":549,"y":433,"width":416,"height":11}},{"id":"85fa6643-ffb1-4eec-831d-b2a8dac4821e","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":88,"box":{"x":549,"y":447,"width":389,"height":11}},{"id":"e85ae3ee-ea34-4640-97be-3b5f88d9cc01","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":88,"box":{"x":549,"y":461,"width":406,"height":9}},{"id":"70fc8af8-ec81-42f6-aa01-6aaa50cb2d52","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":88,"box":{"x":549,"y":476,"width":301,"height":10}},{"id":"b037b414-e407-4e9b-8ce8-9d0e5b82cf94","block_type":"box","text":"Tracking Error Risk","page_number":88,"box":{"x":550,"y":499,"width":128,"height":11}},{"id":"8d942915-a957-4c16-b759-19ac07e32fb6","block_type":"box","text":".","page_number":88,"box":{"x":678,"y":505,"width":3,"height":2}},{"id":"43f3bc4d-5d9f-4089-b574-a924135d0e33","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":88,"box":{"x":686,"y":499,"width":284,"height":11}},{"id":"9c33f187-5224-4374-b5b2-629c583d43c1","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":88,"box":{"x":549,"y":513,"width":404,"height":11}},{"id":"b6ac2d10-3fe5-4966-b14c-6dd622e02e06","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":88,"box":{"x":549,"y":527,"width":425,"height":11}},{"id":"315b4f79-c8c1-4a03-a0fb-b0c5902ac247","block_type":"box","text":"factors, including differences between the securities and other","page_number":88,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"593f41ba-7e0a-4a9d-b81b-27004af6e90c","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":88,"box":{"x":549,"y":556,"width":381,"height":10}},{"id":"89de7088-e6c5-40d5-b33b-853029b778cd","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":88,"box":{"x":550,"y":570,"width":396,"height":11}},{"id":"955573a2-f62b-43ed-aa8d-67b2f5c8ce36","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":88,"box":{"x":549,"y":584,"width":407,"height":10}},{"id":"e032847d-3593-4571-856d-28ed41a0e67d","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":88,"box":{"x":549,"y":598,"width":400,"height":11}},{"id":"6ff278ad-f33c-4f7a-8cf9-d8ecf5793111","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":88,"box":{"x":549,"y":612,"width":421,"height":11}},{"id":"94c77c4d-6478-48b7-989b-b529b28cb199","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":88,"box":{"x":549,"y":626,"width":374,"height":11}},{"id":"fc86494c-f080-4411-90ed-d464917d9bc9","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":88,"box":{"x":549,"y":641,"width":370,"height":10}},{"id":"9c232ae8-516b-4062-9a40-6753914a3082","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":88,"box":{"x":549,"y":655,"width":372,"height":11}},{"id":"9442fd81-69c3-470b-a10b-ce0a37c8e16d","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":88,"box":{"x":549,"y":669,"width":420,"height":11}},{"id":"3ab08650-78bf-43ec-af0f-43883a5584e6","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":88,"box":{"x":549,"y":683,"width":387,"height":11}},{"id":"01d1e081-eb52-47de-ad8a-daa194ecc963","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":88,"box":{"x":549,"y":697,"width":377,"height":11}},{"id":"bfc55dca-7d50-4195-95f3-17a2726b551d","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":88,"box":{"x":549,"y":712,"width":380,"height":10}},{"id":"66b0e2c9-f3f6-44dd-b3d9-cffe5228e495","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":88,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"5dc0fedb-06b1-431f-941e-619a14819674","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":88,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"7231484b-09d0-4c76-87dc-7073d66a4ea5","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":88,"box":{"x":550,"y":754,"width":386,"height":11}},{"id":"d7911498-4f1a-4063-953a-cd831de555de","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":88,"box":{"x":549,"y":768,"width":414,"height":11}},{"id":"07dca127-46e8-4046-95ea-2ac1e1bb23e7","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":88,"box":{"x":549,"y":782,"width":420,"height":11}},{"id":"30b78044-a675-470a-99a2-18e8df0b23c9","block_type":"box","text":"unusual market conditions.","page_number":88,"box":{"x":549,"y":797,"width":172,"height":8}},{"id":"f486c3a7-8753-4c90-b5f3-f5cbed690c1f","block_type":"box","text":"S-78","page_number":88,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"18065089-59b6-481f-b6e9-261fadcec53f","block_type":"box","text":"Performance Information","page_number":89,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"a216201c-6a90-411e-8ef5-e17b24db7a5d","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":89,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"fada1119-043f-4b88-995c-111ffc4bbb82","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":89,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"43f37da1-7249-4f70-8ed4-7ea7569b320d","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":89,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"62d9bf42-a1a6-4d72-a749-206488e5c090","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":89,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"a8499a62-0ae6-459a-a03c-9c8bee3123a7","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Certain states and localities may exempt from tax","page_number":90,"box":{"x":549,"y":104,"width":393,"height":11}},{"id":"2bae0a51-a8cd-4678-a898-fd72576dfd93","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":90,"box":{"x":549,"y":119,"width":422,"height":10}},{"id":"c5966676-1e4a-4394-8de2-bcedb0ae8534","block_type":"box","text":"obligations.","page_number":90,"box":{"x":549,"y":133,"width":73,"height":11}},{"id":"8d5e5c77-e58f-4c2b-a56b-0e4c8159d2a9","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":90,"box":{"x":550,"y":162,"width":410,"height":13}},{"id":"92eb0285-b778-4435-ad11-2b786d9798c8","block_type":"box","text":"Intermediaries","page_number":90,"box":{"x":550,"y":179,"width":123,"height":10}},{"id":"4e5c988d-ec21-4872-8361-db0590e5495f","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":90,"box":{"x":550,"y":204,"width":393,"height":10}},{"id":"1e915579-88a5-48a1-80ce-15736e852b60","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":90,"box":{"x":549,"y":218,"width":421,"height":11}},{"id":"1e95361d-6272-4eef-8211-ca18a1f3d236","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":90,"box":{"x":549,"y":232,"width":415,"height":11}},{"id":"ac9916b2-ccfc-47a8-b066-4c628dab2b55","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":90,"box":{"x":549,"y":246,"width":403,"height":11}},{"id":"10fc3524-4110-4155-9e88-8e0efc1fb667","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":90,"box":{"x":549,"y":260,"width":403,"height":11}},{"id":"b3583724-8418-49e7-bd4f-03fa62aa7e5f","block_type":"box","text":"other services related to the sale or promotion of the Fund. 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Because of this inflation adjustment feature, inflation","page_number":92,"box":{"x":83,"y":539,"width":423,"height":10}},{"id":"39a81690-f0a0-4efd-884a-52956ba76b7a","block_type":"box","text":"protected bonds typically have lower yields than conventional","page_number":92,"box":{"x":83,"y":553,"width":393,"height":11}},{"id":"88e06f99-1c1e-4b60-963e-b0603babda91","block_type":"box","text":"fixed-rate bonds.","page_number":92,"box":{"x":82,"y":567,"width":108,"height":9}},{"id":"6d928b23-6eea-4af3-ae20-38900a0d0f14","block_type":"box","text":"The securities in the Underlying Index must be denominated in","page_number":92,"box":{"x":82,"y":589,"width":399,"height":11}},{"id":"fcd8a4cb-faf2-4dfb-ab2b-ff371c063426","block_type":"box","text":"U.S. dollars and have (1) a fixed coupon schedule, (2) a remaining","page_number":92,"box":{"x":83,"y":603,"width":416,"height":11}},{"id":"fd449177-3cfc-4c86-a621-040321f7b487","block_type":"box","text":"term to final maturity of more than one day as of the monthly","page_number":92,"box":{"x":83,"y":617,"width":391,"height":11}},{"id":"c0a2900a-3176-4cc2-be71-90715bdf47fe","block_type":"box","text":"rebalancing date and (3) at least $1 billion of outstanding face","page_number":92,"box":{"x":83,"y":631,"width":396,"height":11}},{"id":"904bb157-5f00-4f33-91d6-8fed818c9f69","block_type":"box","text":"value (excluding amounts held by the Federal Reserve System","page_number":92,"box":{"x":82,"y":646,"width":396,"height":11}},{"id":"9e7e1f63-2115-45c9-8ebe-fdf36aa427cc","block_type":"box","text":"Open Market Account (“SOMA”)). 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Index constituents are market capitalization","page_number":92,"box":{"x":83,"y":788,"width":395,"height":10}},{"id":"a2027243-a1d6-4a6b-a566-1f24f5ce25b0","block_type":"box","text":"weighted based on amounts outstanding reduced by amounts","page_number":92,"box":{"x":82,"y":802,"width":395,"height":11}},{"id":"73192d19-3f45-4e00-82d0-54637a694440","block_type":"box","text":"held by the Federal Reserve SOMA times price plus accrued","page_number":92,"box":{"x":83,"y":816,"width":382,"height":11}},{"id":"c582f601-7c6b-41c0-8d0c-12adcf0e29a1","block_type":"box","text":"interest.","page_number":92,"box":{"x":83,"y":830,"width":52,"height":9}},{"id":"80f68d3e-02b2-4cf7-8edd-66e70c55e4c8","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of","page_number":92,"box":{"x":82,"y":852,"width":398,"height":11}},{"id":"f48983d3-0609-44dc-8e4f-3d9f0011db24","block_type":"box","text":"each month. New issues must settle on or before the following","page_number":92,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"c3349e40-1daa-44fd-8a05-dc847113efca","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":92,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"c64c4a16-7064-4b62-813d-d178c8440da7","block_type":"box","text":"inclusion for such following month (","page_number":92,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"ee7b9285-8037-44e0-a7de-48ce70f29197","block_type":"box","text":"e.g","page_number":92,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"0c336687-5dc8-4806-be1c-f1c1a419eb46","block_type":"box","text":"., an issue must settle on or","page_number":92,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"5ad8fe28-d6fa-4b96-b386-1421d943c418","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":92,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"04347a76-0229-4849-ae47-2247611b2cc9","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":92,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"ad813b27-3c60-43b4-9a7e-53ac2a246531","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":92,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"ccf1cf51-3798-4af0-8ab1-68fede66e983","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":92,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"0c09969f-97e3-4006-b92c-1abdb34a4ad5","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":92,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"7d1238f1-8ee3-4d2d-a45f-496d44baea41","block_type":"box","text":"the rebalancing. 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Cash does not earn any reinvestment","page_number":92,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"64075eac-606f-4051-98fb-5916bdd6ef04","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":92,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"351d0ccd-ad8b-41d9-b890-f47cd6da9b91","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":92,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"c01d6e4c-3227-4258-b8a5-f371e434f0c7","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":92,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"3e589152-4140-4b59-811e-69f8889b4af3","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":92,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"0a3877b7-a335-4b0d-9c9b-535f836798a2","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":92,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"d7d66900-c5a1-403f-9331-3ec5d3809f68","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":92,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"42fdd293-23e8-4d3d-abe1-6d69e34cad47","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":92,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"8154d094-6a6e-403f-8c70-2b32b242cca7","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":92,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"684ea6fa-5d74-4ed0-8db1-9e8187868129","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":92,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"b17e0e7d-9430-4077-a2ab-669b45a04513","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":92,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"f36e3794-b5ab-47a9-911d-1f129ac6b407","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":92,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"be8905e9-15b2-4996-a736-8c3f2c6bd053","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":92,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"c1c74dc5-1cf3-4e6f-a609-e45b5151174b","block_type":"box","text":"Index before fees and expenses of the Fund. 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To the extent that the","page_number":92,"box":{"x":549,"y":422,"width":395,"height":10}},{"id":"e6dfef3b-43a9-41cc-9ebc-a7abfbc94954","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":92,"box":{"x":550,"y":436,"width":395,"height":10}},{"id":"a7b0b996-54e3-4330-804c-1a794705b76c","block_type":"box","text":"fees and expenses of such funds.","page_number":92,"box":{"x":549,"y":450,"width":211,"height":11}},{"id":"b26b95d5-4a76-402f-a603-75d7bb72486a","block_type":"box","text":"By October 15, 2031, the Fund is expected to consist almost","page_number":92,"box":{"x":550,"y":472,"width":384,"height":11}},{"id":"b6ac8a4e-5619-4314-bc03-dc168273d374","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":92,"box":{"x":549,"y":486,"width":419,"height":11}},{"id":"213a1496-d5b8-4eba-9648-33f5b4a84ec1","block_type":"box","text":"terminate. 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The Fund’s","page_number":92,"box":{"x":549,"y":528,"width":367,"height":11}},{"id":"c1d5ead7-0ef6-410f-9189-eddb64419a47","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":92,"box":{"x":549,"y":543,"width":398,"height":10}},{"id":"cb74277d-98a1-4854-b67e-b6839d24102f","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":92,"box":{"x":549,"y":557,"width":423,"height":11}},{"id":"16688ffa-912e-4e92-89f2-706333af0dc2","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":92,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"1a9e9d81-c6e9-4879-9ad2-8882f466aaba","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":92,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"b2d801ce-02b4-46d4-af90-85dbbc29ec13","block_type":"box","text":"interest of the Fund.","page_number":92,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"52c460dc-32e3-43cf-a793-dbd8154c8761","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":92,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"5601f2d0-1932-44f6-8831-ae4f210f5a21","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":92,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"352f8b68-3a7c-47ff-83fb-5447e5fde571","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":92,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"0cae596f-b12e-4cdc-957f-9a028c277af2","block_type":"box","text":"markets decline or appear overvalued.","page_number":92,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"f16688e3-772a-45b5-b747-6f1902652f3b","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":92,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"67618103-416f-423c-a873-fba38301c194","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":92,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"5172de45-595d-4efa-8466-b38278a48bea","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":92,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"518ca3d7-2c98-42b9-aa11-6f6d1445798c","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":92,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"0d8cf62d-212c-456a-9a6b-a4352a65a7e6","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":92,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"52817df5-5872-401f-8c7f-bff0adf842f1","block_type":"box","text":"comparison to actively managed investment companies.","page_number":92,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"2fdc86dc-b608-419b-914b-27e7c6877b80","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":92,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"80f821f1-8e66-4481-a75d-c17738db6e52","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":92,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"d4f9f4a6-fadc-45fb-b38c-5c381f8b980f","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":92,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"3f1ff2f0-9d5a-4805-be8d-b68c312d12a3","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":92,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"35fdfac9-8b82-43b6-9a1a-00962e6a6ecf","block_type":"box","text":"that of an applicable underlying index. 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The Fund may","page_number":93,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"4bf0bbeb-334d-487f-9e4c-2f766e527fa0","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":93,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"6dd1e526-5858-4503-9de6-337db58e9557","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":93,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"adc38f8e-eb04-4730-965f-2179e3b555c2","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":93,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"0a2f1941-2272-471a-a6d7-96ec7f441b01","block_type":"box","text":"collateral received).","page_number":93,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"73863526-fca9-4127-9a6a-664df7a67e85","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":93,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"4d63846f-87b7-4158-a45e-bc7375c9f46d","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":93,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"a7dce8f3-e35f-410e-8ee3-4f47652eee72","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":93,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"d4323456-4950-4d60-a6fc-6ba95d590a01","block_type":"box","text":"determines the composition and relative weightings of the","page_number":93,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"f7932ea5-3626-4df8-b3a4-044334381ff0","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":93,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"d982a87b-ca25-4627-90c3-9b8bc0cf346a","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":93,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"6446f3bc-941b-4fd8-90c6-929f35061a70","block_type":"box","text":"Summary of Principal Risks","page_number":93,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"281bce34-f633-4532-93ed-4d26b371afb2","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":93,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"6f62e6d7-3c6d-4c3f-9452-02ae285dfd55","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":93,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"33e233d9-6f8f-43ff-922a-33b9a266aaa2","block_type":"box","text":"that of other investments. 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Certain key risks are prioritized below (with others","page_number":93,"box":{"x":83,"y":365,"width":387,"height":11}},{"id":"ca4473b6-8f57-4779-a06a-10509be49ec9","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":93,"box":{"x":82,"y":379,"width":426,"height":11}},{"id":"aa88898e-5766-4d27-aa3d-3afaa2c6e0f8","block_type":"box","text":"risk is difficult to predict and may change over time. 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Depending on changes in inflation","page_number":93,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"d5064a97-8943-42eb-861a-d4d89cdffb3a","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":93,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"d5f7c5ef-e2ff-412a-ae72-2451a39512d4","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":93,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"35cfefd2-781f-4061-96e4-95617ffc47bc","block_type":"box","text":"Interest Rate Risk","page_number":93,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"6a2ca90a-3629-490f-b827-6c529ad8f320","block_type":"box","text":".","page_number":93,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"54d19fe1-6070-4b71-a11a-9627d54905c8","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":93,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"ffe2143e-6d26-4648-9650-67fa1bee0dda","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":93,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"b1427ba6-2cbb-4cf0-a16a-0cba8edbdcda","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":93,"box":{"x":83,"y":860,"width":417,"height":11}},{"id":"6afb3702-f796-4603-b205-7b41f165fb80","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":93,"box":{"x":83,"y":874,"width":388,"height":11}},{"id":"173b743e-ab50-4dfb-8f68-f90f48f266be","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":93,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"3b4453ae-4352-459a-9044-b97a11b2cb13","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":93,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"9251cecd-aede-4c45-a810-8e071b062807","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":93,"box":{"x":549,"y":51,"width":423,"height":11}},{"id":"48c70f5f-80ba-4c17-82e9-9730595e5e6a","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":93,"box":{"x":549,"y":66,"width":408,"height":8}},{"id":"ab17b3f7-9633-474c-ac7b-38fec8defc5f","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":93,"box":{"x":549,"y":80,"width":423,"height":11}},{"id":"d5a4ee86-3d8d-4bf0-ad7c-a63795cf2c9a","block_type":"box","text":"changes and subject to greater fluctuations in value. 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During periods of very low or negative interest","page_number":93,"box":{"x":549,"y":151,"width":386,"height":11}},{"id":"546ebd04-0976-4037-93b7-7cc9d5a02f85","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":93,"box":{"x":549,"y":165,"width":404,"height":11}},{"id":"4636260f-71b8-4d0e-8a61-f183924b31f0","block_type":"box","text":"dividends to shareholders.","page_number":93,"box":{"x":549,"y":179,"width":168,"height":9}},{"id":"c1353f40-59fa-406d-8d32-b5e49a7aae19","block_type":"box","text":"Market Risk","page_number":93,"box":{"x":549,"y":202,"width":82,"height":9}},{"id":"2520f778-0cc4-4c91-a965-fed1e1a08939","block_type":"box","text":".","page_number":93,"box":{"x":631,"y":209,"width":3,"height":2}},{"id":"c5a76278-91be-403d-a881-c197e74bdc3a","block_type":"box","text":"The Fund could lose money over short periods due","page_number":93,"box":{"x":639,"y":202,"width":322,"height":11}},{"id":"74544182-6bda-4a07-baff-f7748c4e143e","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":93,"box":{"x":549,"y":217,"width":413,"height":10}},{"id":"da922575-08b3-4449-b9e3-218adb52b6c3","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":93,"box":{"x":549,"y":381,"width":406,"height":11}},{"id":"eececdbf-a478-44f1-a427-94186500d1bf","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":93,"box":{"x":549,"y":396,"width":408,"height":11}},{"id":"dbfb6d5c-e3bb-4fe0-9f27-eb83d193ef80","block_type":"box","text":"information will provide an accurate assessment of included","page_number":93,"box":{"x":549,"y":410,"width":384,"height":11}},{"id":"c6027630-16a3-432d-b681-c83d8e6ba353","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":93,"box":{"x":549,"y":424,"width":388,"height":11}},{"id":"90dcb7fa-fa02-4ede-a7c2-a3f9bd2ccf83","block_type":"box","text":"objective. 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While the Fund’s service","page_number":94,"box":{"x":549,"y":108,"width":377,"height":11}},{"id":"4d6696e7-f31b-4410-b33c-99778e47d4a9","block_type":"box","text":"providers are required to have appropriate operational,","page_number":94,"box":{"x":549,"y":122,"width":350,"height":11}},{"id":"9f07beb5-1112-42b6-bc47-8da9a1165afd","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":94,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"c7378849-8ff6-4834-8f52-f91642b16135","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":94,"box":{"x":549,"y":151,"width":397,"height":11}},{"id":"1b17f1dd-429a-40d7-91f2-2cc18fd79010","block_type":"box","text":"from those of the Fund. 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The Fund may","page_number":99,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"c4e3dee0-33af-46ce-85dd-7aeaf66497de","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":99,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"4a779f4b-84d9-4f2c-9741-879233119aaa","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":99,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"c846a49a-d310-4480-a4ab-9b9b432b21be","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":99,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"bba67997-14a5-41fb-842a-2d0ae801960d","block_type":"box","text":"collateral received).","page_number":99,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"6a96953d-af26-4039-aad0-9c53e49a5b5d","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":99,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"68b9c977-4e24-4af1-8a4a-a0cd34743361","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":99,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"ac2138ba-9c6e-4f35-b0bc-25e9bd55e925","block_type":"box","text":"is independent of the Fund and BFA. 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Errors in index data, index computations or the","page_number":99,"box":{"x":549,"y":438,"width":366,"height":11}},{"id":"0cc12411-7c08-4416-961b-1afbe4dfe3aa","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":99,"box":{"x":549,"y":452,"width":377,"height":11}},{"id":"46c739ee-6f78-44d5-8d9f-a039b9c6ec8d","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":99,"box":{"x":549,"y":467,"width":413,"height":10}},{"id":"cb26cb04-c556-4538-911c-e5efc3acf272","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":99,"box":{"x":549,"y":481,"width":396,"height":11}},{"id":"037f9689-d2d9-4fac-ac48-908a3e796e56","block_type":"box","text":"impact on the Fund and its shareholders. 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The Fund will invest no more than 10% of its","page_number":104,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"dda97456-c3ee-4a94-be5d-dece90551149","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":104,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"5285d8a3-b8bb-4537-842a-d04618bd69ec","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":104,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"5c38bd10-bfe5-41f6-b46a-bb6998007baa","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":104,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"46b7693e-af71-4ea5-950e-8b676a11e95c","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":104,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"eefaa53a-d3be-49bd-b398-ead2363f4b5b","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":104,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"96d6f98e-82f6-4f90-b2e7-d5987715dd63","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":104,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"a4e131cf-4778-49e9-a4a5-f406f23f0a30","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Board may extend the termination date if","page_number":104,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"a90632ad-d0b3-40fe-bc5c-183e77bc9fc4","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":104,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"4709caa8-c900-46a5-b82d-e6604becc6ae","block_type":"box","text":"interest of the Fund.","page_number":104,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"afdaca99-3b96-4ed8-b916-ab0c945f238f","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":104,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"1d2356c9-b911-4f7a-944f-0a369a47cdc8","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":104,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"f75d8da9-e945-4b13-b875-156e0003c9ad","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":104,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"2547ab31-a324-4768-a644-44a9c34ec471","block_type":"box","text":"markets decline or appear overvalued.","page_number":104,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"14c0cd11-c40c-4a82-a5b0-e605cdbdb97f","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":104,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"7a974a14-75c3-4d64-91dc-a8765df2c5c7","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":104,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"a830bc70-9595-452f-adb6-00c961cfb67f","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":104,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"13e61ea1-9db5-486a-9e30-22bcc1b09a6b","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":104,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"841a1fc6-806a-412d-a2c4-635aa6e91433","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":104,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"23d08396-a867-4f73-bbe1-de8f331e8486","block_type":"box","text":"comparison to actively managed investment companies.","page_number":104,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"b54ac769-7be7-425c-934c-3ce172d2d236","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":104,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"a1c8c4ab-06e6-4069-97d2-addbcb8fabb6","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":104,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"54ba747c-cfd6-4b72-98ca-1a302f8a97e7","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":104,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"e2158980-87b7-48ec-a699-01b4927012b0","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":104,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"ecd08af4-d69c-437f-88e6-6d24b4ab034a","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":104,"box":{"x":549,"y":839,"width":408,"height":11}},{"id":"81571ce7-f81f-42de-b661-213cca455b92","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":104,"box":{"x":549,"y":853,"width":423,"height":11}},{"id":"8a0c12b4-5cef-48ad-a861-1d3544352949","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":104,"box":{"x":549,"y":867,"width":415,"height":11}},{"id":"5630b873-b796-4e69-9f1c-cb138c0c5580","block_type":"box","text":"S-94","page_number":104,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3d2ec37b-c4cc-4297-b3fa-23758ad8f01b","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":105,"box":{"x":82,"y":23,"width":406,"height":11}},{"id":"622f324a-1f04-4886-ae69-6d69cc83aa5f","block_type":"box","text":"(","page_number":105,"box":{"x":83,"y":37,"width":3,"height":11}},{"id":"35e5a2fa-564d-489c-ba40-f33e15afc170","block_type":"box","text":"i.e.","page_number":105,"box":{"x":87,"y":37,"width":17,"height":9}},{"id":"c56706af-09cb-477c-8aa2-b79fb051991f","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":105,"box":{"x":106,"y":37,"width":359,"height":11}},{"id":"5d94799f-f79c-4550-a0da-26bcc49912ec","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":105,"box":{"x":83,"y":52,"width":418,"height":10}},{"id":"52337170-7762-4db5-a105-75cfe5983969","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":105,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"8393ec78-a351-42e8-89f0-3464b0f90585","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":105,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"ee3c1890-423d-4023-bc6a-6062928b2c72","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":105,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"21716a24-96a3-4746-9df4-d34e2dd98cf2","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":105,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"d55780d1-04f6-42ef-99f2-5783d4f22ea4","block_type":"box","text":"collateral received).","page_number":105,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"06a251ad-8530-4013-97cd-f2d3ca10dba6","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":105,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"cc43e19f-4c4b-4e89-bb03-8c7a24e01755","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":105,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"7c19597f-2a1c-4b26-844c-b3cdaa4f9431","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":105,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"1bdc74b0-633b-40ff-9a3e-78f8957137c0","block_type":"box","text":"determines the composition and relative weightings of the","page_number":105,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"cd8fdf3b-5f23-4d72-9099-1e70c7857ebb","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":105,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"cf24b3c3-f633-4880-a22a-37704880576e","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":105,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"1cab6062-ed23-4d3c-9b49-539603373810","block_type":"box","text":"Summary of Principal Risks","page_number":105,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"14fac667-298d-40c7-a361-f4d107ec0d1f","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":105,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"3de5e657-032d-436c-9753-54d5de63a345","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":105,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"f50867ba-184f-42fb-9357-3599dd27b527","block_type":"box","text":"that of other investments. 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Errors in index data, index computations or the","page_number":105,"box":{"x":549,"y":438,"width":366,"height":11}},{"id":"bf006f65-0e05-40c7-bbcb-c6661e2b8ce6","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":105,"box":{"x":549,"y":452,"width":377,"height":11}},{"id":"78b93500-1367-436c-9e4b-d74408a8f4c0","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":105,"box":{"x":549,"y":467,"width":413,"height":10}},{"id":"4b81ead2-b23b-4156-b592-330dbf89ad80","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":105,"box":{"x":549,"y":481,"width":396,"height":11}},{"id":"1fe905d1-f30a-48c7-b59b-6ff4079a3cf2","block_type":"box","text":"impact on the Fund and its shareholders. 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Fund expenses (and any applicable waivers) are calculated only through October 15, 2034 because the Fund is scheduled to","page_number":109,"box":{"x":83,"y":622,"width":851,"height":11}},{"id":"e97f379b-f2e7-42c6-a8f4-9def7f41f4ff","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":109,"box":{"x":83,"y":637,"width":889,"height":10}},{"id":"49ca2bda-ec39-479e-a0dc-9ff2d30b37ed","block_type":"box","text":"operating expenses remain the same. 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Cash does not earn any reinvestment","page_number":110,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"718b48d4-de0a-4ef1-9722-5693b816a88c","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":110,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"273dcc68-3110-4be7-a5e3-1999ffcd0523","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":110,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"99076c12-f475-4dbe-825f-cd3553ffc77b","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":110,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"12730e54-a144-4b84-85af-d06601ef0894","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":110,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"2b2ebe89-23a5-4fb3-99fe-c2d653ae0da5","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":110,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"af528c7a-03ec-4067-a51c-d6ebcdee311d","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":110,"box":{"x":549,"y":258,"width":391,"height":8}},{"id":"72657539-8e2c-4ce0-8043-2f0d691712f0","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":110,"box":{"x":549,"y":272,"width":411,"height":11}},{"id":"054fe715-e5e9-4b7f-b0a3-fc3fdd1cd764","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":110,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"ebe6fc6b-c1de-4661-bbf5-9f4675eb703f","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":110,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"52b386d1-ead9-49bc-bb0d-4940d33da589","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":110,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"16233916-a454-43c9-bdda-49e622d2d9a6","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":110,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"47293e20-c824-471d-b176-535ae2444b5e","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":110,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"a063866a-e1aa-4736-bd0c-13cc6bbc551a","block_type":"box","text":"Index before fees and expenses of the Fund. 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To the extent that the","page_number":110,"box":{"x":549,"y":422,"width":395,"height":10}},{"id":"f31858e6-e73c-4eb7-899a-2429a9f5db4e","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":110,"box":{"x":550,"y":436,"width":395,"height":10}},{"id":"5a934530-97a7-4933-a4c1-b80974f5669a","block_type":"box","text":"fees and expenses of such funds.","page_number":110,"box":{"x":549,"y":450,"width":211,"height":11}},{"id":"1b211fb2-a51f-4b97-bf92-b4b20c123bc1","block_type":"box","text":"By October 15, 2034, the Fund is expected to consist almost","page_number":110,"box":{"x":550,"y":472,"width":386,"height":11}},{"id":"a4931c76-01c0-4eaf-a77a-879c88a50044","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":110,"box":{"x":549,"y":486,"width":419,"height":11}},{"id":"8c65cc7d-e7e0-4896-8ab9-bf20396b442c","block_type":"box","text":"terminate. 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The Fund’s","page_number":110,"box":{"x":549,"y":528,"width":367,"height":11}},{"id":"db99dbf7-82f1-4ca8-8241-e79667acfbf4","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":110,"box":{"x":549,"y":543,"width":398,"height":10}},{"id":"ffa4f78c-268a-4a73-80cb-6abd4f71294c","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":110,"box":{"x":549,"y":557,"width":423,"height":11}},{"id":"634145ee-6da2-4a08-aa05-80305bd7e74f","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":110,"box":{"x":550,"y":571,"width":415,"height":11}},{"id":"0f46e229-56d2-48fd-8e5b-74f9ff28dc88","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":110,"box":{"x":549,"y":585,"width":422,"height":11}},{"id":"f6de0716-97df-46be-99d8-074bbcea8769","block_type":"box","text":"interest of the Fund.","page_number":110,"box":{"x":549,"y":599,"width":129,"height":9}},{"id":"a26a96d6-9ebe-403d-b339-e4f4a2064984","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":110,"box":{"x":550,"y":623,"width":376,"height":10}},{"id":"598741ca-562d-49f6-aecb-efa824dfc27f","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":110,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"83b6ef54-5e77-44ad-8ba5-98968a6a6b72","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":110,"box":{"x":549,"y":651,"width":396,"height":11}},{"id":"7e2f68c4-b8cd-408b-870b-1228640fd87b","block_type":"box","text":"markets decline or appear overvalued.","page_number":110,"box":{"x":549,"y":665,"width":244,"height":11}},{"id":"a45fee9e-4782-4693-bf77-a66c0b8b27b9","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":110,"box":{"x":550,"y":688,"width":420,"height":11}},{"id":"7c3014f8-1fda-40d2-beca-f64bfcb2e12f","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":110,"box":{"x":549,"y":702,"width":421,"height":11}},{"id":"63579835-188d-4b67-a423-476dad146938","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":110,"box":{"x":549,"y":717,"width":386,"height":11}},{"id":"2e4a7d2d-3ed7-4941-9054-bb5856052a56","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":110,"box":{"x":550,"y":731,"width":369,"height":11}},{"id":"3c494636-6845-410b-b60b-8704f575998b","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":110,"box":{"x":549,"y":745,"width":356,"height":11}},{"id":"be4319bd-5e73-4c12-82dd-d2a0921a946f","block_type":"box","text":"comparison to actively managed investment companies.","page_number":110,"box":{"x":549,"y":759,"width":359,"height":11}},{"id":"28f88277-3fe9-42f6-8990-0426c9b5c38d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":110,"box":{"x":550,"y":782,"width":411,"height":11}},{"id":"0c57cde1-e0ff-4856-b0f2-3b2511ec53b3","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":110,"box":{"x":549,"y":797,"width":411,"height":10}},{"id":"63f8b227-c5d8-4ce7-8c24-00c7e5afa82d","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":110,"box":{"x":549,"y":811,"width":424,"height":11}},{"id":"8d15ab4e-05a6-4802-91b2-18216b868664","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":110,"box":{"x":549,"y":825,"width":410,"height":11}},{"id":"91af87c7-5f1a-4920-b7a8-a96ff3249088","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":110,"box":{"x":549,"y":839,"width":408,"height":11}},{"id":"3f9e53c8-492c-4249-88b2-0ac47b34cda9","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":110,"box":{"x":549,"y":853,"width":423,"height":11}},{"id":"7537206b-16a7-46a0-bdbc-e361196f5c98","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":110,"box":{"x":549,"y":867,"width":415,"height":11}},{"id":"95efec2e-a4e2-4470-ad42-989944bd0e7b","block_type":"box","text":"S-100","page_number":110,"box":{"x":518,"y":920,"width":36,"height":9}},{"id":"ba3928a5-a232-4532-b099-1120b2627743","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":111,"box":{"x":82,"y":23,"width":406,"height":11}},{"id":"1d69c3a3-cff5-49da-84e8-fc7a570b54af","block_type":"box","text":"(","page_number":111,"box":{"x":83,"y":37,"width":3,"height":11}},{"id":"42456651-c272-4ece-a900-cfecec46ae17","block_type":"box","text":"i.e.","page_number":111,"box":{"x":87,"y":37,"width":17,"height":9}},{"id":"7856f550-bfb7-485f-8646-66a2bb8103b5","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":111,"box":{"x":106,"y":37,"width":359,"height":11}},{"id":"7956dc6f-4900-4100-a67c-40238ac088eb","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":111,"box":{"x":83,"y":52,"width":418,"height":10}},{"id":"7469f1c7-fcda-40df-80b5-9c558cc7d6c2","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":111,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"73e84974-dd3a-4dd2-b95d-1936ddf12d25","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":111,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"f37caafb-6209-4c3b-8a8a-85f6fd779e92","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":111,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"a4b1e9be-2a0b-4c76-8e27-c2c4448bb8ce","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":111,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"a143087d-dd5e-4d2c-9b96-df5b455b9717","block_type":"box","text":"collateral received).","page_number":111,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"597c826c-199d-45da-848f-72bfd6dc5c07","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":111,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"30d4f295-b8bd-4504-8b11-b75fdcdea5d5","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":111,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"8affd312-ae32-4036-9aed-06a61a7a3738","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":111,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"7a9d06ca-64df-43fa-9e4b-aabadf3ec917","block_type":"box","text":"determines the composition and relative weightings of the","page_number":111,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"b150ee0f-e050-43df-bafb-649083819ba4","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":111,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"75821ddd-765b-43d9-aee3-834d20d286e4","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":111,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"4ef4a6ed-d6c9-4c42-a360-d90494152173","block_type":"box","text":"Summary of Principal Risks","page_number":111,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"1daf6abe-7465-4a1f-afd0-6739ab83068a","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":111,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"62330f03-3690-4306-8c03-f42003faf972","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":111,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"3664076e-696d-4f81-9b86-736a7bdcd9aa","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":111,"box":{"x":83,"y":308,"width":396,"height":11}},{"id":"86122226-e23e-420e-bca4-36907b5fce69","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":111,"box":{"x":83,"y":322,"width":376,"height":11}},{"id":"f654704c-c897-49d8-9ef7-968abafc68b1","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":111,"box":{"x":83,"y":336,"width":392,"height":11}},{"id":"ffedda2e-9195-4837-9ff8-89ae488b4e33","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":111,"box":{"x":83,"y":351,"width":416,"height":10}},{"id":"815a5507-ed2e-4706-88db-1b3e955c7cb3","block_type":"box","text":"objective. 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The","page_number":111,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"1b6fb148-c208-4baa-813c-4d97f7045869","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":111,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"129996ad-1eb5-4a48-8e58-7f73b00382e9","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":111,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"67a61436-e2ea-42c4-9eeb-1a1101691dcb","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":111,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"63f30771-466a-4c80-a4d8-cdeb89bd6a45","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":111,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"67ce7d56-9c6d-4601-bbd5-aa3252e00b87","block_type":"box","text":"rate. 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Depending on changes in inflation","page_number":111,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"303ce32b-f722-428f-ac2c-e3e741cc2cf7","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":111,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"cb336913-a265-498d-ac7f-991ef55392d1","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":111,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"513ee503-49ce-449b-80f4-254a4f87e8a7","block_type":"box","text":"Interest Rate Risk","page_number":111,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"7032b053-a9d0-4275-bb62-a84bac5c3234","block_type":"box","text":".","page_number":111,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"9e209aa6-eceb-4791-b77b-9dace91f9d8b","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":111,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"3a916ef9-2e96-4677-ba8f-ceeb8d724ed4","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":111,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"1153a8f0-cbcb-47a2-b4f5-de3482b1a4b3","block_type":"box","text":"in the general level of interest rates. 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During periods of very low or negative interest","page_number":111,"box":{"x":549,"y":151,"width":386,"height":11}},{"id":"df11508f-6c3c-40a9-a5bd-403aa79c6baf","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":111,"box":{"x":549,"y":165,"width":404,"height":11}},{"id":"f457fb9a-00e8-4294-9ee4-048958a0cd5f","block_type":"box","text":"dividends to shareholders.","page_number":111,"box":{"x":549,"y":179,"width":168,"height":9}},{"id":"8069cffe-80af-4932-8706-eafc401a3855","block_type":"box","text":"Market Risk","page_number":111,"box":{"x":549,"y":202,"width":82,"height":9}},{"id":"38aaa9c3-fc9d-4ec4-8172-86dcf6c692fb","block_type":"box","text":".","page_number":111,"box":{"x":631,"y":209,"width":3,"height":2}},{"id":"ec2c954e-c040-4918-9aa7-7378cdd1c888","block_type":"box","text":"The Fund could lose money over short periods due","page_number":111,"box":{"x":639,"y":202,"width":322,"height":11}},{"id":"d61a4337-4b03-4ba4-9a9c-8ff5d32f4bf6","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":111,"box":{"x":549,"y":217,"width":413,"height":10}},{"id":"f3339e4c-2bee-44f6-b88a-242bd72a676a","block_type":"box","text":"more prolonged market downturns. 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Neither the Fund nor BFA can offer","page_number":111,"box":{"x":549,"y":381,"width":406,"height":11}},{"id":"92e758e1-f4d4-4046-8467-ff345513a78a","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":111,"box":{"x":549,"y":396,"width":408,"height":11}},{"id":"3b5db147-bd25-4024-b990-f6871b09b5f0","block_type":"box","text":"information will provide an accurate assessment of included","page_number":111,"box":{"x":549,"y":410,"width":384,"height":11}},{"id":"c03d4baf-4481-4c04-821f-abde1bf439e9","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":111,"box":{"x":549,"y":424,"width":388,"height":11}},{"id":"2190c310-e47a-4f39-970f-f94958691f4f","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":111,"box":{"x":549,"y":438,"width":366,"height":11}},{"id":"34e7d3e8-35f7-47ae-8af1-fd9892caf4ac","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":111,"box":{"x":549,"y":452,"width":377,"height":11}},{"id":"a023ffbd-dc84-4375-9913-9a3a653c54eb","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":111,"box":{"x":549,"y":467,"width":413,"height":10}},{"id":"cc97930e-2ebf-4627-9ffe-67e2d4a239af","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":111,"box":{"x":549,"y":481,"width":396,"height":11}},{"id":"36a25ed1-07c7-4cad-8a9b-7f9b1934b127","block_type":"box","text":"impact on the Fund and its shareholders. 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While the Fund’s service","page_number":112,"box":{"x":549,"y":174,"width":377,"height":11}},{"id":"4920dace-3598-4c93-9bd5-1ffcbcee8f7d","block_type":"box","text":"providers are required to have appropriate operational,","page_number":112,"box":{"x":549,"y":188,"width":350,"height":11}},{"id":"7af73e2d-bea9-46aa-b9ff-dbd3f2e9d80e","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":112,"box":{"x":549,"y":202,"width":414,"height":11}},{"id":"98c7c2dd-81d1-4a3d-9acb-2b2f8cd14ce7","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":112,"box":{"x":549,"y":216,"width":397,"height":11}},{"id":"dbdba6a7-1aab-441c-bfed-fe798e504344","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":112,"box":{"x":549,"y":231,"width":411,"height":11}},{"id":"9dba79ca-c3d7-479c-b1f1-1729900c5269","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":112,"box":{"x":549,"y":245,"width":391,"height":8}},{"id":"bee3c49a-24de-4ca7-8d3d-3d4a3230b5a8","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":112,"box":{"x":549,"y":259,"width":422,"height":11}},{"id":"9802b287-31b2-475b-a472-4c5313554afc","block_type":"box","text":"investments in such issuers to lose value.","page_number":112,"box":{"x":549,"y":273,"width":264,"height":9}},{"id":"8ee24208-8924-4b45-bb57-41b815999402","block_type":"box","text":"Risk of Investing in the U.S","page_number":112,"box":{"x":549,"y":296,"width":182,"height":11}},{"id":"3357813e-1698-4061-87ea-a56ba7abc973","block_type":"box","text":".","page_number":112,"box":{"x":732,"y":303,"width":2,"height":2}},{"id":"46aea47a-12c8-4fb3-9dd4-fe7b74e24f31","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":112,"box":{"x":740,"y":296,"width":210,"height":11}},{"id":"ae8bc516-e184-456e-a961-ebb5412ef834","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":112,"box":{"x":549,"y":311,"width":391,"height":10}},{"id":"0824c9a4-1fda-4e00-9e30-e2401c5f3a1f","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":112,"box":{"x":549,"y":325,"width":423,"height":11}},{"id":"58b0744e-4b57-4aac-89ae-1f8f017eceab","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":112,"box":{"x":550,"y":339,"width":412,"height":11}},{"id":"db0b3db3-8513-4155-9b80-5f503e0e1837","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":112,"box":{"x":549,"y":353,"width":396,"height":11}},{"id":"3867ec95-c989-4432-b895-56655d1d43a7","block_type":"box","text":"Securities Lending Risk.","page_number":112,"box":{"x":548,"y":376,"width":162,"height":11}},{"id":"b4f36a62-65a6-4ae1-aa3a-916a56742586","block_type":"box","text":"The Fund may engage in securities","page_number":112,"box":{"x":716,"y":376,"width":221,"height":11}},{"id":"3bff4898-2653-45b0-9587-dc8e8a4fb369","block_type":"box","text":"lending. 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The Fund could","page_number":112,"box":{"x":549,"y":419,"width":409,"height":11}},{"id":"bd6a8707-597c-4149-9e8b-cd806cfcbbf9","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":112,"box":{"x":549,"y":433,"width":416,"height":11}},{"id":"dc379900-8bea-4c9d-9e74-c4234082d4e4","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":112,"box":{"x":549,"y":447,"width":389,"height":11}},{"id":"11628b5e-db87-45e0-b562-c7c3d705271c","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":112,"box":{"x":549,"y":461,"width":406,"height":9}},{"id":"ece79c83-268d-4f06-b9a9-27046c72daf6","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":112,"box":{"x":549,"y":476,"width":301,"height":10}},{"id":"27cbb724-faf5-4df8-b306-02801c321a65","block_type":"box","text":"Tracking Error Risk","page_number":112,"box":{"x":550,"y":499,"width":128,"height":11}},{"id":"7a7179c7-1eb1-43e8-974b-13810591be83","block_type":"box","text":".","page_number":112,"box":{"x":678,"y":505,"width":3,"height":2}},{"id":"74f70316-c543-4e80-8ca3-39a281971ddd","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":112,"box":{"x":686,"y":499,"width":284,"height":11}},{"id":"3203180f-fe59-4867-8cb1-9a2a4069d758","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":112,"box":{"x":549,"y":513,"width":404,"height":11}},{"id":"d9b38185-85a7-4ae6-b3eb-c9c911c45491","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":112,"box":{"x":549,"y":527,"width":425,"height":11}},{"id":"7ebde860-d289-41f0-809b-62edbf7fdf63","block_type":"box","text":"factors, including differences between the securities and other","page_number":112,"box":{"x":549,"y":541,"width":401,"height":11}},{"id":"6101e3b9-971f-45f6-a41e-ab7f273202fe","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":112,"box":{"x":549,"y":556,"width":381,"height":10}},{"id":"cf36d73d-7469-4d32-ad09-91c6b3f2d11a","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":112,"box":{"x":550,"y":570,"width":396,"height":11}},{"id":"e4990496-5ab4-450f-9d05-90205a9ba902","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":112,"box":{"x":549,"y":584,"width":407,"height":10}},{"id":"71963b35-5665-45e6-b275-00e13be4167f","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":112,"box":{"x":549,"y":598,"width":400,"height":11}},{"id":"ac795e3f-fb84-4b4d-89b7-a2abf3021a36","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":112,"box":{"x":549,"y":612,"width":421,"height":11}},{"id":"753b2444-7178-4973-aa27-8d1d24e3de31","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":112,"box":{"x":549,"y":626,"width":374,"height":11}},{"id":"21426b17-f0bb-41d4-a083-be5c22afbc78","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":112,"box":{"x":549,"y":641,"width":370,"height":10}},{"id":"684e74b7-477b-4bbf-977e-d1ef52e65516","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":112,"box":{"x":549,"y":655,"width":372,"height":11}},{"id":"d0b564d7-8ec4-4514-8e34-4b9697f596e1","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":112,"box":{"x":549,"y":669,"width":420,"height":11}},{"id":"200ad289-752a-43bb-8567-f67439078e6a","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":112,"box":{"x":549,"y":683,"width":387,"height":11}},{"id":"6533f7dc-87fb-4b2a-ae2d-74947c694854","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":112,"box":{"x":549,"y":697,"width":377,"height":11}},{"id":"f229b88b-17be-499a-846b-4134acdb968b","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":112,"box":{"x":549,"y":712,"width":380,"height":10}},{"id":"cf1e6163-c256-4341-8504-b3d0c6d41f79","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":112,"box":{"x":549,"y":726,"width":366,"height":11}},{"id":"e0633de7-1df9-490f-abc4-a7ca3ac224ce","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":112,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"c78e75f1-32db-45a3-b507-df24267308ba","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":112,"box":{"x":550,"y":754,"width":386,"height":11}},{"id":"f05ed8aa-b561-4af0-b90c-d3b556330bff","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":112,"box":{"x":549,"y":768,"width":414,"height":11}},{"id":"1f94c94c-a568-44a1-82fd-601e1e4d92d0","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":112,"box":{"x":549,"y":782,"width":420,"height":11}},{"id":"11020d0d-4337-47a2-894c-fab50e8f0685","block_type":"box","text":"unusual market conditions.","page_number":112,"box":{"x":549,"y":797,"width":172,"height":8}},{"id":"b71cb028-6f2b-4a6d-876a-d4db38b99ae6","block_type":"box","text":"S-102","page_number":112,"box":{"x":518,"y":920,"width":35,"height":9}},{"id":"a36e55f8-c304-46f6-9d47-9599a7a12cf1","block_type":"box","text":"Performance Information","page_number":113,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"c89a88b9-2d64-4c0f-989b-872493ba0cd6","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":113,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"101f5e5f-4dad-4da2-9649-8f7c7aee99d7","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":113,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"31ba79ad-f2f6-4a8e-965c-22b0628f2ed1","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":113,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"6955fcc8-dafc-4429-890c-35fa35e315fe","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":113,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"88d05ae4-869b-4660-8751-447d16a82a92","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":113,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"3c5b6254-0657-4e17-a771-b81854db7481","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":113,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"ba4c988e-f3ba-4185-ada6-c4fa31bc2b0a","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":113,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"704dd5e4-512d-44d8-9e84-b684b64eacd1","block_type":"box","text":"Calendar Year-by-Year 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(%) Period Ended","page_number":113,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"e1ed475d-e654-41b3-96c6-803d14a4de80","block_type":"box","text":"During the periods shown in the chart:","page_number":113,"box":{"x":318,"y":366,"width":239,"height":9}},{"id":"316dc599-3f4e-4903-a49e-89905d071760","block_type":"box","text":"Best Quarter 5.22% March 31, 2025","page_number":113,"box":{"x":331,"y":379,"width":408,"height":9}},{"id":"34210281-588c-483a-b342-5660419c7303","block_type":"box","text":"Worst Quarter 0.18% December 31, 2025","page_number":113,"box":{"x":330,"y":391,"width":409,"height":9}},{"id":"adaaee99-6485-4e6a-8bcd-81716afc5f24","block_type":"box","text":"Average Annual Total Returns","page_number":113,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"572afb9b-0be2-461d-8297-05c9a4bb5bc1","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":113,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"11c81e12-3763-49ab-9b9f-78c94e511b33","block_type":"box","text":"One Year","page_number":113,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"e04dc1e9-db12-416e-9584-53d4f6c6ae63","block_type":"box","text":"Since Fund","page_number":113,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"bd99119a-4787-4724-a485-c2bd0457ce15","block_type":"box","text":"Inception","page_number":113,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"55cf4339-28e9-4e25-a0ba-e28e51e2beb5","block_type":"box","text":"(Inception Date: 5/22/2024)","page_number":113,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"7113e68a-b5c9-4f2b-8118-f14062230e8c","block_type":"box","text":"Return Before Taxes","page_number":113,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"65d6cd1d-38dc-4f26-881e-bd951c9c19c0","block_type":"box","text":"8.76% 6.01%","page_number":113,"box":{"x":801,"y":493,"width":115,"height":8}},{"id":"2e6847bf-b110-4e87-b3e1-bec515fe86c8","block_type":"box","text":"Return After Taxes on Distributions","page_number":113,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"b793ff15-a59a-4eb7-b646-95a3ee92d31c","block_type":"box","text":"6.83% 4.15%","page_number":113,"box":{"x":800,"y":505,"width":116,"height":7}},{"id":"b5ba4732-8dc5-466f-9111-2adf317f417c","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.17% 3.80%","page_number":113,"box":{"x":124,"y":517,"width":792,"height":7}},{"id":"d8f3c98a-8741-456d-afc9-350cf48fc7d6","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":113,"box":{"x":124,"y":528,"width":199,"height":8}},{"id":"eac054fc-bbf8-4be1-9edf-c7b8ca24d86d","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 7.15% 6.13%","page_number":113,"box":{"x":328,"y":528,"width":588,"height":10}},{"id":"212e38f5-01c8-4d58-81a7-4965bcee72b4","block_type":"box","text":"ICE 2034 Maturity US Inflation-Linked Treasury Index","page_number":113,"box":{"x":124,"y":540,"width":330,"height":9}},{"id":"304dda7d-dd86-4c61-9393-aec2d868221f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":113,"box":{"x":459,"y":540,"width":303,"height":9}},{"id":"f2745779-3e66-4f1a-a0eb-705e16d654b3","block_type":"box","text":"or taxes)","page_number":113,"box":{"x":137,"y":553,"width":48,"height":9}},{"id":"efbdddb9-e8ec-4d16-88ee-207e5fc834aa","block_type":"box","text":"8.86% 6.11%","page_number":113,"box":{"x":800,"y":553,"width":116,"height":7}},{"id":"580674ac-18b0-46bf-84e1-08319efd2805","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":113,"box":{"x":82,"y":592,"width":882,"height":10}},{"id":"1d35ed9a-8f55-4eb1-a12d-8094dc950ca0","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":113,"box":{"x":83,"y":606,"width":871,"height":11}},{"id":"2e2bf94f-eb7b-46e1-83cc-b2a42cf8fce3","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":113,"box":{"x":83,"y":620,"width":860,"height":11}},{"id":"9d1f9c15-2216-40b9-b226-f649525230c8","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":113,"box":{"x":83,"y":634,"width":855,"height":11}},{"id":"25f6792f-eb85-4fbe-8824-99235fdd082c","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":113,"box":{"x":83,"y":648,"width":883,"height":11}},{"id":"01b587c9-ffd5-4008-8a30-769b2663edec","block_type":"box","text":"from the sales of Fund shares. 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New issues must settle on or before the following","page_number":116,"box":{"x":83,"y":866,"width":400,"height":11}},{"id":"acab5c79-47a2-4d3a-bd91-2aac22b5727b","block_type":"box","text":"calendar month end rebalancing date in order to qualify for","page_number":116,"box":{"x":83,"y":880,"width":377,"height":11}},{"id":"02c85718-c6a5-4ac7-9cde-db9728d1b89f","block_type":"box","text":"inclusion for such following month (","page_number":116,"box":{"x":549,"y":23,"width":227,"height":11}},{"id":"fcd021fa-3350-45d9-afc5-9ee0620dea87","block_type":"box","text":"e.g","page_number":116,"box":{"x":777,"y":26,"width":19,"height":8}},{"id":"67f2b83c-4e87-447e-a7e7-e20819f8bf3d","block_type":"box","text":"., an issue must settle on or","page_number":116,"box":{"x":797,"y":23,"width":176,"height":10}},{"id":"bbb95ce1-b2cf-4c62-8676-32d84194f073","block_type":"box","text":"before August 31 in order to be included in the index on July 31).","page_number":116,"box":{"x":549,"y":37,"width":409,"height":11}},{"id":"4152cd12-1116-4c5c-9bd8-a22ee2606b0a","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":116,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"4295829f-8d68-4aaa-8c97-aa06948a3de8","block_type":"box","text":"calendar day of each month. Cash flows from bond payments that","page_number":116,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"3c12fad4-20e8-49e9-b118-d5a1e7d006c5","block_type":"box","text":"are received during the month are retained in the Underlying","page_number":116,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"24aebcc4-a426-4612-9908-8400524d96ca","block_type":"box","text":"Index until the end of the month and then are removed as part of","page_number":116,"box":{"x":550,"y":94,"width":413,"height":11}},{"id":"0f23c346-44ad-4714-93a7-a05720cf1945","block_type":"box","text":"the rebalancing. When cash or a security is removed as part of the","page_number":116,"box":{"x":549,"y":108,"width":423,"height":11}},{"id":"2ca95d34-3c23-4845-8700-c38af1746ebe","block_type":"box","text":"rebalancing, it effectively increases the weighting of the remaining","page_number":116,"box":{"x":549,"y":122,"width":424,"height":11}},{"id":"32022483-7b67-4477-b7e3-2da5e5223f55","block_type":"box","text":"securities in the Underlying Index, and the Fund is required to","page_number":116,"box":{"x":549,"y":137,"width":393,"height":10}},{"id":"f87b3e07-9a79-4c34-8a5a-fca03ee690b9","block_type":"box","text":"invest in the remaining securities to bring its holdings in line with","page_number":116,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"ffb52895-274a-4a7a-948e-a42672b1422e","block_type":"box","text":"the Underlying Index. Cash does not earn any reinvestment","page_number":116,"box":{"x":549,"y":165,"width":378,"height":11}},{"id":"249acda1-75e9-405a-bd69-648622b41ecb","block_type":"box","text":"income while it is held in the Underlying Index.","page_number":116,"box":{"x":549,"y":179,"width":296,"height":11}},{"id":"4fe1c4b9-b50f-4988-b500-54990b023fc3","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":116,"box":{"x":549,"y":201,"width":404,"height":11}},{"id":"31fccb88-7259-4874-813e-e88a5c1f2557","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":116,"box":{"x":549,"y":215,"width":424,"height":11}},{"id":"e5d2df14-b53c-4591-a71c-71a1001bdfdc","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":116,"box":{"x":549,"y":229,"width":415,"height":11}},{"id":"2867a963-54cb-4ca2-bd53-57dbe0474a09","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":116,"box":{"x":549,"y":244,"width":412,"height":10}},{"id":"a5a80cba-6713-43c9-9790-3b5cc07863ce","block_type":"box","text":"described below. 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Cash and cash","page_number":116,"box":{"x":549,"y":286,"width":385,"height":11}},{"id":"43250b9d-bd2f-4a0b-b0ed-27b189bf663e","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":116,"box":{"x":549,"y":300,"width":409,"height":11}},{"id":"ddcb691c-6b51-4ec4-8af1-1d1f146969a3","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":116,"box":{"x":549,"y":314,"width":414,"height":11}},{"id":"06e02e39-6e34-40e7-b3cc-03f209f45aec","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":116,"box":{"x":549,"y":329,"width":408,"height":10}},{"id":"68f54641-061c-430f-b02b-a4c1e1c9d672","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":116,"box":{"x":549,"y":351,"width":413,"height":10}},{"id":"a9a2f554-da14-4890-850a-0dac90197774","block_type":"box","text":"Index before fees and expenses of the Fund. 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The Fund may","page_number":117,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"40e7a419-63ce-42b1-9108-5db291224b3c","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":117,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"900a4d41-6963-42d4-ad1b-1a66955cdda9","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":117,"box":{"x":82,"y":103,"width":412,"height":11}},{"id":"ace0651d-3c10-470d-8a85-e632b036ea84","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":117,"box":{"x":82,"y":117,"width":371,"height":11}},{"id":"54a36353-64de-4aea-9fb8-9f8f80eb883b","block_type":"box","text":"collateral received).","page_number":117,"box":{"x":83,"y":131,"width":125,"height":11}},{"id":"d9a293fb-3376-4d7e-b090-4f7c7f5f568f","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":117,"box":{"x":82,"y":155,"width":409,"height":10}},{"id":"54ae0fe3-4e25-4169-aecc-6d70994e2f95","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":117,"box":{"x":83,"y":169,"width":375,"height":11}},{"id":"06bc0511-699f-436c-91bb-c59d630e1394","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":117,"box":{"x":83,"y":183,"width":354,"height":11}},{"id":"7b8bf1a5-6bd2-4b2b-b117-9ee7e17f1768","block_type":"box","text":"determines the composition and relative weightings of the","page_number":117,"box":{"x":83,"y":197,"width":371,"height":11}},{"id":"94578116-6676-4aea-a1a3-ea106a4d2ba2","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":117,"box":{"x":83,"y":211,"width":401,"height":11}},{"id":"98f37b91-7777-4df8-828d-0f5b27828f25","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":117,"box":{"x":83,"y":226,"width":327,"height":10}},{"id":"0220f20c-1c30-47e1-bbaa-f44cef057b7a","block_type":"box","text":"Summary of Principal Risks","page_number":117,"box":{"x":83,"y":255,"width":235,"height":13}},{"id":"2a8c5f44-ab41-4df3-b1b4-f1f2d1f039a9","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":117,"box":{"x":82,"y":280,"width":363,"height":10}},{"id":"a63e1d04-eddd-41f5-b3df-bffa8b759137","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":117,"box":{"x":83,"y":294,"width":402,"height":11}},{"id":"16a9e810-a2f5-435d-a720-b4dde84bc138","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":117,"box":{"x":83,"y":308,"width":396,"height":11}},{"id":"90cbd0c4-c60f-487d-82ac-a79ca6a6b2aa","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":117,"box":{"x":83,"y":322,"width":376,"height":11}},{"id":"feac69ab-69a4-438a-881e-baf06a29656a","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":117,"box":{"x":83,"y":336,"width":392,"height":11}},{"id":"4a24f89f-ffea-4b7a-bbfa-a121d76d5b81","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":117,"box":{"x":83,"y":351,"width":416,"height":10}},{"id":"0e547f59-c43d-423b-ba32-a7d41f8e11b4","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":117,"box":{"x":83,"y":365,"width":387,"height":11}},{"id":"136fad9b-4edb-4654-94d4-c48db41bb21a","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":117,"box":{"x":82,"y":379,"width":426,"height":11}},{"id":"1d5d7bc0-6f28-4ac7-80b4-5748a32c2130","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":117,"box":{"x":83,"y":393,"width":404,"height":11}},{"id":"c59d19ae-a0cf-42d1-bf0e-dd45552e3674","block_type":"box","text":"review each risk factor carefully.","page_number":117,"box":{"x":83,"y":407,"width":206,"height":11}},{"id":"ad7bae49-f3d0-4fb0-b493-c80c283897d0","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":117,"box":{"x":83,"y":430,"width":206,"height":11}},{"id":"4d1af1c3-0bc7-4b1e-8ab6-063ccb3daf94","block_type":"box","text":"U.S. Treasury obligations may","page_number":117,"box":{"x":296,"y":431,"width":189,"height":10}},{"id":"7b90c8ed-3f43-4797-bba8-27dab10b03d0","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":117,"box":{"x":83,"y":445,"width":385,"height":10}},{"id":"0a274f9c-1267-466b-9b9d-8d97f278fb2b","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":117,"box":{"x":83,"y":459,"width":385,"height":11}},{"id":"cad52bef-b980-49fc-9851-e94ad10cafd3","block_type":"box","text":"relatively lower returns than those of other securities. 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Direct","page_number":117,"box":{"x":83,"y":501,"width":392,"height":11}},{"id":"04b3bb74-3d77-433a-8f89-13a0a8e295c3","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":117,"box":{"x":83,"y":516,"width":423,"height":10}},{"id":"298de8af-4a88-40d3-bf5e-6b904a649b3a","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":117,"box":{"x":83,"y":530,"width":424,"height":11}},{"id":"0d738b6a-fcce-459e-882f-04dee0d4b5f8","block_type":"box","text":"securities is not guaranteed and may fluctuate. 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The","page_number":117,"box":{"x":83,"y":638,"width":424,"height":11}},{"id":"69984328-6faf-4737-908b-45e11f4378a4","block_type":"box","text":"value of inflation-indexed securities generally fluctuates with","page_number":117,"box":{"x":82,"y":652,"width":388,"height":11}},{"id":"3adb5e3f-f61b-4411-a136-34105952cf3d","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates","page_number":117,"box":{"x":83,"y":666,"width":419,"height":11}},{"id":"b5a5b2a7-a1fb-459a-9ea2-a066c8367d34","block_type":"box","text":"rise and increasing when real interest rates fall. Real interest rates","page_number":117,"box":{"x":83,"y":681,"width":424,"height":10}},{"id":"6c248602-25fb-4ce4-800e-b5119ffb886a","block_type":"box","text":"represent nominal (or stated) interest rates minus the inflation","page_number":117,"box":{"x":83,"y":695,"width":399,"height":11}},{"id":"3ac4d577-149a-4f6b-b7e1-329f5a96e33f","block_type":"box","text":"rate. In addition, interest payments on inflation-indexed securities","page_number":117,"box":{"x":83,"y":709,"width":421,"height":11}},{"id":"93c17d6c-f4d5-4a83-9a3e-7c7e135fa602","block_type":"box","text":"generally vary up or down along with the rate of inflation. 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Depending on changes in inflation","page_number":117,"box":{"x":83,"y":780,"width":409,"height":11}},{"id":"e5f08547-a069-4c16-95f8-88f730a97c04","block_type":"box","text":"rates while the Fund holds an inflation-indexed security, the Fund","page_number":117,"box":{"x":83,"y":794,"width":417,"height":11}},{"id":"05992c97-761b-49c6-80f1-20b22952a300","block_type":"box","text":"may earn less on the security than on a conventional bond.","page_number":117,"box":{"x":83,"y":808,"width":376,"height":11}},{"id":"9b0adfb6-e3a3-4615-a88f-9632a2874d2a","block_type":"box","text":"Interest Rate Risk","page_number":117,"box":{"x":83,"y":831,"width":121,"height":9}},{"id":"6f9c902e-c243-49a2-b20d-283b520f837c","block_type":"box","text":".","page_number":117,"box":{"x":204,"y":838,"width":2,"height":2}},{"id":"51978d7b-de6e-40e0-be86-ee9978ceabe7","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":117,"box":{"x":212,"y":831,"width":233,"height":9}},{"id":"90c138a9-b27f-4676-a495-a5f1b126d638","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":117,"box":{"x":82,"y":846,"width":425,"height":10}},{"id":"edb83754-c0eb-44c4-b1a4-d607ef084259","block_type":"box","text":"in the general level of interest rates. 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An investor may incur costs attributable to","page_number":119,"box":{"x":83,"y":450,"width":419,"height":11}},{"id":"f5cf5554-bb16-4b93-bd09-64250e57d7a4","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":119,"box":{"x":549,"y":23,"width":412,"height":11}},{"id":"04216e06-90a3-4c81-9c67-9458ac7826be","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":119,"box":{"x":549,"y":37,"width":416,"height":11}},{"id":"46a5f035-294d-4104-a1ea-f45f965ce977","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":119,"box":{"x":549,"y":51,"width":400,"height":11}},{"id":"74a8422c-2808-4d4b-a90c-4c707e3c1b1a","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":119,"box":{"x":549,"y":66,"width":395,"height":11}},{"id":"feefeec9-dc67-4814-aba7-22d581a176df","block_type":"box","text":"Tax Information","page_number":119,"box":{"x":548,"y":95,"width":133,"height":10}},{"id":"6c9cb6b4-56fe-4d0a-bf25-0da7e349d048","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":119,"box":{"x":549,"y":120,"width":422,"height":11}},{"id":"58745fb7-8af3-472e-a2a5-496986bfbd85","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":119,"box":{"x":549,"y":134,"width":385,"height":11}},{"id":"76371661-b33d-481d-b6f9-147a0c2bb07a","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":119,"box":{"x":549,"y":148,"width":406,"height":11}},{"id":"520482e0-04d5-42ac-9ba8-511159dbe8f4","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":119,"box":{"x":549,"y":162,"width":364,"height":11}},{"id":"748e5b05-5da5-4b82-8bf1-35c96d3cd857","block_type":"box","text":"distributions generally will be taxed when withdrawn. 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These","page_number":119,"box":{"x":549,"y":347,"width":420,"height":10}},{"id":"09d2742d-4daa-4937-86c7-52b4dd37ac0f","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":119,"box":{"x":549,"y":361,"width":387,"height":11}},{"id":"42a0958f-d58a-4558-8757-feac4769823d","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":119,"box":{"x":549,"y":375,"width":384,"height":11}},{"id":"81a4d73f-a3f8-48f6-925e-6689ea915611","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":119,"box":{"x":549,"y":389,"width":361,"height":11}},{"id":"d7761158-064e-499d-a56e-c81c04c63dbc","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":119,"box":{"x":549,"y":403,"width":421,"height":11}},{"id":"b8633d81-f61d-47f8-92da-f6d981be8b79","block_type":"box","text":"information.","page_number":119,"box":{"x":549,"y":418,"width":76,"height":8}},{"id":"4f01ac4b-8b41-4f26-a9da-e8036e3b4adc","block_type":"box","text":"S-109","page_number":119,"box":{"x":518,"y":920,"width":35,"height":9}},{"id":"cdd61f55-74ba-477f-b3dc-7a6137d7b1a4","block_type":"box","text":"iSHARES","page_number":120,"box":{"x":352,"y":24,"width":118,"height":15}},{"id":"6abfa456-c6d3-4099-b026-a2737f4bd949","block_type":"box","text":"®","page_number":120,"box":{"x":473,"y":17,"width":11,"height":8}},{"id":"55e9feb0-1586-4dcd-8074-ef5f8fb30c68","block_type":"box","text":"TIPS BOND ETF","page_number":120,"box":{"x":493,"y":24,"width":213,"height":15}},{"id":"b1a2c8f3-cd07-4572-a8bd-bf20ebda220a","block_type":"box","text":"Ticker: TIP Stock Exchange: NYSE Arca","page_number":120,"box":{"x":287,"y":53,"width":477,"height":12}},{"id":"b0e13baf-a077-4000-947d-6f1044da0687","block_type":"box","text":"Investment Objective","page_number":120,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"86fd6421-4e80-4470-8030-a96a9f42fd70","block_type":"box","text":"The iShares TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury","page_number":120,"box":{"x":82,"y":116,"width":870,"height":11}},{"id":"65e6d0be-1529-43e9-a6a7-912a138c869a","block_type":"box","text":"bonds.","page_number":120,"box":{"x":83,"y":130,"width":41,"height":9}},{"id":"c4c8fe81-2aa5-4cc7-b4b9-0c15dfc7840a","block_type":"box","text":"Fees and Expenses","page_number":120,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"1656e904-19ce-44bd-88b0-8cb3f30e59b2","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":120,"box":{"x":82,"y":184,"width":869,"height":11}},{"id":"4a801250-5435-43a5-99f9-6225ec3bab5d","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":120,"box":{"x":83,"y":198,"width":867,"height":11}},{"id":"6306f8ce-4a32-433a-884e-cb7d6e11172b","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":120,"box":{"x":83,"y":213,"width":889,"height":10}},{"id":"75baf739-9a59-4769-a135-b4cd3ccd8e39","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":120,"box":{"x":83,"y":227,"width":870,"height":11}},{"id":"7c7faae3-7cf4-435e-9a7f-04c4b38fdbab","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":120,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"fca40bb1-6b5a-4d9d-8841-6b678246b521","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":120,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"2b182870-bc12-42fd-8d9f-1df1f6581dad","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":120,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"7b61497f-3781-451f-8fa0-c85a91fa4a15","block_type":"box","text":"the tables and examples below.","page_number":120,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"2ae898b0-ece8-4841-a94f-78976cd90cfb","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":120,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"037a59cc-6032-472e-90a1-f2b8e8ed9aed","block_type":"box","text":"same. 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A higher portfolio turnover rate may indicate higher","page_number":121,"box":{"x":83,"y":51,"width":395,"height":11}},{"id":"9b71186e-e0af-4275-9a18-3a1245d9fc87","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":121,"box":{"x":83,"y":66,"width":380,"height":11}},{"id":"feed86ea-96de-400f-b979-9fa38f1d1cce","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":121,"box":{"x":83,"y":80,"width":409,"height":10}},{"id":"53411418-1fe7-407f-ab97-23a7183ab5d8","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":121,"box":{"x":83,"y":94,"width":368,"height":11}},{"id":"c008ea42-b2d0-45e9-97c4-8618db87d71e","block_type":"box","text":"Example, affect the Fund’s performance. 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A fixed coupon rate is applied to the inflation-adjusted","page_number":121,"box":{"x":83,"y":375,"width":376,"height":11}},{"id":"3627acd2-a0ac-422a-ba4e-7a89325d01f1","block_type":"box","text":"principal so that, as inflation rises, both the principal value and","page_number":121,"box":{"x":83,"y":389,"width":400,"height":11}},{"id":"02436c6c-ae6b-4052-9bd6-dddfa831ef00","block_type":"box","text":"the interest payments increase. This can provide investors with a","page_number":121,"box":{"x":83,"y":403,"width":414,"height":11}},{"id":"4537023c-9b4a-49cc-bb0f-83c64f50eb7d","block_type":"box","text":"hedge against inflation, as it helps preserve the purchasing power","page_number":121,"box":{"x":83,"y":418,"width":420,"height":10}},{"id":"b4a3d8be-0ce2-4cfe-87d6-7361588a0e52","block_type":"box","text":"of an investment. 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The instruments selected","page_number":121,"box":{"x":549,"y":117,"width":408,"height":11}},{"id":"d37a21ba-5f35-47fd-9aa8-f641a2bc9a66","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":121,"box":{"x":549,"y":131,"width":423,"height":11}},{"id":"1dcb12df-69b3-4aa0-9111-ba179581c3da","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":121,"box":{"x":549,"y":146,"width":415,"height":10}},{"id":"8321720e-2090-4c9e-9463-3bdd575fc5ec","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":121,"box":{"x":549,"y":160,"width":405,"height":11}},{"id":"67fc676a-ff5c-4e70-bf52-da1b5efcf2bc","block_type":"box","text":"(","page_number":121,"box":{"x":549,"y":174,"width":3,"height":11}},{"id":"d5916fc4-8290-42f1-bd97-7359bfc6684d","block_type":"box","text":"i.e.","page_number":121,"box":{"x":553,"y":174,"width":17,"height":8}},{"id":"fc63cb4f-14cd-4b09-a193-5f6eacd2908e","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":121,"box":{"x":573,"y":174,"width":358,"height":11}},{"id":"ab2b49cf-5dfc-41e2-9cfe-074b7b8f5c4a","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":121,"box":{"x":549,"y":188,"width":418,"height":11}},{"id":"81d07144-2377-4d74-9e40-0e8dc0d7f7bf","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":121,"box":{"x":549,"y":202,"width":410,"height":11}},{"id":"c63f7fc7-ab22-435e-921c-b7e4267fa47f","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":121,"box":{"x":549,"y":216,"width":399,"height":11}},{"id":"bcd4ba07-614c-4460-8248-8dd537f5ddaa","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":121,"box":{"x":549,"y":240,"width":404,"height":10}},{"id":"0208f59a-9d86-4aea-97c6-06ac3cb90a42","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":121,"box":{"x":549,"y":254,"width":424,"height":11}},{"id":"8a6b6dc9-0bb9-41e1-9390-7fa2231c1ba8","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":121,"box":{"x":549,"y":268,"width":415,"height":11}},{"id":"246154ae-0a55-4de0-b826-f2c1b93056f5","block_type":"box","text":"help the Fund track the Underlying Index. The Fund will invest no","page_number":121,"box":{"x":549,"y":282,"width":413,"height":11}},{"id":"6e091b0e-88ba-43bb-bf95-2cbf17200e50","block_type":"box","text":"more than 10% of its assets in futures, options and swaps","page_number":121,"box":{"x":549,"y":296,"width":366,"height":11}},{"id":"e5dc0b78-8f78-44da-8f6d-936a4557dbb9","block_type":"box","text":"contracts that BFA believes will help the Fund track the","page_number":121,"box":{"x":549,"y":311,"width":352,"height":10}},{"id":"756c3335-a737-4130-8cbb-d29909850ad1","block_type":"box","text":"Underlying Index. Cash and cash equivalent investments","page_number":121,"box":{"x":550,"y":325,"width":359,"height":11}},{"id":"368a9c9a-e05c-4663-a140-af3b362d0074","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":121,"box":{"x":549,"y":339,"width":421,"height":11}},{"id":"30c2f1aa-dc52-46be-b10a-5bf3ff24ce36","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":121,"box":{"x":549,"y":353,"width":368,"height":11}},{"id":"6dfd2549-eddd-4abf-aed4-5cb5be414a54","block_type":"box","text":"investments included in the Underlying Index. The Fund seeks to","page_number":121,"box":{"x":549,"y":367,"width":411,"height":11}},{"id":"7a12426d-e8cc-4c34-88a5-2aa6e0dbe273","block_type":"box","text":"track the investment results of the Underlying Index before fees","page_number":121,"box":{"x":549,"y":381,"width":408,"height":11}},{"id":"adfefd98-003a-4e56-9915-9738edc3828e","block_type":"box","text":"and expenses of the Fund.","page_number":121,"box":{"x":549,"y":396,"width":167,"height":10}},{"id":"ab64ee36-a5b4-442d-af18-d4360229d295","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":121,"box":{"x":549,"y":419,"width":411,"height":11}},{"id":"a97f466e-43a2-410e-a5ff-6a2d49028413","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":121,"box":{"x":548,"y":433,"width":371,"height":11}},{"id":"90485c67-094c-4356-bd91-20418f04fe4a","block_type":"box","text":"collateral received).","page_number":121,"box":{"x":549,"y":447,"width":125,"height":11}},{"id":"96c0aeae-df84-45fc-b819-cd0e200d2fc4","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":121,"box":{"x":549,"y":470,"width":408,"height":11}},{"id":"ea5db781-3c85-4138-ae87-30a527a7684f","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":121,"box":{"x":550,"y":485,"width":374,"height":10}},{"id":"c5f6625b-6b38-4878-8b36-75eae2349bbe","block_type":"box","text":"is independent of the Fund and BFA. 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Neither the Fund nor BFA can offer","page_number":122,"box":{"x":83,"y":697,"width":406,"height":11}},{"id":"86bb38fc-768c-427a-b820-bdad6cec1117","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":122,"box":{"x":83,"y":712,"width":408,"height":10}},{"id":"bb5f8f89-40bd-49bc-a00c-11ca80073436","block_type":"box","text":"information will provide an accurate assessment of included","page_number":122,"box":{"x":83,"y":726,"width":384,"height":10}},{"id":"8b702135-914e-4742-b155-9c6062d0f412","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":122,"box":{"x":83,"y":740,"width":387,"height":11}},{"id":"4a90eb72-7d23-40fb-87eb-409349e2062c","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":122,"box":{"x":83,"y":754,"width":366,"height":11}},{"id":"f2d59c24-8e2d-4bc3-aab1-392d0bf01e0b","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":122,"box":{"x":83,"y":768,"width":377,"height":11}},{"id":"2659e9c2-a2c3-4912-a19e-77ca2c6c7454","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":122,"box":{"x":83,"y":782,"width":413,"height":11}},{"id":"0639026e-de50-4409-9655-544b02c93856","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":122,"box":{"x":83,"y":797,"width":396,"height":10}},{"id":"bf862749-297a-421a-bf66-2b4f0ecac11e","block_type":"box","text":"impact on the Fund and its shareholders. 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Operational and technology risks for the","page_number":123,"box":{"x":82,"y":202,"width":411,"height":11}},{"id":"99a18d4b-5e7a-4c57-a831-77c2f822f707","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":123,"box":{"x":83,"y":217,"width":391,"height":8}},{"id":"26d300c1-2258-448d-8e80-c4f8696c67e8","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":123,"box":{"x":83,"y":231,"width":421,"height":10}},{"id":"098876cd-824b-4f9a-b5a4-5dd22ce87f51","block_type":"box","text":"investments in such issuers to lose value.","page_number":123,"box":{"x":83,"y":245,"width":264,"height":8}},{"id":"d9647d61-01c5-492d-aeef-b1d2afd7bd55","block_type":"box","text":"Risk of Investing in the U.S","page_number":123,"box":{"x":83,"y":268,"width":182,"height":11}},{"id":"1f0e978f-f540-49c1-9895-71ecb96fa046","block_type":"box","text":".","page_number":123,"box":{"x":266,"y":275,"width":2,"height":1}},{"id":"95f88198-5296-481d-bf13-3aab8b8cae46","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":123,"box":{"x":274,"y":268,"width":210,"height":11}},{"id":"469a4c92-0d5b-4cc8-a193-85c367d901e8","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":123,"box":{"x":83,"y":282,"width":391,"height":11}},{"id":"990d4f68-5c44-49ca-af99-307fef67afee","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":123,"box":{"x":83,"y":296,"width":423,"height":11}},{"id":"5d9fa0fa-d47e-4991-8899-70ea7e01609c","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":123,"box":{"x":83,"y":311,"width":413,"height":10}},{"id":"401adb5b-349e-4664-8ef8-2eee5474e80a","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":123,"box":{"x":82,"y":325,"width":397,"height":11}},{"id":"7be856d2-947f-4cfa-a585-b618691283d8","block_type":"box","text":"Securities Lending Risk.","page_number":123,"box":{"x":82,"y":348,"width":162,"height":11}},{"id":"1c271057-d869-4216-94c7-edb617c25806","block_type":"box","text":"The Fund may engage in securities","page_number":123,"box":{"x":249,"y":348,"width":221,"height":11}},{"id":"6dd49850-7414-4f0d-80d9-f6f75dfc4e88","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":123,"box":{"x":83,"y":362,"width":396,"height":11}},{"id":"856fd326-8b4a-4307-a8b5-cbacb439c027","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":123,"box":{"x":83,"y":376,"width":418,"height":11}},{"id":"b0ef018a-94ef-4d7d-9476-5b4a751d955e","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":123,"box":{"x":83,"y":391,"width":408,"height":10}},{"id":"34179745-67d7-4538-8f0a-6faeb588bee4","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":123,"box":{"x":83,"y":405,"width":416,"height":11}},{"id":"1ca92da4-2fa4-46ae-8b25-179851fec6e2","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":123,"box":{"x":549,"y":23,"width":389,"height":11}},{"id":"bfbc0a5f-fd88-40a8-8d98-26b255e9c451","block_type":"box","text":"investments made with cash collateral. 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This may cause a Fund","page_number":130,"box":{"x":76,"y":855,"width":900,"height":11}},{"id":"c497394d-d140-49f5-9b58-9f668595a4c2","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":130,"box":{"x":76,"y":869,"width":512,"height":11}},{"id":"4e344a60-d23d-4711-a6b0-612ff7367593","block_type":"box","text":"5","page_number":130,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"e8b46406-32d5-44b3-8cd2-ba6c62060f57","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":131,"box":{"x":76,"y":23,"width":273,"height":11}},{"id":"348d8466-3a98-41c2-970b-c1ca622c501a","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":131,"box":{"x":355,"y":23,"width":613,"height":11}},{"id":"fee24837-9aa0-49b3-8cde-b870dbe11714","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":131,"box":{"x":76,"y":37,"width":879,"height":11}},{"id":"dc2ef5b6-c0ad-418b-9a4c-7dcf5d5cc6e1","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":131,"box":{"x":76,"y":51,"width":841,"height":11}},{"id":"c8b90b07-224e-4a63-ae19-965d2e3809eb","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":131,"box":{"x":76,"y":66,"width":426,"height":11}},{"id":"10cdf2e4-aa5e-44aa-a136-5475156c59b3","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":131,"box":{"x":76,"y":89,"width":296,"height":11}},{"id":"53bc874d-a79c-46d1-a234-4b12be40fc54","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":131,"box":{"x":378,"y":89,"width":578,"height":11}},{"id":"c315e1ca-ce57-4591-9b98-0ba0a37ddf31","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":131,"box":{"x":76,"y":103,"width":894,"height":11}},{"id":"088667c6-1743-4da0-973f-bb140d56ec60","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":131,"box":{"x":76,"y":117,"width":882,"height":11}},{"id":"0f07df3a-e045-469d-8a50-56f5835c23dc","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":131,"box":{"x":76,"y":131,"width":888,"height":11}},{"id":"3971ec51-84a4-46e7-923e-07b568ebad71","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":131,"box":{"x":76,"y":146,"width":889,"height":10}},{"id":"cf38d751-bfd5-473a-94a1-7c7e656481ed","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":131,"box":{"x":77,"y":160,"width":885,"height":11}},{"id":"26fe4faf-27f9-4153-963b-66b4e827aeb8","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":131,"box":{"x":76,"y":174,"width":893,"height":11}},{"id":"8320d914-bdf1-4b97-b6b0-d78e30959e4b","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":131,"box":{"x":76,"y":188,"width":521,"height":11}},{"id":"0f3508f3-aaee-40de-a57e-2da4dcac193b","block_type":"box","text":"Call Risk.","page_number":131,"box":{"x":76,"y":211,"width":63,"height":9}},{"id":"616ad107-d285-42ee-ad68-c0b0b974ccb5","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by a Fund may “call” or repay the debt obligation","page_number":131,"box":{"x":145,"y":211,"width":834,"height":11}},{"id":"b058b913-4a69-4519-a49d-7e91ff148648","block_type":"box","text":"before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in","page_number":131,"box":{"x":76,"y":226,"width":905,"height":10}},{"id":"e56a337e-01ad-4eb9-a717-67a5c863c4de","block_type":"box","text":"a Fund’s income, or in instruments with greater risks or with other less favorable features.","page_number":131,"box":{"x":76,"y":240,"width":575,"height":11}},{"id":"74c6d459-bfd8-4e6e-9cb2-e4c862ed74f9","block_type":"box","text":"Cash Management Risk.","page_number":131,"box":{"x":76,"y":263,"width":166,"height":11}},{"id":"65e29097-66df-4890-9a6c-fc15a71c6d28","block_type":"box","text":"A Fund may maintain cash and cash equivalent positions as part of its investment strategy, for other portfolio","page_number":131,"box":{"x":247,"y":263,"width":700,"height":11}},{"id":"78e61418-7b3b-4cce-b6c0-d48bc3ec7e67","block_type":"box","text":"management purposes and/or as collateral for derivative instruments. These cash and cash equivalent positions could constitute a","page_number":131,"box":{"x":76,"y":277,"width":839,"height":11}},{"id":"3a277176-7242-44d6-8c7d-04cb684025cc","block_type":"box","text":"significant portion of a Fund’s investments. A Fund that holds cash may earn reduced income (if any) on the cash and is subject to any fees","page_number":131,"box":{"x":76,"y":291,"width":890,"height":11}},{"id":"c5f177fc-bc02-48fb-8c30-915fd96ff70f","block_type":"box","text":"imposed on large cash balances. If a significant amount of a Fund’s assets is invested in cash and cash equivalents, the Fund may","page_number":131,"box":{"x":76,"y":305,"width":830,"height":11}},{"id":"0a150f21-b75c-4889-8710-774e064e2b51","block_type":"box","text":"underperform other funds that do not similarly invest in cash and cash equivalents. In addition, a Fund is subject to (i) the credit risk of the","page_number":131,"box":{"x":77,"y":320,"width":886,"height":10}},{"id":"05ab9034-a100-4c65-bab8-38ae1617b8ff","block_type":"box","text":"bank or other counterparty holding the cash and (ii) the risk that the counterparty may be unable or unwilling (or perceived as such) to honor","page_number":131,"box":{"x":76,"y":334,"width":901,"height":11}},{"id":"352b374c-1ea1-4072-adc3-367f20a16998","block_type":"box","text":"its obligations.","page_number":131,"box":{"x":76,"y":348,"width":92,"height":11}},{"id":"d400a732-fca5-4cae-9dff-db2472192398","block_type":"box","text":"Cash may be invested in institutional money market funds, including funds advised by BFA or its affiliates. An institutional money market fund","page_number":131,"box":{"x":76,"y":371,"width":904,"height":11}},{"id":"5d37547e-f415-4c0d-85a6-96c178f7eb82","block_type":"box","text":"does not maintain a stable $1.00 net asset value per share; rather, the fund’s net asset value fluctuates with changes in the values of the","page_number":131,"box":{"x":76,"y":385,"width":875,"height":11}},{"id":"a4c52b3d-7a4a-4a04-b261-df2e85443f21","block_type":"box","text":"securities in which the fund invests, and the fund’s shares may be worth more or less than their original purchase price. An institutional","page_number":131,"box":{"x":76,"y":400,"width":864,"height":10}},{"id":"529a9865-29c7-4650-89ab-35820086955e","block_type":"box","text":"money market fund is permitted to impose a liquidity fee on the redemption of its shares and generally is required to impose a liquidity fee","page_number":131,"box":{"x":76,"y":414,"width":885,"height":11}},{"id":"44826d4d-74e6-4ffc-9920-0d51470a28b5","block_type":"box","text":"when daily net redemptions exceed certain levels.","page_number":131,"box":{"x":76,"y":428,"width":319,"height":11}},{"id":"9f9edecb-ab58-48cf-87ba-568e4c1c8546","block_type":"box","text":"Cash Transactions Risk.","page_number":131,"box":{"x":76,"y":451,"width":164,"height":9}},{"id":"72df8903-295f-4de4-aad2-5904894a324f","block_type":"box","text":"Certain Funds expect to effect their creation and redemption transactions in cash, rather than as in-kind","page_number":131,"box":{"x":245,"y":451,"width":668,"height":11}},{"id":"305e4303-ff34-4a28-8d9e-a3fa41f5d4e2","block_type":"box","text":"transactions. Paying redemption proceeds in cash rather than through in-kind delivery may require a Fund to sell investments at an","page_number":131,"box":{"x":76,"y":465,"width":838,"height":11}},{"id":"28fcce34-27fe-41c0-99f1-8e7ea1ef03b9","block_type":"box","text":"inopportune time to obtain the cash needed to meet redemption orders. As a result, the Fund may recognize capital gains or losses that","page_number":131,"box":{"x":76,"y":480,"width":869,"height":10}},{"id":"99fc1625-83bb-483e-824a-055c33b463e9","block_type":"box","text":"might not have been incurred if it had made an in-kind redemption, and it may pay out higher or lower annual capital gains distributions than","page_number":131,"box":{"x":76,"y":494,"width":897,"height":11}},{"id":"93212310-1886-4665-b2c2-c205844ef35f","block_type":"box","text":"ETFs that redeem in-kind. This may decrease the tax efficiency of the Fund compared with that of ETFs that use in-kind redemptions. The use","page_number":131,"box":{"x":77,"y":508,"width":902,"height":11}},{"id":"4827657c-4bf0-4d51-ac28-ef4e27e2909c","block_type":"box","text":"of cash creations and redemptions also may cause a Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or","page_number":131,"box":{"x":76,"y":522,"width":897,"height":11}},{"id":"6e423ba1-10bb-4873-b8f9-1bdad3e353bd","block_type":"box","text":"discounts to the Fund’s NAV. Furthermore, a Fund may not be able to purchase or sell investments in connection with cash creations and","page_number":131,"box":{"x":76,"y":536,"width":876,"height":11}},{"id":"3e7531f9-9e0f-435e-9220-f71536e0ae9d","block_type":"box","text":"redemptions, respectively, at the same price used to determine the Fund’s NAV for such creations or redemptions. To the extent that the","page_number":131,"box":{"x":77,"y":550,"width":873,"height":11}},{"id":"1d2e46b2-a392-4056-a065-09aaa286b47b","block_type":"box","text":"maximum additional charge for creation or redemption transactions that can be allocated to Authorized Participants is insufficient to cover","page_number":131,"box":{"x":76,"y":565,"width":888,"height":10}},{"id":"d79687d0-a8f1-4ec9-9c9e-8ad6577179fe","block_type":"box","text":"the execution costs of a cash transaction, a Fund’s performance could be negatively impacted.","page_number":131,"box":{"x":76,"y":579,"width":606,"height":11}},{"id":"43d0eec3-147d-481a-be73-5331db4b16fa","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":131,"box":{"x":76,"y":602,"width":336,"height":8}},{"id":"a06e9799-f68e-46eb-88d8-8eba94757e94","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":131,"box":{"x":418,"y":602,"width":562,"height":11}},{"id":"63ca7a81-5fdd-4fd6-a108-2bb90f818ddc","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":131,"box":{"x":76,"y":616,"width":880,"height":11}},{"id":"98b48131-ce72-4668-9f6c-e99508e1da8d","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":131,"box":{"x":76,"y":630,"width":881,"height":11}},{"id":"b0d60724-839a-4b19-a9e3-209c3ee66c05","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":131,"box":{"x":76,"y":644,"width":896,"height":11}},{"id":"392dbb3d-86ea-465b-84aa-4fedbad33e4a","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":131,"box":{"x":76,"y":659,"width":889,"height":11}},{"id":"f2d770c5-259b-449a-88e3-68533663d3b1","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":131,"box":{"x":76,"y":673,"width":903,"height":11}},{"id":"edc726a0-2ffa-4ce0-98d3-d0ab48e7a56e","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":131,"box":{"x":76,"y":687,"width":231,"height":9}},{"id":"62a5ebf5-c462-45e1-a852-63a3d162b5c6","block_type":"box","text":"Concentration Risk.","page_number":131,"box":{"x":76,"y":710,"width":136,"height":9}},{"id":"35e7db75-cad6-484c-92d0-734ba44a84ad","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":131,"box":{"x":217,"y":710,"width":744,"height":11}},{"id":"9d9e32ea-4810-4597-b9ff-81f112555d79","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":131,"box":{"x":76,"y":724,"width":903,"height":11}},{"id":"2822f751-7177-4431-b00d-d2b9c7f4d415","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":131,"box":{"x":76,"y":739,"width":853,"height":10}},{"id":"b27fbad6-ffee-4f3e-9d6b-ef161236b690","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":131,"box":{"x":76,"y":753,"width":897,"height":11}},{"id":"58da3456-ea66-422f-91b0-57578270af3e","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":131,"box":{"x":76,"y":767,"width":905,"height":11}},{"id":"d81ef49e-2f21-4664-9ad3-c4af38cfe650","block_type":"box","text":"its investments.","page_number":131,"box":{"x":76,"y":781,"width":100,"height":9}},{"id":"349c9261-c900-4312-a2d6-b0712ff2170e","block_type":"box","text":"Credit Risk.","page_number":131,"box":{"x":76,"y":804,"width":79,"height":9}},{"id":"b8a65a28-3487-43a9-97ed-b4558222e043","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or unwilling, or may","page_number":131,"box":{"x":161,"y":804,"width":818,"height":11}},{"id":"70efcf29-3822-4853-a744-d36f09e52c7a","block_type":"box","text":"be perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise), to make timely principal","page_number":131,"box":{"x":76,"y":819,"width":904,"height":10}},{"id":"1d84e028-070c-43ff-aed7-cd55f07c6600","block_type":"box","text":"and/or interest payments or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating","page_number":131,"box":{"x":76,"y":833,"width":877,"height":11}},{"id":"a34f0b8f-0722-45f1-a52a-bee7ee36c338","block_type":"box","text":"agency; generally, lower credit quality issuers present higher credit risks. The credit rating assigned to a security or its issuer does not","page_number":131,"box":{"x":76,"y":847,"width":858,"height":11}},{"id":"97273437-e1cc-432e-a361-eb26de4943cd","block_type":"box","text":"necessarily reflect the issuer’s current financial condition or an investment’s volatility or liquidity. An actual or perceived decline in an","page_number":131,"box":{"x":76,"y":861,"width":853,"height":11}},{"id":"e6faa913-d220-442b-b285-f929cbcedbdc","block_type":"box","text":"issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well as greater price volatility, which may make","page_number":131,"box":{"x":76,"y":875,"width":906,"height":11}},{"id":"05ff3deb-4791-4111-ace2-5df3bcc4b453","block_type":"box","text":"6","page_number":131,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"d92737fd-3251-4f9a-b6c4-4bfbd8371261","block_type":"box","text":"it difficult for a Fund to sell the securities and otherwise have an adverse impact on the Fund. It is possible that the ability of an issuer to","page_number":132,"box":{"x":76,"y":23,"width":872,"height":11}},{"id":"f280a7de-d3f0-4742-a5f6-e89532fbcd13","block_type":"box","text":"meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its","page_number":132,"box":{"x":76,"y":37,"width":897,"height":11}},{"id":"b993dd35-008e-4f50-8da0-a0157409a6f1","block_type":"box","text":"obligations or that the obligations of the issuer will be limited or restructured. A Fund may be adversely affected if an investment that it holds","page_number":132,"box":{"x":76,"y":51,"width":903,"height":11}},{"id":"bb655ac8-968a-48bc-bd7f-a42088a24a42","block_type":"box","text":"experiences a downgrade or a default.","page_number":132,"box":{"x":76,"y":66,"width":244,"height":11}},{"id":"50694651-cc30-4de4-b3d5-31b5f80690e9","block_type":"box","text":"Declining Yield Risk.","page_number":132,"box":{"x":77,"y":89,"width":139,"height":11}},{"id":"6acc87b2-9e08-4a67-afc3-1e14a0e0c4b9","block_type":"box","text":"For a Fund with a planned termination date, in the months leading up to the termination, the Fund’s yield may move","page_number":132,"box":{"x":222,"y":89,"width":738,"height":11}},{"id":"948b84e1-3aa7-4519-b55b-3d15954a86f3","block_type":"box","text":"toward prevailing money market rates and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing","page_number":132,"box":{"x":76,"y":103,"width":886,"height":11}},{"id":"052b8869-e8be-4f83-a5ce-83000ab6a008","block_type":"box","text":"yields for bonds in the market.","page_number":132,"box":{"x":76,"y":117,"width":194,"height":11}},{"id":"28b85f4a-805e-439f-bd68-1d327d1cf69f","block_type":"box","text":"Fluctuation of Yield and Liquidation Amount Risk.","page_number":132,"box":{"x":77,"y":140,"width":342,"height":11}},{"id":"b074a6be-e71f-4338-b8bb-36d36c17e707","block_type":"box","text":"A Fund, unlike a direct investment in a municipal bond that has a level coupon","page_number":132,"box":{"x":424,"y":140,"width":501,"height":11}},{"id":"b53b88bb-0ae0-4c57-843b-57508df96982","block_type":"box","text":"payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in a Fund, if","page_number":132,"box":{"x":76,"y":155,"width":903,"height":10}},{"id":"494d8932-59d0-4659-8e34-c39c84cb7a5c","block_type":"box","text":"held through maturity, will produce aggregate returns comparable to a direct investment in a group of municipal bonds of similar credit","page_number":132,"box":{"x":77,"y":169,"width":862,"height":11}},{"id":"0413eef1-796d-466f-8db3-5f693f7761de","block_type":"box","text":"quality and maturity to those held by the Fund, but unlike a direct investment in municipal bonds, the breakdown of returns between Fund","page_number":132,"box":{"x":76,"y":183,"width":881,"height":11}},{"id":"383547c6-c392-4bd6-8aad-92416ac9dd65","block_type":"box","text":"distributions and liquidation proceeds will not be predictable at the time of your investment. A Fund may make distributions at a greater (or","page_number":132,"box":{"x":76,"y":197,"width":891,"height":11}},{"id":"61034ce9-58d7-4ae1-8ee9-87fcca060159","block_type":"box","text":"lesser) rate than the coupon payments received on the Fund’s portfolio, which would result in the Fund returning a lesser (or greater) amount","page_number":132,"box":{"x":77,"y":211,"width":903,"height":11}},{"id":"0e433ab7-c24a-428c-a10d-f5a4126ee1ac","block_type":"box","text":"on liquidation than would otherwise be the case. The breakdown between Fund distribution payments and the amount of liquidation proceeds","page_number":132,"box":{"x":76,"y":226,"width":905,"height":10}},{"id":"f95bb2b7-4b74-40e9-be2a-41c033e988de","block_type":"box","text":"may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in municipal","page_number":132,"box":{"x":76,"y":240,"width":867,"height":11}},{"id":"9dc5fbcc-4563-479a-a336-36397cd15eaa","block_type":"box","text":"bonds. If the amount you receive as liquidation proceeds upon the Fund’s termination is higher or lower than your cost basis, you may","page_number":132,"box":{"x":76,"y":254,"width":857,"height":11}},{"id":"c283a189-9ddd-457c-abcd-3e150c534905","block_type":"box","text":"experience a gain or loss for tax purposes. In addition, the yield on your investment (","page_number":132,"box":{"x":76,"y":268,"width":540,"height":11}},{"id":"f7ebc4d4-6f72-48b8-8da8-b14c0eef024b","block_type":"box","text":"i.e.","page_number":132,"box":{"x":617,"y":268,"width":17,"height":9}},{"id":"111960b6-9942-4cc1-9480-6ae19dbcc625","block_type":"box","text":", the return on your purchase price) may be lower (or","page_number":132,"box":{"x":637,"y":268,"width":338,"height":11}},{"id":"6b07167b-be43-4555-96c7-3029d2576579","block_type":"box","text":"higher) than the Fund’s published yields, which are based on the Fund’s NAV.","page_number":132,"box":{"x":77,"y":282,"width":489,"height":11}},{"id":"24213874-2fa7-449a-9094-3483bd21c5f4","block_type":"box","text":"Geographic and Security Risks.","page_number":132,"box":{"x":76,"y":305,"width":216,"height":11}},{"id":"5d3d54c7-9945-4cb8-af02-14b679dec708","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":132,"box":{"x":298,"y":305,"width":668,"height":11}},{"id":"5387708d-abbd-43a5-acbb-defedd16c15d","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":132,"box":{"x":76,"y":320,"width":885,"height":10}},{"id":"86ad533d-0be9-41a6-877f-a9211c3aa112","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":132,"box":{"x":76,"y":334,"width":840,"height":11}},{"id":"7800cd3c-0aab-4574-a688-6692e08d1a78","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":132,"box":{"x":76,"y":348,"width":845,"height":11}},{"id":"2c14e70d-08f3-47c9-af47-1dcac47b735b","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":132,"box":{"x":76,"y":362,"width":570,"height":11}},{"id":"e1fcba42-4c89-4612-8dbf-c9456b36860e","block_type":"box","text":"Illiquid Investments Risk.","page_number":132,"box":{"x":77,"y":385,"width":174,"height":11}},{"id":"7696929f-d85b-4790-9ca9-4bf06f9a2780","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":132,"box":{"x":256,"y":385,"width":719,"height":11}},{"id":"8cde782c-7a83-4c22-811b-23bc0c7be248","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":132,"box":{"x":76,"y":400,"width":883,"height":10}},{"id":"2302ea68-56bb-4626-b3a4-5173d48fc7d0","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":132,"box":{"x":76,"y":414,"width":885,"height":11}},{"id":"6869c612-d8a6-4632-a72e-9543c09c1364","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":132,"box":{"x":76,"y":428,"width":902,"height":11}},{"id":"fd7af293-0968-431b-aaa0-f46b2b7c497d","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":132,"box":{"x":76,"y":442,"width":890,"height":11}},{"id":"67a95cd1-ddb9-4f38-97d2-52f8c23451b5","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":132,"box":{"x":77,"y":456,"width":751,"height":11}},{"id":"edb5290d-5693-470b-ad55-b121781fddec","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":132,"box":{"x":77,"y":479,"width":884,"height":11}},{"id":"ab0af307-0c55-4a1d-926e-87b56b217459","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":132,"box":{"x":76,"y":494,"width":900,"height":11}},{"id":"2dcaab7c-5404-4cb4-9625-acfce0ec952b","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":132,"box":{"x":76,"y":508,"width":867,"height":11}},{"id":"4cf5bb68-9a0a-4352-9f14-7ee7d4d6fa2a","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":132,"box":{"x":77,"y":531,"width":900,"height":11}},{"id":"84d6600c-a1f9-473d-82df-dd2d20ba0ecc","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":132,"box":{"x":76,"y":545,"width":890,"height":11}},{"id":"958b0454-d459-4f94-beaa-a04eea51a295","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":132,"box":{"x":76,"y":559,"width":828,"height":11}},{"id":"5ee68ee0-a228-4663-b365-03b3accbe1df","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":132,"box":{"x":77,"y":574,"width":873,"height":10}},{"id":"3f3d2767-3ee7-4060-a2f5-08580c624b18","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":132,"box":{"x":77,"y":588,"width":887,"height":11}},{"id":"5f0612dd-8cfb-4053-a2d8-a58e8d1f99db","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":132,"box":{"x":77,"y":602,"width":896,"height":11}},{"id":"86eff8bc-41ac-4ab4-86a1-42ba782bebec","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":132,"box":{"x":76,"y":616,"width":869,"height":11}},{"id":"da5cac74-a835-450b-862a-d76b0313e129","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":132,"box":{"x":77,"y":630,"width":886,"height":11}},{"id":"f0cb7f21-8bce-4354-adc8-f294311de1e9","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":132,"box":{"x":77,"y":644,"width":858,"height":11}},{"id":"c50ccc8f-0ed5-491d-b8f9-fe0ef703a1f3","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":132,"box":{"x":76,"y":659,"width":254,"height":10}},{"id":"a7beb116-183b-4803-a705-24f499244318","block_type":"box","text":"Income Risk.","page_number":132,"box":{"x":77,"y":682,"width":87,"height":8}},{"id":"7671567e-3819-4d10-b3e5-68bf1dc3ffb2","block_type":"box","text":"A Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to","page_number":132,"box":{"x":169,"y":682,"width":811,"height":11}},{"id":"32c702b9-f471-4b65-a191-cc301f3929e1","block_type":"box","text":"invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid or when the Fund","page_number":132,"box":{"x":76,"y":696,"width":843,"height":11}},{"id":"80a81988-48d3-4b11-b105-97002b8b8b87","block_type":"box","text":"otherwise needs to purchase additional bonds, such as due to a substitution in the underlying index for an index fund.","page_number":132,"box":{"x":76,"y":710,"width":752,"height":11}},{"id":"dc43f688-87a3-45c0-97ca-0b6554f95ea5","block_type":"box","text":"Index-Related Risk.","page_number":132,"box":{"x":77,"y":733,"width":132,"height":9}},{"id":"3f739067-70e2-4908-9f26-03808d433715","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":132,"box":{"x":214,"y":733,"width":728,"height":11}},{"id":"4f71a7c0-feff-4248-82fb-e33cb55cef49","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":132,"box":{"x":76,"y":748,"width":869,"height":10}},{"id":"a2ea77c3-be52-45c9-a5d9-94c33d849419","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":132,"box":{"x":77,"y":762,"width":872,"height":11}},{"id":"bf04f91c-f787-44b5-804f-4d5b73f279a2","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":132,"box":{"x":77,"y":776,"width":862,"height":11}},{"id":"82e60ce0-8895-40ac-9d82-97332b20f50b","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":132,"box":{"x":76,"y":790,"width":897,"height":11}},{"id":"0adbe574-04b7-42fb-bfd5-ba147526f288","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":132,"box":{"x":76,"y":804,"width":881,"height":11}},{"id":"a3c600e6-03a2-4d5b-bb22-6f04f6f3e6a2","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":132,"box":{"x":76,"y":828,"width":852,"height":10}},{"id":"ba798c3c-2ecb-4cca-9228-e234527e83f7","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":132,"box":{"x":76,"y":842,"width":850,"height":11}},{"id":"e20ef866-fa4c-4f4b-b853-678a000bd977","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":132,"box":{"x":76,"y":856,"width":877,"height":11}},{"id":"ba8019cd-74c8-4aee-8609-48502b34d9e2","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":132,"box":{"x":76,"y":870,"width":906,"height":11}},{"id":"43db0341-01bd-47c7-a64e-a4c6db9d3bd0","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":132,"box":{"x":76,"y":884,"width":904,"height":11}},{"id":"a4274a44-d77a-47ed-8b71-07963cbdc3ec","block_type":"box","text":"7","page_number":132,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"9764862b-4694-4f6a-a451-970711af250a","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":133,"box":{"x":76,"y":23,"width":894,"height":11}},{"id":"a00c836a-d922-4140-a7ef-da34e39423ff","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":133,"box":{"x":76,"y":37,"width":877,"height":11}},{"id":"bbc0daa7-c1f7-4abc-9768-63c35d8ee27d","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":133,"box":{"x":76,"y":51,"width":881,"height":11}},{"id":"1ec47efa-138e-4943-b618-3eb4d748e59f","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":133,"box":{"x":76,"y":66,"width":844,"height":11}},{"id":"1d013946-9b32-4d29-9f7c-37e478243a2e","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":133,"box":{"x":77,"y":80,"width":879,"height":11}},{"id":"f41fc8af-82b4-490d-9027-9cb5ffe08f1d","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":133,"box":{"x":76,"y":94,"width":340,"height":11}},{"id":"6b871c31-d4eb-48a0-b761-2292a1ad6f02","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":133,"box":{"x":77,"y":117,"width":857,"height":11}},{"id":"a0a08cb5-b84b-4dd7-9943-02fe8cc92d9a","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":133,"box":{"x":77,"y":131,"width":880,"height":11}},{"id":"aa6eab5d-4b3d-42b9-868e-dbd0f72f6996","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":133,"box":{"x":76,"y":146,"width":902,"height":10}},{"id":"786264b8-a3f7-44c7-9388-c0c50e0e7b41","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":133,"box":{"x":76,"y":160,"width":905,"height":11}},{"id":"af9638c8-34b0-403d-93c6-c354be2c232c","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":133,"box":{"x":76,"y":174,"width":889,"height":11}},{"id":"81bf5e50-9af6-40d7-971c-5c491eafabf3","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":133,"box":{"x":76,"y":188,"width":890,"height":11}},{"id":"f359b56f-a1b5-4650-84e1-6f8ccbf368d1","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":133,"box":{"x":76,"y":202,"width":723,"height":11}},{"id":"9ebd6b82-8262-4d3b-8264-8a1d00369f9b","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":133,"box":{"x":77,"y":226,"width":899,"height":10}},{"id":"2b99bd26-6e14-41be-b634-95f597b56710","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":133,"box":{"x":76,"y":240,"width":876,"height":10}},{"id":"63cc936c-c08c-4f55-9cb0-8d3db2550824","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":133,"box":{"x":76,"y":254,"width":865,"height":11}},{"id":"0ac6db0e-afe3-49e3-bd8e-0df84069ae82","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":133,"box":{"x":76,"y":268,"width":897,"height":11}},{"id":"4914e0fa-fe13-4a41-b6a5-600ffe39ed02","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":133,"box":{"x":76,"y":282,"width":213,"height":11}},{"id":"18712aa9-0192-4bed-8b0e-967a257e546e","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":133,"box":{"x":77,"y":305,"width":201,"height":9}},{"id":"d709b34c-156a-47ed-aa27-b52fd10fc350","block_type":"box","text":"The principal value of an investment in a Fund is not protected or otherwise guaranteed by virtue of any","page_number":133,"box":{"x":283,"y":305,"width":663,"height":11}},{"id":"4384a12b-dd23-40d0-928d-458fcf573d64","block_type":"box","text":"investments by the Fund in inflation-indexed bonds. The value of inflation-indexed securities generally fluctuates with changes in real interest","page_number":133,"box":{"x":76,"y":320,"width":904,"height":10}},{"id":"0797179b-94e9-416c-aa67-db474328bc94","block_type":"box","text":"rates, decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated)","page_number":133,"box":{"x":77,"y":334,"width":886,"height":11}},{"id":"79ef6d67-a795-4a59-899b-ac516db20e3b","block_type":"box","text":"interest rates minus the inflation rates. If a Fund purchases TIPS in the secondary market and the bonds’ principal values previously were","page_number":133,"box":{"x":76,"y":348,"width":877,"height":11}},{"id":"71e29a0f-ef33-4488-a6d8-7edd3e8e4404","block_type":"box","text":"adjusted upward, but then there is a period of declining inflation rates, the Fund may receive at maturity less than it invested.","page_number":133,"box":{"x":76,"y":362,"width":801,"height":11}},{"id":"b4ca59b3-3bee-48db-98b1-5e33a97f7aef","block_type":"box","text":"In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of inflation, and inflation-indexed","page_number":133,"box":{"x":77,"y":385,"width":894,"height":11}},{"id":"56290b88-9631-4628-923a-106c63b221c9","block_type":"box","text":"bonds typically have lower nominal yields than conventional fixed-rate bonds. If the index measuring inflation falls, the principal value of","page_number":133,"box":{"x":76,"y":400,"width":869,"height":10}},{"id":"33f229a7-1277-479f-92cf-947573d6fcd1","block_type":"box","text":"inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a","page_number":133,"box":{"x":76,"y":414,"width":888,"height":11}},{"id":"2ec782bb-8b4c-4a66-9ea9-48724bb11584","block_type":"box","text":"smaller principal amount) will be reduced.","page_number":133,"box":{"x":76,"y":428,"width":267,"height":11}},{"id":"b6fbd8f8-ea20-4226-9173-7938899059b4","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not","page_number":133,"box":{"x":76,"y":451,"width":889,"height":11}},{"id":"52de36bd-b5a7-4577-af0a-1b725e9addbf","block_type":"box","text":"receive their principal until maturity. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to","page_number":133,"box":{"x":77,"y":465,"width":888,"height":11}},{"id":"a78787b3-077e-4b84-a0f2-f13de85ad629","block_type":"box","text":"original issue discount, which will be includable in a Fund’s gross income. Due to original issue discount, a Fund may be required to make","page_number":133,"box":{"x":76,"y":480,"width":877,"height":10}},{"id":"4ae67375-827a-41a8-8ffd-9d19ff57e0d3","block_type":"box","text":"annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not","page_number":133,"box":{"x":76,"y":494,"width":901,"height":10}},{"id":"6c3823fc-be79-4154-a991-62c7207c9d85","block_type":"box","text":"advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously","page_number":133,"box":{"x":76,"y":508,"width":882,"height":11}},{"id":"2cb68a3b-6b54-4001-b27f-951e9cdaba7c","block_type":"box","text":"distributed in the taxable year may be characterized in some circumstances as a return of capital.","page_number":133,"box":{"x":76,"y":522,"width":624,"height":11}},{"id":"09775bd1-3ef1-45b4-9031-8459dc102d64","block_type":"box","text":"Interest Rate Risk.","page_number":133,"box":{"x":77,"y":545,"width":127,"height":9}},{"id":"305bb14a-416b-4e1e-86c1-1503b0e86e34","block_type":"box","text":"Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government","page_number":133,"box":{"x":210,"y":545,"width":770,"height":11}},{"id":"b73318e9-a391-4a61-9a31-e82d263ddd89","block_type":"box","text":"policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. Changes in interest","page_number":133,"box":{"x":76,"y":559,"width":889,"height":11}},{"id":"7dbc2370-a0ad-4c97-ae89-05cd8d9fa0d3","block_type":"box","text":"rates may have unpredictable effects on fixed-income markets and may result in heightened volatility and lower liquidity for certain","page_number":133,"box":{"x":77,"y":574,"width":837,"height":10}},{"id":"488f2348-c74f-40d6-a8d4-75b27612ed0d","block_type":"box","text":"instruments, which may adversely affect a Fund’s performance. When interest rates rise, the value of fixed-income securities or other","page_number":133,"box":{"x":76,"y":588,"width":854,"height":11}},{"id":"52f787a2-34c4-4b0b-83d9-51143eafa291","block_type":"box","text":"instruments sensitive to interest rates typically decreases. Duration is a measure of how sensitive a bond is to interest rate changes. Fixed","page_number":133,"box":{"x":76,"y":602,"width":892,"height":11}},{"id":"638b0e1c-a514-40e4-afc4-bd89853b2b61","block_type":"box","text":"income securities with longer durations tend to be more sensitive to interest rate changes, and their prices usually are more volatile than","page_number":133,"box":{"x":76,"y":616,"width":876,"height":11}},{"id":"2bbbdbf4-ba2c-436c-b37b-648683a08e2d","block_type":"box","text":"those of shorter-duration securities. For example, if a bond has a duration of five years and interest rates rise, the price of the bond will likely","page_number":133,"box":{"x":76,"y":630,"width":902,"height":11}},{"id":"4d6d1845-0bf4-4375-a8a4-a2584c1e313e","block_type":"box","text":"decline by a greater percentage than for a bond with a one-year duration. To the extent a Fund invests a substantial portion of its assets in","page_number":133,"box":{"x":76,"y":644,"width":883,"height":11}},{"id":"190faaeb-3d06-40e6-90e1-14e0533e054c","block_type":"box","text":"fixed-income securities with longer duration, rising interest rates may cause the value of the Fund’s investments to decline significantly,","page_number":133,"box":{"x":76,"y":659,"width":869,"height":11}},{"id":"562b4ce4-1397-4fe0-a802-9fca899713d9","block_type":"box","text":"which would adversely affect the Fund’s performance.","page_number":133,"box":{"x":76,"y":673,"width":345,"height":11}},{"id":"a86ca395-b1a4-4500-b0b8-f70af790dd69","block_type":"box","text":"In addition, changes in prevailing interest rates, particularly sudden and significant changes, may lead to fluctuations in the value of floating","page_number":133,"box":{"x":77,"y":696,"width":896,"height":11}},{"id":"4ac823c1-d75c-4c9d-8f84-27152ab3e2b1","block_type":"box","text":"rate debt securities, because the rates for those securities typically reset only periodically. Additionally, during periods of very low or","page_number":133,"box":{"x":77,"y":710,"width":848,"height":11}},{"id":"4b0bbfc8-cfb2-48d0-9de8-da21259bf110","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders. Under certain market conditions","page_number":133,"box":{"x":76,"y":724,"width":900,"height":11}},{"id":"ab597010-0433-4ea2-8a3b-eb56f8f0e5f5","block_type":"box","text":"when interest rates are set at low levels and the market prices of portfolio securities have increased, a Fund may have a very low or even","page_number":133,"box":{"x":76,"y":739,"width":875,"height":10}},{"id":"cb1d2f4b-4736-4bdd-89f9-c727cb8bfc3f","block_type":"box","text":"negative yield, which would cause the Fund to lose money under certain conditions.","page_number":133,"box":{"x":76,"y":753,"width":534,"height":11}},{"id":"55b635c3-355c-44b8-a6f2-721b0f27fa30","block_type":"box","text":"Decreases in market-making capacity for fixed-income dealers may lead to lower trading volume, heightened volatility, wider bid-ask spreads","page_number":133,"box":{"x":77,"y":776,"width":902,"height":11}},{"id":"96b3d36e-1b81-4520-b8fd-2dc6bdf7e556","block_type":"box","text":"and less transparent pricing in certain fixed-income markets.","page_number":133,"box":{"x":76,"y":790,"width":389,"height":11}},{"id":"f366dee9-a297-45e8-911a-7a0b09dfccae","block_type":"box","text":"Issuer Risk.","page_number":133,"box":{"x":77,"y":813,"width":79,"height":9}},{"id":"60008639-7280-456b-acf6-5ca025209b96","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":133,"box":{"x":161,"y":813,"width":755,"height":11}},{"id":"01b72044-d19d-4a2d-8943-529f5cd56b5d","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":133,"box":{"x":76,"y":828,"width":861,"height":10}},{"id":"ded44f5d-5630-4b2d-bc19-829053581f72","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":133,"box":{"x":76,"y":842,"width":406,"height":11}},{"id":"c886b16c-d7f6-4de1-baa5-58d9cb458e31","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":133,"box":{"x":77,"y":865,"width":368,"height":11}},{"id":"3b8ad71a-d4e4-4b39-a973-23475e347fc8","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":133,"box":{"x":450,"y":865,"width":518,"height":11}},{"id":"04799ad0-b5e6-4ce1-9aaf-1a55b05e0ce7","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":133,"box":{"x":76,"y":879,"width":875,"height":11}},{"id":"592546ba-ab82-417a-935f-1e782b2c51f4","block_type":"box","text":"8","page_number":133,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"01609f34-bdf8-4401-be97-d4d2e2cdcc79","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":134,"box":{"x":76,"y":23,"width":899,"height":11}},{"id":"0e26a4f1-5122-4c59-aa74-3ef82664f248","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":134,"box":{"x":76,"y":37,"width":901,"height":11}},{"id":"ded9ac2a-8739-4ca9-83a5-aed8063a96d4","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":134,"box":{"x":76,"y":51,"width":888,"height":11}},{"id":"fa946a6f-2b6f-4825-b454-a64c32c57740","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":134,"box":{"x":76,"y":66,"width":882,"height":11}},{"id":"5ee08710-28c2-4ae5-8a3c-69bb65876480","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":134,"box":{"x":76,"y":80,"width":889,"height":11}},{"id":"d7b9f8b9-bc66-41af-a959-bd60ece43e09","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":134,"box":{"x":76,"y":94,"width":906,"height":11}},{"id":"8e53469d-25ac-40d4-8b28-f4031b883324","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":134,"box":{"x":76,"y":108,"width":904,"height":11}},{"id":"7b82d792-ae2f-4343-b09c-b398add7d794","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":134,"box":{"x":76,"y":122,"width":855,"height":11}},{"id":"747ac8ef-872c-4fa1-b2a9-cb5daef7f1d3","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":134,"box":{"x":77,"y":137,"width":892,"height":10}},{"id":"b1acd17a-937c-4905-9154-97a10df0b42f","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":134,"box":{"x":77,"y":151,"width":901,"height":11}},{"id":"fd27b8bc-db1e-47a6-80ef-55ab7e80b15d","block_type":"box","text":"to price.","page_number":134,"box":{"x":76,"y":165,"width":52,"height":11}},{"id":"67e2287e-da05-4e48-9523-f1fe01e6e369","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":134,"box":{"x":76,"y":188,"width":840,"height":11}},{"id":"38a90e03-27d4-4d3f-83c2-b6dfca739792","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":134,"box":{"x":76,"y":202,"width":898,"height":11}},{"id":"fcef90f9-956e-4547-9367-4858c452e152","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":134,"box":{"x":76,"y":216,"width":878,"height":11}},{"id":"c5d33932-50e8-4797-9ff9-4f212f09bfb2","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":134,"box":{"x":76,"y":231,"width":792,"height":11}},{"id":"31f80a40-f5f6-4feb-839f-0da47ac447e1","block_type":"box","text":"Management Risk.","page_number":134,"box":{"x":77,"y":254,"width":126,"height":11}},{"id":"84ccfe7f-e3a3-4ed4-ad8a-7ff8d48e6005","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":134,"box":{"x":208,"y":254,"width":757,"height":11}},{"id":"5406a131-46ec-402b-9023-f37bc103b2dd","block_type":"box","text":"their investment merits. Such a Fund may be affected by a general decline in market segments related to its Underlying Index, and BFA","page_number":134,"box":{"x":76,"y":268,"width":863,"height":11}},{"id":"80e61f44-ee27-4b13-998a-edba36eac7ff","block_type":"box","text":"generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets.","page_number":134,"box":{"x":76,"y":282,"width":864,"height":11}},{"id":"8672bbf0-a242-4234-8f01-4acfc93e4882","block_type":"box","text":"Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in","page_number":134,"box":{"x":77,"y":296,"width":898,"height":11}},{"id":"78b6e3b6-1616-436d-ac72-9a0c88171bf6","block_type":"box","text":"order to track its Underlying Index. Because BFA uses a representative sampling indexing strategy, a Fund will not fully replicate its","page_number":134,"box":{"x":76,"y":311,"width":837,"height":10}},{"id":"8232ffb7-526c-4c50-9d92-1f24e8443d85","block_type":"box","text":"Underlying Index and may hold securities or other assets not included in the Underlying Index. As a result, a Fund is subject to the risk that","page_number":134,"box":{"x":77,"y":325,"width":888,"height":11}},{"id":"fca41a61-d394-41e2-947d-a5396ae6b1e8","block_type":"box","text":"BFA’s investment strategy, whose implementation is subject to a number of constraints, may not produce the intended results. There is no","page_number":134,"box":{"x":77,"y":339,"width":883,"height":11}},{"id":"febc5554-b179-4bba-9f46-1056f3b52ea5","block_type":"box","text":"guarantee that a Fund’s investment results will have a high degree of correlation to those of its Underlying Index or that a Fund will achieve","page_number":134,"box":{"x":76,"y":353,"width":889,"height":11}},{"id":"0ebffaa4-2e15-4210-8a31-7f96f9c92919","block_type":"box","text":"its investment objective.","page_number":134,"box":{"x":76,"y":367,"width":156,"height":11}},{"id":"9e7eea29-0c61-4dfe-a4e3-bfa698307f6c","block_type":"box","text":"Market Risk.","page_number":134,"box":{"x":77,"y":391,"width":85,"height":8}},{"id":"dc3664ad-98eb-4fa9-832d-174294ce921a","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":134,"box":{"x":167,"y":391,"width":764,"height":10}},{"id":"2ca4e45c-91b7-4b65-b664-4162f7f4c094","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":134,"box":{"x":76,"y":405,"width":879,"height":11}},{"id":"c095badf-f169-4c7b-9f9f-2dab0267d52e","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":134,"box":{"x":76,"y":419,"width":884,"height":11}},{"id":"55481549-845c-4350-a253-2b30bab1645b","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":134,"box":{"x":76,"y":433,"width":904,"height":11}},{"id":"99f05e1a-df4a-4c0a-86cf-94aeece8edfc","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":134,"box":{"x":76,"y":447,"width":858,"height":11}},{"id":"68d6685b-bb82-4ed8-b559-23ad859a9dbe","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":134,"box":{"x":76,"y":461,"width":869,"height":11}},{"id":"01328666-3854-4f3d-a984-b2588bbf9cc3","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":134,"box":{"x":76,"y":476,"width":885,"height":10}},{"id":"0244e3b5-3633-40f5-ba64-3c75e3483804","block_type":"box","text":"and assets.","page_number":134,"box":{"x":76,"y":490,"width":71,"height":8}},{"id":"030480a4-d4d2-4317-b2c8-7502bc6ae948","block_type":"box","text":"It is possible that prices throughout the economy may decline over time, resulting in “deflation.” If this occurs, the principal and income of","page_number":134,"box":{"x":77,"y":513,"width":883,"height":11}},{"id":"01328b60-6d5f-4535-94bf-7af530b819ae","block_type":"box","text":"inflation-protected bonds held by a Fund would likely decline in value, which could result in losses for a Fund.","page_number":134,"box":{"x":76,"y":527,"width":697,"height":11}},{"id":"e4b12538-c883-4e4e-9ac1-80a37107fb2d","block_type":"box","text":"Market Trading Risk.","page_number":134,"box":{"x":77,"y":550,"width":140,"height":11}},{"id":"b7cdc309-b8ce-47e0-a3c9-d3c24e16d76b","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":134,"box":{"x":222,"y":550,"width":753,"height":11}},{"id":"74866803-7daf-4638-a02d-427bdbc92efc","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":134,"box":{"x":76,"y":565,"width":896,"height":10}},{"id":"c7134f7a-5863-4c1e-be2e-2d643ecbfe5d","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":134,"box":{"x":76,"y":579,"width":877,"height":11}},{"id":"c2c8061a-1788-4389-8fde-20f0d7104235","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":134,"box":{"x":77,"y":593,"width":446,"height":11}},{"id":"a1d45217-25a9-4291-9a98-0a2c4295c26c","block_type":"box","text":"Absence of an Active Primary Market.","page_number":134,"box":{"x":75,"y":616,"width":236,"height":11}},{"id":"9f314854-a95c-4cb0-b639-f20fdf717b3c","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":134,"box":{"x":317,"y":616,"width":663,"height":11}},{"id":"a8a09073-464b-4365-89cc-782d6a9394aa","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":134,"box":{"x":76,"y":630,"width":826,"height":11}},{"id":"56d23be4-593e-4eec-bc74-7c6a2232593d","block_type":"box","text":"Secondary Listing Risks.","page_number":134,"box":{"x":76,"y":654,"width":151,"height":10}},{"id":"3a16602a-605a-4286-b44e-36077de3b8e0","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":134,"box":{"x":233,"y":654,"width":732,"height":10}},{"id":"79de6a62-94f4-4ce1-a555-65dcfe6e1a0f","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":134,"box":{"x":76,"y":668,"width":841,"height":11}},{"id":"0dde9d0e-5cee-44d5-861c-ac0b931b4592","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":134,"box":{"x":76,"y":682,"width":890,"height":11}},{"id":"28f7ba79-1ae3-4b98-8399-9d809b60ec82","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":134,"box":{"x":76,"y":696,"width":880,"height":11}},{"id":"56706ad4-b031-40c7-9a58-d2f632ba1191","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":134,"box":{"x":76,"y":710,"width":872,"height":11}},{"id":"d5778bca-e9d0-4265-8ac7-31703a0393f5","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":134,"box":{"x":76,"y":724,"width":897,"height":11}},{"id":"63bfb326-d86d-4ba3-9ad9-95712b14bc01","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":134,"box":{"x":76,"y":739,"width":862,"height":10}},{"id":"bcd93db7-d996-4472-8a16-d34dacd32828","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":134,"box":{"x":76,"y":753,"width":579,"height":11}},{"id":"277d2ed1-b46e-42c1-b292-f3e7cc3b67eb","block_type":"box","text":"Secondary Market Trading Risk.","page_number":134,"box":{"x":76,"y":776,"width":196,"height":11}},{"id":"fca9bef3-0ccd-40e9-9745-74e70424cf45","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":134,"box":{"x":279,"y":776,"width":703,"height":11}},{"id":"c0745967-8c0d-42ff-9a72-91be2d0ced33","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":134,"box":{"x":76,"y":790,"width":896,"height":11}},{"id":"e11b96cd-3776-46a1-a379-56e5ba4a3f7f","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":134,"box":{"x":76,"y":804,"width":880,"height":11}},{"id":"6b221797-523d-4228-ae54-f8209a72df18","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":134,"box":{"x":76,"y":819,"width":900,"height":10}},{"id":"c6318769-622d-48be-8e37-77f34e32f927","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":134,"box":{"x":76,"y":833,"width":893,"height":11}},{"id":"24e956e6-7235-476f-ae5a-26220e1e4f2b","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":134,"box":{"x":76,"y":847,"width":581,"height":11}},{"id":"a556b56b-3147-475c-a8b0-ed2769620e39","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":134,"box":{"x":77,"y":870,"width":900,"height":11}},{"id":"ee8419e0-0717-4e26-9818-0545cd2ef0a7","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":134,"box":{"x":76,"y":884,"width":547,"height":11}},{"id":"c8dd2378-9d9c-4a12-a16c-dfc081fd56a7","block_type":"box","text":"9","page_number":134,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"d64b8aea-26ab-4030-a8f5-6aad16d3506f","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":135,"box":{"x":76,"y":23,"width":894,"height":11}},{"id":"0cea3785-188f-4c2b-9632-bbf32f1be227","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":135,"box":{"x":76,"y":37,"width":905,"height":11}},{"id":"92cd591b-831a-439a-a0bc-bc707c91b9ba","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":135,"box":{"x":77,"y":51,"width":874,"height":11}},{"id":"d2b398bb-8f82-4bb6-82ef-e8f7e6e576f6","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":135,"box":{"x":76,"y":66,"width":890,"height":11}},{"id":"27bab22d-8606-4b03-be65-2cf591d04b8d","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":135,"box":{"x":76,"y":80,"width":857,"height":11}},{"id":"549e973e-0734-422f-8d84-b5a2f20a7595","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":135,"box":{"x":76,"y":94,"width":891,"height":11}},{"id":"d1b3cec9-63c9-48d9-a85e-9df7ca8ae179","block_type":"box","text":"substantial trading losses.","page_number":135,"box":{"x":76,"y":108,"width":166,"height":11}},{"id":"53137d42-2966-4ede-b6fd-ab8c4273a6d9","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":135,"box":{"x":76,"y":131,"width":874,"height":11}},{"id":"c7b78102-fd2f-4900-9273-12ab7f125569","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":135,"box":{"x":76,"y":146,"width":893,"height":10}},{"id":"0d4bf351-fc7b-40be-987a-9e16f47f4d25","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":135,"box":{"x":76,"y":160,"width":658,"height":11}},{"id":"c66a3f42-9d1b-49b5-92b7-259362c4b544","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":135,"box":{"x":76,"y":183,"width":310,"height":11}},{"id":"1b53aa33-2076-4146-80e2-3c3888b3711c","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":135,"box":{"x":385,"y":183,"width":572,"height":11}},{"id":"f7e16025-39f3-4bdb-8de6-c942225c8f60","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":135,"box":{"x":77,"y":197,"width":852,"height":11}},{"id":"3c4524c2-e173-49a7-ba25-87c9059b58e1","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":135,"box":{"x":76,"y":211,"width":892,"height":11}},{"id":"2fcb02a6-ac80-44b3-9e1f-fbeee5b5c498","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":135,"box":{"x":77,"y":226,"width":885,"height":10}},{"id":"049b6e45-2754-45eb-bc18-f3127eaa30d5","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":135,"box":{"x":76,"y":240,"width":792,"height":11}},{"id":"a2a09ea2-9032-4554-a01f-33477d7365bb","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":135,"box":{"x":77,"y":263,"width":886,"height":11}},{"id":"b2214e0f-caed-447a-9f2a-b67db0f1d0fc","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":135,"box":{"x":77,"y":277,"width":891,"height":11}},{"id":"0fa3c88d-35e9-43de-b964-c0d9e74d9cd2","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":135,"box":{"x":76,"y":291,"width":899,"height":11}},{"id":"77c80f04-1f7f-43fa-906c-393d4da78e5b","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":135,"box":{"x":77,"y":305,"width":899,"height":11}},{"id":"20bb12b5-dca9-4c6d-9dab-4774ab933107","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":135,"box":{"x":76,"y":320,"width":878,"height":10}},{"id":"a9bd0e70-c39d-4bda-93b5-6cae9d2491cf","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":135,"box":{"x":76,"y":334,"width":902,"height":11}},{"id":"ca22ab52-f344-4350-9c5f-96e39c024b35","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":135,"box":{"x":76,"y":348,"width":891,"height":11}},{"id":"34d8839a-d0ce-479a-a9ed-a1bae3bd23a4","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":135,"box":{"x":76,"y":362,"width":849,"height":11}},{"id":"43f49780-66c4-464f-8910-de0dbff1861c","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":135,"box":{"x":76,"y":376,"width":622,"height":11}},{"id":"e74b4da6-7723-4339-95dc-0cfbc4b6ad12","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":135,"box":{"x":76,"y":400,"width":245,"height":10}},{"id":"a2a8831a-c821-4c66-a7b5-be9a0c96eb2b","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":135,"box":{"x":328,"y":400,"width":636,"height":10}},{"id":"141033e9-a37a-47eb-9c28-5120c18ee83c","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":135,"box":{"x":76,"y":414,"width":853,"height":11}},{"id":"6f5ec925-c3cc-4dcc-b083-fdeba96016d6","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":135,"box":{"x":76,"y":428,"width":895,"height":11}},{"id":"7f7aac34-8b12-4fc2-8eff-653b1848dab1","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":135,"box":{"x":76,"y":442,"width":865,"height":11}},{"id":"7db8966f-d903-44d8-9b17-98ed747adf06","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":135,"box":{"x":76,"y":456,"width":885,"height":11}},{"id":"26ea2493-fc3d-40f3-a40b-2084be13a221","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":135,"box":{"x":77,"y":470,"width":891,"height":11}},{"id":"fc906686-3c10-465b-9650-9ff042c1eaf0","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":135,"box":{"x":76,"y":485,"width":901,"height":10}},{"id":"6f2eaaed-1074-4f6b-8045-5cabc727cd81","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":135,"box":{"x":76,"y":499,"width":858,"height":11}},{"id":"6ae2227a-c9ce-416b-8f17-4f0970e1113a","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":135,"box":{"x":77,"y":513,"width":418,"height":11}},{"id":"c75e29f8-f921-4cbc-96f1-c738d5dc33f8","block_type":"box","text":"Municipal Securities Risk.","page_number":135,"box":{"x":77,"y":536,"width":178,"height":11}},{"id":"d55e44a8-ae57-44b8-bb8c-952ba84fd4f7","block_type":"box","text":"Municipal securities include both general obligation bonds (bonds secured by the full faith and credit of the","page_number":135,"box":{"x":261,"y":536,"width":684,"height":11}},{"id":"a3a8e7d7-4493-4be4-bd7f-094eb2fda341","block_type":"box","text":"issuer) and limited obligation bonds (or “Revenue Bonds”). All municipal securities are subject to the risk that litigation, legislation or other","page_number":135,"box":{"x":76,"y":550,"width":888,"height":11}},{"id":"9f3bb1f5-9891-4478-8043-5028f1871ee5","block_type":"box","text":"political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant","page_number":135,"box":{"x":76,"y":565,"width":876,"height":10}},{"id":"455ee350-5532-4f91-aa85-21110f51f744","block_type":"box","text":"effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Additionally,","page_number":135,"box":{"x":76,"y":579,"width":863,"height":11}},{"id":"79810b70-2e36-4b5b-9105-28a588e90f05","block_type":"box","text":"certain municipal securities may be issued by entities with limited taxing authority, which could limit or prevent tax increases necessary to","page_number":135,"box":{"x":76,"y":593,"width":885,"height":11}},{"id":"3802d43e-a2b5-4bf3-97ef-e6df4a74e6ea","block_type":"box","text":"make continued payments of principal and interest.","page_number":135,"box":{"x":76,"y":607,"width":328,"height":11}},{"id":"017537c1-2f6e-4343-999f-d2b1670cbbda","block_type":"box","text":"Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the","page_number":135,"box":{"x":77,"y":630,"width":888,"height":11}},{"id":"e479d721-b907-4373-9b97-d5642cfeedf6","block_type":"box","text":"securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders,","page_number":135,"box":{"x":76,"y":644,"width":900,"height":11}},{"id":"4a2d2e79-8c72-4bde-b8b4-4e92ac343b9d","block_type":"box","text":"including in connection with an issuer insolvency. There is also the risk that corruption may negatively affect municipal issuers, including","page_number":135,"box":{"x":76,"y":659,"width":873,"height":11}},{"id":"e37a924d-4c47-4dec-ada9-7d0e7d24874b","block_type":"box","text":"corruption related to a particular project from which payments on a security are derived, resulting in delays and cost overruns.","page_number":135,"box":{"x":76,"y":673,"width":808,"height":11}},{"id":"a9c3aba5-39de-4456-bb04-0189f4d1d629","block_type":"box","text":"There may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.","page_number":135,"box":{"x":76,"y":696,"width":886,"height":11}},{"id":"84b74601-30ca-4ac6-821c-b07828eb7e6a","block_type":"box","text":"As a result, municipal securities may be more difficult for the Fund to value accurately than the securities of public companies. Municipal","page_number":135,"box":{"x":76,"y":710,"width":875,"height":11}},{"id":"cab228bc-7d9d-41fa-afb5-bfa010b54a8d","block_type":"box","text":"securities may also be harder to buy and sell compared to taxable bonds and non-municipal securities, especially on short notice. If a Fund","page_number":135,"box":{"x":76,"y":724,"width":888,"height":11}},{"id":"977378b0-f433-45c0-b36b-41e1c7796def","block_type":"box","text":"invests a significant portion of its portfolio in municipal securities, the Fund’s portfolio is subject to greater exposure to illiquidity risk than","page_number":135,"box":{"x":76,"y":739,"width":883,"height":10}},{"id":"d58a11a6-5a3a-4dba-9c22-89cf839a3dfa","block_type":"box","text":"a","page_number":135,"box":{"x":964,"y":741,"width":6,"height":6}},{"id":"35af0776-5a33-4b0c-b9dd-4b63e6a7a805","block_type":"box","text":"fund that invests in comparable taxable bonds or non-municipal securities.","page_number":135,"box":{"x":76,"y":753,"width":477,"height":11}},{"id":"95979b0b-9f69-4c32-ac3d-1401236c4062","block_type":"box","text":"A Fund and BFA will rely on the opinion of issuers’ bond counsel on the tax-exempt status of interest on municipal bonds. Neither the Fund","page_number":135,"box":{"x":76,"y":776,"width":886,"height":11}},{"id":"51d717a0-4900-44e8-932f-39ab88a3dca3","block_type":"box","text":"nor BFA will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect, potentially resulting","page_number":135,"box":{"x":76,"y":790,"width":897,"height":11}},{"id":"e7def9eb-fc6d-4604-90f3-cc0a45a91c9b","block_type":"box","text":"in the Fund and its shareholders being subject to substantial tax liabilities. In addition, changes in the financial condition of an individual","page_number":135,"box":{"x":76,"y":804,"width":869,"height":11}},{"id":"577abf83-36eb-4a17-9bd7-e7275894b800","block_type":"box","text":"municipal issuer can affect the overall municipal market.","page_number":135,"box":{"x":76,"y":819,"width":361,"height":10}},{"id":"53ec556a-28fa-4533-80e8-2618ca5b4f8c","block_type":"box","text":"Revenue Bonds are backed by current or anticipated revenues from a specific project or specific assets and can be negatively affected by the","page_number":135,"box":{"x":77,"y":842,"width":904,"height":11}},{"id":"80b016a1-beec-478d-8d8e-79fe77792d32","block_type":"box","text":"discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues from the project or the assets.","page_number":135,"box":{"x":76,"y":856,"width":847,"height":11}},{"id":"bb49a7c1-a796-4dc0-9c9a-2d7a61cfcf2f","block_type":"box","text":"Additionally, the market values of Revenue Bonds may decline in times of higher inflation to the extent that revenues are fixed income","page_number":135,"box":{"x":76,"y":870,"width":856,"height":11}},{"id":"b38e2eaa-e991-4c5d-8b46-2b582a604233","block_type":"box","text":"streams. In other instances, the prices that an issuer is able to charge users of its assets may be linked to inflation, whether by government","page_number":135,"box":{"x":76,"y":884,"width":892,"height":11}},{"id":"c1db5911-1f2d-435e-8d40-c738dc6261de","block_type":"box","text":"10","page_number":135,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"0521df53-af7d-4013-b8ea-a3e6423aca56","block_type":"box","text":"regulation, contractual arrangement or other factors. Rising interest rates could result in higher costs of capital for certain issuers, which","page_number":136,"box":{"x":77,"y":23,"width":875,"height":11}},{"id":"966f3167-ac2d-4fde-b9b6-22e403c6b15c","block_type":"box","text":"could negatively impact their ability to meet payment obligations. In this case, changes in the rate of inflation may affect the issuer’s","page_number":136,"box":{"x":76,"y":37,"width":847,"height":11}},{"id":"a2d73642-049d-430d-b5f9-e313c4a130dd","block_type":"box","text":"revenues. Because many municipal securities are issued to finance projects, such as those related to education, health care, housing,","page_number":136,"box":{"x":77,"y":51,"width":854,"height":11}},{"id":"9cf93079-8d85-42f6-a3ea-2fe4436ad992","block_type":"box","text":"transportation, utilities, and water and sewer, conditions in one or more of these sectors can affect the overall municipal market. Adverse","page_number":136,"box":{"x":76,"y":66,"width":880,"height":10}},{"id":"159eab1c-9ed0-4f63-a93d-adc9d7173c3e","block_type":"box","text":"conditions and developments affecting a particular project can result in lower revenues to an issuer of the municipal securities and, by","page_number":136,"box":{"x":76,"y":80,"width":861,"height":11}},{"id":"b451d8f3-295e-461d-9182-e64c9e26ceac","block_type":"box","text":"extension, adversely affect payments of principal and interest on, or the market value of, such securities.","page_number":136,"box":{"x":76,"y":94,"width":671,"height":11}},{"id":"67da68c8-b162-4dfa-b83d-290d0452ca55","block_type":"box","text":"Additionally, certain municipal securities are issued by entities dependent on revenue from a particular sector and thus are subject to the","page_number":136,"box":{"x":76,"y":117,"width":878,"height":11}},{"id":"c6e2f583-40a4-486c-a432-39ad11e8f717","block_type":"box","text":"specific risks associated with that sector.","page_number":136,"box":{"x":76,"y":131,"width":263,"height":11}},{"id":"43e127a7-d176-4d1f-95e5-4459afcce10e","block_type":"box","text":"Risk of Investing in Infrastructure-Related Municipal Securities.","page_number":136,"box":{"x":76,"y":155,"width":394,"height":10}},{"id":"b90738cf-eac6-4eb3-9b6a-2a19ae4ae3b1","block_type":"box","text":"Entities that issue municipal securities related to infrastructure (“infrastructure","page_number":136,"box":{"x":477,"y":155,"width":504,"height":10}},{"id":"0fb01497-904d-4e57-abe0-26d49433eea4","block_type":"box","text":"issuers”) may be subject to a variety of factors that could adversely affect their capacity to make principal and interest payments, such as","page_number":136,"box":{"x":76,"y":169,"width":881,"height":11}},{"id":"956f6e7b-d7ec-414a-9d98-bbd40c42fe99","block_type":"box","text":"high interest costs in connection with capital construction programs, high degrees of leverage, costs associated with governmental,","page_number":136,"box":{"x":77,"y":183,"width":842,"height":11}},{"id":"3485ffa2-f986-48a3-82f1-3de2eaecfadc","block_type":"box","text":"environmental and other regulations, the effects of economic slowdowns, increased competition from other providers of services,","page_number":136,"box":{"x":76,"y":197,"width":830,"height":11}},{"id":"b84ed41a-bfd8-415f-8e97-a3878d5a3458","block_type":"box","text":"uncertainties concerning costs, the level of government spending on infrastructure projects, and other factors. Such issuers may be","page_number":136,"box":{"x":77,"y":211,"width":843,"height":11}},{"id":"5d684cc5-aef2-43e7-a931-5a0660098b22","block_type":"box","text":"adversely affected by commodity price volatility, changes in exchange rates, import controls, depletion of resources, technological","page_number":136,"box":{"x":76,"y":226,"width":834,"height":10}},{"id":"ee7cc485-9a99-423f-a029-dba36ac2a7f6","block_type":"box","text":"developments, and labor relations. Infrastructure issuers can be significantly affected by government spending policies.","page_number":136,"box":{"x":76,"y":240,"width":764,"height":11}},{"id":"f3072337-405e-4caf-adfd-7df6d51e3bfe","block_type":"box","text":"Leverage Risk.","page_number":136,"box":{"x":96,"y":259,"width":89,"height":11}},{"id":"3ff33a27-c2fb-49e1-ad0e-26d76720aef7","block_type":"box","text":"Infrastructure issuers can be highly indebted, which increases investment risk and other risks normally associated with","page_number":136,"box":{"x":192,"y":259,"width":760,"height":11}},{"id":"b7cc1aa8-5383-40a1-b783-c8e1673bd348","block_type":"box","text":"debt financing, which could adversely affect such an issuer’s operations and the market value of related municipal securities in periods of","page_number":136,"box":{"x":96,"y":273,"width":880,"height":11}},{"id":"cdf2fa7c-0fb2-4743-b584-6bd2950c9ddb","block_type":"box","text":"rising interest rates.","page_number":136,"box":{"x":97,"y":287,"width":126,"height":11}},{"id":"fbe990c7-aafb-49f4-98ed-ffe37fe406eb","block_type":"box","text":"Operations Risk.","page_number":136,"box":{"x":97,"y":307,"width":100,"height":10}},{"id":"792bd2e7-38a5-4e09-b1db-0f85a7e85e3e","block_type":"box","text":"The failure of an infrastructure issuer to carry adequate insurance or to operate its assets appropriately could lead to","page_number":136,"box":{"x":203,"y":307,"width":748,"height":11}},{"id":"906e3c42-3d49-42fb-8833-ea9e40cc2dcc","block_type":"box","text":"significant losses. Infrastructure may be adversely affected by environmental clean-up costs and catastrophic events such as","page_number":136,"box":{"x":96,"y":321,"width":800,"height":11}},{"id":"52b6350c-512e-4e90-850d-9536dd55fc98","block_type":"box","text":"earthquakes, hurricanes and terrorist acts.","page_number":136,"box":{"x":96,"y":335,"width":273,"height":11}},{"id":"627d832d-d58f-46bf-ac81-c7521bf97561","block_type":"box","text":"Regulatory Risk.","page_number":136,"box":{"x":96,"y":354,"width":100,"height":11}},{"id":"862e8123-94b6-4c3d-9143-9f44554a72b5","block_type":"box","text":"Infrastructure projects may be subject to significant regulation by various governmental authorities and also may be","page_number":136,"box":{"x":203,"y":354,"width":741,"height":11}},{"id":"bfc62da1-b315-42dc-bf0b-f096f27e3737","block_type":"box","text":"affected by regulation of rates charged to customers, service interruption due to environmental, operational or other events, the","page_number":136,"box":{"x":96,"y":369,"width":820,"height":10}},{"id":"87051d2b-d47e-42f0-8b52-d789700fd1ad","block_type":"box","text":"imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.","page_number":136,"box":{"x":97,"y":383,"width":628,"height":11}},{"id":"5dbad86b-6328-44c9-a60b-6737d43f1317","block_type":"box","text":"Strategic Asset Risk.","page_number":136,"box":{"x":96,"y":402,"width":128,"height":11}},{"id":"2da8b0a0-2689-466f-999c-0c8b35610c88","block_type":"box","text":"Infrastructure issuers may control significant strategic assets (","page_number":136,"box":{"x":231,"y":402,"width":399,"height":11}},{"id":"7317a1c8-f060-4922-9aa5-749318fb49b8","block_type":"box","text":"e.g.,","page_number":136,"box":{"x":631,"y":405,"width":25,"height":8}},{"id":"d67e84e5-170d-402e-984f-5226b867c5c0","block_type":"box","text":"major pipelines or highways), which are assets","page_number":136,"box":{"x":663,"y":402,"width":297,"height":11}},{"id":"56d9b74f-d4f2-488d-a08d-92dfa608d8fa","block_type":"box","text":"that have a national or regional profile, and may have monopolistic characteristics. Given their national or regional profile or irreplaceable","page_number":136,"box":{"x":96,"y":416,"width":879,"height":11}},{"id":"23b35a69-286a-4d55-a472-4ec4e9c15da2","block_type":"box","text":"nature, strategic assets could generate additional risk not common in other industry sectors and they may be targeted for terrorist acts or","page_number":136,"box":{"x":97,"y":430,"width":883,"height":11}},{"id":"100afff9-b49d-44a1-b849-7d3e0d9411c7","block_type":"box","text":"adverse political actions.","page_number":136,"box":{"x":96,"y":445,"width":158,"height":10}},{"id":"32d820c6-be76-4ca0-9632-8dcccb8cd335","block_type":"box","text":"User Risk.","page_number":136,"box":{"x":96,"y":464,"width":61,"height":9}},{"id":"694eab14-99c7-4b2d-a9e9-4304e3036f7a","block_type":"box","text":"Infrastructure issuers can be dependent upon a narrow user base. If these users do not patronize infrastructure projects as","page_number":136,"box":{"x":164,"y":464,"width":787,"height":11}},{"id":"dd77777a-957d-48f3-b83d-dbdac92e28ab","block_type":"box","text":"expected, significant revenues could be lost and may not be replaceable, in which case infrastructure issuers may fail to pay their","page_number":136,"box":{"x":96,"y":478,"width":828,"height":11}},{"id":"fd4fd4a0-7f4f-47e8-b944-7ae1b63ce5a8","block_type":"box","text":"obligations.","page_number":136,"box":{"x":96,"y":492,"width":73,"height":11}},{"id":"3023f478-ef59-42fc-8eac-9afdfb678790","block_type":"box","text":"Risk of Investing in Municipal Securities Issued By School Districts.","page_number":136,"box":{"x":76,"y":516,"width":419,"height":10}},{"id":"a6d5cfc7-6eec-400b-ae85-d2527f78523e","block_type":"box","text":"School districts rely, in part, on funding appropriations from, among","page_number":136,"box":{"x":501,"y":516,"width":433,"height":10}},{"id":"6da1080a-0f2c-407d-b955-f1dab0085156","block_type":"box","text":"others, the federal government and state governments. As a result, municipal securities issued by school districts may be adversely affected","page_number":136,"box":{"x":76,"y":530,"width":899,"height":11}},{"id":"20f7d2dd-b35d-4d72-8fb3-7b130e59f298","block_type":"box","text":"by political and economic changes at the state or federal levels, such as decreased tax or other revenues, spending reductions or changes in","page_number":136,"box":{"x":76,"y":544,"width":899,"height":11}},{"id":"ece78082-3506-4399-865c-e4c344c790fb","block_type":"box","text":"appropriations. Municipal securities that are issued to finance a particular school district project often depend on revenues from ad valorem","page_number":136,"box":{"x":76,"y":558,"width":896,"height":11}},{"id":"5798597f-d550-4534-ab79-90a937fb02ec","block_type":"box","text":"taxes (i.e., property taxes) to make principal and interest payments. Investors in these securities, similar to investors in municipal securities","page_number":136,"box":{"x":76,"y":572,"width":895,"height":11}},{"id":"f3c6ea80-924a-4a69-b58c-a46caf7b76aa","block_type":"box","text":"generally, face heightened risk of loss upon insolvency of the school district issuers because there is often no ready source of funding to pay","page_number":136,"box":{"x":76,"y":586,"width":899,"height":11}},{"id":"539c24cb-f109-4992-a722-c0abdb69e37e","block_type":"box","text":"principal and interest other than the local tax base, which a bankruptcy court or administrator does not control.","page_number":136,"box":{"x":76,"y":601,"width":712,"height":10}},{"id":"fa6c146d-6a0d-483c-ae37-163a138ecfb5","block_type":"box","text":"Risk of Investing in Transportation Infrastructure-Related Municipal Securities.","page_number":136,"box":{"x":76,"y":624,"width":489,"height":11}},{"id":"826900a8-8cf4-4de8-a4a0-5d314e31056b","block_type":"box","text":"The transportation infrastructure industry may be adversely","page_number":136,"box":{"x":571,"y":624,"width":381,"height":11}},{"id":"47d0f3f5-9378-41f1-82e6-513f8ce148b3","block_type":"box","text":"affected by economic changes, increases in fuel and other operating costs, labor relations, insurance costs, and, in many jurisdictions, the","page_number":136,"box":{"x":76,"y":638,"width":885,"height":11}},{"id":"f03b1aa3-de40-4d82-bf16-dab4baffb573","block_type":"box","text":"effects of regulatory changes or other government decisions. Municipal securities that are issued to finance a particular transportation","page_number":136,"box":{"x":76,"y":652,"width":862,"height":11}},{"id":"6fc17024-34bf-4caa-b613-b44d21f0b5d6","block_type":"box","text":"project (e.g., toll roads) often depend on revenues from that project to make principal and interest payments.","page_number":136,"box":{"x":76,"y":666,"width":700,"height":11}},{"id":"3ca213b9-4f77-411a-88b5-fee84f728f56","block_type":"box","text":"Risk of Investing in Utility-Related Municipal Securities.","page_number":136,"box":{"x":76,"y":690,"width":344,"height":10}},{"id":"4d75ea98-8fa6-4ffe-b083-2899799aa96e","block_type":"box","text":"Certain municipal securities are issued by public bodies, including state and municipal","page_number":136,"box":{"x":426,"y":690,"width":550,"height":10}},{"id":"9119db3f-e1fc-44ad-80a3-37f778f18cc9","block_type":"box","text":"utility authorities, to, among other things, finance the operation or expansion of utility entities. Various future economic and other conditions","page_number":136,"box":{"x":77,"y":704,"width":899,"height":11}},{"id":"65be4fd1-6db8-4621-83ec-cafdfdb33672","block_type":"box","text":"may adversely affect utility entities, including inflation, increases in financing requirements, increases in raw material costs and other","page_number":136,"box":{"x":76,"y":718,"width":853,"height":11}},{"id":"6c9376f7-6168-404d-86c8-efa9d14a55d8","block_type":"box","text":"operating costs, changes in demand for services and the effects of environmental and other governmental regulations. Certain utilities are","page_number":136,"box":{"x":76,"y":732,"width":885,"height":11}},{"id":"11096682-e651-43cf-af0d-dc3ade5eb3a5","block_type":"box","text":"subject to specific risks. For example, gas utilities are subject to risks of supply conditions and increased competition from other providers of","page_number":136,"box":{"x":76,"y":746,"width":905,"height":11}},{"id":"ad83da6b-08fb-4eb5-bfc1-9550d53cf708","block_type":"box","text":"utility services. In addition, gas utilities are affected by gas prices, which may be magnified to the extent that a gas utility enters into long","page_number":136,"box":{"x":77,"y":761,"width":881,"height":10}},{"id":"8e3f89c3-29a8-4f49-86b3-03e971aaf0ea","block_type":"box","text":"term contracts for the purchase or sale of gas at a fixed price, since such prices may change significantly and to the disadvantage of the gas","page_number":136,"box":{"x":76,"y":775,"width":897,"height":11}},{"id":"4730b34c-b89c-41c4-9972-2bd5b773ee03","block_type":"box","text":"utility.","page_number":136,"box":{"x":77,"y":789,"width":36,"height":11}},{"id":"abd36ef9-c959-40fe-81af-04cd4e652e95","block_type":"box","text":"Non-Diversification Risk.","page_number":136,"box":{"x":77,"y":812,"width":170,"height":9}},{"id":"fe4e7512-7cd4-4180-aec1-ef21c347fe93","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":136,"box":{"x":252,"y":812,"width":711,"height":11}},{"id":"39f5239b-4cef-462b-bbce-ad9e47f6c634","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":136,"box":{"x":76,"y":826,"width":855,"height":11}},{"id":"61fc3e31-4c7c-428a-b546-e131ec567d88","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":136,"box":{"x":76,"y":840,"width":886,"height":11}},{"id":"606d1983-14b3-4408-88fc-033ed8189a95","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":136,"box":{"x":76,"y":855,"width":879,"height":10}},{"id":"139f8108-4674-4a19-9072-d976c534dd7b","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":136,"box":{"x":77,"y":869,"width":390,"height":11}},{"id":"525bf6bb-38c1-48bb-8543-761a697ba656","block_type":"box","text":"11","page_number":136,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"2aaa1e13-6fea-4aa9-904b-b40080925a95","block_type":"box","text":"Operational and Technology Risks.","page_number":137,"box":{"x":76,"y":23,"width":239,"height":11}},{"id":"336ea83e-23da-44e0-a860-6df12b842375","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":137,"box":{"x":320,"y":23,"width":648,"height":11}},{"id":"14ccaaa7-1103-4715-a081-291264aa30f5","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":137,"box":{"x":76,"y":37,"width":842,"height":11}},{"id":"1b48f2e4-5fba-4a17-b004-73529edf1b0a","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":137,"box":{"x":76,"y":51,"width":877,"height":11}},{"id":"5dbad025-1164-4a5e-b88d-d15a80daa66d","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":137,"box":{"x":76,"y":66,"width":844,"height":10}},{"id":"a9864e23-a07d-4684-ad7b-84c5a102e80c","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":137,"box":{"x":76,"y":80,"width":866,"height":11}},{"id":"e0236b4a-1065-4a43-8236-9ca5f594f190","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":137,"box":{"x":76,"y":94,"width":892,"height":11}},{"id":"7c865f99-0742-4e72-9596-3a2dc819d8bb","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":137,"box":{"x":76,"y":108,"width":889,"height":11}},{"id":"8188ae64-9cb8-4405-951e-7c18fbfa4c84","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":137,"box":{"x":76,"y":122,"width":870,"height":11}},{"id":"4d8010fd-012d-4b2b-b90f-4cc48fd5fbae","block_type":"box","text":"risks.","page_number":137,"box":{"x":77,"y":137,"width":32,"height":8}},{"id":"f0c0efcc-d4ab-4895-935e-04356c3d8709","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":137,"box":{"x":76,"y":160,"width":895,"height":11}},{"id":"a1ac1dbb-14b1-4c7e-a0a8-6ec1ec4fa468","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":137,"box":{"x":76,"y":174,"width":878,"height":11}},{"id":"085abf9f-3786-42bc-961d-c9ad71715b66","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":137,"box":{"x":76,"y":188,"width":905,"height":11}},{"id":"ba740ee5-91ca-4fb2-97b8-50ffd7936bcd","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":137,"box":{"x":76,"y":202,"width":885,"height":11}},{"id":"2c705358-6268-46fd-8d21-97177afbd5ac","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":137,"box":{"x":76,"y":216,"width":828,"height":11}},{"id":"281c47f6-baf1-42c1-9742-645855162263","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":137,"box":{"x":76,"y":231,"width":898,"height":11}},{"id":"ddd0a038-1616-4d80-8473-2b9adfadf916","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":137,"box":{"x":76,"y":245,"width":884,"height":11}},{"id":"5c9b2e56-22bd-432f-8d16-43e38d89f505","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":137,"box":{"x":77,"y":259,"width":880,"height":11}},{"id":"14923823-f86d-47f7-ae3b-dbb4b251c116","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":137,"box":{"x":77,"y":273,"width":898,"height":11}},{"id":"b98762fe-ea25-48ed-969b-26f3bf89ca6f","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":137,"box":{"x":76,"y":287,"width":866,"height":11}},{"id":"c96288ba-83bc-4c1e-b8e8-50ad623f3322","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":137,"box":{"x":76,"y":302,"width":906,"height":10}},{"id":"a79c4f13-2187-4dc4-b0bf-4c16bd9909c1","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":137,"box":{"x":76,"y":316,"width":904,"height":11}},{"id":"e7406878-b796-4670-8cc2-49086ed077e2","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":137,"box":{"x":76,"y":330,"width":885,"height":11}},{"id":"9b53bf74-10b4-44a4-89e0-e134566656d0","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":137,"box":{"x":77,"y":344,"width":872,"height":11}},{"id":"58ace2d6-62f5-49be-a9fe-30e81fc62cc0","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":137,"box":{"x":76,"y":358,"width":855,"height":11}},{"id":"bc3d3c10-978c-44a9-b46f-a78abcf4a2d5","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":137,"box":{"x":76,"y":373,"width":857,"height":10}},{"id":"01a96340-1a55-4ad9-9aa8-b16ba96efab3","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":137,"box":{"x":76,"y":387,"width":897,"height":11}},{"id":"0762da5f-33c8-44f2-b64d-c979e9ca5e9f","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":137,"box":{"x":76,"y":401,"width":886,"height":11}},{"id":"6e7f9a18-2675-4a51-87dd-06e35bc95f9c","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":137,"box":{"x":76,"y":415,"width":876,"height":11}},{"id":"c6b4ccc2-d8cc-4473-bb80-391bc1449006","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":137,"box":{"x":76,"y":429,"width":585,"height":11}},{"id":"d37f5b4b-a087-49ed-af5a-e390834798f1","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":137,"box":{"x":76,"y":452,"width":864,"height":11}},{"id":"928c58a0-e329-4ab5-bc16-ae329430673b","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":137,"box":{"x":76,"y":467,"width":889,"height":10}},{"id":"6d31c222-4b3b-4516-9c66-f92aa8ab309a","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":137,"box":{"x":77,"y":481,"width":839,"height":11}},{"id":"4b72acb9-8436-41ee-8db7-aa3d68833f83","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":137,"box":{"x":76,"y":495,"width":862,"height":11}},{"id":"5aad95f3-13fa-464e-8628-6ae47901f791","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":137,"box":{"x":77,"y":509,"width":863,"height":11}},{"id":"c4b02c72-2fa0-4a0f-9712-f70ed42eaa11","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":137,"box":{"x":76,"y":523,"width":871,"height":11}},{"id":"0fa1f8a6-e453-45f2-9317-bda7729d290f","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":137,"box":{"x":76,"y":537,"width":895,"height":11}},{"id":"7998bfe9-25c6-429b-8f75-8ccf2e8ea55b","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":137,"box":{"x":76,"y":552,"width":882,"height":11}},{"id":"afa8d112-048e-4f67-a2ff-1008cfbc64a6","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":137,"box":{"x":76,"y":566,"width":659,"height":11}},{"id":"3a44620d-6625-4610-8a6b-7430204de6dd","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":137,"box":{"x":77,"y":589,"width":830,"height":11}},{"id":"da053e98-317e-449f-9002-ebf26fb5abcb","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":137,"box":{"x":75,"y":603,"width":905,"height":11}},{"id":"6351154b-d69f-4a1f-9ab7-f15b928148bb","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":137,"box":{"x":77,"y":617,"width":756,"height":11}},{"id":"f9f8971b-272a-422e-a38f-dca5e9fbd165","block_type":"box","text":"Ownership Limitations Risk.","page_number":137,"box":{"x":76,"y":641,"width":195,"height":10}},{"id":"fe3512cb-70ef-4557-a93a-a077c08426f7","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":137,"box":{"x":277,"y":641,"width":697,"height":10}},{"id":"bac92ca0-54ab-4ba5-9cfe-639202f5c5ce","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":137,"box":{"x":77,"y":655,"width":900,"height":11}},{"id":"054526af-ff00-4819-b9a2-388f9d7a6ff2","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":137,"box":{"x":76,"y":669,"width":851,"height":11}},{"id":"8139015e-fd50-4ff6-bdf8-93b66c0ad34b","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":137,"box":{"x":77,"y":683,"width":866,"height":11}},{"id":"93f5ee0b-4525-4661-ac1d-e70ecfce6d91","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":137,"box":{"x":76,"y":697,"width":903,"height":11}},{"id":"132521d1-fe11-4ab5-ac68-15531474e1f8","block_type":"box","text":"holdings.","page_number":137,"box":{"x":77,"y":712,"width":55,"height":10}},{"id":"5bfb18b0-a565-444e-8aa3-c34c50a992c4","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":137,"box":{"x":77,"y":735,"width":851,"height":11}},{"id":"1d1800e8-20f7-4aa8-b610-8c8c9421b749","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":137,"box":{"x":76,"y":749,"width":890,"height":11}},{"id":"42cb0053-9442-46f8-bf14-0aed70abf0f5","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":137,"box":{"x":76,"y":763,"width":870,"height":11}},{"id":"10549bf7-8f7a-46db-8cc0-01305a1f9485","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":137,"box":{"x":76,"y":777,"width":884,"height":11}},{"id":"6b5484aa-5804-4564-b2a0-285e00e0e2f9","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":137,"box":{"x":76,"y":791,"width":906,"height":11}},{"id":"8eef95c3-b74a-4ac0-b451-ecf65f9563c8","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":137,"box":{"x":76,"y":806,"width":886,"height":10}},{"id":"a08a05b1-713c-47e9-9116-33b93e8b4849","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":137,"box":{"x":76,"y":820,"width":896,"height":11}},{"id":"20976958-c08e-4f71-b3ec-b8a05101832c","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":137,"box":{"x":76,"y":843,"width":885,"height":11}},{"id":"646dc801-0c52-4548-a95a-8e38da299a61","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":137,"box":{"x":76,"y":857,"width":854,"height":11}},{"id":"c03deba1-5d2f-40e8-8b34-84a5adb59c41","block_type":"box","text":"disapproval that was obtained.","page_number":137,"box":{"x":76,"y":871,"width":195,"height":11}},{"id":"dc4b49cc-bea5-4f98-8941-d1ba66a1d30f","block_type":"box","text":"12","page_number":137,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"65a849e1-98df-4a87-975a-084c4d951a90","block_type":"box","text":"Risk of Investing in the U.S.","page_number":138,"box":{"x":77,"y":23,"width":190,"height":11}},{"id":"6ee443b2-a64f-49c2-929e-f536e38e708d","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":138,"box":{"x":273,"y":23,"width":683,"height":11}},{"id":"91819b0c-812f-4612-a86f-f06b10ea9a13","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":138,"box":{"x":76,"y":37,"width":897,"height":11}},{"id":"f8c24087-1b1f-4616-8cac-4a5d1f9eb79a","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":138,"box":{"x":76,"y":51,"width":902,"height":11}},{"id":"98449c75-1080-41ae-9083-8b057967de9f","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":138,"box":{"x":76,"y":66,"width":887,"height":11}},{"id":"37d9b73e-dded-485f-8a45-70ebcb2620ff","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":138,"box":{"x":76,"y":80,"width":894,"height":11}},{"id":"7c1d9a8b-1a94-405a-8146-8092760583e9","block_type":"box","text":"financial markets or issuers.","page_number":138,"box":{"x":76,"y":94,"width":179,"height":9}},{"id":"29825927-85b1-467c-8c99-9e3165be4c0b","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":138,"box":{"x":76,"y":117,"width":868,"height":11}},{"id":"46320d42-93e6-4244-9231-03d75576d74d","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":138,"box":{"x":77,"y":131,"width":867,"height":11}},{"id":"65493a24-c6af-474f-a621-cf5cc4cb83d2","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":138,"box":{"x":76,"y":146,"width":868,"height":10}},{"id":"b864d50c-f9fa-4af2-ac57-760955f858e0","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":138,"box":{"x":77,"y":160,"width":899,"height":11}},{"id":"b71eadfa-1984-4c72-a24f-0115352f2c17","block_type":"box","text":"system.","page_number":138,"box":{"x":76,"y":175,"width":49,"height":10}},{"id":"ba103c87-266c-4c9b-962b-29e5bc387f4a","block_type":"box","text":"Securities Lending Risk.","page_number":138,"box":{"x":76,"y":197,"width":166,"height":11}},{"id":"7dc390b4-ac5a-4d82-822b-d70fc9b409d5","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":138,"box":{"x":247,"y":197,"width":730,"height":11}},{"id":"f8edfdc4-3868-4db9-85ec-db03938698a6","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":138,"box":{"x":76,"y":211,"width":898,"height":11}},{"id":"4beaae7c-332b-4273-85a4-51305350c78e","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":138,"box":{"x":76,"y":226,"width":892,"height":10}},{"id":"1d3f17b7-1bf9-4c67-a5e2-2f86aa0f4443","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":138,"box":{"x":76,"y":240,"width":403,"height":11}},{"id":"d8ae1918-9913-4344-b174-9e3da11cefe9","block_type":"box","text":"Small Fund Risk.","page_number":138,"box":{"x":76,"y":263,"width":114,"height":8}},{"id":"ac39e6f9-725b-4c4e-8e09-1021aa924fe1","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":138,"box":{"x":195,"y":263,"width":704,"height":11}},{"id":"27b4695e-881c-4b12-87e7-9cdcd22798f3","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. A Fund that holds","page_number":138,"box":{"x":76,"y":277,"width":898,"height":11}},{"id":"d796271f-ad98-4ea3-946d-22bcff9c1d1b","block_type":"box","text":"fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or sold at a discount to similar “round","page_number":138,"box":{"x":76,"y":291,"width":880,"height":11}},{"id":"6a345a2a-ec20-4197-be14-3c467c157641","block_type":"box","text":"lot” bonds. The prices used by the Fund may differ from the value that would be realized if these securities were sold, and the impact of such","page_number":138,"box":{"x":77,"y":305,"width":898,"height":11}},{"id":"ef7bf8ce-810b-419b-be91-72ed2282e9d4","block_type":"box","text":"pricing differences on a Fund’s performance may be heightened when the Fund’s size is small. In addition, a Fund may face the risk of being","page_number":138,"box":{"x":76,"y":320,"width":894,"height":10}},{"id":"3e445dec-f6f5-4ac5-8b92-6516404661af","block_type":"box","text":"delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from the listing exchange, the","page_number":138,"box":{"x":76,"y":334,"width":890,"height":11}},{"id":"70e9a201-dca2-4cf5-8a5b-7292b947d601","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a Fund could lead to elevated","page_number":138,"box":{"x":77,"y":348,"width":893,"height":11}},{"id":"8217ed80-6eb4-4c98-a2ca-7fd67848cfa4","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":138,"box":{"x":76,"y":362,"width":530,"height":11}},{"id":"9aae2e25-47ff-4ea1-8cfa-5cc37aa1edbc","block_type":"box","text":"Sustainability Risk.","page_number":138,"box":{"x":76,"y":385,"width":132,"height":11}},{"id":"c0b37905-e984-4306-b3c4-3597fc0fa300","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":138,"box":{"x":214,"y":385,"width":762,"height":11}},{"id":"c981c5bd-63c7-49a7-991a-b1bd82aa391e","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":138,"box":{"x":77,"y":400,"width":732,"height":10}},{"id":"d6aeefc7-9baa-4ff7-aa52-83e2f5795d11","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":138,"box":{"x":76,"y":423,"width":874,"height":11}},{"id":"ced3ebb8-b2ea-4188-b912-b36e74c02e3e","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":138,"box":{"x":76,"y":437,"width":875,"height":11}},{"id":"53bea39e-9300-4061-a7cd-385740fb9381","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":138,"box":{"x":76,"y":451,"width":901,"height":11}},{"id":"2a5c9ca8-4bb8-4595-955a-b33eb9af0de2","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":138,"box":{"x":76,"y":465,"width":883,"height":11}},{"id":"1f045003-4547-4343-860d-7bfe658f8bc7","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":138,"box":{"x":76,"y":480,"width":863,"height":10}},{"id":"e58be498-d827-4e22-92a8-2c52e655d4c9","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":138,"box":{"x":76,"y":494,"width":864,"height":11}},{"id":"6d3fa289-243f-4725-9461-b4d2a2553aaa","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":138,"box":{"x":76,"y":508,"width":886,"height":11}},{"id":"c43c7a9f-94d4-4ee1-9fb2-190a4a27e9e9","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":138,"box":{"x":76,"y":531,"width":905,"height":11}},{"id":"f76aaa6d-7f95-42e5-8380-f148d1c7910b","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":138,"box":{"x":76,"y":545,"width":851,"height":11}},{"id":"37335d3a-b9d8-4def-adbd-89dc66f180b3","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":138,"box":{"x":76,"y":568,"width":875,"height":11}},{"id":"e4860d78-016a-4148-b466-21080787a3bd","block_type":"box","text":"edit","page_number":138,"box":{"x":952,"y":568,"width":24,"height":9}},{"id":"70606339-6e7d-42c0-98fe-b9662f7048d4","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":138,"box":{"x":76,"y":583,"width":890,"height":10}},{"id":"792768be-ddcb-4f80-b43f-d89b13dc0e4d","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":138,"box":{"x":76,"y":597,"width":343,"height":11}},{"id":"8b3b8816-0b83-4496-9094-c5e4cb31e9cf","block_type":"box","text":"e.g","page_number":138,"box":{"x":420,"y":599,"width":19,"height":9}},{"id":"02864eae-da55-4a85-969c-abc7b4564a9b","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":138,"box":{"x":440,"y":597,"width":534,"height":11}},{"id":"222c46ff-8f67-4ede-92d9-324502e5428b","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":138,"box":{"x":76,"y":611,"width":468,"height":11}},{"id":"c89b53c9-a9b5-4c7f-8866-c96397fd6b32","block_type":"box","text":"e.g","page_number":138,"box":{"x":545,"y":613,"width":19,"height":9}},{"id":"07d1198b-875f-4e70-91ae-87ee8549c388","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":138,"box":{"x":565,"y":611,"width":410,"height":11}},{"id":"1aef4916-76f1-4623-beaf-39ef7bd37b30","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":138,"box":{"x":76,"y":625,"width":845,"height":11}},{"id":"c1d8e154-f304-4fbc-83a7-14aa600d545d","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":138,"box":{"x":76,"y":639,"width":777,"height":11}},{"id":"7efd3380-222d-4eab-85df-72d1a379afc8","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":138,"box":{"x":76,"y":663,"width":903,"height":10}},{"id":"7326ec11-b718-418a-acd4-a483cd8480f6","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":138,"box":{"x":76,"y":677,"width":840,"height":11}},{"id":"06f22ff1-a241-4576-af88-9bc2ee61f51c","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":138,"box":{"x":76,"y":691,"width":898,"height":11}},{"id":"05c5d642-0c38-4030-8033-8c99c22912e2","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":138,"box":{"x":77,"y":705,"width":873,"height":11}},{"id":"f91b428b-d024-4eb1-945e-2e38357ba9da","block_type":"box","text":"transition risks.","page_number":138,"box":{"x":76,"y":719,"width":98,"height":9}},{"id":"322a6fe3-b0e3-4d51-930c-70d15891caa5","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":138,"box":{"x":76,"y":742,"width":869,"height":11}},{"id":"46464737-8ef5-4d93-841a-8da0ff27efee","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":138,"box":{"x":76,"y":757,"width":443,"height":10}},{"id":"ede51149-3659-40e5-82ca-0fdfa4218c89","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":138,"box":{"x":76,"y":780,"width":850,"height":11}},{"id":"c04a1baf-f58a-4a70-a27d-4ec2d2b3a5d3","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":138,"box":{"x":76,"y":794,"width":889,"height":11}},{"id":"61d63352-90ca-4337-a323-bd43da5e0402","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":138,"box":{"x":76,"y":808,"width":903,"height":11}},{"id":"6c3f92ab-5b5c-4461-bc77-081c1687e0bd","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":138,"box":{"x":76,"y":822,"width":252,"height":11}},{"id":"5fad3929-af87-46fc-9173-ae8b331731f2","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":138,"box":{"x":76,"y":846,"width":829,"height":10}},{"id":"a3727c48-c914-45a8-9995-ad1dfc58a0d0","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":138,"box":{"x":76,"y":860,"width":477,"height":11}},{"id":"e3eb23f0-90a4-4582-b642-5d172179a6f3","block_type":"box","text":"13","page_number":138,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"fe62bf7b-14e3-40c1-a98d-a0bf8ebea5d6","block_type":"box","text":"Tax Risk.","page_number":139,"box":{"x":76,"y":23,"width":59,"height":9}},{"id":"de6c3b1c-139c-4cdd-a3ec-c19b1d22fe6f","block_type":"box","text":"For a Fund that invests in tax-exempt municipal bonds, there is no guarantee that the Fund’s income will be exempt from U.S.","page_number":139,"box":{"x":141,"y":23,"width":803,"height":11}},{"id":"699c6b42-add0-42b4-b04e-26ba7cc85046","block_type":"box","text":"federal, state or local income taxes, the federal AMT or the federal Medicare contribution tax of 3.8% on “net investment income.” The Index","page_number":139,"box":{"x":76,"y":37,"width":897,"height":10}},{"id":"62c0e744-342b-4983-9e97-87df779b717d","block_type":"box","text":"Provider relies on the bond issuer’s prospectus disclosure of the opinion from its counsel as to the bond’s tax-exempt status. Similarly, for","page_number":139,"box":{"x":77,"y":51,"width":884,"height":11}},{"id":"de53208c-2a67-4eb5-8945-ff5bca2af62e","block_type":"box","text":"municipal bonds not represented in the Underlying Index, BFA will rely on prospectus disclosure of the opinion from the bond issuer’s","page_number":139,"box":{"x":76,"y":66,"width":852,"height":11}},{"id":"f9394640-3f4a-4c91-bc4c-d71340562d3f","block_type":"box","text":"counsel. Neither BFA nor a Fund guarantees that these opinions are correct, and there is no assurance that the IRS will agree with the bond","page_number":139,"box":{"x":76,"y":80,"width":892,"height":11}},{"id":"554e1517-60c2-4e06-a487-a646495a7f8a","block_type":"box","text":"counsel’s opinion.","page_number":139,"box":{"x":76,"y":94,"width":114,"height":11}},{"id":"72203c1a-828b-4c32-a555-eb10faea6084","block_type":"box","text":"Issuers of tax-exempt securities or other parties generally enter into covenants requiring continuing compliance with U.S. federal tax","page_number":139,"box":{"x":77,"y":117,"width":849,"height":11}},{"id":"958529cc-2463-4ce1-939c-4ede29377bd0","block_type":"box","text":"requirements to preserve the tax-free status of interest payments over the life of the security. If at any time the covenants are not complied","page_number":139,"box":{"x":77,"y":131,"width":892,"height":11}},{"id":"0ca63e5c-3e67-443f-a0e9-578593a4ea98","block_type":"box","text":"with, or if the IRS otherwise determines that the issuer did not comply with relevant tax requirements, interest payments from a security","page_number":139,"box":{"x":76,"y":146,"width":873,"height":10}},{"id":"c21cdcaa-be10-4051-949b-6d2ff2c78ca2","block_type":"box","text":"could become federally taxable, possibly retroactively to the date the security was issued, and the security could decline significantly in","page_number":139,"box":{"x":76,"y":160,"width":866,"height":11}},{"id":"5e20698b-aad6-4529-aef1-04ace07234ef","block_type":"box","text":"value. For municipal bonds not included in the Underlying Index, BFA will generally seek to obtain bonds that pay interest that is exempt from","page_number":139,"box":{"x":76,"y":174,"width":902,"height":11}},{"id":"de39fc61-9245-4cb2-9017-a0faadd8b1d3","block_type":"box","text":"U.S. federal income taxes, the relevant state income taxes and the federal AMT. The interest on money market instruments, other cash","page_number":139,"box":{"x":77,"y":188,"width":861,"height":11}},{"id":"c9b73056-7fa2-4d04-b953-75ed846c7859","block_type":"box","text":"equivalents and derivatives held by a Fund may be subject to federal, state and local income taxes and the federal Medicare contribution tax.","page_number":139,"box":{"x":76,"y":202,"width":902,"height":11}},{"id":"5efe2e9e-dae4-4a68-8aa5-24ad22093437","block_type":"box","text":"Events occurring after a municipal bond is issued or is acquired by a Fund may result in a determination that the bond’s interest is includible","page_number":139,"box":{"x":77,"y":226,"width":895,"height":10}},{"id":"33260a19-f6cd-4522-b411-f737e962d497","block_type":"box","text":"in gross income, retroactively to the bond’s date of issuance, for purposes of U.S. federal income taxes, the federal AMT or the federal","page_number":139,"box":{"x":76,"y":240,"width":859,"height":11}},{"id":"6238836d-c16b-45c2-bfc1-444cde4750aa","block_type":"box","text":"Medicare contribution tax. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to","page_number":139,"box":{"x":77,"y":254,"width":871,"height":11}},{"id":"cbdbc063-0f3c-4b32-855d-9ef1db9bcb71","block_type":"box","text":"those shareholders in the year of receipt. Also, although a Fund does not expect to do so, its investment policies permit it to invest up to 20%","page_number":139,"box":{"x":76,"y":268,"width":904,"height":11}},{"id":"a0a76182-ba6e-4a8a-acd4-588046829efb","block_type":"box","text":"of its assets in securities whose interest is subject to ordinary income tax, the federal AMT or the federal Medicare contribution tax. Changes","page_number":139,"box":{"x":76,"y":282,"width":903,"height":11}},{"id":"744e1461-70e8-4769-bb74-59975b99d32f","block_type":"box","text":"in U.S. federal, state or local income taxes, the federal AMT or the federal Medicare contribution tax or in the tax treatment of municipal","page_number":139,"box":{"x":76,"y":296,"width":870,"height":11}},{"id":"229c9124-6f52-4b15-9f92-8f665ecbb7f3","block_type":"box","text":"bonds may make municipal bonds less attractive as investments and cause them to lose value.","page_number":139,"box":{"x":76,"y":311,"width":606,"height":10}},{"id":"940cbede-be43-493f-9bf9-82568abcd5b8","block_type":"box","text":"Tracking Error Risk.","page_number":139,"box":{"x":76,"y":334,"width":135,"height":11}},{"id":"356669ae-783f-4f67-8e5b-7d0dcb8f716d","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":139,"box":{"x":216,"y":334,"width":749,"height":11}},{"id":"453069bb-7510-419e-9e13-bfa778d05d00","block_type":"box","text":"from that of the Underlying Index. 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Tracking error risk may be heightened during times of","page_number":139,"box":{"x":76,"y":476,"width":851,"height":10}},{"id":"aa0f77d6-251a-4742-9b05-86b7de64e80a","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":139,"box":{"x":76,"y":490,"width":401,"height":11}},{"id":"75b63685-39a2-4c1b-b90a-58c6be72f058","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":139,"box":{"x":77,"y":513,"width":211,"height":11}},{"id":"d38f4908-3f82-4c2d-98bc-c6a32f38c9a4","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of","page_number":139,"box":{"x":294,"y":513,"width":638,"height":11}},{"id":"869fe62e-0b0c-4e75-9fd8-9c86f26cd1c6","block_type":"box","text":"issuance and other characteristics. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to","page_number":139,"box":{"x":76,"y":527,"width":876,"height":11}},{"id":"7e5b4d6c-914e-4343-ae38-de54bb04931b","block_type":"box","text":"maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the","page_number":139,"box":{"x":76,"y":541,"width":891,"height":11}},{"id":"d4f21d24-389d-4a6a-bc00-f94d7308ae8e","block_type":"box","text":"full faith and credit of the United States, circumstances (","page_number":139,"box":{"x":76,"y":556,"width":362,"height":10}},{"id":"820b2bf7-f9c1-443d-8091-5fac99ca23ce","block_type":"box","text":"e.g","page_number":139,"box":{"x":439,"y":558,"width":19,"height":8}},{"id":"be3bb6a8-c003-4d4c-b299-bc1e11dba5e3","block_type":"box","text":"., reaching the legislative “debt ceiling”) could arise that could prevent the timely","page_number":139,"box":{"x":459,"y":556,"width":515,"height":10}},{"id":"a28d39ab-f1c8-4993-8c1b-a171d8c3e6fe","block_type":"box","text":"payment of interest or principal. An actual or threatened failure of the U.S. government to pay its obligations would result in losses to a Fund","page_number":139,"box":{"x":76,"y":570,"width":899,"height":11}},{"id":"153d0cd8-79cd-4257-9467-f669a04fc650","block_type":"box","text":"holding such securities as well as substantial negative consequences for the U.S. economy and the global financial system.","page_number":139,"box":{"x":77,"y":584,"width":786,"height":11}},{"id":"3ecf5706-a6a4-49ed-94fb-7e92178c7541","block_type":"box","text":"Changes in the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Because","page_number":139,"box":{"x":76,"y":607,"width":881,"height":11}},{"id":"700678aa-7a24-471f-a6e3-a4b92032fe20","block_type":"box","text":"U.S. government debt obligations are often used as a benchmark for other borrowing arrangements, a downgrade to the credit rating of the","page_number":139,"box":{"x":77,"y":621,"width":891,"height":11}},{"id":"d7afc7c1-d3ab-43a1-84f4-a1f8dc57780f","block_type":"box","text":"U.S. could result in higher interest rates for a range of borrowers, cause disruptions in the international bond markets and have a substantial","page_number":139,"box":{"x":77,"y":635,"width":898,"height":11}},{"id":"26424f23-eb02-45e0-8a2f-c12b9d969b09","block_type":"box","text":"adverse effect on the U.S. and global economies.","page_number":139,"box":{"x":76,"y":650,"width":313,"height":10}},{"id":"f60d11a4-9b81-4053-adf3-d2ac7b500ef7","block_type":"box","text":"A high national debt level may increase market pressures to meet government funding needs, which may drive debt costs higher and lead the","page_number":139,"box":{"x":76,"y":673,"width":904,"height":11}},{"id":"adbec1a8-af99-45dc-8e83-094122a7180c","block_type":"box","text":"government to issue additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that the U.S. government","page_number":139,"box":{"x":76,"y":687,"width":896,"height":11}},{"id":"54214ca0-85f3-4818-b89a-b8d9f743a521","block_type":"box","text":"will not be able to make principal or interest payments when they are due. If market participants determine that U.S. sovereign debt levels","page_number":139,"box":{"x":76,"y":701,"width":884,"height":11}},{"id":"b9a579b2-fe95-491a-ac8a-119c2b6905d5","block_type":"box","text":"are unsustainable, the value of the U.S. dollar could decline, thus increasing inflationary pressures and constraining the U.S. government’s","page_number":139,"box":{"x":76,"y":715,"width":885,"height":11}},{"id":"31eaab06-e1b2-441b-a87b-80218ff3086c","block_type":"box","text":"ability to implement effective countercyclical fiscal policy in economic downturns.","page_number":139,"box":{"x":76,"y":730,"width":523,"height":10}},{"id":"d4dba846-ad83-4e32-9434-e6f056b030f6","block_type":"box","text":"Valuation Risk.","page_number":139,"box":{"x":76,"y":753,"width":102,"height":8}},{"id":"dab09dea-cdb7-447a-b2ae-4230c707e413","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":139,"box":{"x":183,"y":753,"width":756,"height":11}},{"id":"cc2e1321-7039-4800-98df-2e87fb59e5a6","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":139,"box":{"x":77,"y":767,"width":889,"height":11}},{"id":"1f1adbef-6634-45ef-9cfd-18598951ea2d","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":139,"box":{"x":76,"y":781,"width":857,"height":11}},{"id":"9c9a6cd8-bec7-42e2-8d58-3bcea52429f1","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":139,"box":{"x":76,"y":795,"width":898,"height":11}},{"id":"0b306569-727c-4d2f-90f0-25e4ad1fd588","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":139,"box":{"x":76,"y":809,"width":849,"height":11}},{"id":"3e688a05-b55f-44e7-a905-389aa7e474b9","block_type":"box","text":"purchase or sell Fund shares.","page_number":139,"box":{"x":76,"y":824,"width":187,"height":10}},{"id":"df231237-0d5e-4ce9-99e3-bab98f359867","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":139,"box":{"x":77,"y":847,"width":886,"height":11}},{"id":"ff236c1d-a73c-4509-9b09-5a26029fe626","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":139,"box":{"x":76,"y":861,"width":890,"height":11}},{"id":"a024a6af-e241-41c4-9234-4c1a96b35fd0","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":139,"box":{"x":76,"y":875,"width":847,"height":11}},{"id":"63803210-2be6-4cad-a3da-261bd05dab0d","block_type":"box","text":"14","page_number":139,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"62df8240-f3e4-42f5-9389-cf3803fbc48a","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":140,"box":{"x":76,"y":23,"width":895,"height":11}},{"id":"6b8dadd3-831f-4d31-b50a-3e985c5873fd","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":140,"box":{"x":76,"y":37,"width":892,"height":11}},{"id":"11cd3417-30c2-4f31-8cdf-63f9a59a7a74","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":140,"box":{"x":77,"y":51,"width":857,"height":11}},{"id":"23d79843-c195-4c4a-991a-97bb99bcbadc","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":140,"box":{"x":76,"y":66,"width":772,"height":11}},{"id":"d0666b38-2507-4760-88b1-783816561553","block_type":"box","text":"Portfolio Holdings Information","page_number":140,"box":{"x":78,"y":95,"width":296,"height":16}},{"id":"72114193-006f-4a94-b91f-0b42af4975ce","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":140,"box":{"x":76,"y":124,"width":896,"height":10}},{"id":"5df4b348-bba6-48ba-a200-01c87fdeba6f","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":140,"box":{"x":76,"y":138,"width":906,"height":11}},{"id":"e8bd80f6-5bf3-4de5-bca2-2b7cacd81073","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":140,"box":{"x":77,"y":152,"width":893,"height":11}},{"id":"35cd4b30-64d3-4402-954c-314393f1abc6","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":140,"box":{"x":76,"y":166,"width":256,"height":11}},{"id":"949b4d86-3f72-42ab-bacc-0f97aaebd3d5","block_type":"box","text":"Management of the Funds","page_number":140,"box":{"x":78,"y":195,"width":258,"height":17}},{"id":"aacf69f3-98db-4a94-ba68-d1d76041b996","block_type":"box","text":"Investment Adviser","page_number":140,"box":{"x":77,"y":224,"width":135,"height":9}},{"id":"dc75c3ed-8449-4f0c-bd87-3c559450a038","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":140,"box":{"x":76,"y":247,"width":839,"height":11}},{"id":"c8a2c9ef-68ef-464f-9f6d-1fd906b182c5","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":140,"box":{"x":76,"y":262,"width":899,"height":10}},{"id":"55881f47-b83b-49e1-826d-670b07c8ff01","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":140,"box":{"x":76,"y":276,"width":886,"height":11}},{"id":"00fa0415-adbb-45ea-b0a7-961911c056ca","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":140,"box":{"x":77,"y":290,"width":852,"height":11}},{"id":"0fb50a92-7965-470c-bc9d-fbfd3a398f16","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. 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They do not necessarily represent the","page_number":140,"box":{"x":76,"y":365,"width":885,"height":11}},{"id":"84b36150-6e4a-475a-89f9-ddf0d025a778","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":140,"box":{"x":76,"y":379,"width":892,"height":11}},{"id":"c38ce1e3-9bdb-47cf-881e-9d23596081a6","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":140,"box":{"x":76,"y":393,"width":886,"height":11}},{"id":"0127f488-602b-474b-a13b-2d12290107c3","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":140,"box":{"x":76,"y":407,"width":299,"height":11}},{"id":"e10c3b60-7ac9-45a7-8039-1734710d9afe","block_type":"box","text":"Fees and Expenses","page_number":140,"box":{"x":77,"y":431,"width":131,"height":10}},{"id":"5e39cc0d-d30b-4bad-818c-19374b17da2a","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Funds), BFA is responsible for","page_number":140,"box":{"x":77,"y":454,"width":867,"height":11}},{"id":"e2885857-24c0-4e31-a85a-5549331c70b1","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":140,"box":{"x":76,"y":468,"width":858,"height":11}},{"id":"2ffc8b93-7051-4e18-ae87-709b0d897a69","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":140,"box":{"x":76,"y":482,"width":891,"height":11}},{"id":"c4e8c735-af6e-4f67-9de5-530ec919799f","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Trustees who are not","page_number":140,"box":{"x":76,"y":496,"width":838,"height":11}},{"id":"e8d7d40a-664f-470d-8d5d-c53fffd4c53d","block_type":"box","text":"“interested persons” of the Trust). Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees","page_number":140,"box":{"x":76,"y":510,"width":886,"height":11}},{"id":"6beaece4-3e9b-4caf-be49-49d45b59050a","block_type":"box","text":"and Expenses, if any.","page_number":140,"box":{"x":76,"y":525,"width":132,"height":10}},{"id":"8d0c0c9d-40f8-4d55-9270-34c2cf6cf586","block_type":"box","text":"A discussion regarding the basis for the approval by the Trust’s Board of Trustees (the “Board”) of the Investment Advisory Agreement with","page_number":140,"box":{"x":76,"y":548,"width":886,"height":11}},{"id":"b3191312-71c3-466e-a316-5818a4093973","block_type":"box","text":"BFA is available in the Funds’ Form N-CSR filed with the SEC for the period ended October 31 or, for iShares iBonds Dec 2031 Term Muni","page_number":140,"box":{"x":77,"y":562,"width":874,"height":11}},{"id":"829ce79e-4e78-4ca5-844e-4643251a3e16","block_type":"box","text":"Bond ETF and iShares iBonds Oct 2035 Term TIPS ETF, for the period ended April 30 and in the applicable financial statements and additional","page_number":140,"box":{"x":77,"y":576,"width":903,"height":11}},{"id":"c76bd669-1573-49ea-887c-ae02a8a969ff","block_type":"box","text":"information documents posted at www.iShares.com.","page_number":140,"box":{"x":76,"y":590,"width":335,"height":11}},{"id":"f8753f96-ab30-4641-aab2-5404ed4fa23b","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended October 31, 2025, BFA was paid a management fee from each","page_number":140,"box":{"x":77,"y":614,"width":878,"height":10}},{"id":"d1064135-fdea-4bd8-9aeb-f88fd4ea534c","block_type":"box","text":"Fund, as a percentage of the Fund’s average daily net assets, net of any applicable waivers, at the annual rate set forth in the table below. 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BFA and its Affiliates may have other direct and","page_number":142,"box":{"x":76,"y":274,"width":903,"height":11}},{"id":"9459b43e-cc92-4bf8-8ea2-a3407a1b9d71","block_type":"box","text":"indirect interests in securities, currencies, commodities, derivatives and other assets in which a Fund may directly or indirectly invest.","page_number":142,"box":{"x":76,"y":288,"width":856,"height":11}},{"id":"37200267-3454-4493-9311-02b54cc99c45","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those","page_number":142,"box":{"x":77,"y":311,"width":902,"height":11}},{"id":"3c3a37c0-62de-41e1-a8b7-007f4a47a9d9","block_type":"box","text":"of a Fund and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are","page_number":142,"box":{"x":76,"y":325,"width":890,"height":11}},{"id":"2b6302ef-3777-4019-958f-e08357b78878","block_type":"box","text":"held by a Fund. This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":142,"box":{"x":77,"y":340,"width":855,"height":10}},{"id":"08b268dd-4672-409b-a2fd-81cda04ef3bb","block_type":"box","text":"investment companies that are affiliated with the Fund and BFA, to the extent permitted under the Investment Company Act of 1940, as","page_number":142,"box":{"x":76,"y":354,"width":868,"height":11}},{"id":"f1326816-613c-417c-a4b9-e722a9aba205","block_type":"box","text":"amended (the “1940 Act”). The trading activities of BFA and its Affiliates are carried out without reference to positions held directly or","page_number":142,"box":{"x":76,"y":368,"width":855,"height":11}},{"id":"bc57fca5-2504-4390-959e-42999a90d6e1","block_type":"box","text":"indirectly by a Fund. These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":142,"box":{"x":76,"y":382,"width":861,"height":11}},{"id":"3ed8264a-55a1-407b-8ec3-7628e4f4b8bf","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":142,"box":{"x":76,"y":396,"width":411,"height":11}},{"id":"1531160c-72ec-4be3-8bdb-67c2be6f5364","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":142,"box":{"x":76,"y":420,"width":891,"height":10}},{"id":"9be6b072-f6cb-4335-83dd-506ec3948d1d","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":142,"box":{"x":76,"y":434,"width":864,"height":11}},{"id":"9b230935-c557-4600-bfe2-d7c0832d5a5b","block_type":"box","text":"compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other","page_number":142,"box":{"x":76,"y":448,"width":845,"height":11}},{"id":"ba4692cc-23c4-4600-a79f-78eba39ba089","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":142,"box":{"x":76,"y":462,"width":695,"height":11}},{"id":"2e8264c0-cee2-45e3-9339-4dd68d99a06e","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":142,"box":{"x":76,"y":485,"width":871,"height":11}},{"id":"907ab48e-4bb6-4a5b-b374-2d664d272ba1","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":142,"box":{"x":77,"y":499,"width":347,"height":11}},{"id":"60fee6a9-e378-4506-9823-12248da33970","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":142,"box":{"x":77,"y":523,"width":891,"height":11}},{"id":"0015f21b-4626-4e0b-b1d1-6c365ae3dad0","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":142,"box":{"x":76,"y":537,"width":873,"height":11}},{"id":"445c1c42-370c-4052-b9c2-d5784bff1957","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":142,"box":{"x":76,"y":551,"width":903,"height":11}},{"id":"ceb34a7a-8015-4173-a61f-93d8500077c1","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":142,"box":{"x":76,"y":565,"width":897,"height":11}},{"id":"29a67ae9-82a7-450d-9e4a-054d16df0e18","block_type":"box","text":"possible.","page_number":142,"box":{"x":76,"y":579,"width":56,"height":11}},{"id":"bc86b758-c003-4f11-a4a4-42033fbd6f1f","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":142,"box":{"x":77,"y":603,"width":888,"height":10}},{"id":"aff46d55-6a20-489f-a43c-e303866819a2","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":142,"box":{"x":76,"y":617,"width":857,"height":11}},{"id":"bc89b6ac-7962-46ce-9dfb-bb2bf09bbf72","block_type":"box","text":"employees or clients.","page_number":142,"box":{"x":76,"y":631,"width":135,"height":11}},{"id":"6aa5c0bb-d549-4a2f-838b-481799d2422e","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":142,"box":{"x":77,"y":654,"width":876,"height":11}},{"id":"aa05e901-4534-4b8d-8a0f-01c423c8f9f7","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":142,"box":{"x":76,"y":668,"width":851,"height":11}},{"id":"940f4c2a-585a-46b5-96b5-995806c65251","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":142,"box":{"x":76,"y":683,"width":440,"height":10}},{"id":"b05b259f-c662-41bc-bde2-7d20ba4da56e","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":142,"box":{"x":76,"y":706,"width":901,"height":11}},{"id":"fe47f216-df8c-44c4-a31d-a16f4cd2e32a","block_type":"box","text":"such restrictions.","page_number":142,"box":{"x":76,"y":720,"width":110,"height":8}},{"id":"bb27fbfc-0af8-4604-9dfc-d2726cbd82d4","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":142,"box":{"x":77,"y":743,"width":863,"height":11}},{"id":"1b0b8cda-6a08-47bc-9286-d57b64822e1b","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":142,"box":{"x":77,"y":757,"width":854,"height":11}},{"id":"d1c7d5b9-ab5f-479e-91b4-bfa1b116402d","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":142,"box":{"x":77,"y":771,"width":862,"height":11}},{"id":"5fbea309-7da6-499b-8e7b-c0912f36c961","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":142,"box":{"x":77,"y":786,"width":876,"height":10}},{"id":"8676ac9a-10a8-47ff-b5b7-0b5e8d78eb8f","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":142,"box":{"x":76,"y":800,"width":363,"height":11}},{"id":"b2dd5a77-2160-4226-b465-07e2fb417863","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":142,"box":{"x":77,"y":823,"width":894,"height":11}},{"id":"aecb271f-f1c2-4f2a-92de-dc18077a7c28","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":142,"box":{"x":76,"y":837,"width":860,"height":11}},{"id":"ecf6efd5-1094-4b7f-9455-5e9fd8e43fa9","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":142,"box":{"x":77,"y":851,"width":854,"height":11}},{"id":"aa245e29-280e-4ea1-8714-ccfe2859f47e","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":142,"box":{"x":76,"y":866,"width":894,"height":10}},{"id":"36cd775f-40de-40ae-9276-2d6eec5de437","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":142,"box":{"x":76,"y":880,"width":871,"height":11}},{"id":"4b97baf5-59d2-41a3-a8c7-0629822777b9","block_type":"box","text":"17","page_number":142,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"56bd2aa8-699b-498c-bc01-79629e362f6e","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":143,"box":{"x":76,"y":23,"width":848,"height":11}},{"id":"4ae52c3a-743e-4264-8c03-67c8a09a9c78","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":143,"box":{"x":77,"y":37,"width":342,"height":11}},{"id":"ecf80c16-fe6e-4655-9eca-4cb6546b1bdc","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":143,"box":{"x":77,"y":61,"width":893,"height":10}},{"id":"a16e81c2-6fc1-4475-b7a6-c5b8207dcc1a","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":143,"box":{"x":76,"y":75,"width":885,"height":11}},{"id":"27fe640f-afef-4df9-867d-4a06e01ac809","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":143,"box":{"x":76,"y":89,"width":897,"height":11}},{"id":"b25a05a9-5540-4660-a3ac-b38b51843ee3","block_type":"box","text":"licensees.","page_number":143,"box":{"x":77,"y":103,"width":61,"height":9}},{"id":"a894338c-f440-466c-8ade-8bdb01e29042","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":143,"box":{"x":76,"y":126,"width":875,"height":11}},{"id":"fbc9dcd5-968a-42e3-b74e-cad5840f740e","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":143,"box":{"x":76,"y":140,"width":886,"height":11}},{"id":"f599bcca-7ba5-4add-af87-59b1c92a4d6f","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":143,"box":{"x":76,"y":155,"width":326,"height":8}},{"id":"3df093d5-05fc-4560-ae94-2a498c40bd0b","block_type":"box","text":"Shareholder Information","page_number":143,"box":{"x":77,"y":183,"width":240,"height":14}},{"id":"79238f0a-ccf4-47c6-bed9-c28f8ce7517d","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":143,"box":{"x":75,"y":213,"width":821,"height":10}},{"id":"264c6328-e263-42fd-8ff9-f852398293a1","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":143,"box":{"x":78,"y":227,"width":383,"height":11}},{"id":"6f53dcc3-5a0a-4b86-9a45-a45111914204","block_type":"box","text":"Buying and Selling Shares","page_number":143,"box":{"x":77,"y":250,"width":180,"height":11}},{"id":"e27f12cc-c707-46f7-914c-5a6344c3ade6","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":143,"box":{"x":76,"y":273,"width":839,"height":11}},{"id":"c5f805cc-8f1d-41a0-ba9e-e4ee7bf5a552","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":143,"box":{"x":76,"y":287,"width":584,"height":11}},{"id":"46259cc5-60fb-4eba-8678-e5ad5bd7c759","block_type":"box","text":"i.e","page_number":143,"box":{"x":661,"y":287,"width":14,"height":9}},{"id":"19cabf51-5282-4336-a79b-ca91377f4236","block_type":"box","text":"., financial institutions that are authorized to","page_number":143,"box":{"x":677,"y":287,"width":282,"height":11}},{"id":"2ef2f223-873d-407d-82d2-300035cd91f8","block_type":"box","text":"participate in such transactions), as described in the","page_number":143,"box":{"x":76,"y":302,"width":335,"height":10}},{"id":"57599650-bcf8-4a5a-9b8e-a0dc3c1e104d","block_type":"box","text":"Creations and Redemptions","page_number":143,"box":{"x":417,"y":302,"width":173,"height":10}},{"id":"e67467f5-6917-4e81-a582-8711eb8a0069","block_type":"box","text":"section below.","page_number":143,"box":{"x":595,"y":302,"width":90,"height":8}},{"id":"0bd26df8-c573-4098-a63c-fa7e0b35b654","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":143,"box":{"x":77,"y":325,"width":904,"height":11}},{"id":"c65edc70-9f2a-4d98-86ea-ba70c277abf8","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":143,"box":{"x":77,"y":339,"width":860,"height":11}},{"id":"c91b1dc7-3848-45a8-833f-30573a70bf48","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":143,"box":{"x":76,"y":353,"width":857,"height":11}},{"id":"387078b0-2d6b-412d-a841-fd86496faa6b","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":143,"box":{"x":76,"y":367,"width":598,"height":11}},{"id":"a4848dfc-f849-41fd-8470-63d3814d8170","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":143,"box":{"x":77,"y":391,"width":899,"height":10}},{"id":"3ea406a5-bf8e-46c7-bd36-24957af9514f","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":143,"box":{"x":76,"y":405,"width":869,"height":11}},{"id":"d3e9fdc2-54bd-4fa0-8e5f-dbe6df9e9996","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":143,"box":{"x":76,"y":419,"width":888,"height":11}},{"id":"ef9658e8-a821-4793-b172-6be418ec3d29","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":143,"box":{"x":76,"y":433,"width":884,"height":11}},{"id":"c77f9a0d-7c37-40cb-ac7d-2c3b1b5a6211","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":143,"box":{"x":76,"y":447,"width":904,"height":11}},{"id":"90563103-00df-4c27-9189-5464883ea2c8","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":143,"box":{"x":76,"y":461,"width":897,"height":11}},{"id":"00c9cc88-e76d-4532-8db1-6277093ca516","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":143,"box":{"x":76,"y":476,"width":887,"height":10}},{"id":"bb147dcf-be3a-4dd9-85e4-a42cb2bcd3a1","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":143,"box":{"x":76,"y":490,"width":713,"height":11}},{"id":"6bec03e7-1d73-47d2-9b1f-c49804585fc8","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":143,"box":{"x":76,"y":513,"width":902,"height":11}},{"id":"b099691c-8de0-4c93-9c0d-899cd91c0baf","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":143,"box":{"x":76,"y":527,"width":856,"height":11}},{"id":"6b6bdd6f-5bf1-435a-a519-98e35b27a21f","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":143,"box":{"x":77,"y":541,"width":612,"height":11}},{"id":"00e85741-2b52-4ff2-ab9c-72ab7120ad84","block_type":"box","text":"Investments in Investment Companies","page_number":143,"box":{"x":77,"y":565,"width":268,"height":10}},{"id":"444fc3d8-74d5-4ba8-9683-0531dfac11f4","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":143,"box":{"x":76,"y":588,"width":873,"height":11}},{"id":"be38956e-9296-49aa-99f0-a8ad1282820a","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":143,"box":{"x":76,"y":602,"width":889,"height":11}},{"id":"adbc0acc-d704-44ac-8128-2b4db4fbb44f","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":143,"box":{"x":76,"y":616,"width":847,"height":11}},{"id":"5d6bde0a-6325-4532-94e7-1ba0158e7c2c","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":143,"box":{"x":76,"y":630,"width":897,"height":11}},{"id":"54424db6-77b0-4f30-ba55-9ac51ee8fece","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":143,"box":{"x":76,"y":644,"width":890,"height":11}},{"id":"430fffd0-c81c-4746-849a-01a1beefd6b1","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":143,"box":{"x":76,"y":659,"width":904,"height":11}},{"id":"5a6c3dfa-6755-4945-b2a0-241694bb8427","block_type":"box","text":"investment companies and companies controlled by them.","page_number":143,"box":{"x":76,"y":673,"width":374,"height":11}},{"id":"e17d7d6f-f6ff-46ca-b242-80e1637c6ea2","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section","page_number":143,"box":{"x":77,"y":696,"width":867,"height":11}},{"id":"9a8bc5b0-bc69-4256-ae12-2a52b4456416","block_type":"box","text":"12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an Acquired","page_number":143,"box":{"x":78,"y":710,"width":871,"height":11}},{"id":"b92c2182-5b10-4d22-b0ff-bb2391698a2a","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":143,"box":{"x":77,"y":724,"width":855,"height":11}},{"id":"d24fbbb6-6e68-4c57-a4fb-7f7315c386da","block_type":"box","text":"significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on Rule","page_number":143,"box":{"x":76,"y":739,"width":874,"height":10}},{"id":"3cf81831-b86f-4c3c-88ea-6da749ad6400","block_type":"box","text":"12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund beyond","page_number":143,"box":{"x":78,"y":753,"width":894,"height":11}},{"id":"140bd0f4-eb27-46e6-a0dd-a3bad8e776c1","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":143,"box":{"x":76,"y":767,"width":367,"height":11}},{"id":"b17b3aab-afa9-453f-b795-d1442b4aa2ca","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":143,"box":{"x":77,"y":790,"width":883,"height":11}},{"id":"d9ff2f44-5355-4d3f-a3f8-83029dd94772","block_type":"box","text":"SEC no-action relief.","page_number":143,"box":{"x":76,"y":804,"width":130,"height":9}},{"id":"9dc7fa9e-deb4-4e91-aa4d-98046ba885fe","block_type":"box","text":"Book Entry","page_number":143,"box":{"x":77,"y":828,"width":76,"height":10}},{"id":"f10de30d-b840-40d5-8896-cf67ae60b1fc","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":143,"box":{"x":76,"y":851,"width":892,"height":11}},{"id":"afb52b03-a584-4013-b316-8193b231a12a","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":143,"box":{"x":76,"y":865,"width":832,"height":11}},{"id":"786ddd54-00b3-43c5-b9d6-787767aabf28","block_type":"box","text":"outstanding shares of the Funds.","page_number":143,"box":{"x":76,"y":879,"width":209,"height":11}},{"id":"d6bcdac1-1d04-4ac0-9862-a34d339b87b2","block_type":"box","text":"18","page_number":143,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"14a3379b-f2ad-4156-aca3-d0831bfca53e","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":144,"box":{"x":77,"y":23,"width":885,"height":11}},{"id":"8c176a4d-6746-42ed-a77f-80ff324a8a13","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":144,"box":{"x":76,"y":37,"width":863,"height":11}},{"id":"9b71d0a2-b9d8-4a9a-9f55-a1e3bb5b5df5","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":144,"box":{"x":77,"y":51,"width":888,"height":11}},{"id":"2eb15685-9d59-4e6d-8e94-b84cc7f7823d","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":144,"box":{"x":76,"y":66,"width":874,"height":11}},{"id":"c70881b4-083f-40e5-8f05-eff06a0f3d42","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":144,"box":{"x":77,"y":80,"width":899,"height":11}},{"id":"4f827311-d52c-4db3-918a-e05ddaf84d84","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":144,"box":{"x":76,"y":94,"width":330,"height":11}},{"id":"08874ffd-8405-480b-bf4d-c539c764674c","block_type":"box","text":"Share Prices","page_number":144,"box":{"x":76,"y":117,"width":87,"height":9}},{"id":"cbc1b032-7152-4af2-8f5d-538bb2b63b53","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":144,"box":{"x":76,"y":140,"width":894,"height":11}},{"id":"3a92a8c9-5338-428f-a5c1-902e6ecb0a17","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":144,"box":{"x":76,"y":155,"width":876,"height":10}},{"id":"70d63074-7a99-490e-84f5-49b39cc7e356","block_type":"box","text":"conditions.","page_number":144,"box":{"x":76,"y":169,"width":69,"height":8}},{"id":"48f2a743-aee7-410f-839e-88d7e8b8fe80","block_type":"box","text":"Determination of Net Asset Value","page_number":144,"box":{"x":77,"y":192,"width":233,"height":9}},{"id":"74dd2260-e503-4d5a-8c8e-7256dd0fceeb","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":144,"box":{"x":76,"y":215,"width":872,"height":11}},{"id":"3656339e-cb88-4753-8689-453ccdcdccd4","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":144,"box":{"x":76,"y":229,"width":904,"height":11}},{"id":"c76f3962-2425-40ed-8767-749d843d4049","block_type":"box","text":"on prices at the time of closing.","page_number":144,"box":{"x":76,"y":244,"width":201,"height":10}},{"id":"b754581b-c0fa-4470-8913-8b13a7229786","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":144,"box":{"x":76,"y":267,"width":883,"height":11}},{"id":"a76cd440-b9a8-4151-8ce6-9b806d96d0d0","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":144,"box":{"x":76,"y":281,"width":554,"height":11}},{"id":"bd97d9e9-6c60-4711-b5b1-a0a05f0167fd","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":144,"box":{"x":76,"y":304,"width":501,"height":11}},{"id":"016f78e0-948c-489e-942d-c5591786f6b9","block_type":"box","text":"i.e","page_number":144,"box":{"x":578,"y":304,"width":14,"height":9}},{"id":"e63e14cb-6d21-4973-a503-08001b8d2a54","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":144,"box":{"x":594,"y":304,"width":353,"height":11}},{"id":"19a26389-3769-43ca-9459-a66e386498d7","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":144,"box":{"x":77,"y":318,"width":857,"height":11}},{"id":"6f32bf1c-4f95-4a69-87a6-5ce64621cd8b","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":144,"box":{"x":77,"y":333,"width":883,"height":10}},{"id":"d1314d97-f687-46ed-a510-a436dd202f20","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":144,"box":{"x":77,"y":347,"width":881,"height":11}},{"id":"0126d11d-3301-45d8-8bb4-ed365d4cc390","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market","page_number":144,"box":{"x":77,"y":370,"width":867,"height":11}},{"id":"4c290492-2e4c-4674-b6c1-71a683993b96","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":144,"box":{"x":76,"y":384,"width":896,"height":11}},{"id":"33c8be91-393a-478c-b4d9-a183ad1cd542","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded","page_number":144,"box":{"x":77,"y":398,"width":903,"height":11}},{"id":"89cd7bfb-88b6-473c-80e5-b72c5af15687","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":144,"box":{"x":76,"y":412,"width":897,"height":11}},{"id":"6f8ccf3a-d09d-40de-8e83-254a50a848f1","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":144,"box":{"x":76,"y":427,"width":887,"height":10}},{"id":"2c92169c-9033-4bb7-a8a9-5d8bf6a0110f","block_type":"box","text":"price.","page_number":144,"box":{"x":76,"y":441,"width":35,"height":11}},{"id":"f0f7f456-c566-4cf3-83b5-a3552ffbd99c","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":144,"box":{"x":77,"y":464,"width":904,"height":11}},{"id":"edaacb6e-62cd-4d81-af75-e31dbc6c5763","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":144,"box":{"x":76,"y":478,"width":891,"height":11}},{"id":"96666ac0-e32d-4256-8fbd-57151b27b4f9","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":144,"box":{"x":76,"y":492,"width":861,"height":11}},{"id":"1a540f53-8b7c-4a4b-8a57-2d11b071bea6","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":144,"box":{"x":76,"y":507,"width":901,"height":10}},{"id":"724f8693-216e-4e00-a40f-da51e3b70ff3","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":144,"box":{"x":77,"y":521,"width":904,"height":11}},{"id":"526ba243-4acc-46bc-928a-8283d8462eae","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":144,"box":{"x":77,"y":535,"width":899,"height":11}},{"id":"9c58bf28-0645-4efe-a2ca-3e9fd07ad9e4","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":144,"box":{"x":77,"y":549,"width":902,"height":11}},{"id":"c8b5a9cc-f9f9-4741-afea-462028a266d4","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":144,"box":{"x":77,"y":563,"width":491,"height":11}},{"id":"475eb71a-4c79-48bd-aadb-7dd1d233c06a","block_type":"box","text":"Generally, trading in certain instruments (","page_number":144,"box":{"x":76,"y":586,"width":265,"height":11}},{"id":"dcc528f7-37dd-479d-88e3-ec2e7d6c6b3a","block_type":"box","text":"e.g","page_number":144,"box":{"x":343,"y":589,"width":19,"height":8}},{"id":"29ed12bf-80aa-45db-b94b-41ea63936d92","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":144,"box":{"x":362,"y":586,"width":599,"height":11}},{"id":"ce151ff0-927d-4fd2-8df4-3dcc4e241578","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":144,"box":{"x":76,"y":601,"width":869,"height":11}},{"id":"814296e3-8698-4124-8bd0-e6218360ddf0","block_type":"box","text":"determined as of such times.","page_number":144,"box":{"x":76,"y":615,"width":185,"height":8}},{"id":"55667e6d-0bee-4e77-a066-154d1742f856","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":144,"box":{"x":77,"y":638,"width":885,"height":11}},{"id":"d49ab614-12b6-4bd0-9751-0ee1a1c8c3eb","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":144,"box":{"x":76,"y":652,"width":901,"height":11}},{"id":"21c1e149-8827-43fd-86e4-791f1cd247d0","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":144,"box":{"x":76,"y":666,"width":904,"height":11}},{"id":"9a2634ad-7af9-4e14-a6b4-24a7d9508aca","block_type":"box","text":"a Fund’s pricing time.","page_number":144,"box":{"x":76,"y":681,"width":136,"height":10}},{"id":"6d79687e-6632-4b7d-81bc-9b7394288db9","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a mathematical","page_number":144,"box":{"x":76,"y":704,"width":877,"height":11}},{"id":"502531d3-0067-48bd-8b7c-a28a41989b3d","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":144,"box":{"x":76,"y":718,"width":392,"height":11}},{"id":"abf26637-e4d4-475d-bb64-438e7783e342","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":144,"box":{"x":76,"y":741,"width":837,"height":11}},{"id":"b8e945fa-62e9-4e36-8283-12f157b1a4f7","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":144,"box":{"x":76,"y":755,"width":874,"height":11}},{"id":"1ac59406-467a-46ce-8b69-8cdc4aa0fdb7","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an arm’s","page_number":144,"box":{"x":76,"y":770,"width":879,"height":10}},{"id":"82e091de-974b-4930-86f1-f649e058a612","block_type":"box","text":"length transaction.","page_number":144,"box":{"x":77,"y":784,"width":118,"height":11}},{"id":"876193e0-79ee-42ee-9784-6d00e8e83daa","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":144,"box":{"x":77,"y":807,"width":531,"height":11}},{"id":"bb30b39b-0f87-4622-9d51-bb4f6a5877ec","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":144,"box":{"x":113,"y":825,"width":582,"height":11}},{"id":"d0be2d43-fb0b-4503-9fd2-ac10a6814fc5","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":144,"box":{"x":113,"y":843,"width":767,"height":11}},{"id":"f3cd9f6f-4aef-4154-a9d0-553086c705d4","block_type":"box","text":"An asset or liability is thinly traded;","page_number":144,"box":{"x":113,"y":861,"width":223,"height":11}},{"id":"e0db6f68-6e3b-46a0-9c0b-12c209c7932d","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":144,"box":{"x":113,"y":879,"width":508,"height":11}},{"id":"81b64aab-8f3c-4813-a3bf-5c34c4031b2f","block_type":"box","text":"19","page_number":144,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"23abf22f-c6a8-4a86-8567-76d9a0c0f6b5","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":145,"box":{"x":113,"y":23,"width":853,"height":11}},{"id":"3fc108fc-7cee-4099-a0d2-678e038fbcd8","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":145,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"4ad67548-ce6c-4c87-9b80-0ec05ba750a7","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":145,"box":{"x":76,"y":61,"width":876,"height":10}},{"id":"1b7bee4a-b131-41dd-8335-d80947b153e0","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":145,"box":{"x":76,"y":75,"width":246,"height":8}},{"id":"a4846b77-8858-489a-9430-644a225f45bd","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":145,"box":{"x":76,"y":98,"width":890,"height":11}},{"id":"b1016787-3ce7-41e9-bd61-bfe6f6a8af64","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":145,"box":{"x":76,"y":112,"width":888,"height":11}},{"id":"c5cf4d3e-f7d7-47e9-b422-33d3ce515110","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":145,"box":{"x":76,"y":126,"width":896,"height":11}},{"id":"4dbc0848-f0e3-4276-a4f8-b535fb45f55e","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":145,"box":{"x":77,"y":140,"width":870,"height":11}},{"id":"dc420509-50ee-4a3a-9043-2314f67bf86c","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":145,"box":{"x":77,"y":155,"width":414,"height":10}},{"id":"0feeda10-5cc5-4fb0-a61f-fdb7ba0312e3","block_type":"box","text":"Dividends and Distributions","page_number":145,"box":{"x":77,"y":178,"width":192,"height":8}},{"id":"aa61471d-7737-4a50-9543-70b8cea91218","block_type":"box","text":"General Policies.","page_number":145,"box":{"x":76,"y":201,"width":103,"height":9}},{"id":"e6cc4d76-21cb-4300-9222-1c064bdc8509","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":145,"box":{"x":185,"y":201,"width":782,"height":11}},{"id":"6fbc5b17-aa03-40e5-bb6f-0c968d7c3cb2","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":145,"box":{"x":77,"y":215,"width":887,"height":11}},{"id":"0d589394-daa7-4d80-871b-028cadbac3b5","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":145,"box":{"x":76,"y":229,"width":904,"height":11}},{"id":"840d5454-f557-48b2-87cb-5cca389bc0be","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":145,"box":{"x":76,"y":244,"width":893,"height":10}},{"id":"c833c72e-3d1e-4d24-9f46-eba765ade3f8","block_type":"box","text":"or realized gains.","page_number":145,"box":{"x":76,"y":258,"width":107,"height":11}},{"id":"ee47c71a-1e68-4b4b-88d4-6ed2ff543e45","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":145,"box":{"x":77,"y":281,"width":885,"height":11}},{"id":"81e82162-cd64-4837-8822-d134fdbc6d03","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":145,"box":{"x":76,"y":295,"width":856,"height":11}},{"id":"a16398e4-e05c-43db-8d95-4fb6fd64f4fb","block_type":"box","text":"received from the Funds.","page_number":145,"box":{"x":77,"y":309,"width":157,"height":9}},{"id":"c5773546-2bb1-4944-b6db-4a3580f31f3d","block_type":"box","text":"Dividend Reinvestment Service.","page_number":145,"box":{"x":76,"y":333,"width":197,"height":8}},{"id":"baf05555-99ef-4237-9e7a-2570cc73fef3","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":145,"box":{"x":280,"y":333,"width":667,"height":10}},{"id":"3281879e-030f-4ceb-80b1-f64269129b86","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":145,"box":{"x":77,"y":347,"width":899,"height":11}},{"id":"9059c334-9496-479d-9e6a-1066ec267c28","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":145,"box":{"x":76,"y":361,"width":869,"height":11}},{"id":"ff5969ea-be17-4212-8445-7b6610b44c1f","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":145,"box":{"x":76,"y":375,"width":895,"height":11}},{"id":"b11fe5a2-2bb6-45e4-9260-1a4346b82cdf","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":145,"box":{"x":76,"y":389,"width":617,"height":11}},{"id":"03351413-c4da-442c-983a-9fe5226b35c7","block_type":"box","text":"Note on Tax Information.","page_number":145,"box":{"x":76,"y":412,"width":167,"height":9}},{"id":"50579427-9888-4cc8-968d-5616650509ae","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":145,"box":{"x":249,"y":412,"width":723,"height":11}},{"id":"d10ac902-faa8-4edb-aaa6-9a7487a9f904","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":145,"box":{"x":76,"y":427,"width":905,"height":10}},{"id":"bc49b6b6-b9a6-4bff-8bc0-911978b95c5c","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":145,"box":{"x":76,"y":441,"width":893,"height":11}},{"id":"b5aa57e3-94b4-470e-b3e6-88ad7bb72214","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":145,"box":{"x":76,"y":455,"width":893,"height":11}},{"id":"0f678924-3d5d-472c-95a1-f11ccabd7cfd","block_type":"box","text":"laws.","page_number":145,"box":{"x":76,"y":469,"width":30,"height":9}},{"id":"64c1432a-fdbb-4188-88f3-7da2fcee9e58","block_type":"box","text":"Taxes","page_number":145,"box":{"x":76,"y":493,"width":38,"height":8}},{"id":"b972290b-e8e7-4530-b795-c7f330d09d41","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":145,"box":{"x":76,"y":516,"width":874,"height":10}},{"id":"166ba553-69a4-433e-ae2a-0284d76020ee","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":145,"box":{"x":76,"y":530,"width":877,"height":11}},{"id":"b080873a-eda5-4f40-a1cc-37a038ec2928","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":145,"box":{"x":76,"y":544,"width":895,"height":11}},{"id":"c3b7beec-7a20-49d9-a809-caf75d2cf1ba","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":145,"box":{"x":76,"y":558,"width":594,"height":11}},{"id":"9c2cce38-d9ef-4870-a7d6-8a2f9a2dd9be","block_type":"box","text":"Taxes on Fund Distributions","page_number":145,"box":{"x":76,"y":581,"width":194,"height":9}},{"id":"06235c96-03fa-4d60-92df-9c1ff7f4d603","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":145,"box":{"x":76,"y":605,"width":863,"height":10}},{"id":"a1985799-e8fe-4505-b449-c9d0f37c53dc","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":145,"box":{"x":76,"y":619,"width":873,"height":11}},{"id":"58996a6a-d2a2-4601-b3fa-6a78fc530d1e","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":145,"box":{"x":76,"y":633,"width":713,"height":11}},{"id":"5668fb12-7c4d-470a-86ba-bce72686ab29","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":145,"box":{"x":77,"y":656,"width":902,"height":11}},{"id":"96c463e3-f816-482f-8bab-472982e9adb6","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":145,"box":{"x":76,"y":670,"width":365,"height":11}},{"id":"50cb87a6-eb54-4cd5-b69f-fe6b35cd924a","block_type":"box","text":"Capital Gains.","page_number":145,"box":{"x":76,"y":693,"width":86,"height":11}},{"id":"bf36ba4e-b6a0-4c69-9ece-730d1453e625","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":145,"box":{"x":169,"y":693,"width":785,"height":11}},{"id":"585af78b-3d94-4541-8695-b0941b9aa6a8","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":145,"box":{"x":76,"y":708,"width":857,"height":11}},{"id":"50ca5952-13f7-4dee-a47a-625827b35542","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":145,"box":{"x":76,"y":722,"width":878,"height":11}},{"id":"ba3bf90a-029d-4b74-9800-5508ccebc52b","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":145,"box":{"x":77,"y":736,"width":871,"height":11}},{"id":"8c39991e-635e-467b-a8d0-129a1c8977d8","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":145,"box":{"x":76,"y":750,"width":892,"height":11}},{"id":"c092e79f-b1a3-4c7d-ba6e-f0189c28a3fe","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":145,"box":{"x":76,"y":764,"width":878,"height":11}},{"id":"761fa272-3a35-41ca-808b-58c93f27b60f","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":145,"box":{"x":77,"y":779,"width":289,"height":10}},{"id":"f2e06783-a913-4eec-9480-b2677a42b1d4","block_type":"box","text":"Return of Capital.","page_number":145,"box":{"x":76,"y":802,"width":108,"height":10}},{"id":"dc92ecb6-14d2-473e-962f-c320556d297b","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":145,"box":{"x":191,"y":802,"width":775,"height":11}},{"id":"1cd4e91c-a197-48cf-9ee9-7bd9ec2b4c60","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":145,"box":{"x":76,"y":816,"width":904,"height":11}},{"id":"8a23d60a-e109-493d-b1d4-4300f015884b","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":145,"box":{"x":76,"y":830,"width":888,"height":11}},{"id":"3213fd59-f1ca-417c-86ee-2fa5d541be91","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":145,"box":{"x":76,"y":844,"width":843,"height":11}},{"id":"8c0d1d2b-9b08-4d12-89d8-675d51fc66fd","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":145,"box":{"x":76,"y":858,"width":874,"height":11}},{"id":"2b3af993-add2-45e2-ad8b-9c14aa4a93a5","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":145,"box":{"x":76,"y":873,"width":803,"height":11}},{"id":"c39ce176-4945-45ef-9414-6abe21c3beaf","block_type":"box","text":"20","page_number":145,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"82bd13c7-a939-4c1b-ac64-37e7afafb9a3","block_type":"box","text":"Qualified Dividend Income.","page_number":146,"box":{"x":76,"y":23,"width":167,"height":9}},{"id":"e7c07925-1887-4705-b675-20d8dcaf6bd0","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":146,"box":{"x":249,"y":23,"width":702,"height":11}},{"id":"bf1b9a5c-6cc2-4269-9738-140d332c122c","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":146,"box":{"x":76,"y":37,"width":848,"height":11}},{"id":"77bfa51d-7e3a-4c73-84d5-829acc1d5ea2","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":146,"box":{"x":76,"y":51,"width":846,"height":11}},{"id":"87e3380b-85c9-475a-9525-876efc9fc56b","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":146,"box":{"x":76,"y":66,"width":872,"height":11}},{"id":"3363855e-4e6d-4d18-9add-50babc19a36a","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":146,"box":{"x":76,"y":80,"width":892,"height":11}},{"id":"6e8f8bda-73a9-4de6-8384-9e2a8a2bd904","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":146,"box":{"x":76,"y":94,"width":886,"height":11}},{"id":"003a4e49-70b5-43d7-851a-b59fe6b15ed8","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":146,"box":{"x":76,"y":108,"width":854,"height":11}},{"id":"d938d51c-3452-4ed9-bbd2-92f10842d14e","block_type":"box","text":"company.","page_number":146,"box":{"x":76,"y":125,"width":60,"height":8}},{"id":"58a43866-7935-4fc7-b480-97922ced67d4","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":146,"box":{"x":77,"y":146,"width":904,"height":10}},{"id":"791c2eb5-639a-46fe-9898-15e3f5315b4a","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":146,"box":{"x":76,"y":160,"width":901,"height":11}},{"id":"27ec3f9e-8470-4954-952d-7310885d9758","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":146,"box":{"x":76,"y":174,"width":865,"height":11}},{"id":"783507f5-d5f4-4d33-b5a4-aad70ee61d02","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":146,"box":{"x":76,"y":188,"width":895,"height":11}},{"id":"3c412b29-c7ed-45be-aaff-b93d00033c9f","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":146,"box":{"x":76,"y":202,"width":428,"height":11}},{"id":"d01cba07-fc73-4443-adb1-f687e4d5c349","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":146,"box":{"x":77,"y":226,"width":891,"height":10}},{"id":"c7b521a6-6fd1-4e43-b04f-ea1fcd85e889","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":146,"box":{"x":77,"y":240,"width":861,"height":11}},{"id":"2c8e6697-6c17-424d-9585-7c3498e2c182","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":146,"box":{"x":76,"y":254,"width":883,"height":11}},{"id":"9469df00-76a9-4a6d-a105-a1c7cc5ea870","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":146,"box":{"x":76,"y":268,"width":682,"height":11}},{"id":"d9d754df-ca21-420e-bcc8-8af662128535","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":146,"box":{"x":77,"y":291,"width":872,"height":11}},{"id":"c648c635-d6b6-440e-9f1a-ad880fa3fb83","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":146,"box":{"x":77,"y":305,"width":603,"height":11}},{"id":"8698aa1f-1c52-493e-afdc-88c0c7e15930","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":146,"box":{"x":76,"y":329,"width":876,"height":10}},{"id":"4b9f2fa1-0fe6-420d-a71a-ab1482903d51","block_type":"box","text":"Medicare Tax.","page_number":146,"box":{"x":76,"y":352,"width":85,"height":8}},{"id":"3e530a75-4f40-4786-b4fa-4f61b5e2a68d","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":146,"box":{"x":167,"y":352,"width":791,"height":11}},{"id":"856aed1d-6c69-41a9-bd80-401ddc9dcfc2","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":146,"box":{"x":76,"y":365,"width":876,"height":12}},{"id":"af8e4cbb-4676-4fc1-93f2-a98bce576fdc","block_type":"box","text":"trusts.","page_number":146,"box":{"x":76,"y":381,"width":40,"height":8}},{"id":"2841e637-ede2-460d-bb08-984858ae5ad3","block_type":"box","text":"Alternative Minimum Tax.","page_number":146,"box":{"x":75,"y":403,"width":157,"height":9}},{"id":"7d7ec21a-de5c-463c-95cd-862cb6586aa4","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":146,"box":{"x":238,"y":403,"width":738,"height":11}},{"id":"b68db6ec-8720-49e7-8f90-d8b70ee71ff9","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":146,"box":{"x":76,"y":418,"width":833,"height":10}},{"id":"93fc4d28-a1d6-45d1-a7c3-9b50a9104b70","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":146,"box":{"x":76,"y":432,"width":877,"height":11}},{"id":"7b1ed9e3-9c56-4171-ada6-5824921aa8b0","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":146,"box":{"x":77,"y":446,"width":903,"height":11}},{"id":"5059208b-8549-45fc-8748-82f719ab2462","block_type":"box","text":"liability and the regular income tax liability.","page_number":146,"box":{"x":77,"y":460,"width":271,"height":11}},{"id":"700ff300-8608-4ea5-8b61-2b6a13e25e85","block_type":"box","text":"Tax-Exempt Dividends","page_number":146,"box":{"x":76,"y":483,"width":153,"height":11}},{"id":"1b7b0dbe-64d8-40e7-8bc7-73ebc4ce1458","block_type":"box","text":"For each Fund listed below, dividends paid by the Fund that are properly reported as tax-exempt interest dividends will not be subject to","page_number":146,"box":{"x":77,"y":505,"width":870,"height":11}},{"id":"beb48433-60a5-448f-9c9b-6b3cbb72bc60","block_type":"box","text":"regular U.S. federal income tax. Each Fund intends to invest its assets in a manner such that dividend distributions to its shareholders","page_number":146,"box":{"x":77,"y":519,"width":855,"height":11}},{"id":"fb7a44a4-587a-4922-8d1d-657dcc1da803","block_type":"box","text":"generally will be exempt from U.S. federal income taxation, including the federal AMT. Dividends paid by a Fund will be exempt from U.S.","page_number":146,"box":{"x":76,"y":534,"width":873,"height":10}},{"id":"9cc28b6f-fa35-442e-b32c-70cedad7415a","block_type":"box","text":"federal income tax (though not necessarily exempt from state and local taxation) to the extent of the Fund’s tax-exempt interest income as","page_number":146,"box":{"x":76,"y":548,"width":890,"height":11}},{"id":"0280bc78-4746-4655-9895-490f7f3fbac5","block_type":"box","text":"long as 50% or more of the value of the Fund’s assets at the end of each quarter is invested in state, municipal and other bonds whose","page_number":146,"box":{"x":77,"y":562,"width":858,"height":11}},{"id":"cfbb539a-e352-4715-a82e-be85e21fce08","block_type":"box","text":"interest is excluded from gross income for U.S. federal income tax purposes and as long as the Fund properly reports such dividends as tax","page_number":146,"box":{"x":76,"y":576,"width":896,"height":11}},{"id":"2487a396-4e58-485c-82df-19dc37447916","block_type":"box","text":"exempt interest dividends.","page_number":146,"box":{"x":76,"y":590,"width":169,"height":11}},{"id":"a071d844-7da5-47e0-ad10-e218e4ec5ad0","block_type":"box","text":"Exempt interest dividends from interest earned on the municipal securities of a state or its political subdivisions may be exempt from income","page_number":146,"box":{"x":77,"y":612,"width":901,"height":11}},{"id":"40493c17-ae71-461e-935a-735cf1a33a7b","block_type":"box","text":"tax in that state. However, income from the municipal securities of one state generally will not qualify for tax-free treatment in other states.","page_number":146,"box":{"x":76,"y":626,"width":892,"height":11}},{"id":"429369b3-63ab-40b0-86d9-7de781dc8698","block_type":"box","text":"iShares iBonds Dec 2026 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":641,"width":296,"height":8}},{"id":"71665029-4ea7-46d9-89a7-4306e8fb1aac","block_type":"box","text":"iShares iBonds Dec 2027 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":655,"width":296,"height":8}},{"id":"40ed3040-48c2-4d30-8fa5-0573fab8f4c4","block_type":"box","text":"iShares iBonds Dec 2028 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":669,"width":296,"height":8}},{"id":"65801ff1-6ba8-4b80-9ba0-1add5575fa58","block_type":"box","text":"iShares iBonds Dec 2029 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":683,"width":296,"height":9}},{"id":"c0244a25-20c3-4ef4-8e93-5be35c649648","block_type":"box","text":"iShares iBonds Dec 2030 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":697,"width":296,"height":9}},{"id":"d3b1fcd8-45f4-4955-a8d1-fbd275853f51","block_type":"box","text":"iShares iBonds Dec 2031 Term Muni Bond ETF","page_number":146,"box":{"x":148,"y":712,"width":295,"height":8}},{"id":"6766e388-2f74-4e7f-a8e6-5803a5345f75","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":146,"box":{"x":76,"y":735,"width":406,"height":11}},{"id":"e81c4107-ec7d-4320-8218-20f84b711fd2","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":146,"box":{"x":76,"y":758,"width":892,"height":11}},{"id":"e0fd4d7f-d4d8-465f-9926-6062e73f3d92","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":146,"box":{"x":76,"y":772,"width":874,"height":11}},{"id":"6a70d551-da22-420c-bcc9-b7a40f1b5002","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":146,"box":{"x":76,"y":786,"width":864,"height":11}},{"id":"abec9817-2acc-4757-9f84-d6fb7e616112","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":146,"box":{"x":76,"y":801,"width":895,"height":10}},{"id":"dd80bdf2-456d-45f4-a962-24007b3c9605","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":146,"box":{"x":77,"y":815,"width":896,"height":11}},{"id":"8f3f2b5c-3468-43e5-b549-d0e2e3a10dfe","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":146,"box":{"x":76,"y":829,"width":905,"height":11}},{"id":"e4c8dc30-db1f-4cb2-8ade-8bc26efe495b","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":146,"box":{"x":76,"y":843,"width":707,"height":11}},{"id":"afb02430-d763-4f43-bdaf-86cec3615e29","block_type":"box","text":"21","page_number":146,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"77a50ebf-490d-4eca-888c-db07cbe9f2cb","block_type":"box","text":"Market Discount Bonds","page_number":147,"box":{"x":77,"y":23,"width":162,"height":9}},{"id":"1cd1ad26-a2b9-4669-9500-7ab2c06355d5","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":147,"box":{"x":76,"y":46,"width":898,"height":11}},{"id":"63f02187-60c7-45e2-92e6-1ce9d614de4b","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":147,"box":{"x":76,"y":61,"width":903,"height":10}},{"id":"683b0515-4387-47a8-a81d-f5d0f7ae45e0","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":147,"box":{"x":76,"y":75,"width":898,"height":11}},{"id":"8f1dfced-02bd-4f4b-8318-d29d90914113","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":147,"box":{"x":76,"y":89,"width":626,"height":11}},{"id":"6c997d0c-395a-4382-a80f-a2784db5ce26","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":147,"box":{"x":77,"y":112,"width":307,"height":11}},{"id":"2d8a7675-9302-4f4d-bfa1-4e0ed267347b","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":147,"box":{"x":76,"y":135,"width":874,"height":11}},{"id":"78eb5d4e-6460-40c0-b3ae-1142c8d5ff68","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":147,"box":{"x":76,"y":149,"width":860,"height":11}},{"id":"4035538f-e681-4f8e-b13b-369d63b9b683","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":147,"box":{"x":77,"y":164,"width":852,"height":10}},{"id":"abb18e30-7e33-4ce5-abd3-f99ad87e130a","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":147,"box":{"x":76,"y":178,"width":863,"height":11}},{"id":"e9c62944-95b2-4a32-a9b8-90ba7b9734f7","block_type":"box","text":"Non-U.S. Income Taxes","page_number":147,"box":{"x":77,"y":201,"width":158,"height":9}},{"id":"73236d35-bc1a-4ea0-8359-49726886f513","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":147,"box":{"x":77,"y":224,"width":837,"height":11}},{"id":"53e16015-353e-4a25-a8de-bf35e56e0240","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":147,"box":{"x":76,"y":238,"width":863,"height":11}},{"id":"42d3a640-c043-45a6-bc4f-378987fb7e22","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":147,"box":{"x":77,"y":253,"width":865,"height":10}},{"id":"744a4c3e-61b5-456c-868d-ae7cf65ee85d","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":147,"box":{"x":77,"y":267,"width":875,"height":11}},{"id":"c907a3c3-57df-45e9-8382-506e5655caef","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":147,"box":{"x":77,"y":281,"width":895,"height":11}},{"id":"959b9a3b-4bb3-4f66-97e4-abd927851936","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":147,"box":{"x":76,"y":295,"width":888,"height":11}},{"id":"1e80d179-35fb-4075-9b02-7cd3c1686806","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":147,"box":{"x":76,"y":309,"width":875,"height":11}},{"id":"d1954be8-84c1-4b3e-b3b9-9906879ed6d8","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":147,"box":{"x":76,"y":323,"width":896,"height":11}},{"id":"00cd49a0-cb58-4a6b-b472-159df0a88943","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":147,"box":{"x":76,"y":338,"width":635,"height":11}},{"id":"90f264b4-bf98-41c0-8247-ede39d07fc8d","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":147,"box":{"x":77,"y":361,"width":896,"height":11}},{"id":"7235cb65-8f72-474c-9ed0-6f05f03bee6c","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":147,"box":{"x":76,"y":375,"width":903,"height":11}},{"id":"06d90002-43e7-4f54-b183-8901a02518c6","block_type":"box","text":"could be reduced.","page_number":147,"box":{"x":76,"y":389,"width":114,"height":9}},{"id":"a89757ab-ef00-4fa7-917e-403219bac935","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":147,"box":{"x":77,"y":412,"width":853,"height":11}},{"id":"bdf8e884-d375-4876-a102-b72fb95786c6","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":147,"box":{"x":76,"y":427,"width":900,"height":10}},{"id":"227db247-d6a2-453d-82ed-07e573836d61","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":147,"box":{"x":76,"y":441,"width":876,"height":11}},{"id":"1cde478c-d7e7-447a-9e81-684389335bcd","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":147,"box":{"x":76,"y":455,"width":509,"height":11}},{"id":"fab20b41-e5b0-4f89-95cf-301ea5565855","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":147,"box":{"x":77,"y":478,"width":879,"height":11}},{"id":"b8f25073-8525-4742-b39e-b6be4c930a21","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":147,"box":{"x":76,"y":492,"width":407,"height":11}},{"id":"7fa6760b-475a-4d47-8961-32cc5fdbfed6","block_type":"box","text":"Non-U.S. Shareholders","page_number":147,"box":{"x":77,"y":516,"width":156,"height":8}},{"id":"0e0574fc-0cc4-4482-a184-f84c2acc3d1d","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":147,"box":{"x":77,"y":539,"width":888,"height":11}},{"id":"b42a3f39-e35f-44b9-af69-2e49e1b482a0","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":147,"box":{"x":77,"y":553,"width":904,"height":11}},{"id":"f50a51cc-a4fd-43b1-b42b-667931e09f58","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":147,"box":{"x":77,"y":567,"width":868,"height":11}},{"id":"499fbc80-1749-40b2-b639-5dafdf25ce03","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by a Fund as capital gain","page_number":147,"box":{"x":76,"y":581,"width":903,"height":11}},{"id":"77d64011-e7a4-4947-b548-b426e687c833","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":147,"box":{"x":76,"y":596,"width":468,"height":10}},{"id":"a360a9fb-33e3-4b81-9bae-d3b79fe124d7","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":147,"box":{"x":76,"y":619,"width":896,"height":11}},{"id":"9bbe8f8e-dd9c-4189-a496-1c89f72fce33","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":147,"box":{"x":76,"y":633,"width":894,"height":11}},{"id":"a0d60410-3f5e-41a6-bc26-80436b4d6e90","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":147,"box":{"x":77,"y":647,"width":262,"height":11}},{"id":"1983b316-3020-4d23-b6ba-e03ce3b2452e","block_type":"box","text":"Backup Withholding","page_number":147,"box":{"x":77,"y":670,"width":139,"height":11}},{"id":"711e91f4-26fa-43ea-a892-682f1413198d","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":147,"box":{"x":77,"y":693,"width":890,"height":11}},{"id":"f4aedf93-8761-45dc-a4c3-33da8a276b8e","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":147,"box":{"x":76,"y":708,"width":789,"height":11}},{"id":"8b970b65-b7e6-4294-8213-16130895fd3f","block_type":"box","text":"Securities Lending","page_number":147,"box":{"x":76,"y":731,"width":129,"height":11}},{"id":"fe875ee8-93cd-499d-804e-03a981eed59d","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":147,"box":{"x":77,"y":754,"width":901,"height":11}},{"id":"bb41f69d-97dd-4124-9738-dd408a7367b5","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":147,"box":{"x":76,"y":768,"width":892,"height":11}},{"id":"690fc259-a80e-461a-a00d-b05d8920220d","block_type":"box","text":"through by the Fund.","page_number":147,"box":{"x":76,"y":783,"width":132,"height":10}},{"id":"f6e27da3-8113-4654-8e5b-67e3ebbcc6b9","block_type":"box","text":"Fund of Funds","page_number":147,"box":{"x":77,"y":806,"width":98,"height":8}},{"id":"824d2f9f-a805-49c0-80ab-7e4cb7863569","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":147,"box":{"x":77,"y":829,"width":844,"height":11}},{"id":"1fa1a893-b43f-45a7-bb7a-1c8c86b24e35","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":147,"box":{"x":76,"y":843,"width":870,"height":11}},{"id":"97993626-1ace-41a3-b729-4081838eb0d9","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":147,"box":{"x":77,"y":857,"width":864,"height":11}},{"id":"5bd3dc50-8d09-4ec1-9151-bf3588712d4b","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":147,"box":{"x":76,"y":871,"width":643,"height":11}},{"id":"424997ec-48cf-46b5-bb04-24411fe92471","block_type":"box","text":"22","page_number":147,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"3552d670-90fb-457b-9d9b-9a54c50b7c69","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":148,"box":{"x":76,"y":23,"width":350,"height":11}},{"id":"28899fff-c863-4bc5-b634-8d7575fa476e","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":148,"box":{"x":76,"y":46,"width":876,"height":11}},{"id":"275471a7-c391-4e24-9a5f-824efdc856c1","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":148,"box":{"x":77,"y":61,"width":896,"height":10}},{"id":"5e982d49-5bd8-4caa-8482-de0a975bfbd7","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":148,"box":{"x":76,"y":75,"width":870,"height":11}},{"id":"53db7055-33d7-4af5-86fe-b684fa221405","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":148,"box":{"x":77,"y":89,"width":892,"height":11}},{"id":"994ee3c7-f2be-4e7b-9386-972ce9dc31fb","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":148,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"57f6e353-8c9f-4f84-8812-d32321590b5a","block_type":"box","text":"contribution tax mentioned above.","page_number":148,"box":{"x":76,"y":117,"width":219,"height":9}},{"id":"21d2c367-3ca0-46d6-902b-1207fe13a3d7","block_type":"box","text":"Creations and Redemptions","page_number":148,"box":{"x":76,"y":140,"width":193,"height":11}},{"id":"37cd7e69-cc56-434b-9605-6d5d88324139","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":148,"box":{"x":77,"y":164,"width":693,"height":10}},{"id":"9dc57097-34dd-4728-ae86-81e1eeb26122","block_type":"box","text":"i.e.","page_number":148,"box":{"x":771,"y":164,"width":17,"height":8}},{"id":"fbf12cb1-6fec-4f04-9f50-0ad20679a31a","block_type":"box","text":", market makers, large","page_number":148,"box":{"x":790,"y":164,"width":143,"height":10}},{"id":"e8441f3e-1ed1-48aa-86f7-a776de03eddf","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":148,"box":{"x":76,"y":178,"width":866,"height":11}},{"id":"0ed5366f-a6e4-4a61-8318-2333d25d8151","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":148,"box":{"x":76,"y":192,"width":650,"height":11}},{"id":"3c0c9a51-e6e2-46f6-877b-ad78b66b5ac7","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":148,"box":{"x":77,"y":215,"width":832,"height":11}},{"id":"2695046e-f5f3-47c4-af20-bc22a58e64f2","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":148,"box":{"x":76,"y":229,"width":891,"height":11}},{"id":"6731aef1-03b0-4307-b657-4380abb629e8","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":148,"box":{"x":76,"y":244,"width":874,"height":10}},{"id":"41f69efc-de71-4504-88e0-a80e9b34b001","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":148,"box":{"x":76,"y":258,"width":904,"height":11}},{"id":"5ffed511-e9e7-48fd-8fd3-50e73ea4027d","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":148,"box":{"x":76,"y":281,"width":875,"height":11}},{"id":"4621a84a-8c76-4986-8030-82d437d8b973","block_type":"box","text":"cash.","page_number":148,"box":{"x":76,"y":295,"width":33,"height":9}},{"id":"8f7020d2-008c-4b4d-91af-8ca05f625392","block_type":"box","text":"In-Kind","page_number":148,"box":{"x":76,"y":318,"width":45,"height":9}},{"id":"d2ba8674-13b1-4e46-ae54-44075099d7eb","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":148,"box":{"x":122,"y":318,"width":860,"height":11}},{"id":"4952059a-26fe-47cb-a787-666472682259","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":148,"box":{"x":76,"y":333,"width":898,"height":10}},{"id":"d2404653-2fc3-4f32-b01a-9422e018d2e9","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":148,"box":{"x":77,"y":347,"width":851,"height":10}},{"id":"10e360c5-018f-497a-b1f5-e15f0802fc29","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":148,"box":{"x":76,"y":361,"width":686,"height":11}},{"id":"665629b8-83a5-4bf2-876f-f78762083cf6","block_type":"box","text":"Partial Cash","page_number":148,"box":{"x":76,"y":384,"width":74,"height":9}},{"id":"3483f974-a21c-4fe8-8929-c705dcd7b92a","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":148,"box":{"x":152,"y":384,"width":806,"height":11}},{"id":"0a3cee60-e584-4d8b-a30f-bcd8f2fc5fb9","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":148,"box":{"x":76,"y":398,"width":870,"height":11}},{"id":"2aa36b61-db6f-45ed-9b35-ddae4ccd72e2","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":148,"box":{"x":77,"y":412,"width":870,"height":11}},{"id":"e4224b50-685e-4eea-b1b3-f2725ec7a943","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":148,"box":{"x":77,"y":427,"width":380,"height":10}},{"id":"3a81e2d3-621d-4622-9e1a-98a85df5caa6","block_type":"box","text":"All Cash","page_number":148,"box":{"x":75,"y":450,"width":51,"height":8}},{"id":"c097522d-ffd1-4734-adcb-a845f29e38ba","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund an amount of cash specified by the Fund in exchange for","page_number":148,"box":{"x":128,"y":450,"width":833,"height":11}},{"id":"1e5529f2-04b6-4877-a3bd-dcfd3f42919c","block_type":"box","text":"Creation Units. In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":148,"box":{"x":76,"y":464,"width":869,"height":11}},{"id":"b5b8ddf5-afea-469a-ad30-9bc253f437fb","block_type":"box","text":"specified amount of cash.","page_number":148,"box":{"x":76,"y":478,"width":164,"height":11}},{"id":"0148b968-7f23-4ac4-ab03-ef5401198f8b","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":148,"box":{"x":76,"y":501,"width":845,"height":11}},{"id":"3814664c-8d23-491a-bb36-2d07c0e2c1f2","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":148,"box":{"x":76,"y":516,"width":408,"height":10}},{"id":"977cc2eb-2f28-47c5-bf8f-601876085847","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. 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In the event of a system failure or other interruption, including","page_number":149,"box":{"x":76,"y":111,"width":905,"height":11}},{"id":"c2ffc1bb-e099-40c8-99cb-95203acb14e5","block_type":"box","text":"disruptions at market makers or Authorized Participants, creation and redemption orders may not be executed according to a Fund’s","page_number":149,"box":{"x":76,"y":126,"width":849,"height":10}},{"id":"f7f872a4-cb3f-4020-a1e1-612eb1bdadf0","block_type":"box","text":"instructions or may not be executed at all.","page_number":149,"box":{"x":76,"y":140,"width":269,"height":11}},{"id":"1ca31782-d990-456e-98f3-b9ba565f2cf2","block_type":"box","text":"Additional information about the creation and redemption of Creation Units (including the cut-off times for the receipt of creation and","page_number":149,"box":{"x":76,"y":163,"width":854,"height":11}},{"id":"6ddf3590-25ed-4ffb-926d-12b2d1ac8d23","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":149,"box":{"x":77,"y":177,"width":310,"height":11}},{"id":"f7ccb87a-6fd3-464b-9a11-259dbff3531a","block_type":"box","text":"The Funds do not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with a Fund. The Board","page_number":149,"box":{"x":76,"y":200,"width":848,"height":11}},{"id":"bd925589-892e-4904-a73f-e2af959f633b","block_type":"box","text":"determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of Fund shares","page_number":149,"box":{"x":76,"y":215,"width":876,"height":10}},{"id":"7e87b725-0492-41f7-91eb-09169c1006b2","block_type":"box","text":"because each Fund generally sells and redeems its shares directly through transactions that are in-kind and/or for cash, with a deadline for","page_number":149,"box":{"x":76,"y":229,"width":894,"height":11}},{"id":"5fccfd02-d931-4aea-ab78-195e1188e870","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":149,"box":{"x":76,"y":243,"width":898,"height":11}},{"id":"06f67bb0-0f8f-42f1-92d6-28790fbb5dd7","block_type":"box","text":"taken certain measures (","page_number":149,"box":{"x":76,"y":257,"width":158,"height":11}},{"id":"2738f97f-13d8-4b66-85b9-154b970545d6","block_type":"box","text":"e.g.","page_number":149,"box":{"x":235,"y":260,"width":21,"height":8}},{"id":"e33e68ea-5c73-41d2-b9c4-924df2a15d17","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":149,"box":{"x":259,"y":257,"width":694,"height":11}},{"id":"0fdc953b-2dc5-44ee-adf4-1501c45af22f","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":149,"box":{"x":76,"y":271,"width":835,"height":11}},{"id":"699bc597-77b1-4d07-9e8c-2a77a12eff1e","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":149,"box":{"x":77,"y":285,"width":894,"height":11}},{"id":"aac2aba1-fbdb-475f-b70e-b4a19b2c8b9d","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":149,"box":{"x":76,"y":300,"width":900,"height":10}},{"id":"f8f07f39-f7a8-422d-b45c-9edf97f6513d","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":149,"box":{"x":77,"y":314,"width":892,"height":11}},{"id":"528127b0-e897-4748-a5ff-9eb13d573863","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":149,"box":{"x":76,"y":337,"width":898,"height":11}},{"id":"86e49ea0-4999-4647-9664-ae0cd02aae1d","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":149,"box":{"x":76,"y":351,"width":896,"height":11}},{"id":"e4f386b4-5433-45c3-9294-4e6818860f06","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":149,"box":{"x":76,"y":365,"width":844,"height":11}},{"id":"b390b684-bb8d-45f4-a9f4-60678deb3d3c","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). Further, an Authorized Participant that is not a “qualified institutional buyer,” as such","page_number":149,"box":{"x":76,"y":380,"width":885,"height":10}},{"id":"94a02b31-0e87-4f8b-9f3c-4ad2f7e4ebb7","block_type":"box","text":"term is defined in Rule 144A under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":149,"box":{"x":76,"y":394,"width":838,"height":11}},{"id":"14f2cbea-86c6-4bcf-a30d-0d21ebd3dcae","block_type":"box","text":"Because Fund shares may be created and issued on an ongoing basis, at any point during the life of a Fund a “distribution,” as such term is","page_number":149,"box":{"x":77,"y":417,"width":886,"height":11}},{"id":"3c913d2e-5785-44ea-a100-7714971cac2a","block_type":"box","text":"used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":149,"box":{"x":77,"y":431,"width":902,"height":11}},{"id":"cee6f230-eea4-4d00-aef3-094656e83f4e","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":149,"box":{"x":76,"y":445,"width":868,"height":11}},{"id":"6e9c2da4-116a-423f-98d3-dd080193e16c","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":149,"box":{"x":76,"y":459,"width":901,"height":11}},{"id":"1307ec7d-8f98-43fa-9cca-fad4d5fd4056","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":149,"box":{"x":76,"y":474,"width":464,"height":10}},{"id":"3e55041e-b21e-4ab4-ae1b-21a77240872e","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":149,"box":{"x":77,"y":497,"width":868,"height":11}},{"id":"829a73b8-29f1-4a5d-be2f-92b89bbd5b96","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":149,"box":{"x":76,"y":511,"width":889,"height":11}},{"id":"a5fac506-6ac1-4b86-8250-8a4b44f1d5ed","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. 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Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":149,"box":{"x":76,"y":628,"width":862,"height":11}},{"id":"d7e7354f-843d-4f34-a636-05b419764bbb","block_type":"box","text":"receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to","page_number":149,"box":{"x":77,"y":643,"width":855,"height":10}},{"id":"1fa02ecf-6009-442a-99fc-2561c318220c","block_type":"box","text":"change your householding status.","page_number":149,"box":{"x":76,"y":657,"width":214,"height":11}},{"id":"1df174b0-f168-4c15-93a9-72850fc0acf5","block_type":"box","text":"Distribution","page_number":149,"box":{"x":78,"y":686,"width":113,"height":13}},{"id":"114e64ad-ea42-4870-80d5-83d3ed15ae8f","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary","page_number":149,"box":{"x":76,"y":715,"width":859,"height":11}},{"id":"8134a579-a483-47fd-8ebb-c8f4d21f07de","block_type":"box","text":"market in shares of the Funds. The Distributor has no role in determining the policies of the Funds or the securities or other assets (as","page_number":149,"box":{"x":76,"y":729,"width":857,"height":11}},{"id":"843029c2-926f-4264-9040-1534d18d0e2e","block_type":"box","text":"applicable) that are purchased or sold by the Funds. The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001.","page_number":149,"box":{"x":76,"y":743,"width":824,"height":11}},{"id":"199b17f0-1680-4e9f-be9d-f6b36780ea78","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":149,"box":{"x":77,"y":766,"width":808,"height":11}},{"id":"642d4447-0ce1-4453-8e6f-6bdc7650b0ea","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":149,"box":{"x":76,"y":780,"width":844,"height":11}},{"id":"6685a740-256c-4b52-98e6-650c24dc4288","block_type":"box","text":"technology platforms and reporting systems, data provision services, or their making shares of the Funds available to their customers","page_number":149,"box":{"x":76,"y":795,"width":855,"height":11}},{"id":"e8f2161b-3859-4541-a0af-4fcb17308d1a","block_type":"box","text":"generally and in certain investment programs. Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":149,"box":{"x":76,"y":809,"width":871,"height":11}},{"id":"2ee8e30c-c2ae-4fae-9361-37099c08ddf2","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":149,"box":{"x":77,"y":823,"width":894,"height":11}},{"id":"617d385e-c302-4abd-8f7b-a1ba3e00b5f4","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. A financial intermediary may make decisions","page_number":149,"box":{"x":76,"y":837,"width":867,"height":11}},{"id":"fa6f5ab9-2aa6-493d-b676-e1c659b46581","block_type":"box","text":"about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments","page_number":149,"box":{"x":76,"y":851,"width":905,"height":11}},{"id":"ee624d7e-a3d1-4d78-933c-0bc09362ad11","block_type":"box","text":"or other financial incentives the intermediary is eligible to receive. Therefore, such payments or other financial incentives that are offered or","page_number":149,"box":{"x":76,"y":866,"width":896,"height":10}},{"id":"ceeca9c7-11c1-47d1-8627-b5e16dc67851","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":149,"box":{"x":76,"y":880,"width":844,"height":11}},{"id":"5637d0dd-c5c6-4517-80a2-ab31954d70c0","block_type":"box","text":"24","page_number":149,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"cdcc4c8d-db20-405c-b129-c0d1d52b589e","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":150,"box":{"x":77,"y":23,"width":814,"height":11}},{"id":"56d23a2b-9d0b-442f-9256-6824b383ddcd","block_type":"box","text":"Please","page_number":150,"box":{"x":897,"y":23,"width":44,"height":9}},{"id":"e36a259d-8be8-4554-8928-07d4e135e51b","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":150,"box":{"x":76,"y":37,"width":879,"height":11}},{"id":"45345b2b-dc2b-4b83-8281-08422557319c","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":150,"box":{"x":76,"y":51,"width":263,"height":11}},{"id":"e42d86e4-ba2f-44ad-b568-fff635407c1a","block_type":"box","text":"Financial Highlights","page_number":150,"box":{"x":78,"y":80,"width":191,"height":17}},{"id":"89316ee6-cba0-4b9e-8df2-6377d1a405e9","block_type":"box","text":"The financial highlights table for each Fund is intended to help you understand the Fund’s financial performance for the past five fiscal years","page_number":150,"box":{"x":76,"y":109,"width":895,"height":11}},{"id":"a86f18f7-f4a8-4a9a-807f-ffd787945dba","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. 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