{"annotation_id":"a90314e0-9735-47f7-bf16-ac250b86b04c","file_hash":"256640136da3a83f4d74d4053b425db7c51dd8c8aee7f512967c291ba1e000ad","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"eb03323d-5cec-44e0-9a70-12e7a2af6e65","block_type":"box","text":"Important Notice Regarding Change in","page_number":1,"box":{"x":209,"y":72,"width":591,"height":26}},{"id":"7c05adfd-9094-4160-92b5-817a4cdf70e5","block_type":"box","text":"Investment Policy","page_number":1,"box":{"x":366,"y":101,"width":277,"height":25}},{"id":"f11ebf65-62f1-4ec9-807f-dfca8ea1ac7c","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":134,"width":103,"height":10}},{"id":"bd34215d-0941-4bc3-8e7e-7f3d522e29ed","block_type":"box","text":"Supplement dated October 1, 2026","page_number":1,"box":{"x":372,"y":157,"width":260,"height":12}},{"id":"66fe0b8d-e309-4ebf-8308-09dec0f6c88b","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and","page_number":1,"box":{"x":270,"y":172,"width":463,"height":13}},{"id":"085f7e17-e923-4e8d-985a-0b2dae12c3a8","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":1,"box":{"x":327,"y":188,"width":350,"height":12}},{"id":"009a9841-362b-430f-af60-c2e105915f85","block_type":"box","text":"for the iShares Paris-Aligned Climate Optimized MSCI USA ETF (PABU) (the “Fund”)","page_number":1,"box":{"x":196,"y":203,"width":612,"height":13}},{"id":"2231aac3-e479-4453-b6f6-5de521aecfa7","block_type":"box","text":"The Board of Trustees has approved the following changes for the Fund that are expected to take effect","page_number":1,"box":{"x":116,"y":226,"width":756,"height":13}},{"id":"1687f721-4f9c-413b-bf4f-54f82eaa2c04","block_type":"box","text":"on or around December 1, 2026:","page_number":1,"box":{"x":116,"y":242,"width":241,"height":11}},{"id":"cf25f88a-c7a9-4106-8b83-7e304b22aae5","block_type":"box","text":"1) The Fund’s investment objective will be modified as shown below:","page_number":1,"box":{"x":118,"y":265,"width":532,"height":13}},{"id":"2d97c07f-8ddb-4e4c-9877-45e7da64759d","block_type":"box","text":"Current Investment Objective New Investment Objective","page_number":1,"box":{"x":150,"y":286,"width":574,"height":12}},{"id":"23bb8d27-2f1f-407f-abfb-2f90002ef3f8","block_type":"box","text":"The iShares Paris-Aligned Climate Optimized","page_number":1,"box":{"x":149,"y":305,"width":329,"height":13}},{"id":"d12473e8-8109-48ee-bf4f-f090c1ae5bad","block_type":"box","text":"MSCI USA ETF seeks to track the investment","page_number":1,"box":{"x":150,"y":320,"width":327,"height":10}},{"id":"05cc73f3-f875-460b-b0cc-c41906d24b19","block_type":"box","text":"results of an index composed of U.S. large- and","page_number":1,"box":{"x":151,"y":336,"width":345,"height":13}},{"id":"0d9c4170-4a10-4bb8-8359-c624539cbcb0","block_type":"box","text":"mid-capitalization stocks that is designed to be","page_number":1,"box":{"x":151,"y":351,"width":344,"height":13}},{"id":"c76e67d5-ba9d-4cda-98da-f153deba4b99","block_type":"box","text":"compatible with the objectives of the Paris","page_number":1,"box":{"x":150,"y":367,"width":312,"height":13}},{"id":"3d84356d-f750-4b00-8fe6-f8bd31b5e6c7","block_type":"box","text":"Agreement by, in aggregate, following a","page_number":1,"box":{"x":150,"y":382,"width":294,"height":13}},{"id":"c1d8923b-f6b1-471c-b2a5-53f39a9e868c","block_type":"box","text":"decarbonization trajectory, reducing exposure to","page_number":1,"box":{"x":150,"y":398,"width":356,"height":13}},{"id":"370db47f-c745-4cfe-9d93-1f0c3639fbb9","block_type":"box","text":"climate-related transition and physical risks and","page_number":1,"box":{"x":150,"y":413,"width":351,"height":13}},{"id":"baf973f2-b140-43d1-9798-202630e16cab","block_type":"box","text":"increasing exposure to companies favorably","page_number":1,"box":{"x":150,"y":429,"width":324,"height":13}},{"id":"26e99a45-ed27-422f-8434-d9964a510531","block_type":"box","text":"positioned for the transition to a low-carbon","page_number":1,"box":{"x":150,"y":444,"width":326,"height":13}},{"id":"7b495e46-93b1-4c46-8d69-e655d4957ce3","block_type":"box","text":"economy.","page_number":1,"box":{"x":150,"y":463,"width":75,"height":10}},{"id":"e254a1af-f020-4fca-a127-b4e22f579377","block_type":"box","text":"The iShares Paris-Aligned Climate Optimized","page_number":1,"box":{"x":521,"y":305,"width":328,"height":13}},{"id":"cc5651b9-47bb-413f-ba62-3c74b4b34742","block_type":"box","text":"MSCI USA ETF seeks to track the investment","page_number":1,"box":{"x":522,"y":320,"width":326,"height":10}},{"id":"13d94cdf-4eca-40c7-9f95-b1b35bf6f4d5","block_type":"box","text":"results of an index composed of U.S. large- and","page_number":1,"box":{"x":522,"y":336,"width":346,"height":13}},{"id":"3c941d27-7c68-40b1-984e-c52df00b62df","block_type":"box","text":"mid-capitalization stocks that is designed to be","page_number":1,"box":{"x":522,"y":351,"width":344,"height":13}},{"id":"be43e653-a657-4f72-9722-0adb6678b165","block_type":"box","text":"compatible with the objectives of the Paris","page_number":1,"box":{"x":521,"y":367,"width":312,"height":13}},{"id":"0b0796d8-53a7-437c-91e3-1a789dc8f698","block_type":"box","text":"Agreement by, in aggregate, following a","page_number":1,"box":{"x":521,"y":382,"width":294,"height":13}},{"id":"74de3ec2-c749-4430-91d7-d819a81d214e","block_type":"box","text":"decarbonization trajectory.","page_number":1,"box":{"x":521,"y":398,"width":198,"height":13}},{"id":"b4884406-96d4-436a-9b97-3fb042cfe804","block_type":"box","text":"2) In the Principal Investment Strategies section of the Summary Prospectus and Prospectus, the","page_number":1,"box":{"x":117,"y":492,"width":741,"height":13}},{"id":"894f5cf0-2436-4932-a4c5-e5e17759c156","block_type":"box","text":"first 14 paragraphs will be deleted in their entirety and replaced with the following:","page_number":1,"box":{"x":149,"y":508,"width":627,"height":12}},{"id":"70b62b77-ab50-4908-82aa-84910e2275be","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA Climate Paris Aligned Benchmark","page_number":1,"box":{"x":116,"y":531,"width":714,"height":12}},{"id":"ea78d005-cecc-4f63-803d-fe369a82e843","block_type":"box","text":"Extended Select Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index","page_number":1,"box":{"x":117,"y":546,"width":725,"height":13}},{"id":"129f53b9-ffe4-4f0f-8920-8873fa3983ff","block_type":"box","text":"Provider” or “MSCI”). The Underlying Index is a subset of the MSCI USA Index (the “Parent Index”). The","page_number":1,"box":{"x":117,"y":562,"width":752,"height":12}},{"id":"2fef5a32-1a99-454f-b65a-1b77c3fd0ad8","block_type":"box","text":"Underlying Index is composed of U.S. large- and mid-capitalization stocks that are selected and weighted","page_number":1,"box":{"x":117,"y":577,"width":765,"height":13}},{"id":"4ec599c2-d388-4965-9364-1bbe3ad9d8ad","block_type":"box","text":"so that, in the aggregate, the portfolio is optimized versus the Parent Index to align with the objectives of","page_number":1,"box":{"x":116,"y":593,"width":763,"height":12}},{"id":"b6bcf0b0-a827-471b-bd8c-475dc6da537c","block_type":"box","text":"the Paris Agreement by following a decarbonization trajectory.","page_number":1,"box":{"x":116,"y":608,"width":457,"height":13}},{"id":"c9950c6f-9c58-4144-9bc2-1a033424e740","block_type":"box","text":"The Underlying Index aims to meet the minimum standards for a “Paris-Aligned Benchmark” (“PAB”)","page_number":1,"box":{"x":116,"y":631,"width":739,"height":13}},{"id":"f203c1f3-f598-4731-97f5-3e3b3f7417fc","block_type":"box","text":"under the European Union’s Low Carbon Benchmark Regulation. PABs are designed to align with the","page_number":1,"box":{"x":117,"y":647,"width":733,"height":13}},{"id":"911e0cf7-92a3-4456-9206-a97ddc25cb9d","block_type":"box","text":"principal objective of the Paris Agreement, which is to limit global warming in this century to well below","page_number":1,"box":{"x":116,"y":662,"width":753,"height":13}},{"id":"76cab942-9027-45a5-928e-00a7f349308c","block_type":"box","text":"2 degrees Celsius, preferably to 1.5 degrees Celsius, above pre-industrial levels.","page_number":1,"box":{"x":117,"y":678,"width":570,"height":13}},{"id":"c13a608c-eb20-4504-ae50-98130fc74f84","block_type":"box","text":"The Index Provider begins with the Parent Index and excludes the securities of issuers that it identifies as","page_number":1,"box":{"x":116,"y":701,"width":758,"height":13}},{"id":"946b1fec-f7ae-481a-a9b5-9fca50916e5d","block_type":"box","text":"being involved in any of the business activities summarized below, based primarily on ownership or","page_number":1,"box":{"x":117,"y":717,"width":719,"height":12}},{"id":"7f8a93da-54e8-465b-8b1a-4375a29298a5","block_type":"box","text":"revenue thresholds:","page_number":1,"box":{"x":117,"y":732,"width":141,"height":10}},{"id":"ede545fd-00c4-4c60-9d29-3fe2753c5636","block_type":"box","text":"Š","page_number":1,"box":{"x":136,"y":757,"width":9,"height":7}},{"id":"f422d4b1-843f-4295-87fa-9432a076fd60","block_type":"box","text":"Producing tobacco.","page_number":1,"box":{"x":157,"y":755,"width":140,"height":13}},{"id":"d7b57290-c80d-42ce-baa7-e986288beadb","block_type":"box","text":"Š","page_number":1,"box":{"x":136,"y":781,"width":9,"height":6}},{"id":"71897144-dab0-44ec-ae04-611f6ed9b0f1","block_type":"box","text":"Involvement with controversial weapons (e.g., cluster bombs, landmines, depleted uranium,","page_number":1,"box":{"x":158,"y":778,"width":664,"height":13}},{"id":"0d38a0f5-0533-4fe9-9b8c-3263e3a8df31","block_type":"box","text":"chemical or biological weapons) or their components.","page_number":1,"box":{"x":157,"y":794,"width":390,"height":12}},{"id":"b9b49feb-2002-47a4-8946-5b91fda987a6","block_type":"box","text":"Š","page_number":1,"box":{"x":136,"y":819,"width":9,"height":7}},{"id":"926bb04b-37ba-4de5-b5ce-897c5a13a9f8","block_type":"box","text":"Companies that have any tie to nuclear weapons and are located in a country that has not signed","page_number":1,"box":{"x":157,"y":817,"width":704,"height":13}},{"id":"47a4b16d-49aa-42c2-8ad3-f0394bd29454","block_type":"box","text":"the Treaty on the Non-Proliferation of Nuclear Weapons (i.e., India, Israel, Pakistan and South","page_number":1,"box":{"x":156,"y":832,"width":680,"height":13}},{"id":"e45eb5a4-e64a-44a5-92a8-ef91cba669c9","block_type":"box","text":"Sudan).","page_number":1,"box":{"x":157,"y":848,"width":59,"height":13}},{"id":"a3446d96-31c5-47ea-82ea-3f2fcfe771c8","block_type":"box","text":"Š","page_number":1,"box":{"x":136,"y":873,"width":9,"height":7}},{"id":"c39c6fe5-ff5b-4304-9307-c55fa0c6fbc4","block_type":"box","text":"Producers and retailers of civilian firearms or ammunitions.","page_number":1,"box":{"x":157,"y":871,"width":432,"height":10}},{"id":"22366945-97a8-4ac5-bc73-08ae3c93b1d5","block_type":"box","text":"Š","page_number":1,"box":{"x":136,"y":896,"width":9,"height":7}},{"id":"d32986ad-90bb-4a11-a388-bc2d4b20fb89","block_type":"box","text":"Involvement in certain thermal coal mining or sales activities, a wide range of oil- and gas-related","page_number":1,"box":{"x":158,"y":894,"width":708,"height":13}},{"id":"4407baf1-8aa8-4c0f-959a-93311691fb50","block_type":"box","text":"activities (e.g., equipment, production, transportation), and power generation based on thermal","page_number":1,"box":{"x":157,"y":910,"width":691,"height":12}},{"id":"44d15982-028b-4f6a-8c81-4c2b05063384","block_type":"box","text":"coal, liquid fuel or natural gas.","page_number":1,"box":{"x":157,"y":925,"width":216,"height":13}},{"id":"86381f5b-24e5-470e-a315-891886676ade","block_type":"box","text":"The Index Provider also excludes companies that it determines are involved in ongoing and “very severe”","page_number":2,"box":{"x":116,"y":69,"width":764,"height":13}},{"id":"09ecc7b9-e9e8-4c8b-8aff-75c088f2dee3","block_type":"box","text":"controversies related to the environmental, social or governance (“ESG”) impact of the company’s","page_number":2,"box":{"x":116,"y":85,"width":716,"height":12}},{"id":"23a456e1-0f20-4954-99cb-f76b61a7e36d","block_type":"box","text":"actions, products or operations. To evaluate ESG controversies, the Index Provider monitors across five","page_number":2,"box":{"x":116,"y":100,"width":750,"height":13}},{"id":"836b5bd6-380a-4123-8c3c-f81d37c19f20","block_type":"box","text":"categories of ESG impact – environment, human rights and communities, labor rights and supply chain,","page_number":2,"box":{"x":116,"y":116,"width":755,"height":12}},{"id":"28105057-dfa1-4365-8c64-483b92f5a2a7","block_type":"box","text":"customers and governance – and 28 sub-categories.","page_number":2,"box":{"x":116,"y":131,"width":385,"height":13}},{"id":"32f14d58-7c8d-4b0b-a401-debade361434","block_type":"box","text":"The Index Provider also excludes companies that are directly involved in ongoing severe or very severe","page_number":2,"box":{"x":116,"y":154,"width":747,"height":13}},{"id":"7228098b-a622-4f87-a4ce-03526720d65b","block_type":"box","text":"environmental controversies; companies that have settled most but not all stakeholder concerns related","page_number":2,"box":{"x":116,"y":169,"width":758,"height":13}},{"id":"70fc9181-be24-4e27-831c-181d6d3fe84f","block_type":"box","text":"to their direct involvement in very severe environmental controversies; and companies that are indirectly","page_number":2,"box":{"x":116,"y":185,"width":762,"height":13}},{"id":"8bd2e5b2-498d-4d2d-b16c-e0ef5a9fa0cc","block_type":"box","text":"involved in very severe environmental controversies, each as determined by the Index Provider.","page_number":2,"box":{"x":117,"y":200,"width":691,"height":13}},{"id":"8ef5e8d0-da03-4a95-b54b-0a6902452669","block_type":"box","text":"Environmental controversies can relate to, among other things, toxic emissions and waste, water stress,","page_number":2,"box":{"x":117,"y":216,"width":756,"height":13}},{"id":"e010706c-70f3-4938-bb0b-22cda3d8e660","block_type":"box","text":"biodiversity and supply chain management, The Index Provider excludes companies that are not assessed","page_number":2,"box":{"x":117,"y":231,"width":770,"height":13}},{"id":"75a0bb43-5087-41b5-a41e-207eca2efa43","block_type":"box","text":"by the Index Provider regarding ESG controversies or environmental harm.","page_number":2,"box":{"x":117,"y":247,"width":542,"height":13}},{"id":"5abfe76d-aa46-4b02-9945-67246b03b976","block_type":"box","text":"The Index Provider then uses an optimization process that applies sustainability-related and other","page_number":2,"box":{"x":116,"y":270,"width":712,"height":12}},{"id":"e4c8c58c-e921-40ba-a9b9-cb10420a2357","block_type":"box","text":"constraints to determine constituent weights. In order to meet the minimum standards for PABs, the","page_number":2,"box":{"x":116,"y":285,"width":734,"height":13}},{"id":"ed6d4456-61bb-41dd-826e-8694f6eb1c50","block_type":"box","text":"Index Provider targets the following index-level constraints at each semi-annual rebalancing:","page_number":2,"box":{"x":117,"y":301,"width":676,"height":12}},{"id":"81cdea71-940c-4a35-8703-d40655399373","block_type":"box","text":"Š","page_number":2,"box":{"x":136,"y":326,"width":9,"height":6}},{"id":"52882151-4710-4cc1-8978-4aa9850d84ce","block_type":"box","text":"At least a 50.5% reduction in greenhouse gas (“GHG”) intensity compared with the Parent Index,","page_number":2,"box":{"x":156,"y":324,"width":708,"height":12}},{"id":"0e81ebdb-9d88-46ad-99e7-ec987b0699c9","block_type":"box","text":"taking into account issuers’ Scope 1, 2 and 3 emissions (i.e., direct emissions from sources that an","page_number":2,"box":{"x":156,"y":339,"width":717,"height":13}},{"id":"4fedbec6-f5f0-4b5e-bad1-e530a2e23f81","block_type":"box","text":"issuer owns or controls and indirect emissions from the purchase of energy and a company’s value","page_number":2,"box":{"x":157,"y":355,"width":721,"height":12}},{"id":"e2947630-decc-439b-a77c-fe5c02d509af","block_type":"box","text":"chain);","page_number":2,"box":{"x":157,"y":370,"width":53,"height":13}},{"id":"e3cc5a68-9cc5-401b-9f93-371ad917a620","block_type":"box","text":"Š","page_number":2,"box":{"x":136,"y":395,"width":9,"height":7}},{"id":"8c41c777-7e08-4bd7-809a-f1d2812df082","block_type":"box","text":"At least a 7% year-over-year reduction in the GHG intensity (or decarbonization rate) of the","page_number":2,"box":{"x":156,"y":393,"width":668,"height":13}},{"id":"f6906363-dcd3-44c6-aa9b-4412128eacbf","block_type":"box","text":"Underlying Index itself since December 1, 2022, with a 2% buffer; and","page_number":2,"box":{"x":157,"y":408,"width":510,"height":13}},{"id":"80f78688-2a1d-4daa-b221-1383f0c70852","block_type":"box","text":"Š","page_number":2,"box":{"x":136,"y":433,"width":9,"height":7}},{"id":"df1b3a53-82df-4274-9510-ae4832edc12b","block_type":"box","text":"A level of exposure to sectors with a high impact on climate change (i.e., those sectors that are key","page_number":2,"box":{"x":156,"y":431,"width":722,"height":13}},{"id":"f6448cdc-e5cb-47c5-aa14-cdd4bfd36f9a","block_type":"box","text":"to the low carbon transition) that is not less than the exposure in the Parent Index.","page_number":2,"box":{"x":156,"y":447,"width":602,"height":12}},{"id":"8ebbfd8d-fb8f-449c-a3ca-d24c0f57e19e","block_type":"box","text":"In addition, the Underlying Index constrains the weight of individual constituents, including capping a","page_number":2,"box":{"x":117,"y":470,"width":739,"height":12}},{"id":"5e94a8e6-d100-4011-8c65-c3336967a131","block_type":"box","text":"constituent’s weight at the lesser of five times its weight in the Parent Index and the constituent’s weight","page_number":2,"box":{"x":116,"y":485,"width":765,"height":13}},{"id":"11a0ff9a-7331-48ec-8990-ccc82559a2a5","block_type":"box","text":"in the Parent Index plus 2%. The sector weights of the Underlying Index may not deviate more than","page_number":2,"box":{"x":117,"y":501,"width":724,"height":12}},{"id":"20bfc200-0b23-4cbd-8c6e-ea606c99ae1b","block_type":"box","text":"+/- 5% from those of the Parent Index (except for the energy sector).","page_number":2,"box":{"x":116,"y":516,"width":506,"height":13}},{"id":"537e5a70-b950-441b-ac0b-b5a845b2c11d","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 90 constituents, and a significant portion","page_number":2,"box":{"x":116,"y":539,"width":768,"height":12}},{"id":"1f9f6da5-8f3a-47af-87e4-0fcc05c6683e","block_type":"box","text":"of the Underlying Index was represented by securities of companies in the technology industry or sector.","page_number":2,"box":{"x":116,"y":554,"width":762,"height":13}},{"id":"ee2e6a98-ef46-45f2-88e7-f75a27d13f65","block_type":"box","text":"The components of the Underlying Index are likely to change over time.","page_number":2,"box":{"x":116,"y":570,"width":523,"height":12}},{"id":"b629c274-df00-4d4d-baf1-6ccf4e0b138d","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the","page_number":2,"box":{"x":116,"y":593,"width":751,"height":12}},{"id":"592f252d-2818-45dd-85ba-6b3738568707","block_type":"box","text":"Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative","page_number":2,"box":{"x":117,"y":608,"width":710,"height":13}},{"id":"9cf4eba0-a3eb-4ee1-bd63-aa48e4a5eba7","block_type":"box","text":"sampling” is an indexing strategy that involves investing in a representative sample of securities or other","page_number":2,"box":{"x":116,"y":624,"width":761,"height":12}},{"id":"a9adedbd-a517-44c8-8b5a-a3d6aadb6b48","block_type":"box","text":"instruments intended to collectively have an investment profile similar to that of an applicable underlying","page_number":2,"box":{"x":117,"y":639,"width":765,"height":13}},{"id":"08a96c50-4f2f-4525-9e03-bfb439f8f41e","block_type":"box","text":"index. The instruments selected are expected to have, in the aggregate, investment characteristics (based","page_number":2,"box":{"x":117,"y":655,"width":769,"height":12}},{"id":"9a007fd2-b1eb-49a4-9ae6-c0a808ca6f65","block_type":"box","text":"on factors such as market capitalization and industry weightings), fundamental characteristics (such as","page_number":2,"box":{"x":116,"y":670,"width":750,"height":13}},{"id":"829929e0-34be-416e-b3af-141c2d553dbf","block_type":"box","text":"return variability and yield) and liquidity measures similar to those of an applicable underlying index. The","page_number":2,"box":{"x":117,"y":686,"width":757,"height":12}},{"id":"917b4c92-8386-49d9-b987-eb22f0b10d22","block_type":"box","text":"Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives","page_number":2,"box":{"x":117,"y":701,"width":752,"height":13}},{"id":"59b915fa-d17b-4163-8acc-582969a9fe91","block_type":"box","text":"to gain or reduce exposure to the components of the Underlying Index or exposure to one or more","page_number":2,"box":{"x":116,"y":717,"width":714,"height":12}},{"id":"1f2ccadd-e1f8-43f0-ae21-f186c3496687","block_type":"box","text":"market risk factors associated with such components. Subject to the limits described herein, the Fund","page_number":2,"box":{"x":117,"y":732,"width":736,"height":13}},{"id":"9fde137d-5ca7-4fba-a6c0-cc44cc0edc34","block_type":"box","text":"may purchase and hold cash and cash equivalents, including shares of money market funds advised by","page_number":2,"box":{"x":117,"y":748,"width":746,"height":12}},{"id":"b27a6d53-b6e8-4654-840b-184cc479e67c","block_type":"box","text":"BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index","page_number":2,"box":{"x":117,"y":763,"width":737,"height":13}},{"id":"27945536-00f0-4d27-ad93-45f0525450e4","block_type":"box","text":"when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":2,"box":{"x":116,"y":779,"width":728,"height":12}},{"id":"b8771b22-f6dd-48ad-8278-992557ab9e9c","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or","page_number":2,"box":{"x":117,"y":794,"width":709,"height":13}},{"id":"7ae3b3a3-bb27-4c9e-9e71-5ea16b5449cd","block_type":"box","text":"deletions from the Underlying Index, or other reasons as determined by BFA.","page_number":2,"box":{"x":116,"y":810,"width":554,"height":12}},{"id":"c3f4eff0-d688-4d2d-a4e1-3afef34c34c5","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940","page_number":2,"box":{"x":117,"y":832,"width":730,"height":13}},{"id":"a72bb88b-b6ec-4181-84d6-99c79e209102","block_type":"box","text":"Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets,","page_number":2,"box":{"x":116,"y":848,"width":753,"height":13}},{"id":"4c980438-0900-4b3d-8282-be17a7d9e6bf","block_type":"box","text":"plus the amount of any borrowings for investment purposes, in components of the Underlying Index.","page_number":2,"box":{"x":116,"y":864,"width":737,"height":12}},{"id":"a3dcaf1f-0a1f-410e-8fc1-34c7888533d4","block_type":"box","text":"Investments in derivatives and other investments will be counted toward the Fund’s 80% investment","page_number":2,"box":{"x":117,"y":879,"width":734,"height":10}},{"id":"9b432c53-4a2f-439f-b215-b1faa798ef91","block_type":"box","text":"policy to the extent that they provide exposure to the components of the Underlying Index or exposure to","page_number":2,"box":{"x":116,"y":895,"width":769,"height":12}},{"id":"f3179f0c-a138-4872-85be-c483c07d5e7a","block_type":"box","text":"one or more market risk factors associated with such components. The Fund’s 80% investment policy","page_number":2,"box":{"x":116,"y":910,"width":741,"height":13}},{"id":"eff6e0ae-edfb-404f-99d2-61248c3f9e11","block_type":"box","text":"may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":2,"box":{"x":117,"y":926,"width":733,"height":12}},{"id":"9ce43262-8e45-4180-8698-ca9c3e0ecd43","block_type":"box","text":"In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying","page_number":3,"box":{"x":117,"y":69,"width":754,"height":13}},{"id":"9d3222b1-2843-4802-9b34-758f13c472c4","block_type":"box","text":"Index.","page_number":3,"box":{"x":117,"y":85,"width":47,"height":10}},{"id":"b98f0739-5122-430f-88fb-02eeb861e6bd","block_type":"box","text":"3) In the More Information about the Funds section of the Prospectus, the section titled “Additional","page_number":3,"box":{"x":116,"y":108,"width":763,"height":12}},{"id":"4d3301cf-b394-476c-a558-1bc463c881a0","block_type":"box","text":"Index Information – iShares Paris-Aligned Climate Optimized MSCI USA ETF” will be deleted in its","page_number":3,"box":{"x":151,"y":123,"width":730,"height":13}},{"id":"df4745d8-6d4b-40cf-b4a8-947dc2f841ba","block_type":"box","text":"entirety.","page_number":3,"box":{"x":150,"y":139,"width":66,"height":12}},{"id":"fc83c026-2074-4a19-9b65-de526a8028b6","block_type":"box","text":"4) In the Fund’s SAI, the section titled “MSCI USA Climate Paris Aligned Benchmark Extended Select","page_number":3,"box":{"x":116,"y":162,"width":764,"height":12}},{"id":"4a56500d-b2b1-4e6d-8401-a6d37a1be3d9","block_type":"box","text":"Index” will be deleted in its entirety and replaced with the following:","page_number":3,"box":{"x":151,"y":177,"width":513,"height":13}},{"id":"896a4364-899b-418a-afc4-b0ad3856fcd1","block_type":"box","text":"MSCI USA Climate Paris Aligned Benchmark Extended Select Index","page_number":3,"box":{"x":117,"y":200,"width":508,"height":13}},{"id":"75810509-2cba-4b15-926e-94cd4069f0c7","block_type":"box","text":"Index Description.","page_number":3,"box":{"x":117,"y":223,"width":143,"height":13}},{"id":"43c276d5-cfe5-4579-90ad-794e3e78973c","block_type":"box","text":"The MSCI USA Climate Paris Aligned Benchmark Extended Select Index is an","page_number":3,"box":{"x":260,"y":223,"width":557,"height":13}},{"id":"da9c0c63-1827-4586-9609-1297dbe20b68","block_type":"box","text":"optimized equity index","page_number":3,"box":{"x":116,"y":238,"width":164,"height":13}},{"id":"c4050522-5b88-4391-b088-3bed495d35a9","block_type":"box","text":"designed to reflect the performance characteristics of a subset of U.S. large- and","page_number":3,"box":{"x":285,"y":238,"width":586,"height":13}},{"id":"2167265e-bd94-40a8-af89-b271609cca7f","block_type":"box","text":"mid-capitalization equity securities within","page_number":3,"box":{"x":117,"y":254,"width":300,"height":13}},{"id":"def49b8a-6bda-4af5-aa70-24f292d133ff","block_type":"box","text":"the MSCI USA Index. The components of the Underlying Index","page_number":3,"box":{"x":422,"y":254,"width":455,"height":13}},{"id":"157edf7e-3edc-41a6-b29b-fe9745cbc89e","block_type":"box","text":"are selected and weighted so that, in the aggregate, the portfolio is optimized versus the MSCI USA Index","page_number":3,"box":{"x":116,"y":269,"width":766,"height":13}},{"id":"a2c5e9fc-25cf-4892-a570-8e23d19a893a","block_type":"box","text":"to align with the objectives of the Paris Agreement by following a decarbonization trajectory. The","page_number":3,"box":{"x":116,"y":285,"width":707,"height":13}},{"id":"00c7cf19-eed2-4c62-baf3-7b68df92772f","block_type":"box","text":"Underlying Index aims to meet the minimum standards for a “Paris-Aligned Benchmark” (“PAB”) under","page_number":3,"box":{"x":117,"y":300,"width":753,"height":13}},{"id":"b66341cc-af8e-45f7-876e-db4b9b2e3f59","block_type":"box","text":"the European Union’s Low Carbon Benchmark Regulation.","page_number":3,"box":{"x":116,"y":316,"width":426,"height":13}},{"id":"71d2ac90-cab9-4f7a-a177-0f34c297ae84","block_type":"box","text":"Index Methodology.","page_number":3,"box":{"x":117,"y":339,"width":156,"height":12}},{"id":"0f31420d-be0d-42ba-88e3-ee44ec1f99b7","block_type":"box","text":"The Index Provider begins with the MSCI USA Index and excludes the securities of","page_number":3,"box":{"x":273,"y":339,"width":598,"height":12}},{"id":"cae2e023-0d2b-4542-b952-f8e443c9e1ae","block_type":"box","text":"issuers that it identifies as being involved in any of the business activities summarized below, based","page_number":3,"box":{"x":117,"y":354,"width":723,"height":13}},{"id":"07875f32-b2c3-4ac5-9404-cac7376244b0","block_type":"box","text":"primarily on ownership or revenue thresholds:","page_number":3,"box":{"x":116,"y":370,"width":339,"height":12}},{"id":"24787c62-3896-4516-bfd9-4ff558c41c5e","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":395,"width":9,"height":6}},{"id":"068205df-3752-4078-835c-beda40c774de","block_type":"box","text":"Producing tobacco.","page_number":3,"box":{"x":157,"y":393,"width":145,"height":12}},{"id":"412362e8-e76c-4314-abe6-962119f44a2c","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":418,"width":9,"height":6}},{"id":"d725c3f4-5686-40a7-a97c-e16833173771","block_type":"box","text":"Producing cluster bombs, landmines, depleted uranium, chemical or biological weapons, blinding","page_number":3,"box":{"x":157,"y":416,"width":710,"height":12}},{"id":"9fb5c3e9-5f7e-476c-bb08-43eb5c8257ed","block_type":"box","text":"laser weapons, non-detectable fragments or incendiary weapons; producing key components of","page_number":3,"box":{"x":157,"y":431,"width":701,"height":13}},{"id":"e60f9686-4d05-4955-8e8d-17d02388087d","block_type":"box","text":"cluster bombs, landmines, depleted uranium weapons, or chemical or biological weapons; owning","page_number":3,"box":{"x":157,"y":447,"width":716,"height":12}},{"id":"fa7d5166-c1a0-4516-950a-44b4c6418acf","block_type":"box","text":"20% or more (50% for financial companies) of a weapons or components producer; or being 50%","page_number":3,"box":{"x":157,"y":462,"width":717,"height":13}},{"id":"244c5c04-da87-4d26-994f-349008fea888","block_type":"box","text":"or more owned by a company involved in weapons or components production.","page_number":3,"box":{"x":157,"y":478,"width":578,"height":12}},{"id":"023ade04-4b1e-408c-97a1-0aa6dfb13df1","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":503,"width":9,"height":6}},{"id":"ef23aba3-59d8-4ef9-ad9e-043916c5729b","block_type":"box","text":"For only those companies located in a country that has not signed the Treaty on the","page_number":3,"box":{"x":157,"y":501,"width":612,"height":12}},{"id":"d55186c7-0174-4bdd-be95-f902e4d6373c","block_type":"box","text":"Non-Proliferation of Nuclear Weapons (i.e., India, Israel, Pakistan, South Sudan), manufacturing of","page_number":3,"box":{"x":157,"y":516,"width":714,"height":13}},{"id":"0b749f13-4135-49de-b2fa-40f1f3808818","block_type":"box","text":"the following, regardless of whether intended for exclusive use in nuclear weapons: nuclear","page_number":3,"box":{"x":156,"y":532,"width":667,"height":12}},{"id":"e6298e90-5ffa-4c17-83d0-903a92f2f8bc","block_type":"box","text":"warheads, whole nuclear missiles, nuclear weapon delivery systems or components, or providing","page_number":3,"box":{"x":156,"y":547,"width":707,"height":13}},{"id":"80c4f899-bcee-4480-b9dd-f8f7e061f277","block_type":"box","text":"auxiliary services related to nuclear weapons.","page_number":3,"box":{"x":157,"y":563,"width":332,"height":12}},{"id":"f71dbaa2-7947-4e23-b870-ad905a885beb","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":588,"width":9,"height":6}},{"id":"ada2c1de-b895-41a7-b628-418137ecdb2a","block_type":"box","text":"Producing firearms or small arms ammunitions for civilian markets or deriving 5% or more revenue,","page_number":3,"box":{"x":157,"y":586,"width":728,"height":12}},{"id":"b233cf08-e7cd-497e-bd9d-1574dbdc3157","block_type":"box","text":"or $20 million or more revenue, from the production or distribution (wholesale or retail) of such","page_number":3,"box":{"x":157,"y":601,"width":698,"height":13}},{"id":"c3d24845-2c5f-4b8e-8785-9cff41096e98","block_type":"box","text":"firearms or ammunition.","page_number":3,"box":{"x":156,"y":617,"width":181,"height":10}},{"id":"fc066728-e91d-478c-9a45-ba00d6d1fd33","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":642,"width":9,"height":6}},{"id":"a168f70d-cf9a-41a4-a0e4-d17727c067fd","block_type":"box","text":"Deriving 1% or more revenue from thermal coal mining or sales to external parties, but excluding all","page_number":3,"box":{"x":157,"y":640,"width":729,"height":12}},{"id":"77428c65-c903-46eb-b5b1-7a2b64161286","block_type":"box","text":"revenue from metallurgical coal, coal mined for internal power generation, intra-company sales of","page_number":3,"box":{"x":157,"y":655,"width":714,"height":13}},{"id":"b0e4d4ff-c7c7-452b-a781-2407de70bba9","block_type":"box","text":"mined thermal coal and coal trading.","page_number":3,"box":{"x":157,"y":671,"width":266,"height":12}},{"id":"b1ca9d28-4cc8-4ae6-822f-8b518148047b","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":696,"width":9,"height":6}},{"id":"3f0cf0cf-5af6-49c0-bca3-ad50f78e9089","block_type":"box","text":"Deriving 10% or more revenue from oil-related activities, including distribution, equipment,","page_number":3,"box":{"x":157,"y":693,"width":661,"height":13}},{"id":"ed76353c-08ff-4f84-87af-61fcd4827d4f","block_type":"box","text":"production, transportation or refining.","page_number":3,"box":{"x":157,"y":709,"width":274,"height":13}},{"id":"65a5236a-c127-4aca-b86d-3278ec11c6eb","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":734,"width":9,"height":7}},{"id":"e58c88a8-a0b6-41d1-b1b2-ecffa3d95d26","block_type":"box","text":"Deriving 50% or more revenue from gas-related activities, including distribution, processing,","page_number":3,"box":{"x":157,"y":732,"width":669,"height":13}},{"id":"c9bca87a-8c08-454a-a3f6-2454a89ebe66","block_type":"box","text":"pipelines, production, transportation and exploration.","page_number":3,"box":{"x":157,"y":747,"width":385,"height":13}},{"id":"5af94a8b-632f-4086-8333-b4e0d453ee68","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":773,"width":9,"height":6}},{"id":"f44caacb-a7c8-46e6-8f80-1d27a044789b","block_type":"box","text":"Deriving 50% or more revenue from power generation based on thermal coal, liquid fuel or natural","page_number":3,"box":{"x":157,"y":770,"width":714,"height":13}},{"id":"f5c73402-0df6-4ba9-9a8a-44b523449648","block_type":"box","text":"gas.","page_number":3,"box":{"x":157,"y":789,"width":28,"height":10}},{"id":"f7247038-6ea8-4fd1-be2e-6ecd7c465658","block_type":"box","text":"The Index Provider also excludes companies that it determines are involved in ongoing and “very severe”","page_number":3,"box":{"x":116,"y":809,"width":759,"height":12}},{"id":"0c0e36cb-351f-493d-9e68-1c7f02881c5c","block_type":"box","text":"controversies related to the environmental, social or governance (“ESG”) impact of the company’s","page_number":3,"box":{"x":116,"y":824,"width":711,"height":13}},{"id":"fee9becf-4cf2-445f-a261-48641e1c7a1b","block_type":"box","text":"actions, products or operations. To evaluate ESG controversies, the Index Provider monitors across five","page_number":3,"box":{"x":116,"y":840,"width":750,"height":12}},{"id":"7a2d80af-7614-4d1c-8239-065fd555979c","block_type":"box","text":"categories of ESG impact – environment, human rights and communities, labor rights and supply chain,","page_number":3,"box":{"x":116,"y":855,"width":755,"height":13}},{"id":"5e14a07b-8729-4016-90e5-3442ad8d55d5","block_type":"box","text":"customers and governance – and 28 sub-categories.","page_number":3,"box":{"x":116,"y":871,"width":385,"height":12}},{"id":"dc386c84-3e6e-48ac-aa6a-e39c5c423a22","block_type":"box","text":"The Index Provider also excludes companies that are directly involved in ongoing severe or very severe","page_number":3,"box":{"x":116,"y":894,"width":747,"height":12}},{"id":"9b81b59c-fd81-4665-8944-998814fa3dcc","block_type":"box","text":"environmental controversies; companies that have settled most but not all stakeholder concerns related","page_number":3,"box":{"x":116,"y":909,"width":753,"height":13}},{"id":"f07c8843-3758-4ebc-a968-e9fdcb680168","block_type":"box","text":"to their direct involvement in very severe environmental controversies; and companies that are indirectly","page_number":3,"box":{"x":116,"y":925,"width":758,"height":12}},{"id":"fdf80e21-1e1f-494b-a9f4-ffb1cd2c65ad","block_type":"box","text":"involved in very severe environmental controversies, each as determined by the Index Provider.","page_number":4,"box":{"x":117,"y":69,"width":691,"height":13}},{"id":"6b07d568-a086-43a9-bade-6c78821908a6","block_type":"box","text":"Environmental controversies can relate to, among other things, toxic emissions and waste, water stress,","page_number":4,"box":{"x":117,"y":85,"width":756,"height":12}},{"id":"01efa336-6735-43e9-8609-8c017d5b481b","block_type":"box","text":"biodiversity and supply chain management","page_number":4,"box":{"x":117,"y":100,"width":316,"height":13}},{"id":"5a08ac17-e594-4027-8832-6a8912e0a79d","block_type":"box","text":"The Index Provider excludes companies that are not assessed by the Index Provider regarding ESG","page_number":4,"box":{"x":116,"y":123,"width":716,"height":13}},{"id":"e681a059-b977-4a1f-83e1-78ae583998d0","block_type":"box","text":"controversies or environmental harm.","page_number":4,"box":{"x":116,"y":139,"width":278,"height":10}},{"id":"83e4f537-690a-40c0-af76-4a1643658078","block_type":"box","text":"The Index Provider then uses an optimization process that applies sustainability-related and other","page_number":4,"box":{"x":116,"y":162,"width":712,"height":13}},{"id":"54be3fff-b7a8-4e73-bcce-9675d2d81370","block_type":"box","text":"constraints to determine constituent weights. In order to meet the minimum standards for PABs, the","page_number":4,"box":{"x":116,"y":178,"width":734,"height":12}},{"id":"428f45bb-1f07-44ad-a31c-efdb569350ea","block_type":"box","text":"Index Provider targets the following index-level constraints at each semi-annual rebalancing:","page_number":4,"box":{"x":117,"y":193,"width":676,"height":13}},{"id":"65c3c3a0-0dfd-4a2f-9a72-c48bad4a310f","block_type":"box","text":"Š","page_number":4,"box":{"x":136,"y":219,"width":9,"height":6}},{"id":"44aaf7b1-ecf1-44ce-a697-dea8ad099f46","block_type":"box","text":"At least a 50.5% reduction in greenhouse gas (“GHG”) intensity compared with the MSCI USA","page_number":4,"box":{"x":156,"y":216,"width":687,"height":13}},{"id":"44c7de5a-3745-49aa-b2b2-502757c4c000","block_type":"box","text":"Index, taking into account issuers’ Scope 1, 2 and 3 emissions (i.e., direct emissions from sources","page_number":4,"box":{"x":158,"y":232,"width":707,"height":13}},{"id":"eada0b08-3b04-4c06-953b-fd5aa0faa54f","block_type":"box","text":"that an issuer owns or controls and indirect emissions from the purchase of energy and a","page_number":4,"box":{"x":156,"y":247,"width":652,"height":13}},{"id":"b5972495-afc7-43bb-85b5-28238545827b","block_type":"box","text":"company’s value chain);","page_number":4,"box":{"x":157,"y":263,"width":179,"height":13}},{"id":"b8be5e73-3827-4fd0-8ef6-3ed1a68f5b09","block_type":"box","text":"Š","page_number":4,"box":{"x":136,"y":288,"width":9,"height":7}},{"id":"8c50314b-65c9-44ff-af49-7d03b29e3379","block_type":"box","text":"At least a 7% year-over-year reduction in the GHG intensity (or decarbonization rate) of the","page_number":4,"box":{"x":156,"y":286,"width":668,"height":13}},{"id":"a91858a0-21c6-4063-b3ef-0d3a54ca2633","block_type":"box","text":"Underlying Index itself since December 1, 2022, with a 2% buffer; and","page_number":4,"box":{"x":157,"y":302,"width":510,"height":12}},{"id":"d861ba23-1fdb-4663-b971-0ffca8afcbc5","block_type":"box","text":"Š","page_number":4,"box":{"x":136,"y":327,"width":9,"height":7}},{"id":"07603242-167f-4a8b-9968-bd716db3d4eb","block_type":"box","text":"A level of exposure to sectors with a high impact on climate change (i.e., those sectors that are key","page_number":4,"box":{"x":156,"y":325,"width":722,"height":13}},{"id":"0469e3f4-458a-4d4c-8dd2-2fca1264cee4","block_type":"box","text":"to the low carbon transition) that is not less than the exposure in the MSCI USA Index.","page_number":4,"box":{"x":156,"y":340,"width":629,"height":13}},{"id":"d7e46d56-f8c0-4f3d-a976-953695e23506","block_type":"box","text":"At each semi-annual index rebalancing, the Index Provider applies constituent-level constraints that aim","page_number":4,"box":{"x":116,"y":364,"width":759,"height":12}},{"id":"67780b94-fc61-4dd7-94dd-7cc6779b4248","block_type":"box","text":"to ensure diversification, replicability and investability, including the following:","page_number":4,"box":{"x":116,"y":379,"width":570,"height":13}},{"id":"4a2af687-0541-434e-a4e8-e5e42f5ccf4b","block_type":"box","text":"Š","page_number":4,"box":{"x":136,"y":405,"width":9,"height":6}},{"id":"46519b07-77f4-4a6f-8ba4-7364e2a3ad71","block_type":"box","text":"The minimum weight for a constituent is the greater of (a) 0.25 times the constituent’s weight in","page_number":4,"box":{"x":156,"y":402,"width":707,"height":13}},{"id":"5f7bee43-d412-42b7-aa59-8a558f4aa38f","block_type":"box","text":"the MSCI USA Index and (b) the constituent’s weight in the MSCI USA Index minus 2%;","page_number":4,"box":{"x":156,"y":418,"width":637,"height":13}},{"id":"3ce844bb-8cfb-46c4-aa7b-40250d51415a","block_type":"box","text":"Š","page_number":4,"box":{"x":136,"y":443,"width":9,"height":7}},{"id":"2d1fb207-52ab-42b8-ae8a-8f1873760b45","block_type":"box","text":"The maximum weight for a constituent is the lesser of (a) five times its weight in the MSCI USA","page_number":4,"box":{"x":156,"y":441,"width":695,"height":13}},{"id":"edf5c9db-60e6-406b-b057-ef1b32050d1d","block_type":"box","text":"Index and (b) its weight in the MSCI USA Index plus 2%;","page_number":4,"box":{"x":158,"y":457,"width":409,"height":12}},{"id":"e22c2ea6-c7cd-4fee-a1cf-9b50b663359b","block_type":"box","text":"Š","page_number":4,"box":{"x":136,"y":482,"width":9,"height":7}},{"id":"53d47bbb-dde7-45b5-aa08-3b012a1697d1","block_type":"box","text":"The sector weights of the Underlying Index do not deviate more than +/- 5% from those of the","page_number":4,"box":{"x":156,"y":480,"width":691,"height":13}},{"id":"8931c240-311e-4969-9ab4-36da183c7beb","block_type":"box","text":"MSCI USA Index (except for the energy sector); and","page_number":4,"box":{"x":157,"y":495,"width":377,"height":13}},{"id":"27941f24-a6d6-4513-b7a6-7161e695cbd1","block_type":"box","text":"Š","page_number":4,"box":{"x":136,"y":521,"width":9,"height":6}},{"id":"6f8ba310-429c-49de-bd59-298fba50741d","block_type":"box","text":"The one-way turnover of the Underlying Index is capped at 5%.","page_number":4,"box":{"x":156,"y":519,"width":464,"height":12}},{"id":"39eb011f-0319-482a-a329-36e0174575bc","block_type":"box","text":"The Underlying Index is rebalanced as of the close of the last business day of May and November,","page_number":4,"box":{"x":116,"y":542,"width":711,"height":13}},{"id":"4f28f772-2d73-41f9-8465-ffdc047b110b","block_type":"box","text":"coinciding with the May and November Semi-Annual Index Review of the MSCI Global Investable Market","page_number":4,"box":{"x":116,"y":557,"width":764,"height":13}},{"id":"02ffb7d3-1971-4ad3-8c12-c029550852a4","block_type":"box","text":"Indexes.","page_number":4,"box":{"x":117,"y":573,"width":63,"height":10}},{"id":"2365e32c-7827-4d7d-bc85-61e639bafeed","block_type":"box","text":"Calculation Methodology","page_number":4,"box":{"x":116,"y":596,"width":192,"height":13}},{"id":"9e97d785-b4e9-4fca-87a2-900db8e32f31","block_type":"box","text":". The Fund utilizes the Underlying Index calculated with gross dividends","page_number":4,"box":{"x":309,"y":596,"width":521,"height":13}},{"id":"2170f78b-821f-4385-9d57-a782a1675b33","block_type":"box","text":"reinvested. The use of gross dividends reflects the assumed reinvestment of the entire dividend","page_number":4,"box":{"x":117,"y":612,"width":693,"height":12}},{"id":"f9f0d6d6-2853-495f-b253-0146023f38a1","block_type":"box","text":"distributed to holders of the underlying stock, without any adjustment for taxes or withholding.","page_number":4,"box":{"x":116,"y":627,"width":695,"height":13}},{"id":"9a859621-517b-4946-b6f4-0ee3e5521ff3","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":4,"box":{"x":117,"y":651,"width":521,"height":12}},{"id":"2abcca89-2eb3-4855-9b66-7f5f21875402","block_type":"box","text":"iShares","page_number":4,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"c1399087-f906-411c-a6dc-9ae7142e6ab3","block_type":"box","text":"®","page_number":4,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"16780ad4-98d7-482a-8f15-bb69ad4fc032","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":4,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"b487e83a-82a2-4d1d-8f7e-d43c3fd3dc1e","block_type":"box","text":"IS-A-PABU-1026","page_number":4,"box":{"x":786,"y":887,"width":97,"height":8}},{"id":"3d8c6ae8-4d7b-482d-abb1-107a2ae2670d","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":4,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"35ff09c4-3f29-403e-b246-a5fc8e38a36a","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":4,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"6db49956-9b05-4b10-ac3d-995cad887afe","block_type":"box","text":"iShares","page_number":5,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"47083c55-92c4-4fc6-9987-20c554f994aa","block_type":"box","text":"®","page_number":5,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"85f4de74-96f0-49e3-bbd6-da631a29cfd8","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"093259cf-b8a7-432a-a69e-4c0e16876410","block_type":"box","text":"Supplement dated June 1, 2026","page_number":5,"box":{"x":381,"y":123,"width":241,"height":13}},{"id":"e0821450-f50e-413d-9dca-5ca3f6cb52b0","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus,","page_number":5,"box":{"x":273,"y":139,"width":456,"height":12}},{"id":"29ca5a87-40ca-472f-9f81-8ea329ec09e9","block_type":"box","text":"and Statement of Additional Information (“SAI”) for the","page_number":5,"box":{"x":288,"y":154,"width":427,"height":13}},{"id":"c306cf02-08ff-4b82-a46c-aa67c4b7ba30","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF (USCL) (the “Fund”)","page_number":5,"box":{"x":217,"y":170,"width":569,"height":12}},{"id":"4b3662dc-decc-44c6-a23e-a7686c9c64f3","block_type":"box","text":"Effective immediately, MSCI Inc. (the “Index Provider”) has implemented methodology updates to the","page_number":5,"box":{"x":117,"y":193,"width":740,"height":12}},{"id":"29d448b0-038d-4102-8932-3fe9089f36b3","block_type":"box","text":"MSCI Climate Action range of standard indexes, which includes the MSCI USA Extended Climate Action","page_number":5,"box":{"x":117,"y":208,"width":752,"height":13}},{"id":"2ebece94-206b-47aa-bd05-ff02c2f3028a","block_type":"box","text":"Index (the Fund’s “Underlying Index”).","page_number":5,"box":{"x":117,"y":224,"width":281,"height":12}},{"id":"16d6874b-1fbe-4d33-9a14-333cfa7d6639","block_type":"box","text":"Accordingly, the following changes to the Fund are effective immediately:","page_number":5,"box":{"x":116,"y":246,"width":538,"height":13}},{"id":"433ab1cd-9024-479b-b564-6b2737165af6","block_type":"box","text":"Changes to the Fund’s Summary Prospectus and Prospectus","page_number":5,"box":{"x":116,"y":284,"width":459,"height":13}},{"id":"9ea523f6-5497-40da-867e-948cbe892770","block_type":"box","text":"The first fifteen paragraphs of the section entitled “Principal Investment Strategies” of the Fund’s","page_number":5,"box":{"x":116,"y":307,"width":744,"height":13}},{"id":"f1646c40-be3d-4a4d-8603-094dbea50cab","block_type":"box","text":"Summary Prospectus and Prospectus are deleted in their entirety and replaced with the following:","page_number":5,"box":{"x":116,"y":323,"width":747,"height":12}},{"id":"a41348f6-c9e1-4d24-b648-390fdbb99f35","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA Extended Climate Action Index (the","page_number":5,"box":{"x":116,"y":346,"width":729,"height":12}},{"id":"8e6ff39c-dfaf-4bf9-8e0c-cf650b1fdfb6","block_type":"box","text":"“Underlying Index”), which was developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying","page_number":5,"box":{"x":117,"y":361,"width":765,"height":13}},{"id":"8fd12499-352b-41b8-8059-939424888e8d","block_type":"box","text":"Index is composed of U.S. large- and mid-capitalization companies based on their positioning, relative to","page_number":5,"box":{"x":117,"y":377,"width":760,"height":12}},{"id":"cae7a91b-46a0-4f14-abeb-ba83e3f51c3a","block_type":"box","text":"their sector peers, with respect to the transition to a low-carbon economy, as determined by MSCI. The","page_number":5,"box":{"x":116,"y":392,"width":753,"height":13}},{"id":"a6bd6812-b95c-4e5c-a2ae-217fe3fcc10f","block_type":"box","text":"Index Provider uses data provided by MSCI Solutions LLC and other sources to assess companies for","page_number":5,"box":{"x":117,"y":408,"width":731,"height":12}},{"id":"c1cba7d3-69f4-4597-a638-f64efca2c018","block_type":"box","text":"eligibility for inclusion in the Underlying Index and to rank and select securities based primarily on current","page_number":5,"box":{"x":116,"y":423,"width":769,"height":13}},{"id":"a42836c1-3cbb-437a-bc25-ec09cf0c79d3","block_type":"box","text":"emissions intensity, emissions reduction targets, green business revenue, and/or carbon risk","page_number":5,"box":{"x":116,"y":439,"width":675,"height":12}},{"id":"eb88690b-ddec-479c-80d8-4487fbe08af9","block_type":"box","text":"management.","page_number":5,"box":{"x":117,"y":456,"width":104,"height":11}},{"id":"a1d221ce-3c26-4804-9ed6-d16393307f87","block_type":"box","text":"The Underlying Index seeks to reflect the overall sector composition of the MSCI USA Index (the “Parent","page_number":5,"box":{"x":116,"y":477,"width":759,"height":13}},{"id":"cb245344-a713-4748-87f3-61d413be6bfe","block_type":"box","text":"Index”) by targeting similar sector representation from each Global Industry Classification Standard","page_number":5,"box":{"x":117,"y":493,"width":724,"height":12}},{"id":"b96def24-d3e8-4e5b-99fa-4a92144f2dd2","block_type":"box","text":"(“GICS”) sector in the Parent Index. The Parent Index is a float-adjusted, market capitalization weighted","page_number":5,"box":{"x":117,"y":508,"width":753,"height":13}},{"id":"89762f08-a7b8-4248-8d62-e175bf8936ac","block_type":"box","text":"index designed to measure the performance of the large- and mid-capitalization companies in the U.S.","page_number":5,"box":{"x":117,"y":524,"width":745,"height":12}},{"id":"8981eb49-230e-4937-8c82-76563cf07a06","block_type":"box","text":"market, irrespective of their climate impact. As a result, the Underlying Index will include constituents","page_number":5,"box":{"x":117,"y":539,"width":738,"height":13}},{"id":"3ba6a541-c23c-4bf1-8f9b-2dfe36502d73","block_type":"box","text":"from a broad range of sectors in the U.S. market, including sectors that have more climate impact than","page_number":5,"box":{"x":116,"y":555,"width":749,"height":12}},{"id":"056eb52a-1be9-4b39-8dc9-09cf2bc4f66a","block_type":"box","text":"other sectors.","page_number":5,"box":{"x":116,"y":570,"width":103,"height":10}},{"id":"4dd47f22-260c-48ea-ae14-3fdebb8dc319","block_type":"box","text":"In constructing the Underlying Index, the Index Provider begins with the constituent universe of the","page_number":5,"box":{"x":117,"y":593,"width":723,"height":13}},{"id":"8e9e94af-6a43-4313-a042-bfd9e3decdcc","block_type":"box","text":"Parent Index and applies several types of exclusionary screens.","page_number":5,"box":{"x":117,"y":609,"width":457,"height":12}},{"id":"37adc6ee-f0b6-4fa8-97c5-1881a90df930","block_type":"box","text":"The business involvement screens exclude securities of companies involved in the business of tobacco,","page_number":5,"box":{"x":116,"y":632,"width":751,"height":12}},{"id":"57babdea-859a-4583-a2d5-7c5bd36e5db9","block_type":"box","text":"controversial weapons or nuclear weapons (certain companies in countries that are not signatories of the","page_number":5,"box":{"x":116,"y":647,"width":769,"height":13}},{"id":"eaeecb9f-6351-494a-9d3e-d661c2f9a866","block_type":"box","text":"Treaty on the Non-Proliferation of Nuclear Weapons), producers of civilian firearms and ammunition,","page_number":5,"box":{"x":116,"y":663,"width":732,"height":12}},{"id":"6c883b19-053b-4d05-8ba3-845acb1d646f","block_type":"box","text":"thermal coal mining and sales associated with thermal coal mining, or oil sands extraction. Certain","page_number":5,"box":{"x":116,"y":678,"width":713,"height":13}},{"id":"331e249e-6072-46ca-8df7-53bfc5ab3b86","block_type":"box","text":"exclusions (e.g., controversial and nuclear weapons) are categorical, and others are based on revenue or","page_number":5,"box":{"x":116,"y":694,"width":757,"height":12}},{"id":"8e374245-984a-490a-affa-fbbde53affb2","block_type":"box","text":"percentage of revenue thresholds.","page_number":5,"box":{"x":116,"y":709,"width":247,"height":13}},{"id":"910ef20a-af1e-4fae-8b4d-1c80fdc4eaa2","block_type":"box","text":"The Index Provider also excludes companies that it determines are directly involved in ongoing, “very","page_number":5,"box":{"x":116,"y":732,"width":732,"height":13}},{"id":"141efe23-370e-4baf-8261-da27f05a3f5c","block_type":"box","text":"severe” environmental, social or governance (“ESG”) controversies, defined as an instance or ongoing","page_number":5,"box":{"x":116,"y":747,"width":737,"height":13}},{"id":"e863c143-355d-4018-933e-78c84cb94a88","block_type":"box","text":"situation in which company operations and/or products allegedly are directly implicated in having a","page_number":5,"box":{"x":116,"y":763,"width":723,"height":13}},{"id":"09cbf0a2-cb78-495d-bdf9-814fa73d7bdc","block_type":"box","text":"negative ESG impact, including alleged violations of laws, regulations, or accepted international norms","page_number":5,"box":{"x":117,"y":778,"width":740,"height":13}},{"id":"76c8242e-238f-4589-8326-e50ffed6171f","block_type":"box","text":"(e.g., human rights violations or toxic emissions and waste). To evaluate ESG controversies, the Index","page_number":5,"box":{"x":117,"y":794,"width":734,"height":13}},{"id":"2d2c69c3-2c42-434a-8e9f-d62ced9ed1cf","block_type":"box","text":"Provider monitors across five categories of ESG impact – environment, human rights and communities,","page_number":5,"box":{"x":117,"y":810,"width":746,"height":12}},{"id":"3ea31211-4833-431b-8a35-487ba61d1231","block_type":"box","text":"labor rights and supply chain, customers and governance – and 28 sub-categories. The Index Provider","page_number":5,"box":{"x":117,"y":825,"width":743,"height":13}},{"id":"180544ee-ce04-4df9-83eb-e52d8b9823ea","block_type":"box","text":"also excludes companies that are not assessed by the Index Provider regarding ESG controversies.","page_number":5,"box":{"x":116,"y":841,"width":715,"height":12}},{"id":"12d9e723-bf6f-446e-bba3-91f27490e8a8","block_type":"box","text":"Another screen excludes issuers that have higher “emissions intensity” than the High Emission Threshold","page_number":5,"box":{"x":116,"y":863,"width":768,"height":13}},{"id":"99387a82-35d0-4f7d-afe6-1e5dd4df799c","block_type":"box","text":"or higher “total potential carbon emissions” than the High Potential Emission Threshold, meaning issuers","page_number":5,"box":{"x":116,"y":879,"width":767,"height":13}},{"id":"529ded00-d578-40b3-90ba-dbb4ac884b68","block_type":"box","text":"in the highest 5% of emitters on the MSCI ACWI Index for the two emissions metrics, as determined by","page_number":5,"box":{"x":117,"y":894,"width":750,"height":13}},{"id":"2f5fdfa7-0f00-4020-b8c0-d38e119e6079","block_type":"box","text":"the Index Provider. However, these highest 5% of emitters are not excluded by this screen if they have","page_number":5,"box":{"x":116,"y":910,"width":739,"height":13}},{"id":"8ba9b8a6-3034-4142-8a6d-5a74edaac939","block_type":"box","text":"emissions reduction targets that have been approved by the Science-Based Targets initiative (“SBTi”).","page_number":5,"box":{"x":116,"y":925,"width":737,"height":13}},{"id":"eab98063-c0ff-4e9d-9015-7e603ad04e57","block_type":"box","text":"SBTi does not monitor whether companies modify their targets or make progress toward the targets.","page_number":6,"box":{"x":116,"y":69,"width":737,"height":13}},{"id":"ef47296a-7eba-438f-9a99-e46669ed29f5","block_type":"box","text":"“Emissions intensity” is defined by the Index Provider as Scope 1+2+3 global greenhouse gas (“GHG”)","page_number":6,"box":{"x":117,"y":85,"width":739,"height":12}},{"id":"c49e6cb0-b452-4632-aa2b-e8977d29266e","block_type":"box","text":"emissions as a percentage of the issuer’s enterprise value and cash. “Total potential carbon emissions”","page_number":6,"box":{"x":116,"y":100,"width":749,"height":13}},{"id":"51a0a6d4-e2ab-488f-a59f-1ade67ba17ce","block_type":"box","text":"are the sum of the potential carbon emissions of the fossil fuel reserves, excluding metallurgical coal","page_number":6,"box":{"x":116,"y":116,"width":732,"height":12}},{"id":"8cf94f5a-352e-4015-9fb5-80075721f08a","block_type":"box","text":"reserves, owned by an issuer, and are calculated only for companies that the Index Provider considers","page_number":6,"box":{"x":117,"y":131,"width":740,"height":13}},{"id":"410be05e-d90b-495b-b2fa-cf557812351c","block_type":"box","text":"most likely to use their fossil fuel reserves for energy applications (i.e., burned or combusted to produce","page_number":6,"box":{"x":117,"y":147,"width":755,"height":12}},{"id":"8178233f-86a6-4471-8512-0ebf8b5c8bef","block_type":"box","text":"power or heat). Issuers without data on their emissions intensity are excluded from the Underlying Index.","page_number":6,"box":{"x":116,"y":162,"width":766,"height":13}},{"id":"d767016b-581c-4cf6-8d81-0242e5479281","block_type":"box","text":"For non-index constituents, the Index Provider excludes issuers that do not have approved science-based","page_number":6,"box":{"x":117,"y":185,"width":767,"height":13}},{"id":"c07cedbc-10b0-4ea7-915d-f54308304b5c","block_type":"box","text":"targets (“SBTs”) and are in the worst quartile of their GICS sector within the Parent Index based on their","page_number":6,"box":{"x":116,"y":201,"width":757,"height":13}},{"id":"62fb7817-12f6-4196-8065-d6e16a3a7a92","block_type":"box","text":"management of climate change risks (e.g., product carbon footprint and carbon emissions) (“carbon risk","page_number":6,"box":{"x":117,"y":216,"width":765,"height":13}},{"id":"f37e4817-e6cd-40ee-a395-b82211f8a065","block_type":"box","text":"management”). For existing index constituents, the Index Provider excludes issuers that do not have","page_number":6,"box":{"x":117,"y":232,"width":731,"height":13}},{"id":"0f5a8610-1a74-42ea-a6a1-a882703bb0ab","block_type":"box","text":"approved SBTs and are in the worst decile of their GICS sector within the Parent Index based on their","page_number":6,"box":{"x":116,"y":247,"width":734,"height":13}},{"id":"5e849b15-4dad-436b-a681-b0cd0d351557","block_type":"box","text":"carbon risk management, as determined by the Index Provider.","page_number":6,"box":{"x":116,"y":263,"width":460,"height":13}},{"id":"92c2a850-e785-48a6-9cb0-c14cddfd9997","block_type":"box","text":"Eligible securities are then evaluated according to a framework that assigns an initial “GHG Intensity","page_number":6,"box":{"x":117,"y":286,"width":728,"height":13}},{"id":"17db93bf-2f8c-49ea-9e85-d0cb410bc1cd","block_type":"box","text":"Score,” which corresponds to the issuer’s sector-relative quartile position within the Parent Index based","page_number":6,"box":{"x":116,"y":302,"width":755,"height":12}},{"id":"3198cc6c-acca-40fd-8041-3d8b31d2c680","block_type":"box","text":"on its Scope 1+2+3 GHG intensity. The score may be improved with a one-quartile or two-quartile","page_number":6,"box":{"x":116,"y":317,"width":712,"height":13}},{"id":"b8dfdf0c-800d-4bd7-ac19-240ce01aec7a","block_type":"box","text":"adjustment, as summarized below.","page_number":6,"box":{"x":116,"y":333,"width":257,"height":12}},{"id":"8aa1c97e-395a-4241-a97c-ab1ab5bcd18c","block_type":"box","text":"An issuer is credited with a two-quartile improvement in its GHG Intensity Score if the issuer either (i) has","page_number":6,"box":{"x":116,"y":356,"width":769,"height":13}},{"id":"b44e5107-28f9-4716-83d9-643b8b23afe8","block_type":"box","text":"approved SBTs for emissions reduction or (ii) is assessed by the Index Provider as having a “credible track","page_number":6,"box":{"x":116,"y":371,"width":770,"height":13}},{"id":"66dc2ab5-7f32-4ec3-b955-00a31d75bdc9","block_type":"box","text":"record” of reduced emissions. Approved SBTs are targets that have been determined by SBTi to align with","page_number":6,"box":{"x":117,"y":387,"width":771,"height":13}},{"id":"3c3212aa-b32e-4745-b46d-ce36b992bbac","block_type":"box","text":"certain criteria set by SBTi based on climate science.","page_number":6,"box":{"x":116,"y":402,"width":382,"height":13}},{"id":"f8397f3b-eec3-49fc-a4af-f7cb47ea5326","block_type":"box","text":"The criteria for a credible track record of emissions reduction include, among other things, having an","page_number":6,"box":{"x":116,"y":426,"width":735,"height":12}},{"id":"e5d52271-3377-4757-89a9-eb0b1cc22987","block_type":"box","text":"average yearly emissions reduction of at least 2% over the past four years (three year-over-year","page_number":6,"box":{"x":116,"y":441,"width":698,"height":13}},{"id":"bef4b2ae-804a-48e5-843a-e8868fd19a8d","block_type":"box","text":"changes).","page_number":6,"box":{"x":116,"y":457,"width":75,"height":12}},{"id":"fb1608c5-7a90-46da-9a69-458f8a6ca7d8","block_type":"box","text":"For the remaining eligible securities, the GHG Intensity Score is improved by one quartile for any issuer","page_number":6,"box":{"x":117,"y":480,"width":746,"height":13}},{"id":"01a15016-21b7-4248-873f-7f311ba71d6e","block_type":"box","text":"that is within the best quartile, on a sector-relative basis within the Parent Index, for either (i) carbon risk","page_number":6,"box":{"x":116,"y":495,"width":762,"height":13}},{"id":"4b429430-4fca-43dc-b78e-95ccc75648a8","block_type":"box","text":"management or (ii) “green business revenue,” each as determined by the Index Provider. An issuer must","page_number":6,"box":{"x":117,"y":511,"width":760,"height":13}},{"id":"3282e34e-efff-4d25-8d0a-54014763a8ba","block_type":"box","text":"have at least 5% green business revenue to receive the improvement to its GHG Intensity Score. “Green","page_number":6,"box":{"x":117,"y":526,"width":753,"height":13}},{"id":"240a5d34-a3c2-4568-b9f2-e846320f1cc7","block_type":"box","text":"business revenue” is defined as the cumulative revenue percentage that a company derives from","page_number":6,"box":{"x":117,"y":542,"width":704,"height":13}},{"id":"074f2f4f-2295-40ac-9b38-a7cc68192d2c","block_type":"box","text":"alternative energy, energy efficiency, sustainable water, green building, pollution prevention and","page_number":6,"box":{"x":116,"y":557,"width":701,"height":13}},{"id":"6c62c9a0-1af8-49a6-939c-9b30109d5bb1","block_type":"box","text":"sustainable agriculture.","page_number":6,"box":{"x":116,"y":573,"width":173,"height":13}},{"id":"b8028a60-d3f8-46ac-82b3-26e5ed204133","block_type":"box","text":"After the above quartile score improvements are applied, each security is assigned the resulting “Tilt","page_number":6,"box":{"x":116,"y":596,"width":731,"height":13}},{"id":"d7abbb0f-43db-4e80-9c50-94a027771736","block_type":"box","text":"Score”. This tilting approach, as determined by the Index Provider, increases exposure to companies","page_number":6,"box":{"x":116,"y":612,"width":730,"height":12}},{"id":"eb41ee0d-c1d1-4c67-916e-19b57b2ba8a6","block_type":"box","text":"assessed as best positioned for the climate transition within their respective GICS sector.","page_number":6,"box":{"x":116,"y":627,"width":646,"height":13}},{"id":"fbdfbf4e-3650-451f-bb6b-b1f0abd0c213","block_type":"box","text":"All eligible securities of each GICS sector are included in the index. The weights of the index constituents","page_number":6,"box":{"x":116,"y":651,"width":762,"height":12}},{"id":"6f964ae2-9551-44c6-93da-702e22294637","block_type":"box","text":"are determined by multiplying the Tilt Score with the Parent Index weight of the eligible security. The","page_number":6,"box":{"x":116,"y":666,"width":730,"height":13}},{"id":"4d5c86c0-79f5-462e-9353-4bb65f5c84b9","block_type":"box","text":"weights are then renormalized to 100%. Sector weights are limited to +/- 5% the weight of that sector in","page_number":6,"box":{"x":116,"y":682,"width":759,"height":12}},{"id":"e7ff902d-4f28-49fd-b73f-4559d53f6ac5","block_type":"box","text":"the Parent Index, and individual issuer weights are capped at +2% of its Parent Index weight.","page_number":6,"box":{"x":116,"y":697,"width":670,"height":13}},{"id":"0f358da0-c9b3-4d7d-a260-52434121010c","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced in May and November. The business involvement","page_number":6,"box":{"x":116,"y":720,"width":749,"height":13}},{"id":"faefba06-69a4-41e6-b24a-11f153185ed9","block_type":"box","text":"and firearms exclusionary screens are reviewed quarterly. The ESG controversy screen is reviewed","page_number":6,"box":{"x":116,"y":736,"width":709,"height":12}},{"id":"bf8a9b79-dd51-43f6-8a20-b752a087299d","block_type":"box","text":"monthly. Existing constituents that meet the exclusion criteria are deleted from the Underlying Index, and","page_number":6,"box":{"x":117,"y":751,"width":762,"height":13}},{"id":"9b77906c-c7cf-4a4d-ac3a-507d96f69254","block_type":"box","text":"the weights of the remaining constituents are renormalized to 100%.","page_number":6,"box":{"x":116,"y":767,"width":499,"height":12}},{"id":"e1b6d9a9-38a3-48d4-aab1-2692b1a66931","block_type":"box","text":"As of June 1, 2026, a significant portion of the Underlying Index is represented by securities of companies","page_number":6,"box":{"x":116,"y":790,"width":762,"height":13}},{"id":"8e1324fe-64ca-45a5-a782-4d43179e2a6b","block_type":"box","text":"in the Information Technology, Communication Services, and Consumer Discretionary sectors. As of","page_number":6,"box":{"x":117,"y":806,"width":728,"height":12}},{"id":"bfd4754f-b2e4-4882-b5e4-c10b1bce5aaf","block_type":"box","text":"June 1, 2026, the Underlying Index had approximately 400 components. The components of the","page_number":6,"box":{"x":115,"y":821,"width":696,"height":13}},{"id":"cf822656-4cdc-406e-b2b6-23123f824d64","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":6,"box":{"x":117,"y":837,"width":347,"height":12}},{"id":"97417dcc-59c0-41f9-8958-60f543e5860a","block_type":"box","text":"Changes to the Fund’s Prospectus","page_number":7,"box":{"x":116,"y":69,"width":261,"height":13}},{"id":"32a65145-ffb1-4a34-abcb-691440faf793","block_type":"box","text":"The section entitled “Additional Index Information – iShares Climate Conscious & Transition MSCI","page_number":7,"box":{"x":116,"y":92,"width":746,"height":10}},{"id":"2d2c4345-2d2e-4ea8-b679-946dccde77fd","block_type":"box","text":"USA ETF” of the Fund’s Prospectus is deleted in its entirety and replaced with the following:","page_number":7,"box":{"x":117,"y":108,"width":696,"height":13}},{"id":"fed9047b-51d4-4874-99d7-354d66949af3","block_type":"box","text":"The Index Provider excludes the securities of issuers that it identifies as being involved in any of the","page_number":7,"box":{"x":116,"y":131,"width":723,"height":13}},{"id":"7fe76504-0bc0-4071-b446-61e9add93ad3","block_type":"box","text":"business activities summarized below (“business involvement screens”):","page_number":7,"box":{"x":117,"y":147,"width":527,"height":12}},{"id":"aac88fe2-9348-4cfa-b8b6-3eea98a2efe5","block_type":"box","text":"Š","page_number":7,"box":{"x":136,"y":172,"width":9,"height":7}},{"id":"c8db0c85-9859-45e3-b8ab-295269b3d2b8","block_type":"box","text":"Companies that are classified as a “producer” of tobacco and companies that derive 5% or more","page_number":7,"box":{"x":157,"y":170,"width":704,"height":13}},{"id":"95775c2d-1d65-43bf-a52f-c15dd35e21e3","block_type":"box","text":"aggregate revenue from the production, distribution, retail, supply, and licensing of tobacco-related","page_number":7,"box":{"x":157,"y":185,"width":725,"height":13}},{"id":"6c216e77-3a6e-47a6-87e9-fbedb30559d1","block_type":"box","text":"products.","page_number":7,"box":{"x":157,"y":201,"width":72,"height":13}},{"id":"69f09160-11fe-44fd-a5f8-836b0883c135","block_type":"box","text":"Š","page_number":7,"box":{"x":136,"y":226,"width":9,"height":7}},{"id":"f16013da-2b04-4e34-8d87-bfce43fa9c06","block_type":"box","text":"Companies with any tie to controversial weapons, which are defined by the Index Provider as","page_number":7,"box":{"x":157,"y":224,"width":678,"height":13}},{"id":"8c319c8c-2ec4-4982-8816-abd25a9f2e5f","block_type":"box","text":"cluster munitions, landmines, biological and chemical weapons, depleted uranium weapons,","page_number":7,"box":{"x":157,"y":240,"width":673,"height":12}},{"id":"d1bd814b-b6ea-4e09-99c7-96e39bebf8f5","block_type":"box","text":"blinding laser weapons, incendiary weapons and non-detectable fragments.","page_number":7,"box":{"x":157,"y":255,"width":554,"height":13}},{"id":"edbd5a99-b589-489b-8904-331dfefcb7e6","block_type":"box","text":"Š","page_number":7,"box":{"x":136,"y":281,"width":9,"height":6}},{"id":"cfe23582-d2c1-4983-93eb-bfe8f5d29f2c","block_type":"box","text":"Companies deriving 1% or more revenue (reported or estimated) from the mining of thermal coal","page_number":7,"box":{"x":157,"y":278,"width":712,"height":13}},{"id":"316e43c5-93fd-409f-b2dd-78069b72ddce","block_type":"box","text":"(including lignite, bituminous, anthracite and steam coal) and its sale to external parties. It excludes","page_number":7,"box":{"x":157,"y":294,"width":726,"height":13}},{"id":"8f584813-c502-4487-a18d-ea1bc7df357f","block_type":"box","text":"revenue from metallurgical coal, coal mined for internal power generation, intra-company sales of","page_number":7,"box":{"x":157,"y":309,"width":714,"height":13}},{"id":"e3ea2e81-4849-4c39-bfd4-d262b0aef965","block_type":"box","text":"mined thermal coal, and revenue from coal trading (reported or estimated).","page_number":7,"box":{"x":157,"y":325,"width":551,"height":13}},{"id":"9e486ff1-e575-4c0c-b265-b44ae77a0229","block_type":"box","text":"Š","page_number":7,"box":{"x":136,"y":350,"width":9,"height":7}},{"id":"fd00896d-9473-4242-b1c6-5cfbc7746cd0","block_type":"box","text":"Companies that own oil sands reserves, disclose evidence of deriving revenue from oil sands","page_number":7,"box":{"x":157,"y":348,"width":673,"height":13}},{"id":"6e19ec52-6e0c-4507-934b-1194b694668e","block_type":"box","text":"extraction and derive 5% or more revenue from such extraction. Companies that derive revenue","page_number":7,"box":{"x":157,"y":364,"width":700,"height":12}},{"id":"bf665b93-3acc-4d1f-8233-43a85b070fe8","block_type":"box","text":"from non-extraction activities (e.g., exploration, surveying, processing, refining) or intra-company","page_number":7,"box":{"x":156,"y":379,"width":713,"height":13}},{"id":"43a1112c-9d80-4c77-8607-185783319c6a","block_type":"box","text":"sales are not excluded. Additionally, companies that own oil sands reserves with no associated","page_number":7,"box":{"x":157,"y":395,"width":689,"height":12}},{"id":"99773492-ee65-4e75-9194-ee9b4f5063b3","block_type":"box","text":"revenue are not excluded.","page_number":7,"box":{"x":157,"y":410,"width":191,"height":10}},{"id":"2238f0f6-c892-4b63-b4fb-cf4ed2836490","block_type":"box","text":"Š","page_number":7,"box":{"x":136,"y":436,"width":9,"height":6}},{"id":"2f8539cf-f2ad-484e-9167-71c3f7e3db8a","block_type":"box","text":"Companies that are located in countries who are not signatories of The Treaty on the","page_number":7,"box":{"x":157,"y":433,"width":621,"height":13}},{"id":"f7b15422-26dc-4d55-9d9b-1a35d56f76b8","block_type":"box","text":"Non-Proliferation of Nuclear Weapons and fall within the following categories: companies that","page_number":7,"box":{"x":157,"y":449,"width":688,"height":13}},{"id":"9b389d1f-8668-492f-975c-d5f1485ddee7","block_type":"box","text":"manufacture nuclear warheads and/or whole nuclear missiles, including assembly and integration","page_number":7,"box":{"x":157,"y":464,"width":717,"height":13}},{"id":"e89d1191-6450-4359-90e8-b8ae0ab976f7","block_type":"box","text":"of warhead and missile body; companies with contracts to operate/manage government-owned","page_number":7,"box":{"x":157,"y":480,"width":705,"height":13}},{"id":"b55f08b8-4c84-4a58-aab9-564fb29aa23f","block_type":"box","text":"facilities that manufacture nuclear warheads and missiles or their components; companies that","page_number":7,"box":{"x":156,"y":495,"width":695,"height":13}},{"id":"c267394f-da6f-416b-8e55-d6186db25855","block_type":"box","text":"manufacture components that were developed or are significantly modified for exclusive use in","page_number":7,"box":{"x":157,"y":511,"width":694,"height":13}},{"id":"e3cbf912-8c50-4c0e-ab3a-6915f693ebb4","block_type":"box","text":"nuclear weapons; companies that manufacture or assemble delivery platforms that were developed","page_number":7,"box":{"x":157,"y":526,"width":726,"height":13}},{"id":"a80a7518-86f7-4feb-a242-f87e7f37a58f","block_type":"box","text":"or significantly modified for the exclusive delivery of nuclear weapons; companies that provide","page_number":7,"box":{"x":157,"y":542,"width":689,"height":13}},{"id":"4260dcfb-e60d-4720-8941-bbadc7fcebbd","block_type":"box","text":"auxiliary services related to nuclear weapons, such as repairing and maintaining nuclear weapons,","page_number":7,"box":{"x":157,"y":557,"width":715,"height":13}},{"id":"22cb33ec-1a7d-4b36-b214-b66ed59100c2","block_type":"box","text":"providing overhaul and upgrade services, stockpiling and stewardship, R&D work, testing and","page_number":7,"box":{"x":157,"y":573,"width":681,"height":13}},{"id":"531af135-a6b3-413b-837e-89d24d7bc949","block_type":"box","text":"simulations; companies with contracts to operate/manage government-owned facilities that","page_number":7,"box":{"x":157,"y":589,"width":677,"height":12}},{"id":"6e6fa51c-bd2e-478d-897a-2b2a5068c4d5","block_type":"box","text":"conduct R&D, testing, simulations, and other essential sciences on nuclear weapons; companies","page_number":7,"box":{"x":157,"y":604,"width":701,"height":13}},{"id":"d284bbe6-b403-49e9-b947-9956f8fff1cf","block_type":"box","text":"that manufacture components that were not developed or not significantly modified for exclusive","page_number":7,"box":{"x":156,"y":620,"width":712,"height":12}},{"id":"ef74c975-ba70-44f4-a2f9-e632801b8afc","block_type":"box","text":"use in nuclear weapons but that can be used in nuclear weapons; companies that manufacture or","page_number":7,"box":{"x":157,"y":635,"width":712,"height":13}},{"id":"e544a71d-e207-4ec6-bc25-a1aceaf2c40c","block_type":"box","text":"assemble delivery platforms that were not developed or not significantly modified for the exclusive","page_number":7,"box":{"x":157,"y":651,"width":719,"height":12}},{"id":"c618f084-5c93-4701-839c-029dccfafec0","block_type":"box","text":"delivery of nuclear weapons but that have the capability to deliver nuclear weapons; and companies","page_number":7,"box":{"x":157,"y":666,"width":723,"height":13}},{"id":"11737b50-35ba-4abd-88c0-d83dccbc4ff0","block_type":"box","text":"that manufacture components for nuclear-exclusive delivery platforms.","page_number":7,"box":{"x":156,"y":682,"width":517,"height":12}},{"id":"43795c4f-8225-4e6a-8f5e-b4410fc54861","block_type":"box","text":"Š","page_number":7,"box":{"x":136,"y":707,"width":9,"height":6}},{"id":"c6125c15-9a04-425b-9aaa-0812705b7d09","block_type":"box","text":"All companies classified as “Producer” of firearms and small arms ammunitions for civilian markets.","page_number":7,"box":{"x":156,"y":705,"width":723,"height":12}},{"id":"294b263f-4be1-4223-beb5-08cf1c4a589a","block_type":"box","text":"It does not cover companies that cater to the military, government, and law enforcement markets.","page_number":7,"box":{"x":158,"y":720,"width":710,"height":13}},{"id":"9609e738-6e3d-492e-bc81-8b9b77f9cf46","block_type":"box","text":"Changes to the Fund’s SAI","page_number":7,"box":{"x":116,"y":744,"width":199,"height":12}},{"id":"af617e2f-636e-4e4f-9295-eaf882f7615f","block_type":"box","text":"The section entitled “The MSCI Indexes – MSCI USA Extended Climate Action Index” of the","page_number":7,"box":{"x":116,"y":767,"width":684,"height":10}},{"id":"b1484f11-5964-43a9-beae-1ed0d7029efd","block_type":"box","text":"Construction and Maintenance of the Underlying Index section in the SAI for the Fund is deleted in","page_number":7,"box":{"x":116,"y":782,"width":746,"height":13}},{"id":"30213df2-8c46-42e6-be31-8fbd33c3ef5a","block_type":"box","text":"its entirety and replaced with the following:","page_number":7,"box":{"x":117,"y":798,"width":329,"height":12}},{"id":"413cbf59-b3ef-4a01-b9e1-64fb634a0b65","block_type":"box","text":"MSCI USA Extended Climate Action Index","page_number":7,"box":{"x":117,"y":821,"width":313,"height":10}},{"id":"5f4e85bb-f16a-4b3b-82c8-7fc0628f7a4b","block_type":"box","text":"Number of Components: approximately 400","page_number":7,"box":{"x":117,"y":844,"width":337,"height":13}},{"id":"3164b212-7ff8-4d07-8879-ed81d6bd26ae","block_type":"box","text":"Index Description.","page_number":7,"box":{"x":117,"y":868,"width":138,"height":12}},{"id":"4de9afae-b82d-4363-8943-8b071f961ab7","block_type":"box","text":"The MSCI USA Extended Climate Action Index is composed of U.S. large- and","page_number":7,"box":{"x":256,"y":868,"width":567,"height":12}},{"id":"b1f35dd5-fc3e-4c8f-8b5c-c662b4d54213","block_type":"box","text":"mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the","page_number":7,"box":{"x":117,"y":883,"width":766,"height":13}},{"id":"d454fbf5-34fc-4457-98e5-b17a73c3e294","block_type":"box","text":"transition to a low-carbon economy, as determined by MSCI. The Index Provider uses data provided by","page_number":7,"box":{"x":116,"y":899,"width":750,"height":12}},{"id":"437880f9-0c88-4522-94b7-8ac8bb1d715e","block_type":"box","text":"MSCI Solutions LLC and other sources to assess companies for eligibility for inclusion in the Underlying","page_number":7,"box":{"x":117,"y":914,"width":745,"height":13}},{"id":"cd71f64c-162d-4b89-8ee8-eb69dcf5dae6","block_type":"box","text":"Index and to rank and select securities based primarily on current emissions intensity, emissions","page_number":8,"box":{"x":117,"y":69,"width":700,"height":13}},{"id":"7a582028-ffd3-459e-b285-4c27db4d7b93","block_type":"box","text":"reduction targets, green business revenue, and/or carbon risk management.","page_number":8,"box":{"x":117,"y":85,"width":557,"height":12}},{"id":"c4af7b73-0ef1-445f-a5e1-87e81caa590f","block_type":"box","text":"The Underlying Index seeks to reflect the overall sector composition of the MSCI USA Index (the “parent","page_number":8,"box":{"x":116,"y":108,"width":759,"height":13}},{"id":"2c578623-dc3c-4a25-a83a-fdcfc0b11d8a","block_type":"box","text":"index”) by targeting similar sector representation from each Global Industry Classification Standard","page_number":8,"box":{"x":117,"y":123,"width":724,"height":13}},{"id":"b84a2a30-a9f8-4b0b-8664-df53468a387b","block_type":"box","text":"(“GICS”) sector in the parent index. The parent index is a float-adjusted market capitalization weighted","page_number":8,"box":{"x":117,"y":139,"width":748,"height":13}},{"id":"67ba38cf-bd50-4004-ad96-2982501347d2","block_type":"box","text":"index designed to measure the performance of the large- and mid-capitalization companies in the U.S.","page_number":8,"box":{"x":117,"y":154,"width":745,"height":13}},{"id":"3ffe84c0-f5e2-4f80-aa16-a2154c33a565","block_type":"box","text":"market, irrespective of their climate impact. As a result, the Underlying Index will include constituents","page_number":8,"box":{"x":117,"y":170,"width":738,"height":13}},{"id":"4ffd85f7-514e-4f07-a3ec-d831146b29cc","block_type":"box","text":"from a broad range of sectors in the U.S. market, including sectors that have more climate impact than","page_number":8,"box":{"x":116,"y":185,"width":749,"height":13}},{"id":"df82ef2e-6ebb-48e7-9b20-92f8e321b60e","block_type":"box","text":"other sectors.","page_number":8,"box":{"x":116,"y":201,"width":103,"height":10}},{"id":"c6ec779e-3c99-4570-b57a-23be19b47ece","block_type":"box","text":"Index Methodology.","page_number":8,"box":{"x":117,"y":224,"width":151,"height":13}},{"id":"5545f25a-a1bd-41c2-be1a-00f4a2e920cb","block_type":"box","text":"The Index Provider begins with the constituent universe of the parent index and","page_number":8,"box":{"x":269,"y":224,"width":587,"height":13}},{"id":"523f94b5-c355-430c-a0dc-889fea253d25","block_type":"box","text":"applies several types of exclusionary screens, as described below.","page_number":8,"box":{"x":116,"y":240,"width":478,"height":12}},{"id":"00bfbaab-5efe-41a3-96dc-bb6802d42e16","block_type":"box","text":"The Index Provider excludes the securities of issuers that it identifies as being involved in any of the","page_number":8,"box":{"x":116,"y":263,"width":723,"height":13}},{"id":"689afd54-b484-4c8d-b6b9-552cd7fceda9","block_type":"box","text":"business activities summarized below (“business involvement screens”):","page_number":8,"box":{"x":117,"y":278,"width":527,"height":13}},{"id":"b9b271f6-7255-43d6-89b4-02250a400380","block_type":"box","text":"Š","page_number":8,"box":{"x":136,"y":304,"width":9,"height":6}},{"id":"a15c0c70-b670-48b2-9ff2-06eec5f3ef91","block_type":"box","text":"Companies that are classified as a “producer” of tobacco and companies that derive 5% or more","page_number":8,"box":{"x":157,"y":302,"width":704,"height":12}},{"id":"a04793ae-2bc9-461e-b9cf-145902121fa7","block_type":"box","text":"aggregate revenue from the production, distribution, retail, supply, and licensing of tobacco-related","page_number":8,"box":{"x":157,"y":317,"width":725,"height":13}},{"id":"770b01aa-365d-4065-8f63-045bd94a0f21","block_type":"box","text":"products.","page_number":8,"box":{"x":157,"y":333,"width":72,"height":12}},{"id":"11f7e18f-1d37-453e-a9b9-7cb1185f77ee","block_type":"box","text":"Š","page_number":8,"box":{"x":136,"y":358,"width":9,"height":7}},{"id":"2da293e3-4b06-4a3d-b505-2e71872ea723","block_type":"box","text":"Companies with any tie to controversial weapons, which are defined by the Index Provider as","page_number":8,"box":{"x":157,"y":356,"width":678,"height":13}},{"id":"3f2d4e45-254f-49fb-b833-bea37ad24eb9","block_type":"box","text":"cluster munitions, landmines, biological and chemical weapons, depleted uranium weapons,","page_number":8,"box":{"x":157,"y":371,"width":673,"height":13}},{"id":"4391b5c0-77e3-4bc3-9312-4f613c080b46","block_type":"box","text":"blinding laser weapons, incendiary weapons and non-detectable fragments.","page_number":8,"box":{"x":157,"y":387,"width":554,"height":13}},{"id":"c44f54ac-00bc-4a10-8c57-f09dcc62f053","block_type":"box","text":"Š","page_number":8,"box":{"x":136,"y":412,"width":9,"height":7}},{"id":"d2300df3-007d-466c-a8e3-62670c9676fb","block_type":"box","text":"Companies deriving 1% or more revenue (reported or estimated) from the mining of thermal coal","page_number":8,"box":{"x":157,"y":410,"width":712,"height":13}},{"id":"6eba8770-146c-4bab-a26f-a8e9820529db","block_type":"box","text":"(including lignite, bituminous, anthracite and steam coal) and its sale to external parties. It excludes","page_number":8,"box":{"x":157,"y":426,"width":726,"height":12}},{"id":"25bae45d-1468-444c-b8ba-f98c94f3ff53","block_type":"box","text":"revenue from metallurgical coal, coal mined for internal power generation, intra-company sales of","page_number":8,"box":{"x":157,"y":441,"width":714,"height":13}},{"id":"358465b3-1197-4c72-909f-03536dbd1baa","block_type":"box","text":"mined thermal coal, and revenue from coal trading (reported or estimated).","page_number":8,"box":{"x":157,"y":457,"width":551,"height":12}},{"id":"9649780a-1a96-40e3-9d85-a0648fb7f958","block_type":"box","text":"Š","page_number":8,"box":{"x":136,"y":482,"width":9,"height":7}},{"id":"f268d1de-582e-4b43-b8c6-75bf816c20d3","block_type":"box","text":"Companies that own oil sands reserves, disclose evidence of deriving revenue from oil sands","page_number":8,"box":{"x":157,"y":480,"width":673,"height":13}},{"id":"e9e582d2-2cfe-4489-b486-0e33ca3c77dc","block_type":"box","text":"extraction and derive 5% or more revenue from such extraction. Companies that derive revenue","page_number":8,"box":{"x":157,"y":495,"width":700,"height":13}},{"id":"ea467634-c6a0-485e-a91e-0beca1ff9651","block_type":"box","text":"from non-extraction activities (e.g., exploration, surveying, processing, refining) or intra-company","page_number":8,"box":{"x":156,"y":511,"width":713,"height":13}},{"id":"341ab4c8-0bbe-480e-ad99-08b363191a7a","block_type":"box","text":"sales are not excluded. Additionally, companies that own oil sands reserves with no associated","page_number":8,"box":{"x":157,"y":526,"width":689,"height":13}},{"id":"743c0e8f-ba0d-426e-99b5-e076250508a9","block_type":"box","text":"revenue are not excluded.","page_number":8,"box":{"x":157,"y":542,"width":191,"height":10}},{"id":"abd0eade-5012-46b1-8808-5d742cc24e84","block_type":"box","text":"Š","page_number":8,"box":{"x":136,"y":567,"width":9,"height":7}},{"id":"fda9562c-17b0-48f1-b915-90194c8ab655","block_type":"box","text":"Companies that are located in countries who are not signatories of The Treaty on the","page_number":8,"box":{"x":157,"y":565,"width":621,"height":13}},{"id":"b6b05e21-1c05-4ed4-a27c-db6029c07372","block_type":"box","text":"Non-Proliferation of Nuclear Weapons and fall within the following categories: companies that","page_number":8,"box":{"x":157,"y":581,"width":688,"height":12}},{"id":"67614ee9-3573-4ce5-b6f1-02ed20dfc20c","block_type":"box","text":"manufacture nuclear warheads and/or whole nuclear missiles, including assembly and integration","page_number":8,"box":{"x":157,"y":596,"width":717,"height":13}},{"id":"4a1927da-a2c9-4e05-9f9d-200d1126e5ee","block_type":"box","text":"of warhead and missile body; companies with contracts to operate/manage government-owned","page_number":8,"box":{"x":157,"y":612,"width":705,"height":12}},{"id":"695681e6-1502-41fc-ab01-af533f622d56","block_type":"box","text":"facilities that manufacture nuclear warheads and missiles or their components; companies that","page_number":8,"box":{"x":156,"y":627,"width":695,"height":13}},{"id":"10fd9e6d-8a6a-44ae-bae6-9377389c0457","block_type":"box","text":"manufacture components that were developed or are significantly modified for exclusive use in","page_number":8,"box":{"x":157,"y":643,"width":694,"height":12}},{"id":"7adc1e3f-5943-414c-a36d-b5d1826400a8","block_type":"box","text":"nuclear weapons; companies that manufacture or assemble delivery platforms that were developed","page_number":8,"box":{"x":157,"y":658,"width":726,"height":13}},{"id":"deaa6777-0bdb-4d1a-9a69-5b167f64853a","block_type":"box","text":"or significantly modified for the exclusive delivery of nuclear weapons; companies that provide","page_number":8,"box":{"x":157,"y":674,"width":684,"height":12}},{"id":"c21c73f0-67f4-49eb-8738-97b3f8fa9b10","block_type":"box","text":"auxiliary services related to nuclear weapons, such as repairing and maintaining nuclear weapons,","page_number":8,"box":{"x":157,"y":689,"width":710,"height":13}},{"id":"1e980bf9-ac6f-4c19-b9d3-f837a41161bb","block_type":"box","text":"providing overhaul and upgrade services, stockpiling and stewardship, R&D work, testing and","page_number":8,"box":{"x":157,"y":705,"width":677,"height":12}},{"id":"490b368e-5d62-4ae0-82f0-1351e0c26e26","block_type":"box","text":"simulations; companies with contracts to operate/manage government-owned facilities that","page_number":8,"box":{"x":157,"y":720,"width":673,"height":13}},{"id":"21562de5-911f-43c1-8fbd-650b1c38acac","block_type":"box","text":"conduct R&D, testing, simulations, and other essential sciences on nuclear weapons; companies","page_number":8,"box":{"x":157,"y":736,"width":696,"height":12}},{"id":"5700340e-1545-4d6e-8d2d-5b895a597dfd","block_type":"box","text":"that manufacture components that were not developed or not significantly modified for exclusive","page_number":8,"box":{"x":156,"y":751,"width":707,"height":13}},{"id":"817421c9-79da-4119-8158-4041e3429610","block_type":"box","text":"use in nuclear weapons but that can be used in nuclear weapons; companies that manufacture or","page_number":8,"box":{"x":157,"y":767,"width":708,"height":12}},{"id":"79661fc2-aa21-42da-944e-b1c809638d34","block_type":"box","text":"assemble delivery platforms that were not developed or not significantly modified for the exclusive","page_number":8,"box":{"x":157,"y":782,"width":714,"height":13}},{"id":"dec4af9c-4fb1-495c-8810-8386ccf58ef1","block_type":"box","text":"delivery of nuclear weapons but that have the capability to deliver nuclear weapons; and companies","page_number":8,"box":{"x":157,"y":798,"width":723,"height":12}},{"id":"6c058d00-1aaf-4039-a300-b07edb9719af","block_type":"box","text":"that manufacture components for nuclear-exclusive delivery platforms.","page_number":8,"box":{"x":156,"y":813,"width":517,"height":13}},{"id":"09d53fc2-d95e-4566-b968-78739c55e070","block_type":"box","text":"Š","page_number":8,"box":{"x":136,"y":839,"width":9,"height":6}},{"id":"a8763362-9736-4d87-9054-785a5148e42c","block_type":"box","text":"All companies classified as “Producer” of firearms and small arms ammunitions for civilian markets.","page_number":8,"box":{"x":156,"y":837,"width":728,"height":12}},{"id":"d511711a-6a07-42f5-821e-a0392bbca045","block_type":"box","text":"It does not cover companies that cater to the military, government, and law enforcement markets.","page_number":8,"box":{"x":158,"y":852,"width":715,"height":13}},{"id":"6a7ca427-e480-44b2-b06a-30e5da7be8cd","block_type":"box","text":"The Index Provider also excludes companies that it determines are directly involved in ongoing, “very","page_number":8,"box":{"x":116,"y":875,"width":736,"height":13}},{"id":"d5ced067-63ea-433a-91fa-15578a8d0f65","block_type":"box","text":"severe” ESG controversies, defined as an instance or ongoing situation in which company operations","page_number":8,"box":{"x":116,"y":891,"width":735,"height":12}},{"id":"ae614205-9533-4569-af92-b58ae51a6fcf","block_type":"box","text":"and/or products allegedly are directly implicated in having a negative ESG impact, including alleged","page_number":8,"box":{"x":116,"y":906,"width":726,"height":13}},{"id":"aaa2f682-63e6-4873-8e5c-57eb384d8981","block_type":"box","text":"violations of laws, regulations, or accepted international norms (e.g., human rights violations or toxic","page_number":8,"box":{"x":116,"y":922,"width":730,"height":13}},{"id":"43e34e20-1db9-48e8-89e8-b518619e6aaf","block_type":"box","text":"emissions and waste). To evaluate ESG controversies, the Index Provider monitors across five categories","page_number":9,"box":{"x":116,"y":69,"width":760,"height":13}},{"id":"b80ead13-d5a7-4010-ba6f-3829492fd80d","block_type":"box","text":"of ESG impact – environment, human rights and communities, labor rights and supply chain, customers","page_number":9,"box":{"x":116,"y":85,"width":757,"height":12}},{"id":"5caed546-9b69-4f6c-b3cd-588bb6577d11","block_type":"box","text":"and governance – and 28 sub-categories. The Index Provider also excludes companies that are not","page_number":9,"box":{"x":116,"y":100,"width":719,"height":13}},{"id":"02299df7-f631-4f78-af25-a4c31da38149","block_type":"box","text":"assessed by the Index Provider regarding ESG controversies.","page_number":9,"box":{"x":116,"y":116,"width":440,"height":12}},{"id":"16510b9e-7bb5-4ff6-9c31-285cdc1850c8","block_type":"box","text":"Another screen excludes issuers that have higher “emissions intensity” than the High Emission Threshold","page_number":9,"box":{"x":116,"y":137,"width":768,"height":13}},{"id":"8b8f5b21-f926-4952-be95-6d51d0de4575","block_type":"box","text":"or higher “total potential carbon emissions” than the High Potential Emission Threshold, meaning issuers","page_number":9,"box":{"x":116,"y":153,"width":767,"height":13}},{"id":"028eb2d6-cdad-4c22-9669-8fda99f13926","block_type":"box","text":"in the highest 5% of emitters on the MSCI ACWI Index for the two emissions metrics, as determined by","page_number":9,"box":{"x":117,"y":168,"width":750,"height":13}},{"id":"02043b1c-239f-4c37-9c45-0d9f1f11eddc","block_type":"box","text":"the Index Provider. However, these highest 5% of emitters are not excluded by this screen if they have","page_number":9,"box":{"x":116,"y":184,"width":744,"height":13}},{"id":"dbbcf9fd-355c-43a2-8c55-d37d32640166","block_type":"box","text":"emissions reduction targets that have been approved by the Science-Based Targets initiative (“SBTi”).","page_number":9,"box":{"x":116,"y":199,"width":742,"height":13}},{"id":"3ee3af43-f9e0-48d0-a12d-798d34d8aee7","block_type":"box","text":"SBTi does not monitor whether companies modify their targets or make progress toward the targets.","page_number":9,"box":{"x":116,"y":215,"width":737,"height":13}},{"id":"0d578c09-61e8-4da5-97d8-b9aac770423f","block_type":"box","text":"“Emissions intensity” is defined by the Index Provider as Scope 1+2+3 global greenhouse gas (“GHG”)","page_number":9,"box":{"x":117,"y":230,"width":739,"height":13}},{"id":"a8419abd-f0e4-410f-a1d1-43dafe9f9424","block_type":"box","text":"emissions (i.e., direct emissions from sources that an issuer owns or controls and indirect emissions from","page_number":9,"box":{"x":116,"y":246,"width":768,"height":13}},{"id":"742b8ca1-0e5d-438f-978f-977dfe79296d","block_type":"box","text":"the purchase of energy and a company’s value chain) as a percentage of the issuer’s enterprise value and","page_number":9,"box":{"x":116,"y":261,"width":767,"height":13}},{"id":"581ee79c-fa3c-4907-aeb9-d488148e8e1c","block_type":"box","text":"cash. “Total potential carbon emissions” are the sum of the potential carbon emissions of the fossil fuel","page_number":9,"box":{"x":116,"y":277,"width":754,"height":13}},{"id":"bc421aad-303d-43c6-893a-f3533ac863a9","block_type":"box","text":"reserves, excluding metallurgical coal reserves, owned by an issuer, and are calculated only for","page_number":9,"box":{"x":117,"y":292,"width":688,"height":13}},{"id":"2fcaa5e9-3b81-4967-9f6d-9a9a0e1cda61","block_type":"box","text":"companies that the Index Provider considers most likely to use their fossil fuel reserves for energy","page_number":9,"box":{"x":116,"y":308,"width":712,"height":13}},{"id":"7b319a0f-244d-495b-929a-07ceb36dc8f0","block_type":"box","text":"applications (i.e., burned or combusted to produce power or heat). Issuers without data on their","page_number":9,"box":{"x":116,"y":323,"width":700,"height":13}},{"id":"bce970f9-252c-4ca1-86e5-322b4a8eec59","block_type":"box","text":"emissions intensity are excluded from the Underlying Index.","page_number":9,"box":{"x":116,"y":339,"width":437,"height":13}},{"id":"eb135063-b9fb-4a77-b6b0-dc7e8164e023","block_type":"box","text":"For non-index constituents, the Index Provider excludes issuers that do not have approved science-based","page_number":9,"box":{"x":117,"y":361,"width":767,"height":12}},{"id":"29d4a7f0-bc64-4cf2-8215-e0a13bb7c986","block_type":"box","text":"targets (“SBTs”) and are in the worst quartile of their GICS sector within the parent index based on their","page_number":9,"box":{"x":116,"y":376,"width":756,"height":13}},{"id":"4677648c-2788-4738-887c-9858c3fe2fcc","block_type":"box","text":"management of climate change risks (e.g., product carbon footprint and carbon emissions) (“carbon risk","page_number":9,"box":{"x":117,"y":392,"width":765,"height":12}},{"id":"ef8ed3dc-28d6-4688-b5a1-8bfe778aeb73","block_type":"box","text":"management”). For existing index constituents, the Index Provider excludes issuers that do not have","page_number":9,"box":{"x":117,"y":407,"width":731,"height":13}},{"id":"2bc29d95-5b0f-4d1e-a4df-d5f5edc40015","block_type":"box","text":"approved SBTs and are in the worst decile of their GICS sector, as determined by the Index Provider.","page_number":9,"box":{"x":116,"y":423,"width":728,"height":12}},{"id":"86d762fc-c890-4c4c-96a0-eee142e6a93c","block_type":"box","text":"Eligible securities are then evaluated according to a framework that assigns an initial “GHG Intensity","page_number":9,"box":{"x":117,"y":445,"width":728,"height":12}},{"id":"2dae6c81-66e8-40f6-9996-8dfb94b5d92e","block_type":"box","text":"Score,” which corresponds to the issuer’s sector-relative quartile position within the parent index based","page_number":9,"box":{"x":116,"y":460,"width":755,"height":13}},{"id":"61718365-192a-4238-909c-d6573d8badef","block_type":"box","text":"on its Scope 1+2+3 GHG intensity. The score may be improved with a one-quartile or two-quartile","page_number":9,"box":{"x":116,"y":476,"width":712,"height":12}},{"id":"7b1b3104-3079-428b-8a8e-dfe9399aadc3","block_type":"box","text":"adjustment based on an issuer’s emissions reduction targets, emissions track record, green revenue or","page_number":9,"box":{"x":116,"y":491,"width":747,"height":13}},{"id":"5367b305-01c0-47f3-af63-6846d2609748","block_type":"box","text":"carbon risk management, each as described further below. The final GHG Intensity Score, after any","page_number":9,"box":{"x":116,"y":507,"width":721,"height":12}},{"id":"a29d94a9-97ae-4198-aad5-9868791a3e86","block_type":"box","text":"adjustment, is used for ranking and selecting securities for inclusion in the Underlying Index.","page_number":9,"box":{"x":116,"y":522,"width":673,"height":13}},{"id":"52a78faf-a6e0-44dc-9ebd-393a05c8d575","block_type":"box","text":"An issuer is credited with a two-quartile improvement in its GHG Intensity Score if the issuer either (i) has","page_number":9,"box":{"x":116,"y":544,"width":769,"height":12}},{"id":"bc0c7f58-1275-42d0-93f3-c09d7584d7a5","block_type":"box","text":"approved SBTs for emissions reduction or (ii) is assessed by the Index Provider as having a “credible track","page_number":9,"box":{"x":116,"y":559,"width":770,"height":13}},{"id":"faa7bca6-61f8-483f-96ac-56e65c0f01bd","block_type":"box","text":"record” of reduced emissions. Approved SBTs are targets that have been determined by SBTi to align with","page_number":9,"box":{"x":117,"y":575,"width":771,"height":12}},{"id":"60b18906-4514-4e5c-9347-5273ccf8c5dd","block_type":"box","text":"certain criteria set by SBTi based on climate science. As noted above, SBTi does not monitor whether","page_number":9,"box":{"x":116,"y":590,"width":735,"height":13}},{"id":"0b648bdc-adfa-4a6a-a4e0-e6411c1d8602","block_type":"box","text":"companies modify their targets or make progress toward the targets.","page_number":9,"box":{"x":116,"y":606,"width":505,"height":12}},{"id":"6271e5e0-b090-427e-91ee-29db5f1a0b24","block_type":"box","text":"To be considered to have a credible track record of emissions reduction, an issuer must meet the","page_number":9,"box":{"x":116,"y":628,"width":707,"height":11}},{"id":"ac8c7fa9-4ec8-4eb9-a843-8e843cccddf1","block_type":"box","text":"following criteria: (i) have published emissions data; (ii) have a published (not approved or validated)","page_number":9,"box":{"x":116,"y":643,"width":735,"height":13}},{"id":"8d43279f-56ac-4e7b-b34b-418a489ada2e","block_type":"box","text":"emissions reduction target; and (iii) over the past four years, have an average yearly emissions reduction","page_number":9,"box":{"x":116,"y":659,"width":762,"height":12}},{"id":"b1a3fa1e-addf-4e65-a75e-f40991b4962e","block_type":"box","text":"of at least 2% (three year-over-year changes). Issuers with less than four years of emissions data are not","page_number":9,"box":{"x":116,"y":674,"width":758,"height":13}},{"id":"4ef978cf-4008-44c1-b8d2-e6bbc3725c66","block_type":"box","text":"evaluated on the credible track record metric.","page_number":9,"box":{"x":116,"y":690,"width":329,"height":10}},{"id":"34f36979-ad3f-4eea-9688-60d08b925a34","block_type":"box","text":"For the remaining eligible securities, the GHG Intensity Score is improved by one quartile for any issuer","page_number":9,"box":{"x":117,"y":711,"width":742,"height":13}},{"id":"548f4b1c-3b9a-49e8-9468-76491b83210c","block_type":"box","text":"that is within the best quartile, on a sector-relative basis within the Parent Index, for either (i) carbon risk","page_number":9,"box":{"x":116,"y":727,"width":758,"height":13}},{"id":"67d0369b-331d-4131-926a-6f3949c37374","block_type":"box","text":"management or (ii) “green business revenue,” each as determined by the Index Provider. An issuer must","page_number":9,"box":{"x":117,"y":742,"width":756,"height":13}},{"id":"d7cbf85e-022b-427c-b62d-875156d4e520","block_type":"box","text":"have at least 5% green business revenue to receive the improvement to its GHG Intensity Score. “Green","page_number":9,"box":{"x":117,"y":758,"width":748,"height":13}},{"id":"0383e975-2d42-4e5c-8d8f-64458ef7dcaa","block_type":"box","text":"business revenue” is defined as the cumulative revenue percentage that a company derives from","page_number":9,"box":{"x":117,"y":773,"width":699,"height":13}},{"id":"6a569287-2dc4-4b03-a53b-3b38544821e8","block_type":"box","text":"alternative energy, energy efficiency, sustainable water, green building, pollution prevention and","page_number":9,"box":{"x":116,"y":789,"width":696,"height":13}},{"id":"2f787b9e-92d8-4895-9601-a605f079d868","block_type":"box","text":"sustainable agriculture.","page_number":9,"box":{"x":116,"y":804,"width":168,"height":13}},{"id":"de5a3570-b9ee-4139-9e0d-d6e15458ea37","block_type":"box","text":"After the above quartile score improvements are applied, each security is assigned the resulting “Tilt","page_number":9,"box":{"x":116,"y":826,"width":731,"height":13}},{"id":"7b367144-f178-4f79-99de-ff16375661eb","block_type":"box","text":"Score”. This tilting approach, as determined by the Index Provider, increases exposure to companies","page_number":9,"box":{"x":116,"y":842,"width":730,"height":12}},{"id":"fa04d500-efc7-48a6-bd02-60b3a36adb14","block_type":"box","text":"assessed as best positioned for the climate transition within their respective GICS sector.","page_number":9,"box":{"x":116,"y":857,"width":646,"height":13}},{"id":"d52fd8e0-6c4a-4589-8f6f-869d602e6e34","block_type":"box","text":"All eligible securities of each GICS sector are included in the index. The weights of the index constituents","page_number":9,"box":{"x":116,"y":879,"width":762,"height":13}},{"id":"f6fca9a7-70b6-4fca-bf8b-274d238ab14d","block_type":"box","text":"is determined by multiplying the Tilt Score with the Parent Index weight of the eligible security. The","page_number":9,"box":{"x":117,"y":894,"width":722,"height":13}},{"id":"fb3afb25-4196-436e-a378-1965ec24068a","block_type":"box","text":"weights are then renormalized to 100%. Sector weights are limited to +/- 5% the weight of that sector in","page_number":9,"box":{"x":116,"y":910,"width":759,"height":13}},{"id":"bef4a72f-fba9-4b20-9c35-1ae2fc0679e8","block_type":"box","text":"the Parent Index, and individual issuer weights are capped at +2% of its Parent Index weight.","page_number":9,"box":{"x":116,"y":925,"width":670,"height":13}},{"id":"1f8f4be1-4785-4058-9024-0e88cb3c557f","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced in May and November. The business involvement","page_number":10,"box":{"x":116,"y":69,"width":754,"height":13}},{"id":"c5268a7e-946f-4fec-9ff3-85f41760eb70","block_type":"box","text":"and firearms exclusionary screens are reviewed quarterly. The ESG controversy screen is reviewed","page_number":10,"box":{"x":116,"y":85,"width":714,"height":12}},{"id":"86aad0c8-ba9f-4cfe-b28c-ee886f4e2541","block_type":"box","text":"monthly. Existing constituents that meet the exclusion criteria are deleted from the Underlying Index, and","page_number":10,"box":{"x":117,"y":100,"width":767,"height":13}},{"id":"6691b364-9709-4115-b18f-6cea1c5506a8","block_type":"box","text":"the weights of the remaining constituents are renormalized to 100%.","page_number":10,"box":{"x":116,"y":116,"width":504,"height":12}},{"id":"cb9d8621-2726-4f10-9a0c-0dbe5189a52f","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced in May and November. The business involvement","page_number":10,"box":{"x":116,"y":139,"width":754,"height":13}},{"id":"47d0582e-f12f-4aa4-ba63-e892d82f3f43","block_type":"box","text":"and firearms exclusionary screens are reviewed quarterly. The ESG controversy screen is reviewed","page_number":10,"box":{"x":116,"y":154,"width":714,"height":13}},{"id":"2555bb39-f548-42cd-b121-770efa3dedd4","block_type":"box","text":"monthly. Existing constituents that meet the exclusion criteria are deleted from the Underlying Index, and","page_number":10,"box":{"x":117,"y":170,"width":767,"height":13}},{"id":"e373cc92-cf06-417d-8129-2aea58454fec","block_type":"box","text":"the weights of the remaining constituents are renormalized to 100%.","page_number":10,"box":{"x":116,"y":185,"width":504,"height":13}},{"id":"c84b7068-cdd5-430f-9d15-d387d6740542","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":10,"box":{"x":117,"y":209,"width":521,"height":12}},{"id":"3fb8437d-baf1-4e55-8cb5-4b120a0bbe52","block_type":"box","text":"iShares","page_number":10,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"ad929e5a-2850-43df-b1c3-e246bba139ab","block_type":"box","text":"®","page_number":10,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"f44a0b0e-713e-431c-9c4e-3310847a30e6","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":10,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"d959cfb5-13df-4b26-9dfa-0da437779c56","block_type":"box","text":"IS-SUPP-USCL-0626","page_number":10,"box":{"x":766,"y":887,"width":117,"height":8}},{"id":"e271feac-1f09-4d32-bad5-8457ca912b8b","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":10,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"1d75e7fe-77a7-4bfc-820c-1d5bb685d827","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":10,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"47a32e7f-593c-4a68-ab03-99b612f8731b","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":11,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"dca83421-4ac5-42d6-859d-e6a4aea48904","block_type":"box","text":"iShares","page_number":12,"box":{"x":420,"y":71,"width":128,"height":24}},{"id":"8bc4b4ec-79bb-4953-a28f-ac9c5932aeaa","block_type":"box","text":"®","page_number":12,"box":{"x":551,"y":70,"width":23,"height":17}},{"id":"e1af7f7b-cefe-4936-afc1-f0ee3373d256","block_type":"box","text":"iShares Trust","page_number":12,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"8fb646d9-fc9c-4297-b5ae-8d16e9a1462d","block_type":"box","text":"Supplement dated April 20, 2026","page_number":12,"box":{"x":374,"y":123,"width":255,"height":13}},{"id":"52a913a0-1a25-4beb-a381-7ce5b1070add","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":12,"box":{"x":257,"y":139,"width":488,"height":13}},{"id":"edfef52e-aadc-47d1-83ab-f429b7bc6665","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":12,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"3bb5ba0d-189b-442d-8bcd-6c2bbcc2e485","block_type":"box","text":"for the iShares ESG Aware MSCI USA ETF (ESGU) (the “Fund”)","page_number":12,"box":{"x":266,"y":170,"width":470,"height":13}},{"id":"4fce3928-0be4-4d7a-8ca8-a2cb4e51b1c5","block_type":"box","text":"The Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":12,"box":{"x":116,"y":193,"width":761,"height":13}},{"id":"c5c9a307-9acd-4e99-9b25-247401ae0282","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":12,"box":{"x":116,"y":209,"width":700,"height":12}},{"id":"40176eec-3230-4c01-b8ef-7a6ba1780181","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if the Fund","page_number":12,"box":{"x":116,"y":224,"width":724,"height":13}},{"id":"5088ec64-1891-49c8-b64d-111f4ad8b295","block_type":"box","text":"crosses from diversified to non-diversified status due solely to a change in the relative market","page_number":12,"box":{"x":116,"y":240,"width":681,"height":12}},{"id":"a47d3a3b-df96-4c0b-b547-6404ac5966c9","block_type":"box","text":"capitalization or index weighting of the constituents of its Underlying Index.","page_number":12,"box":{"x":116,"y":255,"width":552,"height":13}},{"id":"28c822da-4f61-46ab-a474-d2d28c6cc9e3","block_type":"box","text":"Accordingly, the following changes are effective immediately:","page_number":12,"box":{"x":116,"y":278,"width":450,"height":13}},{"id":"8417c624-12d7-4331-9a20-a30269ba9f40","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the section entitled","page_number":12,"box":{"x":151,"y":302,"width":726,"height":12}},{"id":"f8cb7da0-68c9-48fc-8564-99e1e10450fc","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of the Fund:","page_number":12,"box":{"x":184,"y":317,"width":658,"height":13}},{"id":"42bec86f-cc4a-4e8c-b158-8c77202e4740","block_type":"box","text":"Diversification Policy.","page_number":12,"box":{"x":184,"y":340,"width":169,"height":13}},{"id":"9a1b3813-36bd-4026-a387-481afef9ab5e","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion","page_number":12,"box":{"x":353,"y":340,"width":529,"height":13}},{"id":"56d4f587-5f9a-43c0-ba82-47b7d48ff9ce","block_type":"box","text":"as the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under","page_number":12,"box":{"x":184,"y":356,"width":700,"height":13}},{"id":"e6058eb8-846b-4738-9c5c-182910c7bd65","block_type":"box","text":"the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of","page_number":12,"box":{"x":183,"y":371,"width":704,"height":13}},{"id":"8f70d276-81f3-49a0-9c97-d0942ae6576c","block_type":"box","text":"one or more constituents of the Underlying Index. Shareholder approval will not be sought if the","page_number":12,"box":{"x":184,"y":387,"width":700,"height":13}},{"id":"e1dd3f40-b9d9-4bd0-861a-784f70f8a93b","block_type":"box","text":"Fund becomes “non-diversified” due solely to a change in the relative market capitalization or","page_number":12,"box":{"x":184,"y":402,"width":682,"height":13}},{"id":"bc561845-6081-44d9-b359-207f9221b833","block_type":"box","text":"index weighting of one or more constituents of the Underlying Index. The Fund discloses its","page_number":12,"box":{"x":184,"y":418,"width":668,"height":13}},{"id":"68133189-53f5-4f53-bc3c-8f4f539dcd98","block_type":"box","text":"portfolio holdings and weightings at www.iShares.com.","page_number":12,"box":{"x":184,"y":433,"width":406,"height":13}},{"id":"119ab822-67c7-4bfa-8a36-c9442033293c","block_type":"box","text":"2. The following is added to the section entitled “Summary of Principal Risks” in the Summary","page_number":12,"box":{"x":150,"y":457,"width":701,"height":12}},{"id":"86aca670-348d-4e25-8c21-b57c668da4f4","block_type":"box","text":"Prospectus and Prospectus of the Fund:","page_number":12,"box":{"x":184,"y":472,"width":293,"height":13}},{"id":"0148769b-1c93-475f-9c5d-90b9b4bcd214","block_type":"box","text":"Non-Diversification Risk.","page_number":12,"box":{"x":184,"y":495,"width":189,"height":11}},{"id":"fddd2169-5c5a-4880-a5cd-3500bec1b100","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":12,"box":{"x":373,"y":495,"width":512,"height":13}},{"id":"fd9a09b7-61fa-4b2d-b5d4-5ce2f18292c7","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of","page_number":12,"box":{"x":184,"y":511,"width":651,"height":13}},{"id":"8d1fa90a-17a1-4389-b35b-d8727f13e265","block_type":"box","text":"issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":12,"box":{"x":184,"y":526,"width":682,"height":13}},{"id":"9e90810c-2c7f-4675-b53a-6bc629085ffc","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s performance may depend to a","page_number":12,"box":{"x":184,"y":542,"width":649,"height":13}},{"id":"8eddec87-fe25-45f9-91dd-c666b6fcbfe1","block_type":"box","text":"greater extent on the performance of a small number of issuers or counterparties, which may","page_number":12,"box":{"x":184,"y":557,"width":680,"height":13}},{"id":"b38d70c4-1e06-4e86-a64e-aa263754dce7","block_type":"box","text":"lead to more volatility in the Fund’s NAV.","page_number":12,"box":{"x":184,"y":573,"width":299,"height":13}},{"id":"fb5f1166-9cbd-426d-9617-31103d2eb4c7","block_type":"box","text":"3. In the table under the section entitled “Additional Information About the Funds’ Risks” in the","page_number":12,"box":{"x":150,"y":596,"width":709,"height":10}},{"id":"62191f06-281c-4205-980c-8709d19b37f8","block_type":"box","text":"Prospectus of the Fund, Non-Diversification Risk is checked as a Principal Risk of the Fund.","page_number":12,"box":{"x":184,"y":612,"width":655,"height":12}},{"id":"7415994f-9dbb-4100-99c7-e6b0d9532121","block_type":"box","text":"4. In the diversification status table of the section entitled “Diversification Status” of the SAI of the","page_number":12,"box":{"x":150,"y":635,"width":729,"height":10}},{"id":"effa9ce7-fc1f-4696-8116-f1cd15ae55cb","block_type":"box","text":"Fund, an asterisk (*) is added after the Fund’s name.","page_number":12,"box":{"x":184,"y":651,"width":383,"height":12}},{"id":"447393e2-fea1-4a90-b3b4-eb1d3bc7ebc2","block_type":"box","text":"5. The last sentence of the first paragraph following the diversification status table of the section","page_number":12,"box":{"x":150,"y":674,"width":714,"height":12}},{"id":"4f301733-e9d2-4814-be44-17604057a70d","block_type":"box","text":"entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and replaced with","page_number":12,"box":{"x":184,"y":689,"width":694,"height":13}},{"id":"dc1cfdfb-07fe-4a00-b6b3-da0c630e1586","block_type":"box","text":"the following as described below:","page_number":12,"box":{"x":183,"y":705,"width":242,"height":12}},{"id":"e84c0eb5-a0bd-4126-90cf-c2c2eba2f387","block_type":"box","text":"Š","page_number":12,"box":{"x":183,"y":730,"width":9,"height":7}},{"id":"ebd68eb0-fa61-4d88-85ad-05b73c9b18b7","block_type":"box","text":"However, while the iShares ESG Aware MSCI USA ETF and iShares MSCI Japan Value ETF","page_number":12,"box":{"x":218,"y":728,"width":641,"height":13}},{"id":"3deb6600-36cb-4924-bf63-f9f334bcfebd","block_type":"box","text":"are classified as “diversified,” under applicable no-action relief from the SEC staff, the funds","page_number":12,"box":{"x":217,"y":744,"width":662,"height":12}},{"id":"c543bf69-2dd9-4b7f-8868-50b55eab47c9","block_type":"box","text":"may become non-diversified, as defined under the 1940 Act, solely as a result of a change","page_number":12,"box":{"x":218,"y":759,"width":650,"height":13}},{"id":"6f551eae-7c03-4a6e-b5d0-297c9260e9bc","block_type":"box","text":"in relative market capitalization or index weighting of one or more constituents of its","page_number":12,"box":{"x":218,"y":775,"width":611,"height":12}},{"id":"780dbf09-298e-4cad-aabe-926ab3809f69","block_type":"box","text":"Underlying Index, and such a change does not require shareholder approval.","page_number":12,"box":{"x":218,"y":790,"width":551,"height":13}},{"id":"e0d8a4f4-843c-475b-bb37-6effc5d427c9","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":12,"box":{"x":117,"y":813,"width":516,"height":13}},{"id":"6e3ac864-db57-4214-b59a-194eb1968625","block_type":"box","text":"iShares","page_number":12,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"c081c9ab-f39a-428e-9110-5f3049dcdc9c","block_type":"box","text":"®","page_number":12,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"72418f88-dc12-4fb0-a1a5-b6bd6d8afa62","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":12,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"9e1c026e-9a06-43a4-b319-c377bb951d7c","block_type":"box","text":"IS-A-ESGU-0426","page_number":12,"box":{"x":787,"y":887,"width":96,"height":8}},{"id":"ad216f8f-3a8a-4a2c-b858-a4e4d46f6b6b","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":12,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"d51f41b5-65cd-4368-84f6-7656383fea04","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":12,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"50cecfae-4af5-4ee3-b2c3-ec7168fbdfbf","block_type":"box","text":"iShares","page_number":13,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"ea801b75-7c52-4d39-94cb-3564bdbdf8da","block_type":"box","text":"®","page_number":13,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"26f03124-5fd0-43e8-93cc-cae5f549688f","block_type":"box","text":"iShares Trust","page_number":13,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"8ab40e0a-4a8d-42b8-bc02-3af186f11432","block_type":"box","text":"Supplement dated February 18, 2026","page_number":13,"box":{"x":359,"y":123,"width":285,"height":13}},{"id":"56b8873d-b8a7-4d60-b4b3-65d8d385d6f1","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and","page_number":13,"box":{"x":259,"y":139,"width":484,"height":13}},{"id":"c21efef2-d42b-422f-9357-5a86913265bc","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":13,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"e2c4c89d-4141-4dfc-bc9c-469dd51ded8a","block_type":"box","text":"for the iShares ESG Aware MSCI USA Value ETF (EVUS) (the “Fund”)","page_number":13,"box":{"x":243,"y":170,"width":517,"height":13}},{"id":"71bc42fb-338e-4d5e-91b0-da50b58bad41","block_type":"box","text":"Change in the Fund’s “Summary of Principal Risks”","page_number":13,"box":{"x":116,"y":193,"width":390,"height":13}},{"id":"99609d60-cffb-40af-943d-8b9039f22ce8","block_type":"box","text":"The section of the Fund’s Summary Prospectus and Prospectus entitled “Summary of Principal Risks” is","page_number":13,"box":{"x":116,"y":216,"width":755,"height":13}},{"id":"1ceaf1ce-162d-4656-8ec3-aa94b816c11d","block_type":"box","text":"amended to delete the paragraph entitled “Non-Diversification Risk”.","page_number":13,"box":{"x":116,"y":232,"width":503,"height":13}},{"id":"bd854c13-e842-443c-8535-bb823edd8ed2","block_type":"box","text":"Change in the Fund’s “Additional Information About the Funds’ Risks”","page_number":13,"box":{"x":116,"y":255,"width":535,"height":13}},{"id":"279be76a-e389-4f0f-b470-dc21835c6c28","block_type":"box","text":"In the table starting on page 6 of the Prospectus, the column for the Fund is amended to remove the","page_number":13,"box":{"x":117,"y":278,"width":731,"height":13}},{"id":"c3b6006b-f3b6-4988-b56e-acf8c7f78575","block_type":"box","text":"checkmark (","page_number":13,"box":{"x":116,"y":294,"width":90,"height":13}},{"id":"393ea698-864a-48ac-9a08-2746c59205b0","block_type":"box","text":"✓","page_number":13,"box":{"x":207,"y":295,"width":12,"height":9}},{"id":"14873467-9a93-4e9d-a872-b047ce6cf11e","block_type":"box","text":") in the row for “Non-Diversification Risk”.","page_number":13,"box":{"x":220,"y":294,"width":309,"height":13}},{"id":"0d7b9fa8-33db-4c4c-9a85-85f16f5c002a","block_type":"box","text":"Change in the Fund’s “Investment Strategies and Risks”","page_number":13,"box":{"x":116,"y":317,"width":425,"height":13}},{"id":"a778f372-f119-46de-8d3a-69a3d26a01fc","block_type":"box","text":"In the section of the Fund’s SAI entitled, “Investment Strategies and Risks,” the “Diversification Status”","page_number":13,"box":{"x":117,"y":340,"width":746,"height":13}},{"id":"22397f20-858d-4194-a1d8-a178f0aecf17","block_type":"box","text":"sub-section starting on page 3 is amended to move the Fund from the “Non-Diversified Funds” column","page_number":13,"box":{"x":116,"y":356,"width":754,"height":13}},{"id":"41e9ea36-c140-4316-9e54-58c41a924538","block_type":"box","text":"to the “Diversified Funds” column.","page_number":13,"box":{"x":116,"y":371,"width":254,"height":10}},{"id":"adebd83e-48d6-48b3-802b-08b26672fa00","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":13,"box":{"x":117,"y":395,"width":521,"height":12}},{"id":"7f14df42-f85b-4dd6-b38d-8735218d1f09","block_type":"box","text":"iShares","page_number":13,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"0b6e6c1d-5b11-45a5-a2de-4a84bb04f5eb","block_type":"box","text":"®","page_number":13,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"a6ebe998-70f4-482e-906d-eb87f5205be8","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":13,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"26791338-0d0a-4b4b-a203-059aafc538cc","block_type":"box","text":"IS-A-EVUS-0226","page_number":13,"box":{"x":788,"y":887,"width":95,"height":8}},{"id":"f2f8b4a2-3486-4870-9026-b4263a6a7742","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":13,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"1f13cdfb-aeed-49ec-97c0-31b2c5c9c535","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":13,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"a3ff9125-d04e-4583-9ebc-10bfa597ff23","block_type":"box","text":"DECEMBER 30, 2025","page_number":14,"box":{"x":774,"y":31,"width":174,"height":12}},{"id":"83b9417a-2bba-4efa-ae9c-9f95c3bebc0a","block_type":"box","text":"Prospectus","page_number":14,"box":{"x":145,"y":177,"width":259,"height":32}},{"id":"b8b793d9-a800-4105-9adb-65d2735b93ff","block_type":"box","text":"iShares Trust","page_number":14,"box":{"x":112,"y":278,"width":101,"height":9}},{"id":"4b1c5554-8114-4f3e-a258-233ece91b249","block_type":"box","text":"•","page_number":14,"box":{"x":111,"y":300,"width":6,"height":4}},{"id":"d074ea25-0f82-45de-b39d-c16e627a3061","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":14,"box":{"x":132,"y":298,"width":365,"height":8}},{"id":"86b99703-4333-44c3-8fd3-ab759de4ffcb","block_type":"box","text":"|","page_number":14,"box":{"x":507,"y":296,"width":1,"height":12}},{"id":"c1a7d928-1353-404f-b002-c7a1fae5f804","block_type":"box","text":"USCL","page_number":14,"box":{"x":517,"y":298,"width":37,"height":8}},{"id":"b7904d9a-1b95-4528-a7df-b6edeaa39948","block_type":"box","text":"|","page_number":14,"box":{"x":564,"y":296,"width":1,"height":12}},{"id":"fe8f54d2-d0ab-4ab0-a03c-fa8e1fe2abf9","block_type":"box","text":"Nasdaq","page_number":14,"box":{"x":574,"y":298,"width":50,"height":9}},{"id":"c342c8cc-6b0e-44fc-b987-bc2adf94a3ca","block_type":"box","text":"•","page_number":14,"box":{"x":111,"y":316,"width":6,"height":4}},{"id":"ebaa6969-836a-49f4-aa76-ad2f1c9597fe","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF","page_number":14,"box":{"x":132,"y":314,"width":253,"height":8}},{"id":"efe06c59-b9cc-436c-bd5e-5d14fa797e9b","block_type":"box","text":"|","page_number":14,"box":{"x":394,"y":312,"width":1,"height":13}},{"id":"eed0642a-a7da-4bc5-bdd6-cb68d82d3372","block_type":"box","text":"USXF","page_number":14,"box":{"x":405,"y":314,"width":36,"height":8}},{"id":"32bad9d3-ebd3-4174-b2f0-d957659ad454","block_type":"box","text":"|","page_number":14,"box":{"x":450,"y":312,"width":1,"height":13}},{"id":"cfedb044-fde1-401f-8b92-5b1f3a842770","block_type":"box","text":"Nasdaq","page_number":14,"box":{"x":461,"y":314,"width":49,"height":10}},{"id":"7c172679-569c-452e-af1d-9c97483aaefa","block_type":"box","text":"•","page_number":14,"box":{"x":111,"y":332,"width":6,"height":4}},{"id":"2b7ea5f8-03b6-4efa-a408-a0e4d5426bbf","block_type":"box","text":"iShares ESG Aware MSCI USA ETF","page_number":14,"box":{"x":132,"y":330,"width":228,"height":8}},{"id":"e6d9cfbb-eec4-4f14-8d03-dae36d6929a6","block_type":"box","text":"|","page_number":14,"box":{"x":369,"y":329,"width":1,"height":12}},{"id":"67b925c2-15e8-48e4-8763-6def6734abf6","block_type":"box","text":"ESGU","page_number":14,"box":{"x":380,"y":330,"width":37,"height":8}},{"id":"53b740ee-f22b-4e01-a547-cc155a106e1e","block_type":"box","text":"|","page_number":14,"box":{"x":431,"y":329,"width":0,"height":12}},{"id":"50e01111-f697-4233-8554-c1ac3fed9f24","block_type":"box","text":"Nasdaq","page_number":14,"box":{"x":441,"y":330,"width":50,"height":10}},{"id":"8bb1eb9a-8cce-46c6-8559-ac80696721e3","block_type":"box","text":"•","page_number":14,"box":{"x":111,"y":349,"width":6,"height":4}},{"id":"30e16921-e8da-46b9-a530-0f1942aa119b","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF","page_number":14,"box":{"x":132,"y":346,"width":280,"height":8}},{"id":"2e8b1f9c-6443-46ec-9815-743f50009453","block_type":"box","text":"|","page_number":14,"box":{"x":422,"y":345,"width":1,"height":12}},{"id":"509a111e-4c77-42e2-9100-bbc954db7835","block_type":"box","text":"EGUS","page_number":14,"box":{"x":432,"y":346,"width":38,"height":8}},{"id":"1dc29af8-cbc3-41da-a835-73f240721466","block_type":"box","text":"|","page_number":14,"box":{"x":483,"y":345,"width":1,"height":12}},{"id":"74c1af63-cda2-4a4b-9781-4fc6f73829ed","block_type":"box","text":"Cboe BZX","page_number":14,"box":{"x":493,"y":346,"width":65,"height":8}},{"id":"d7bfd859-7b92-4e0e-b9a6-f26d41eb100c","block_type":"box","text":"•","page_number":14,"box":{"x":111,"y":365,"width":6,"height":4}},{"id":"6384303b-bdb2-4ebf-ae27-18adc1d98d41","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF","page_number":14,"box":{"x":132,"y":362,"width":303,"height":10}},{"id":"d409c060-328a-4903-afac-c2c8807ddf1a","block_type":"box","text":"|","page_number":14,"box":{"x":444,"y":361,"width":1,"height":12}},{"id":"a29e326f-9b6b-4701-b0d7-9353614faeab","block_type":"box","text":"ESML","page_number":14,"box":{"x":455,"y":362,"width":39,"height":8}},{"id":"3026b9ae-5110-4016-8b85-f952d5c2e272","block_type":"box","text":"|","page_number":14,"box":{"x":506,"y":361,"width":1,"height":12}},{"id":"077ac8b2-1936-4bf1-82a1-4c812525460c","block_type":"box","text":"Cboe BZX","page_number":14,"box":{"x":517,"y":362,"width":64,"height":8}},{"id":"2aa560f8-518d-4fe6-8fa0-269dd8c89b8a","block_type":"box","text":"•","page_number":14,"box":{"x":111,"y":381,"width":6,"height":4}},{"id":"20ad66ff-f1b8-4f79-bc2e-3d6e28d80ffe","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF","page_number":14,"box":{"x":132,"y":378,"width":269,"height":8}},{"id":"021780b0-7788-43a1-9b0f-aaaea4b82e71","block_type":"box","text":"|","page_number":14,"box":{"x":410,"y":377,"width":1,"height":12}},{"id":"827238af-28cb-48b1-b499-33bb6d26aa0b","block_type":"box","text":"EVUS","page_number":14,"box":{"x":421,"y":378,"width":36,"height":8}},{"id":"59e3d012-20c5-4164-a8b3-0e135b52bca8","block_type":"box","text":"|","page_number":14,"box":{"x":467,"y":377,"width":1,"height":12}},{"id":"c5e51bd6-70d4-4e09-bc33-9bc537973614","block_type":"box","text":"Cboe BZX","page_number":14,"box":{"x":477,"y":378,"width":64,"height":8}},{"id":"a54def1c-b546-4c35-b2b7-6ce6eb3f8781","block_type":"box","text":"•","page_number":14,"box":{"x":111,"y":397,"width":6,"height":4}},{"id":"163653da-bc39-4d0c-b71c-805df821c8d1","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF","page_number":14,"box":{"x":132,"y":394,"width":241,"height":8}},{"id":"3c1b6c29-1fc1-4d48-8b61-b2c8511fca0b","block_type":"box","text":"|","page_number":14,"box":{"x":383,"y":393,"width":1,"height":12}},{"id":"c9432069-f27a-41b3-bf48-ecb830ec7e66","block_type":"box","text":"SUSL","page_number":14,"box":{"x":392,"y":394,"width":37,"height":8}},{"id":"4694d4ea-4006-4c23-9f14-a386c4f4237e","block_type":"box","text":"|","page_number":14,"box":{"x":439,"y":393,"width":1,"height":12}},{"id":"df3693ec-f16f-43d2-8a08-6f427a4c33b2","block_type":"box","text":"Nasdaq","page_number":14,"box":{"x":449,"y":394,"width":50,"height":10}},{"id":"6dc83196-570f-4aed-b3ca-858a586dab0d","block_type":"box","text":"•","page_number":14,"box":{"x":111,"y":413,"width":6,"height":4}},{"id":"35da21fa-9f75-41eb-a6e7-6812653bb6a7","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":14,"box":{"x":132,"y":410,"width":375,"height":11}},{"id":"dd44f8d7-6e55-4377-af58-af1aae72c0f0","block_type":"box","text":"|","page_number":14,"box":{"x":516,"y":409,"width":1,"height":12}},{"id":"1327a731-19ce-4941-a003-cc6e71af144b","block_type":"box","text":"PABU","page_number":14,"box":{"x":527,"y":411,"width":36,"height":7}},{"id":"49a8699f-a09f-42ad-a5e0-9683548c64bd","block_type":"box","text":"|","page_number":14,"box":{"x":573,"y":409,"width":1,"height":12}},{"id":"00fef2ef-7c54-49a2-bf0a-1c5b32bbfea8","block_type":"box","text":"Nasdaq","page_number":14,"box":{"x":584,"y":411,"width":49,"height":9}},{"id":"9091c02b-e301-4acb-807f-804530c0f7ae","block_type":"box","text":"The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of","page_number":14,"box":{"x":111,"y":894,"width":834,"height":10}},{"id":"3950d7f8-3816-49c8-8756-8290fda8f32c","block_type":"box","text":"this prospectus. Any representation to the contrary is a criminal offense.","page_number":14,"box":{"x":111,"y":906,"width":453,"height":9}},{"id":"ae1a1520-bbeb-4074-ba37-eb6a5c109eae","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":15,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"e5a51335-1e22-4b49-b527-be7cbd2cf764","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":16,"box":{"x":198,"y":96,"width":580,"height":14}},{"id":"6aa93fab-90e7-4f57-a6a6-ece73a4b8b96","block_type":"box","text":"................","page_number":16,"box":{"x":785,"y":109,"width":129,"height":1}},{"id":"c267c097-3189-45e0-8f7e-2d48efe4f524","block_type":"box","text":"S-1","page_number":16,"box":{"x":947,"y":96,"width":31,"height":14}},{"id":"eda068dc-c3b1-4e4c-bef5-6c94e2e86df1","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF","page_number":16,"box":{"x":198,"y":123,"width":405,"height":14}},{"id":"a7f7ef2f-956f-4faf-a788-08b9f9b53b64","block_type":"box","text":".....................................","page_number":16,"box":{"x":609,"y":136,"width":305,"height":1}},{"id":"58a9ec21-39dc-4beb-9775-ec382622e4bd","block_type":"box","text":"S-8","page_number":16,"box":{"x":947,"y":123,"width":34,"height":14}},{"id":"51cc1b57-afab-4602-8978-4d66826d3148","block_type":"box","text":"iShares ESG Aware MSCI USA ETF","page_number":16,"box":{"x":198,"y":150,"width":367,"height":14}},{"id":"b8c45b26-6cd8-4a2a-9e35-1e117b452710","block_type":"box","text":"..........................................","page_number":16,"box":{"x":567,"y":163,"width":347,"height":1}},{"id":"bf99a42b-e1ef-44cb-96e8-c46e6674c577","block_type":"box","text":"S-14","page_number":16,"box":{"x":936,"y":150,"width":45,"height":14}},{"id":"7f9b0561-fbd1-4d19-9584-b28c8ed61018","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF","page_number":16,"box":{"x":198,"y":177,"width":451,"height":15}},{"id":"1eba8646-b59b-4755-9001-3ff773139300","block_type":"box","text":"...............................","page_number":16,"box":{"x":659,"y":190,"width":255,"height":1}},{"id":"dc77be09-010f-409d-8599-e52223397e39","block_type":"box","text":"S-20","page_number":16,"box":{"x":933,"y":177,"width":48,"height":15}},{"id":"2a82a180-64e4-447f-8f9b-b3d0b7690b5b","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF","page_number":16,"box":{"x":198,"y":205,"width":483,"height":17}},{"id":"4455894a-cf6e-4868-8839-78dc46160ca4","block_type":"box","text":"............................","page_number":16,"box":{"x":685,"y":217,"width":229,"height":2}},{"id":"9096dd78-7537-4e1d-9cba-0868c8f8bdd7","block_type":"box","text":"S-26","page_number":16,"box":{"x":933,"y":205,"width":48,"height":14}},{"id":"976af859-9bcd-4460-be8a-381dbb647de9","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF","page_number":16,"box":{"x":198,"y":232,"width":431,"height":14}},{"id":"04076466-f2ec-4471-8afa-b990b7ea47c9","block_type":"box","text":"..................................","page_number":16,"box":{"x":634,"y":244,"width":280,"height":2}},{"id":"ecc2ca13-7b45-4523-8bd3-476ceaf76807","block_type":"box","text":"S-32","page_number":16,"box":{"x":933,"y":232,"width":47,"height":14}},{"id":"805c08b3-09da-43ea-801d-53330d54bddb","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF","page_number":16,"box":{"x":198,"y":259,"width":385,"height":14}},{"id":"1dc3a4b6-66f0-4e75-bcbd-27e1ba232ee0","block_type":"box","text":".......................................","page_number":16,"box":{"x":592,"y":271,"width":322,"height":2}},{"id":"8ae62a4b-9a93-49b8-96ca-d04c66ea6feb","block_type":"box","text":"S-38","page_number":16,"box":{"x":933,"y":259,"width":48,"height":14}},{"id":"b92ac262-0d72-4a99-b6c1-50f30161e826","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":16,"box":{"x":198,"y":286,"width":591,"height":18}},{"id":"6b76fa1e-8966-452c-8c86-4d643683a269","block_type":"box","text":"...............","page_number":16,"box":{"x":794,"y":298,"width":120,"height":2}},{"id":"c02d29f6-f7a6-42d7-a4ce-4f0bfc999307","block_type":"box","text":"S-44","page_number":16,"box":{"x":933,"y":286,"width":48,"height":14}},{"id":"f6b7f1ba-865f-47f1-b90c-911a260c55dd","block_type":"box","text":"More Information About the Funds","page_number":16,"box":{"x":158,"y":313,"width":366,"height":14}},{"id":"4c9c53c5-4442-4e98-b88a-d98d3b1e9d8b","block_type":"box","text":"..............................................","page_number":16,"box":{"x":533,"y":325,"width":381,"height":2}},{"id":"757d81fc-9519-4185-94c2-23cbaab1c0da","block_type":"box","text":"1","page_number":16,"box":{"x":973,"y":313,"width":5,"height":14}},{"id":"cbc95ccb-310e-4669-b89c-b908e1c9d1aa","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":16,"box":{"x":157,"y":340,"width":487,"height":14}},{"id":"c5954859-b189-40e1-9873-6d88db353d87","block_type":"box","text":"................................","page_number":16,"box":{"x":651,"y":352,"width":263,"height":2}},{"id":"88c05db4-f748-4082-9ed7-3333cc6720a5","block_type":"box","text":"6","page_number":16,"box":{"x":970,"y":340,"width":11,"height":14}},{"id":"9099f6e1-64c1-47ef-bbde-d9f5d6b34a1e","block_type":"box","text":"Portfolio Holdings Information","page_number":16,"box":{"x":158,"y":367,"width":318,"height":18}},{"id":"a588d2f1-81d2-4832-8523-1fa0ebdadd27","block_type":"box","text":"....................................................","page_number":16,"box":{"x":483,"y":379,"width":431,"height":2}},{"id":"8dfb2a77-8963-460b-afb9-7788e1dd9b45","block_type":"box","text":"15","page_number":16,"box":{"x":962,"y":367,"width":19,"height":14}},{"id":"e2ef7531-e4db-47f8-9213-74912ac96d5a","block_type":"box","text":"Management of the Funds","page_number":16,"box":{"x":158,"y":394,"width":277,"height":18}},{"id":"457f3434-7d83-45a9-8d27-2a4f6ca3693c","block_type":"box","text":".........................................................","page_number":16,"box":{"x":441,"y":406,"width":473,"height":2}},{"id":"f1e22992-e1db-49c9-a9ce-0c2cc4fb3c5e","block_type":"box","text":"16","page_number":16,"box":{"x":962,"y":394,"width":19,"height":14}},{"id":"b9414b6e-2ce6-47e9-9d64-b4ee0a234d4b","block_type":"box","text":"Shareholder Information","page_number":16,"box":{"x":157,"y":421,"width":258,"height":14}},{"id":"3386ef6a-c199-4719-a12f-014d16c77340","block_type":"box","text":"...........................................................","page_number":16,"box":{"x":424,"y":434,"width":490,"height":1}},{"id":"c27a2f66-8ba4-45b8-98c0-499b398d2ad1","block_type":"box","text":"18","page_number":16,"box":{"x":961,"y":421,"width":20,"height":14}},{"id":"196e0a49-8f8e-4ddc-9f18-9f2a41b4710b","block_type":"box","text":"Distribution","page_number":16,"box":{"x":158,"y":448,"width":121,"height":14}},{"id":"0e94182b-49c6-4fc9-9c63-6155fa0389c4","block_type":"box","text":"...........................................................................","page_number":16,"box":{"x":290,"y":461,"width":624,"height":1}},{"id":"d250fa15-7fa2-466f-ab41-219e3601e64d","block_type":"box","text":"24","page_number":16,"box":{"x":956,"y":449,"width":25,"height":13}},{"id":"f09852ac-5e9a-4a0a-bd65-22a8a4b6e7fd","block_type":"box","text":"Financial Highlights","page_number":16,"box":{"x":158,"y":475,"width":206,"height":18}},{"id":"afc8d59a-4b52-4cbe-9f19-d53e995790db","block_type":"box","text":".................................................................","page_number":16,"box":{"x":374,"y":488,"width":540,"height":1}},{"id":"ee6434c1-784f-4450-a994-7639aa528406","block_type":"box","text":"24","page_number":16,"box":{"x":956,"y":476,"width":25,"height":13}},{"id":"10b91521-b9f2-4f69-961e-abb71949d5e0","block_type":"box","text":"Index Provider and Disclaimers","page_number":16,"box":{"x":158,"y":502,"width":328,"height":14}},{"id":"92dd66d4-8262-484f-bdd9-0d87c73f286e","block_type":"box","text":"...................................................","page_number":16,"box":{"x":491,"y":515,"width":423,"height":1}},{"id":"488644c5-7597-454c-a963-318d62ad4f5f","block_type":"box","text":"29","page_number":16,"box":{"x":956,"y":503,"width":25,"height":13}},{"id":"c3e4e627-10fa-447f-a1db-100810014110","block_type":"box","text":"Table of Contents","page_number":16,"box":{"x":76,"y":23,"width":296,"height":23}},{"id":"c456e3bb-f24f-4448-9337-71dbd1c41655","block_type":"box","text":"Fund Summaries","page_number":16,"box":{"x":158,"y":69,"width":177,"height":14}},{"id":"f169c450-23a8-4733-a006-7faad5e6b803","block_type":"box","text":"i","page_number":16,"box":{"x":528,"y":910,"width":2,"height":8}},{"id":"902116be-af57-438e-acd0-822df7c797de","block_type":"box","text":"iSHARES","page_number":17,"box":{"x":101,"y":24,"width":119,"height":15}},{"id":"d47be1af-c859-428a-bad2-fdd1c5f081b9","block_type":"box","text":"®","page_number":17,"box":{"x":223,"y":17,"width":10,"height":8}},{"id":"21b2c60c-6613-4499-875e-24c4d0881c16","block_type":"box","text":"CLIMATE CONSCIOUS & TRANSITION MSCI USA ETF","page_number":17,"box":{"x":244,"y":24,"width":713,"height":15}},{"id":"8bac8d2f-117b-4958-a90f-affedb5296b9","block_type":"box","text":"Ticker: USCL Stock Exchange: Nasdaq","page_number":17,"box":{"x":289,"y":53,"width":474,"height":12}},{"id":"47cff68f-e19d-4bad-8bfc-48934ec5e06a","block_type":"box","text":"Investment Objective","page_number":17,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"e57ad57b-c1c3-4f80-bbcb-38e3c3b38f4b","block_type":"box","text":"The iShares Climate Conscious & Transition MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":17,"box":{"x":82,"y":116,"width":891,"height":11}},{"id":"7f75bb3c-0d40-4a98-8b08-f7769cefba6b","block_type":"box","text":"large- and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the transition to a low","page_number":17,"box":{"x":83,"y":130,"width":868,"height":11}},{"id":"a7e4af2b-2297-4f3f-9fe2-546848725029","block_type":"box","text":"carbon economy, as determined by the Index Provider, based primarily on current emissions intensity, emissions reduction targets, green","page_number":17,"box":{"x":83,"y":144,"width":879,"height":11}},{"id":"dc0644a7-6463-4055-91d2-4b412adfdd7d","block_type":"box","text":"business revenue, and/or climate risk management.","page_number":17,"box":{"x":83,"y":159,"width":334,"height":10}},{"id":"2f0d7d76-f5af-48ef-924e-548f91fa06ba","block_type":"box","text":"Fees and Expenses","page_number":17,"box":{"x":84,"y":188,"width":160,"height":13}},{"id":"40c8c57f-0db1-46aa-8c80-b0c8c2b5325b","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":17,"box":{"x":82,"y":213,"width":869,"height":10}},{"id":"19870842-52e2-4106-b464-a75994fbf2cd","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":17,"box":{"x":83,"y":227,"width":867,"height":11}},{"id":"ea31933e-461f-44d0-b5f8-08f735de4465","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":17,"box":{"x":83,"y":241,"width":889,"height":11}},{"id":"b2332c00-1577-41be-8c53-7aa95979c00c","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":17,"box":{"x":83,"y":255,"width":870,"height":11}},{"id":"86672d1c-3c7c-4076-9cd2-c1d30f44512a","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":17,"box":{"x":83,"y":269,"width":858,"height":11}},{"id":"ad427706-6542-40fe-8efd-cafcf5efbe96","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":17,"box":{"x":83,"y":284,"width":450,"height":10}},{"id":"ed0f0368-f33c-4218-9f4f-2d528a0edf95","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":17,"box":{"x":82,"y":307,"width":883,"height":11}},{"id":"7aedad50-65e9-40df-81e4-549f88d25adc","block_type":"box","text":"the tables and examples below.","page_number":17,"box":{"x":83,"y":321,"width":220,"height":11}},{"id":"9744c2d0-a22a-4175-a786-2bd84e87cefa","block_type":"box","text":"Annual Fund Operating Expenses","page_number":17,"box":{"x":425,"y":341,"width":206,"height":10}},{"id":"9d4ab9d1-7991-4302-a219-0569e6ec04a2","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":17,"box":{"x":383,"y":351,"width":291,"height":10}},{"id":"fbf6dfca-49e3-47c9-a0a4-b5623286e9e3","block_type":"box","text":"percentage of the value of your investments)","page_number":17,"box":{"x":385,"y":362,"width":280,"height":9}},{"id":"dda4d0b7-8845-4c3a-bb49-eed4c85e50a4","block_type":"box","text":"1","page_number":17,"box":{"x":668,"y":361,"width":2,"height":4}},{"id":"f6e163fb-5c03-49a5-a9bc-2fedfd288ad1","block_type":"box","text":"Management","page_number":17,"box":{"x":170,"y":402,"width":80,"height":9}},{"id":"b8ef9a25-c871-4d65-bb8d-a5259a57a118","block_type":"box","text":"Fees","page_number":17,"box":{"x":196,"y":412,"width":27,"height":8}},{"id":"47a454f2-b9a1-4c78-8b9e-ec5b65d52450","block_type":"box","text":"Distribution","page_number":17,"box":{"x":394,"y":391,"width":72,"height":8}},{"id":"f653e4e0-66eb-452d-9fcb-207c0dbd12d2","block_type":"box","text":"and Service","page_number":17,"box":{"x":394,"y":402,"width":72,"height":7}},{"id":"9c777472-f02a-4d3e-8674-373f66037b06","block_type":"box","text":"(12b-1) Fees","page_number":17,"box":{"x":393,"y":412,"width":73,"height":10}},{"id":"0fab8249-3b5d-4147-9216-1b36bd80443f","block_type":"box","text":"Other","page_number":17,"box":{"x":621,"y":402,"width":35,"height":7}},{"id":"657e6011-4763-4c90-a4f8-a618b44e5d2f","block_type":"box","text":"Expenses","page_number":17,"box":{"x":610,"y":412,"width":57,"height":10}},{"id":"b00be404-5815-43d7-af90-be8157837609","block_type":"box","text":"Total Annual","page_number":17,"box":{"x":810,"y":381,"width":76,"height":8}},{"id":"c2dc37d3-18b8-4d46-b216-3775e4097ada","block_type":"box","text":"Fund","page_number":17,"box":{"x":834,"y":392,"width":29,"height":7}},{"id":"b65da176-b1d1-48ad-adfa-a422c2a0a1fc","block_type":"box","text":"Operating","page_number":17,"box":{"x":818,"y":402,"width":61,"height":9}},{"id":"305c0bc0-2233-4273-9aba-2a4fcf521c3f","block_type":"box","text":"Expenses","page_number":17,"box":{"x":820,"y":412,"width":58,"height":10}},{"id":"0c5b09ce-42aa-4265-b13b-e12b1608b9e2","block_type":"box","text":"0.08% None 0.00% 0.08%","page_number":17,"box":{"x":193,"y":432,"width":673,"height":7}},{"id":"2d917c19-7727-44c3-b5c5-4d39b49f25f4","block_type":"box","text":"1","page_number":17,"box":{"x":112,"y":462,"width":2,"height":5}},{"id":"d7bf537d-4580-4f86-a9f8-8fffec2298be","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":17,"box":{"x":123,"y":464,"width":706,"height":9}},{"id":"c12b2207-2464-4964-86a0-589c9c899c4d","block_type":"box","text":"Example.","page_number":17,"box":{"x":83,"y":483,"width":62,"height":11}},{"id":"5c52f9d2-cbc2-429d-92d7-42f1ffe0b104","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":17,"box":{"x":150,"y":483,"width":800,"height":11}},{"id":"8c1921b8-50d9-4924-8cdc-245632a6fd49","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":17,"box":{"x":82,"y":497,"width":891,"height":11}},{"id":"06d15f2a-8193-478c-825d-309216252024","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":17,"box":{"x":83,"y":512,"width":862,"height":11}},{"id":"5a7535aa-7ed9-4df2-9fab-d2f5ac045325","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":17,"box":{"x":83,"y":526,"width":694,"height":11}},{"id":"b38b8a22-441b-4809-9ca9-dd5ff984bdaf","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":17,"box":{"x":195,"y":557,"width":668,"height":7}},{"id":"bfcf0089-6475-422d-adac-608408e2f6a7","block_type":"box","text":"$8 $26 $45 $103","page_number":17,"box":{"x":206,"y":576,"width":644,"height":9}},{"id":"2e48b606-1964-44c4-a4a5-95dbb03d4ddd","block_type":"box","text":"Portfolio Turnover.","page_number":17,"box":{"x":83,"y":616,"width":129,"height":9}},{"id":"f64a106b-1db8-4c3a-a631-a3fc4e3a882c","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":17,"box":{"x":216,"y":616,"width":287,"height":11}},{"id":"1fcbf89d-4718-41ed-859f-73cf1180a82f","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":17,"box":{"x":83,"y":630,"width":420,"height":11}},{"id":"18f040cc-d7a8-4b37-bb43-eeebe8d14976","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":17,"box":{"x":83,"y":644,"width":395,"height":11}},{"id":"2c613dc5-91b2-4675-b6e4-84175681665e","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":17,"box":{"x":83,"y":659,"width":380,"height":11}},{"id":"20ff72bf-f91a-4ef8-b86c-01b1d163e5db","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":17,"box":{"x":83,"y":673,"width":409,"height":10}},{"id":"47ca8ad1-9776-48c6-bc81-a4d93c6bf66f","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":17,"box":{"x":83,"y":687,"width":368,"height":11}},{"id":"3871437b-b846-4693-96f9-01eef5a7c1cf","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":17,"box":{"x":84,"y":701,"width":411,"height":11}},{"id":"0176d4d3-b823-4653-8dc6-10766eed510b","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 12% of the","page_number":17,"box":{"x":82,"y":715,"width":384,"height":11}},{"id":"603c754e-d5f3-48ff-b7c5-280fc62a602c","block_type":"box","text":"average value of its portfolio.","page_number":17,"box":{"x":83,"y":730,"width":184,"height":10}},{"id":"a7761215-fa62-4fd0-8a3f-aaf91065b319","block_type":"box","text":"Principal Investment Strategies","page_number":17,"box":{"x":84,"y":759,"width":268,"height":13}},{"id":"bac20dd5-f1fd-4d87-979a-26a7b42904e0","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":17,"box":{"x":82,"y":784,"width":412,"height":8}},{"id":"142e8487-9ec5-4f3d-81e7-86e0b53dcda1","block_type":"box","text":"Extended Climate Action Index (the “Underlying Index”), which","page_number":17,"box":{"x":84,"y":798,"width":397,"height":11}},{"id":"1a9192e3-0d22-4301-ba65-b8b72d6263ff","block_type":"box","text":"was developed by MSCI Inc. (the “Index Provider” or “MSCI”). The","page_number":17,"box":{"x":82,"y":812,"width":422,"height":11}},{"id":"9faabff3-8026-44aa-9fd6-b72e9c93e094","block_type":"box","text":"Underlying Index is composed of U.S. large- and mid-capitalization","page_number":17,"box":{"x":83,"y":826,"width":424,"height":11}},{"id":"fb19309d-e8df-4856-9ea2-2f98c6b68731","block_type":"box","text":"companies based on their positioning, relative to their sector","page_number":17,"box":{"x":83,"y":840,"width":389,"height":11}},{"id":"6e3b9988-688c-4019-a841-8691e51a7925","block_type":"box","text":"peers, with respect to the transition to a low-carbon economy, as","page_number":17,"box":{"x":83,"y":855,"width":417,"height":10}},{"id":"4173a947-2f46-4e7d-952f-0460baa5e0e7","block_type":"box","text":"determined by MSCI. The Index Provider uses data provided by","page_number":17,"box":{"x":83,"y":869,"width":402,"height":11}},{"id":"610f0d9b-35b4-4c59-a4e6-c8c7f464a464","block_type":"box","text":"MSCI Solutions LLC and other sources to assess companies for","page_number":17,"box":{"x":550,"y":608,"width":406,"height":11}},{"id":"cf9288c5-0f0d-46fd-9ccf-8c3ca29692dd","block_type":"box","text":"eligibility for inclusion in the Underlying Index and to rank and","page_number":17,"box":{"x":549,"y":623,"width":394,"height":10}},{"id":"527fc538-8c55-45f8-ad19-2f31725e0681","block_type":"box","text":"select securities based primarily on current emissions intensity,","page_number":17,"box":{"x":549,"y":637,"width":407,"height":11}},{"id":"7b32c966-4e56-4bea-9594-99168bbb7ffa","block_type":"box","text":"emissions reduction targets, green revenue, and/or climate risk","page_number":17,"box":{"x":549,"y":651,"width":409,"height":11}},{"id":"73e009b7-5612-404f-b830-2ac032ecf0cf","block_type":"box","text":"management.","page_number":17,"box":{"x":549,"y":666,"width":86,"height":10}},{"id":"93d62cab-469b-4094-9791-686f48a57044","block_type":"box","text":"The Underlying Index seeks to reflect the overall sector","page_number":17,"box":{"x":549,"y":687,"width":352,"height":11}},{"id":"31c44ef6-1d3f-4fff-8c40-9c8273a90580","block_type":"box","text":"composition of the MSCI USA Index (the “Parent Index”) by","page_number":17,"box":{"x":549,"y":701,"width":379,"height":11}},{"id":"a4ef403f-5d94-4e35-9670-b96edb794cb9","block_type":"box","text":"including approximately 50% of the companies from each Global","page_number":17,"box":{"x":549,"y":715,"width":409,"height":11}},{"id":"7e8150a6-6373-4a44-91ba-bd257bc339b3","block_type":"box","text":"Industry Classification Standard (“GICS”) sector in the Parent","page_number":17,"box":{"x":550,"y":730,"width":391,"height":10}},{"id":"992e1abe-bfa8-49f1-bdaa-7210960305dc","block_type":"box","text":"Index. The Parent Index is a float-adjusted market capitalization","page_number":17,"box":{"x":550,"y":744,"width":405,"height":11}},{"id":"7b622c26-4685-4e1a-8b33-527955da69ec","block_type":"box","text":"weighted index designed to measure the performance of the","page_number":17,"box":{"x":549,"y":758,"width":386,"height":11}},{"id":"761cd7c0-6353-4d49-b5b8-feeb25962c0a","block_type":"box","text":"large- and mid-capitalization companies in the U.S. market,","page_number":17,"box":{"x":549,"y":772,"width":378,"height":11}},{"id":"a5b1d7d4-62da-4fef-a63e-08c6e3c5ac59","block_type":"box","text":"irrespective of their climate impact. As a result, the Underlying","page_number":17,"box":{"x":549,"y":786,"width":400,"height":11}},{"id":"33353bfd-153a-424f-be46-1f013868dbb1","block_type":"box","text":"Index will include constituents from a broad range of sectors in","page_number":17,"box":{"x":550,"y":800,"width":401,"height":11}},{"id":"8b2b79dd-605c-4299-a5c2-61853a9bedfb","block_type":"box","text":"the U.S. market, including sectors that have more climate impact","page_number":17,"box":{"x":549,"y":815,"width":417,"height":11}},{"id":"798fba27-9416-40ad-b579-ecd4ab5cdaad","block_type":"box","text":"than other sectors.","page_number":17,"box":{"x":549,"y":829,"width":121,"height":8}},{"id":"69582aed-baf0-43cf-8909-738289c6c6bd","block_type":"box","text":"In constructing the Underlying Index, the Index Provider begins","page_number":17,"box":{"x":550,"y":851,"width":401,"height":11}},{"id":"6f5bc0d3-844a-484e-b956-4d86f763eee4","block_type":"box","text":"with the constituent universe of the Parent Index and applies","page_number":17,"box":{"x":549,"y":865,"width":388,"height":11}},{"id":"cc2283e9-d87c-4472-b482-265f6bbc3ccc","block_type":"box","text":"several types of exclusionary screens.","page_number":17,"box":{"x":549,"y":879,"width":242,"height":11}},{"id":"bb9d0774-55a9-448a-9f1c-34beca1e708e","block_type":"box","text":"S-1","page_number":17,"box":{"x":526,"y":920,"width":18,"height":9}},{"id":"77c0a017-e1a4-42ad-8a8c-2a4f11ba43f3","block_type":"box","text":"The business involvement screens exclude securities of","page_number":18,"box":{"x":82,"y":23,"width":355,"height":9}},{"id":"4d2db2b3-82c3-402c-874a-bd62a59d9322","block_type":"box","text":"companies involved in the business of tobacco, controversial or","page_number":18,"box":{"x":83,"y":37,"width":407,"height":11}},{"id":"e0512877-8e67-4170-9355-6d5bf8f8cad6","block_type":"box","text":"nuclear weapons, thermal coal mining or sales or oil sands","page_number":18,"box":{"x":83,"y":52,"width":373,"height":10}},{"id":"01af081b-6f05-464b-9972-1f4edded6daf","block_type":"box","text":"extraction. Certain exclusions (","page_number":18,"box":{"x":83,"y":66,"width":198,"height":10}},{"id":"f5207fe6-a616-4750-bf66-5476fab177e6","block_type":"box","text":"e.g.,","page_number":18,"box":{"x":282,"y":68,"width":25,"height":9}},{"id":"982f4831-17e9-4b5b-b108-2808489c39ee","block_type":"box","text":"controversial and nuclear","page_number":18,"box":{"x":313,"y":66,"width":162,"height":8}},{"id":"b50a0fd8-0cdb-4097-b25f-1c5b1f6d9dc6","block_type":"box","text":"weapons) are categorical, and others are based on revenue or","page_number":18,"box":{"x":82,"y":80,"width":397,"height":11}},{"id":"1201a29d-f249-4561-b849-ae3ffad373c9","block_type":"box","text":"percentage of revenue thresholds.","page_number":18,"box":{"x":83,"y":94,"width":218,"height":11}},{"id":"75879dea-084f-46bd-88fa-ab861eaf1f81","block_type":"box","text":"The Index Provider also excludes companies that it determines","page_number":18,"box":{"x":82,"y":116,"width":401,"height":11}},{"id":"faf30858-a2ba-4c66-9c60-d84f0c5b6776","block_type":"box","text":"are directly involved in ongoing, “very severe” environmental,","page_number":18,"box":{"x":83,"y":130,"width":390,"height":11}},{"id":"e8a5a90a-8983-407e-b9da-69a5eaf82b4a","block_type":"box","text":"social or governance (“ESG”) controversies, defined as an","page_number":18,"box":{"x":83,"y":144,"width":368,"height":11}},{"id":"f3ef0ae1-e224-4ce3-a95e-5616843287f3","block_type":"box","text":"instance or ongoing situation in which company operations","page_number":18,"box":{"x":83,"y":159,"width":376,"height":10}},{"id":"077d6cdf-9560-4b2d-9784-0d65e95d91ff","block_type":"box","text":"and/or products allegedly are directly implicated in having a","page_number":18,"box":{"x":83,"y":173,"width":385,"height":11}},{"id":"90c0f91e-aeeb-41d1-b695-9e884f22c614","block_type":"box","text":"negative ESG impact, including alleged violations of laws,","page_number":18,"box":{"x":83,"y":187,"width":365,"height":11}},{"id":"9b17fef6-fff7-4fb5-899d-1b26264e4bcd","block_type":"box","text":"regulations, or accepted international norms (","page_number":18,"box":{"x":83,"y":201,"width":292,"height":11}},{"id":"842d50a2-f7d5-40de-ace6-eb5b8429bc7c","block_type":"box","text":"e.g.,","page_number":18,"box":{"x":376,"y":203,"width":25,"height":9}},{"id":"acca9b78-872f-4ee0-a081-c85b266a2384","block_type":"box","text":"human rights","page_number":18,"box":{"x":408,"y":201,"width":82,"height":11}},{"id":"e115d4d1-e06e-48e2-a2f4-07ecc421df14","block_type":"box","text":"violations or toxic emissions and waste). To evaluate ESG","page_number":18,"box":{"x":82,"y":215,"width":366,"height":11}},{"id":"b6241586-d9c7-4d69-b045-db79eea852f6","block_type":"box","text":"controversies, the Index Provider monitors across five categories","page_number":18,"box":{"x":83,"y":229,"width":416,"height":11}},{"id":"fd349d64-8db9-49b4-81f3-704ee2eca824","block_type":"box","text":"of ESG impact – environment, human rights and communities,","page_number":18,"box":{"x":83,"y":244,"width":396,"height":10}},{"id":"b03e11d7-6910-427a-84d8-3bf7fb2b4c77","block_type":"box","text":"labor rights and supply chain, customers and governance – and","page_number":18,"box":{"x":83,"y":258,"width":404,"height":11}},{"id":"4c876403-b718-436e-863d-24a9168a60dd","block_type":"box","text":"28 sub-categories. The Index Provider also excludes companies","page_number":18,"box":{"x":83,"y":272,"width":406,"height":11}},{"id":"c09da754-a262-4116-82a1-a6aeb8d74ac9","block_type":"box","text":"that are not assessed by the Index Provider regarding ESG","page_number":18,"box":{"x":83,"y":286,"width":372,"height":11}},{"id":"0eea1562-ed84-4329-9bdc-243eb9bdc8e8","block_type":"box","text":"controversies.","page_number":18,"box":{"x":83,"y":300,"width":90,"height":9}},{"id":"03a1efc5-2a55-4031-a883-5c5e1da11753","block_type":"box","text":"Another screen excludes issuers that have high “emissions","page_number":18,"box":{"x":82,"y":322,"width":376,"height":11}},{"id":"fe0e173c-6b9b-477f-9595-d36163008ade","block_type":"box","text":"intensity” or high “total potential carbon emissions,” meaning that","page_number":18,"box":{"x":83,"y":336,"width":423,"height":11}},{"id":"b9d3d842-5e14-4082-aff7-bd5e68fc1715","block_type":"box","text":"the issuer is in the worst 5% of the MSCI ACWI Index for the","page_number":18,"box":{"x":83,"y":351,"width":381,"height":8}},{"id":"870140dd-7565-4414-ae75-26a9dcfd83a8","block_type":"box","text":"emissions metric, as determined by the Index Provider. However,","page_number":18,"box":{"x":83,"y":365,"width":415,"height":11}},{"id":"75fbf526-8399-49c4-b40b-20ad73d8370e","block_type":"box","text":"high emitters are not excluded by this screen if they have","page_number":18,"box":{"x":83,"y":379,"width":366,"height":11}},{"id":"1d056983-ca7d-4d3a-b4c0-51365ae3e0f4","block_type":"box","text":"emissions reduction targets that have been approved by the","page_number":18,"box":{"x":83,"y":393,"width":384,"height":11}},{"id":"331e16b4-d725-461a-a205-e8674378b838","block_type":"box","text":"Science-Based Targets initiative (“SBTi”). SBTi does not monitor","page_number":18,"box":{"x":83,"y":407,"width":406,"height":11}},{"id":"429f07c0-ea9c-4cd7-b056-7f3a9962b71f","block_type":"box","text":"whether companies modify their targets or make progress toward","page_number":18,"box":{"x":82,"y":421,"width":420,"height":11}},{"id":"07623724-c43e-4b44-afe7-a801e2c01bc7","block_type":"box","text":"the targets. “Emissions intensity” is defined by the Index Provider","page_number":18,"box":{"x":83,"y":436,"width":418,"height":10}},{"id":"dea36ccd-b5a6-477c-aee7-4da9efdefc42","block_type":"box","text":"as Scope 1+2+3 global greenhouse gas (“GHG”) emissions as a","page_number":18,"box":{"x":83,"y":450,"width":405,"height":11}},{"id":"52ce1052-8279-4da2-9304-db699d29b9d8","block_type":"box","text":"percentage of the issuer’s enterprise value and cash. “Total","page_number":18,"box":{"x":83,"y":464,"width":378,"height":11}},{"id":"3a337b53-8a22-4aa5-98a8-43e482881e4f","block_type":"box","text":"potential carbon emissions” are the sum of the potential carbon","page_number":18,"box":{"x":83,"y":478,"width":408,"height":11}},{"id":"159f757d-0f49-4c5a-a231-dba10490994a","block_type":"box","text":"emissions of the fossil fuel reserves, excluding metallurgical coal","page_number":18,"box":{"x":83,"y":492,"width":414,"height":11}},{"id":"f0db9002-60b7-4ed4-96da-6eedd2f052f4","block_type":"box","text":"reserves, owned by an issuer, and are calculated only for","page_number":18,"box":{"x":83,"y":507,"width":363,"height":10}},{"id":"10642e6d-1cce-44f7-910b-ae0281c9a199","block_type":"box","text":"companies that the Index Provider considers most likely to use","page_number":18,"box":{"x":83,"y":521,"width":401,"height":11}},{"id":"47525776-930f-4242-a1aa-9a43a42b57f5","block_type":"box","text":"their fossil fuel reserves for energy applications (","page_number":18,"box":{"x":83,"y":535,"width":311,"height":11}},{"id":"3937c961-5a83-4502-8638-e0e6af9cf62e","block_type":"box","text":"i.e.,","page_number":18,"box":{"x":395,"y":535,"width":21,"height":10}},{"id":"bf3fe21f-688c-4d0a-a320-04744d24088f","block_type":"box","text":"burned or","page_number":18,"box":{"x":423,"y":535,"width":61,"height":8}},{"id":"ce09bf45-1e76-49fc-a35d-bb44d002793e","block_type":"box","text":"combusted to produce power or heat). Issuers without data on","page_number":18,"box":{"x":83,"y":549,"width":399,"height":11}},{"id":"170b3ea2-b7c8-4ea9-8c17-bc8fda6e3459","block_type":"box","text":"their emissions intensity are excluded from the Underlying Index.","page_number":18,"box":{"x":83,"y":563,"width":415,"height":11}},{"id":"e13ebcdc-cd22-44a0-9603-777314146ae1","block_type":"box","text":"Also excluded are issuers in the worst quartile of their GICS","page_number":18,"box":{"x":82,"y":585,"width":381,"height":11}},{"id":"1947527e-084e-4690-bc19-91986e42a4cf","block_type":"box","text":"sector within the Parent Index based on their management of one","page_number":18,"box":{"x":83,"y":599,"width":419,"height":11}},{"id":"292cf5ce-6b35-4d05-86e9-06dc9db3f17d","block_type":"box","text":"or more climate change risks and opportunities (","page_number":18,"box":{"x":83,"y":614,"width":310,"height":10}},{"id":"9ee3d111-473f-48c1-9ae8-043bab2ea590","block_type":"box","text":"e.g.,","page_number":18,"box":{"x":394,"y":616,"width":25,"height":8}},{"id":"d8a51d41-c44b-4fcf-a224-85b48dcb901f","block_type":"box","text":"carbon","page_number":18,"box":{"x":425,"y":614,"width":43,"height":8}},{"id":"7f62d547-3e2b-42ad-82a6-77872d15d9cc","block_type":"box","text":"emissions, product carbon footprint, climate change vulnerability,","page_number":18,"box":{"x":83,"y":628,"width":419,"height":11}},{"id":"671edcf6-a16e-4da0-82bc-6a6af3322eb8","block_type":"box","text":"biodiversity and land use, and opportunities in clean tech, green","page_number":18,"box":{"x":83,"y":642,"width":408,"height":11}},{"id":"46e46263-61af-44fe-937b-e8ce38b6013d","block_type":"box","text":"building and renewable energy) (“climate risk management”), as","page_number":18,"box":{"x":83,"y":656,"width":408,"height":11}},{"id":"9d2d432f-3e55-4f77-8a9d-556790c71719","block_type":"box","text":"determined by the Index Provider.","page_number":18,"box":{"x":83,"y":670,"width":215,"height":11}},{"id":"da896863-434c-4871-95d9-1d4b22c8e055","block_type":"box","text":"Eligible securities are then evaluated according to a framework","page_number":18,"box":{"x":84,"y":692,"width":401,"height":11}},{"id":"20475cf7-3f02-49aa-b833-de2186630304","block_type":"box","text":"that assigns an initial “GHG Intensity Score,” which corresponds","page_number":18,"box":{"x":83,"y":706,"width":410,"height":11}},{"id":"5c79aeb1-fc04-4afc-a255-5d8d94137013","block_type":"box","text":"to the issuer’s sector-relative quartile position within the Parent","page_number":18,"box":{"x":83,"y":721,"width":407,"height":10}},{"id":"8c8c84a6-8416-4f5b-a4f8-865a890e4192","block_type":"box","text":"Index based on its Scope 1+2+3 GHG intensity. The score may be","page_number":18,"box":{"x":83,"y":735,"width":419,"height":11}},{"id":"1e82aea4-d31e-4c2d-bf8a-f22f1d787c8d","block_type":"box","text":"improved with a one-quartile or two-quartile adjustment, as","page_number":18,"box":{"x":83,"y":749,"width":380,"height":11}},{"id":"dafb3872-04c2-42b6-85b1-4eeb64997838","block_type":"box","text":"summarized below.","page_number":18,"box":{"x":83,"y":763,"width":122,"height":9}},{"id":"676e01c7-c75b-40b9-bfb5-9ad0f0348075","block_type":"box","text":"An issuer is credited with a two-quartile improvement in its GHG","page_number":18,"box":{"x":82,"y":785,"width":411,"height":11}},{"id":"e8dee72a-514e-457a-b9e1-4dfbe5466421","block_type":"box","text":"Intensity Score if the issuer either (i) has approved science-based","page_number":18,"box":{"x":83,"y":799,"width":419,"height":11}},{"id":"8a799afc-35cd-4a30-b38d-14a2c8b355e8","block_type":"box","text":"targets (“SBTs”) for emissions reduction or (ii) is assessed by the","page_number":18,"box":{"x":83,"y":813,"width":414,"height":11}},{"id":"fe08dcaf-0f7e-4a7a-9e3d-cbf40a18d41f","block_type":"box","text":"Index Provider as having a “credible track record” of reduced","page_number":18,"box":{"x":83,"y":828,"width":388,"height":10}},{"id":"9642e5b1-1ced-454d-8f56-a45410d76928","block_type":"box","text":"emissions. Approved SBTs are targets that have been determined","page_number":18,"box":{"x":83,"y":842,"width":418,"height":11}},{"id":"7d0a0c3e-03bd-4691-8842-5e895177b591","block_type":"box","text":"by SBTi to align with certain criteria set by SBTi based on climate","page_number":18,"box":{"x":83,"y":856,"width":413,"height":11}},{"id":"5cfc0229-4d2a-4e29-91ce-e4597cc30820","block_type":"box","text":"science.","page_number":18,"box":{"x":83,"y":870,"width":51,"height":9}},{"id":"debcb2c1-b68b-431e-97cb-0d9a307701c5","block_type":"box","text":"The criteria for a credible track record of emissions reduction","page_number":18,"box":{"x":549,"y":23,"width":391,"height":9}},{"id":"d71b3eff-5d18-49a5-97df-41e20807599a","block_type":"box","text":"include, among other things, having an average yearly emissions","page_number":18,"box":{"x":549,"y":37,"width":411,"height":11}},{"id":"c840adaf-4b18-42e0-968a-14dff2559a95","block_type":"box","text":"reduction of at least 2% over the past four years (three year-over","page_number":18,"box":{"x":549,"y":51,"width":417,"height":11}},{"id":"f81e3a64-c18e-4d3f-95a0-b62c6737a025","block_type":"box","text":"year changes) and being ranked in the best quartile of all sector","page_number":18,"box":{"x":549,"y":66,"width":407,"height":11}},{"id":"e0abe1fd-399a-4ae9-af39-7031f7da7494","block_type":"box","text":"peers in the Parent Index with an average 2% or greater yearly","page_number":18,"box":{"x":549,"y":80,"width":395,"height":11}},{"id":"72c14390-2aae-4253-a084-2d343d6741a7","block_type":"box","text":"emissions reduction over the past four years (three year-over-year","page_number":18,"box":{"x":549,"y":94,"width":424,"height":11}},{"id":"00bf8b46-123b-49bc-9aa4-de02445c10c3","block_type":"box","text":"changes).","page_number":18,"box":{"x":549,"y":108,"width":61,"height":11}},{"id":"24825a30-4685-49c4-8de5-a1f592acfe47","block_type":"box","text":"For the remaining eligible securities, the GHG Intensity Score is","page_number":18,"box":{"x":550,"y":130,"width":404,"height":11}},{"id":"1774230c-af70-4bed-8bf2-7112584580d2","block_type":"box","text":"improved by one quartile for any issuer that is within the best","page_number":18,"box":{"x":549,"y":144,"width":391,"height":11}},{"id":"e33ee9e2-84fd-4e03-b9f2-210b7d205482","block_type":"box","text":"quartile, on a sector-relative basis within the Parent Index, for","page_number":18,"box":{"x":549,"y":158,"width":394,"height":11}},{"id":"634a6052-4b92-4ee5-8833-97301ce9ff85","block_type":"box","text":"either (i) climate risk management or (ii) “green revenue,” each as","page_number":18,"box":{"x":549,"y":173,"width":421,"height":10}},{"id":"b804af19-a7da-4945-9020-9e5e881cf8f4","block_type":"box","text":"determined by the Index Provider. An issuer must have at least 5%","page_number":18,"box":{"x":549,"y":187,"width":422,"height":11}},{"id":"56729f5b-f59b-44e1-9b44-1a546a10f0bb","block_type":"box","text":"green revenue to receive the improvement to its GHG Intensity","page_number":18,"box":{"x":549,"y":201,"width":402,"height":11}},{"id":"c268c3e6-6ad8-4cda-b5ea-7fe3fd21bb44","block_type":"box","text":"Score. “Green revenue” is defined as the cumulative revenue","page_number":18,"box":{"x":549,"y":215,"width":389,"height":9}},{"id":"33dd1c4a-dd65-438c-8e41-83cc09a21b6e","block_type":"box","text":"percentage that a company derives from alternative energy,","page_number":18,"box":{"x":549,"y":229,"width":382,"height":11}},{"id":"0ab659e9-f086-4b1d-93a4-4f49a5991638","block_type":"box","text":"energy efficiency, sustainable water, green building, pollution","page_number":18,"box":{"x":549,"y":244,"width":391,"height":10}},{"id":"f2c1f42b-2771-4f80-bcac-9e4900af044b","block_type":"box","text":"prevention and sustainable agriculture.","page_number":18,"box":{"x":549,"y":258,"width":248,"height":11}},{"id":"8e9965bb-20de-486f-bfc9-abd545eb4174","block_type":"box","text":"Eligible securities of each GICS sector are sorted in ascending","page_number":18,"box":{"x":550,"y":280,"width":396,"height":10}},{"id":"1d4c4f69-3b2f-4a26-af5b-de2841f77e0d","block_type":"box","text":"order of their final GHG Intensity Score (after any improvement)","page_number":18,"box":{"x":549,"y":294,"width":407,"height":11}},{"id":"b0788900-8f1a-4372-bb84-34f190e098fe","block_type":"box","text":"and descending order of float-adjusted market capitalization. For","page_number":18,"box":{"x":549,"y":308,"width":415,"height":11}},{"id":"aaea6fec-9e8c-4545-b5f9-439b8fb486b4","block_type":"box","text":"each sector, securities are selected from the top until the total","page_number":18,"box":{"x":549,"y":322,"width":400,"height":11}},{"id":"75ef61ad-663b-4dc0-aff0-a3cafa93707c","block_type":"box","text":"number of selected securities (by count) is approximately 50% of","page_number":18,"box":{"x":549,"y":336,"width":414,"height":11}},{"id":"52d19ac9-6a06-4112-abf7-2fa6d760cd6d","block_type":"box","text":"the number of securities in that sector in the Parent Index. Any","page_number":18,"box":{"x":549,"y":351,"width":402,"height":10}},{"id":"4e9c354f-85c6-4226-b045-d7f8c62e3224","block_type":"box","text":"securities selected in this step that are producers of civilian","page_number":18,"box":{"x":549,"y":365,"width":381,"height":10}},{"id":"c8f86b03-e164-4ee7-8e38-d90cd62ffd89","block_type":"box","text":"firearms or ammunition, as determined by the Index Provider, are","page_number":18,"box":{"x":549,"y":379,"width":417,"height":11}},{"id":"fac6178e-840c-42bf-bdb2-526b61512f66","block_type":"box","text":"removed from the Underlying Index.","page_number":18,"box":{"x":549,"y":393,"width":229,"height":11}},{"id":"d44a9077-90bd-48f1-9520-a644af388dde","block_type":"box","text":"The Parent Index weights of the remaining selected securities are","page_number":18,"box":{"x":549,"y":415,"width":417,"height":11}},{"id":"7be4d821-2390-4595-90ae-a67bddfe015f","block_type":"box","text":"renormalized to 100%. Sector weights are limited to +/- 5% the","page_number":18,"box":{"x":549,"y":429,"width":401,"height":11}},{"id":"2e77d37c-adf9-4030-8dcf-0f09906971a4","block_type":"box","text":"weight of that sector in the Parent Index, and individual issuer","page_number":18,"box":{"x":549,"y":443,"width":395,"height":11}},{"id":"b5dbba54-7364-4ac4-9cb7-0de007737026","block_type":"box","text":"weights are capped at 5% of the Underlying Index.","page_number":18,"box":{"x":549,"y":458,"width":318,"height":10}},{"id":"ef2abbc9-bd71-4c5e-a8f8-ccc517ab18ee","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced in May and","page_number":18,"box":{"x":549,"y":480,"width":413,"height":10}},{"id":"3d7e2094-7c89-44c3-91ac-77307d4fa3ab","block_type":"box","text":"November. The business involvement and firearms exclusionary","page_number":18,"box":{"x":550,"y":494,"width":406,"height":10}},{"id":"aa1830c3-116b-47b4-be98-d26cce653e71","block_type":"box","text":"screens are reviewed quarterly. The ESG controversy screen is","page_number":18,"box":{"x":549,"y":508,"width":399,"height":11}},{"id":"5ac2fae9-ae48-4e8e-b7cf-1c2149cce5d4","block_type":"box","text":"reviewed monthly. Existing constituents that meet the exclusion","page_number":18,"box":{"x":549,"y":522,"width":408,"height":11}},{"id":"70bfd570-5cbb-41ff-8e4c-96beb5ace915","block_type":"box","text":"criteria are deleted from the Underlying Index, and the weights of","page_number":18,"box":{"x":549,"y":536,"width":417,"height":11}},{"id":"a2dd7493-80f5-43d8-8937-feb065de016e","block_type":"box","text":"the remaining constituents are renormalized to 100%.","page_number":18,"box":{"x":549,"y":550,"width":341,"height":11}},{"id":"95ea41e4-0e5d-4aac-a411-36368256758f","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":18,"box":{"x":549,"y":572,"width":389,"height":11}},{"id":"ad1782db-23ac-4ca4-ba9f-d0bb11cf0480","block_type":"box","text":"Index is represented by securities of companies in the consumer","page_number":18,"box":{"x":550,"y":586,"width":412,"height":11}},{"id":"1a6ec760-9641-401e-905e-432b239b9764","block_type":"box","text":"goods and services and technology industries or sectors. As of","page_number":18,"box":{"x":549,"y":601,"width":401,"height":10}},{"id":"10faccb9-b0fd-44f5-bf63-427d87e54c67","block_type":"box","text":"August 31, 2025, the Underlying Index had 273 components. The","page_number":18,"box":{"x":549,"y":615,"width":415,"height":11}},{"id":"89316097-e27b-4d67-be19-f868de8ef231","block_type":"box","text":"components of the Underlying Index are likely to change over","page_number":18,"box":{"x":549,"y":629,"width":392,"height":11}},{"id":"db6ab697-2131-4a65-82d3-3294c5d27d82","block_type":"box","text":"time.","page_number":18,"box":{"x":549,"y":643,"width":31,"height":9}},{"id":"70a1a7ff-9cf0-4999-b926-175f3bfa80eb","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":18,"box":{"x":550,"y":666,"width":376,"height":11}},{"id":"11ce465c-e509-4a4f-9899-da7618ab1cc9","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":18,"box":{"x":549,"y":681,"width":417,"height":10}},{"id":"d35dfc97-7e98-43c4-8500-79fdadd84b1e","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":18,"box":{"x":549,"y":695,"width":396,"height":11}},{"id":"0eb59f19-0a6c-4b31-a5af-14b4d835c9b1","block_type":"box","text":"markets decline or appear overvalued.","page_number":18,"box":{"x":549,"y":709,"width":244,"height":11}},{"id":"a781f954-8330-4ef7-b98b-961130bd3d17","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":18,"box":{"x":550,"y":732,"width":420,"height":11}},{"id":"8a202926-e6fd-4050-9343-4c6cc8ec627b","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":18,"box":{"x":549,"y":746,"width":421,"height":11}},{"id":"656f1305-8da1-4ab0-b104-66ec9cc0cc84","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":18,"box":{"x":549,"y":760,"width":386,"height":11}},{"id":"5a0c5b06-b9b5-441a-993c-62c08bdca126","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":18,"box":{"x":550,"y":775,"width":369,"height":11}},{"id":"62e20394-2b8b-44cf-9b36-8b4be9e630d3","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":18,"box":{"x":549,"y":789,"width":356,"height":11}},{"id":"f9adde64-d8e8-4788-a176-f56dc2c4d2d1","block_type":"box","text":"comparison to actively managed investment companies.","page_number":18,"box":{"x":549,"y":803,"width":359,"height":11}},{"id":"a9d05a3c-e339-4d6b-bcea-2974385e2daf","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":18,"box":{"x":550,"y":826,"width":411,"height":11}},{"id":"bad0ffb0-a290-4fbb-b594-11d298601bef","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":18,"box":{"x":549,"y":840,"width":411,"height":11}},{"id":"80ea1911-0fcd-47b1-a5e5-19c27583f5b0","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":18,"box":{"x":549,"y":855,"width":424,"height":10}},{"id":"541abaca-fd00-4f54-9e8c-92dd544af67e","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":18,"box":{"x":549,"y":869,"width":410,"height":11}},{"id":"1d02a9ac-65e7-436f-913d-9b652ba6ca5a","block_type":"box","text":"S-2","page_number":18,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"8fd5d2b0-3d43-4e25-848e-df93cb8a3bb5","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":19,"box":{"x":83,"y":23,"width":408,"height":11}},{"id":"0b81f3ef-51df-402f-9d9f-ac09d43a0c8f","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":19,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"15ef05c8-66b3-4b2e-8588-a01606096d4b","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":19,"box":{"x":83,"y":51,"width":386,"height":11}},{"id":"a43f9fde-c21a-4a6d-a73d-9fc4587c765b","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":19,"box":{"x":82,"y":66,"width":360,"height":11}},{"id":"395a3a94-8009-497c-be96-bd757dd1c13b","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":19,"box":{"x":82,"y":80,"width":414,"height":11}},{"id":"87fa4787-21a3-4efb-904d-0e87df6d2962","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":19,"box":{"x":83,"y":94,"width":410,"height":11}},{"id":"870807b9-bdf8-4802-af91-6f7b0c050736","block_type":"box","text":"the components of the Underlying Index.","page_number":19,"box":{"x":83,"y":108,"width":259,"height":11}},{"id":"1101e96b-7317-47d0-8a72-2e21267c63c8","block_type":"box","text":"The Fund generally will invest at least 90% of its assets in the","page_number":19,"box":{"x":82,"y":131,"width":390,"height":11}},{"id":"d2e5039f-001d-409d-9c84-492682e2d833","block_type":"box","text":"component securities of the Underlying Index and may invest up","page_number":19,"box":{"x":83,"y":146,"width":410,"height":10}},{"id":"37aafb7d-2116-4a11-9ff8-6fa7ee4f872d","block_type":"box","text":"to 10% of its assets in certain futures, options and swap contracts,","page_number":19,"box":{"x":83,"y":160,"width":423,"height":11}},{"id":"8488f4ff-99a4-49c2-a875-07469567cdcd","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":19,"box":{"x":83,"y":174,"width":392,"height":11}},{"id":"e762eb2a-883e-4fb2-8d0a-42115d6caf8d","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":19,"box":{"x":82,"y":188,"width":407,"height":11}},{"id":"5838aa6e-85f5-491c-b309-5e0836d68d65","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":19,"box":{"x":83,"y":202,"width":415,"height":11}},{"id":"f4e27581-ad37-4e3b-a953-0adfd1e6940c","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":19,"box":{"x":83,"y":217,"width":400,"height":10}},{"id":"d8185a31-24e6-4974-b429-0ec4292e24e7","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":19,"box":{"x":83,"y":231,"width":409,"height":10}},{"id":"614f4bbb-4364-4856-be28-5025bc46b103","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":19,"box":{"x":83,"y":245,"width":368,"height":11}},{"id":"b1eed989-d71f-4928-a3a6-ef1a2a0159f8","block_type":"box","text":"percentage of investments included in the Underlying Index. The","page_number":19,"box":{"x":83,"y":259,"width":410,"height":11}},{"id":"3743d6a7-d4c3-4153-89a5-281089c51d4f","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":19,"box":{"x":84,"y":273,"width":385,"height":11}},{"id":"a2ce0008-4033-4e5f-8694-fa7fe674e33c","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":19,"box":{"x":83,"y":287,"width":282,"height":11}},{"id":"0cf04850-96b3-456e-bfb9-550d996f843c","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":19,"box":{"x":82,"y":311,"width":412,"height":10}},{"id":"42be1f89-28d9-4892-bcad-41d94ebbdb47","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":19,"box":{"x":82,"y":325,"width":371,"height":11}},{"id":"9a34cd83-d87e-4e50-9509-aea86d822e3b","block_type":"box","text":"collateral received).","page_number":19,"box":{"x":83,"y":339,"width":125,"height":11}},{"id":"5b1631d3-35ff-46dd-b6f6-f2f14fa9f74a","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":19,"box":{"x":82,"y":362,"width":422,"height":11}},{"id":"4ddcc538-23e2-478c-86e5-725236d011ec","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":19,"box":{"x":83,"y":376,"width":356,"height":9}},{"id":"52977fbd-82ce-4e95-bd2c-d2263e1d1687","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":19,"box":{"x":83,"y":391,"width":377,"height":10}},{"id":"b7d6babc-b4bf-4e79-9e5c-1a10ba36b8fa","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":19,"box":{"x":83,"y":405,"width":416,"height":11}},{"id":"9d5f353d-7cb0-42be-a584-ec8f59c177d1","block_type":"box","text":"value of the Underlying Index.","page_number":19,"box":{"x":82,"y":419,"width":190,"height":11}},{"id":"15629f58-56e4-40be-a3a2-d41e755b5e4f","block_type":"box","text":"Industry Concentration Policy.","page_number":19,"box":{"x":83,"y":442,"width":210,"height":11}},{"id":"c18a8a48-ef95-4e09-b68b-a661830e8b47","block_type":"box","text":"The Fund will concentrate its","page_number":19,"box":{"x":298,"y":442,"width":184,"height":9}},{"id":"80425a18-6df6-4f3c-bcf3-242a8d712fcc","block_type":"box","text":"investments (","page_number":19,"box":{"x":83,"y":456,"width":85,"height":11}},{"id":"daf81300-fe68-471c-bfba-28fcc5f60c85","block_type":"box","text":"i.e.","page_number":19,"box":{"x":169,"y":456,"width":17,"height":9}},{"id":"0289990a-3d58-4cd9-aa8e-aa5ba9fcad61","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":19,"box":{"x":189,"y":456,"width":264,"height":11}},{"id":"2c3b94f1-5154-497c-9dc7-2b6517e11568","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":19,"box":{"x":83,"y":470,"width":394,"height":11}},{"id":"54e13279-75e2-4333-9de2-2b428e5ea3a1","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":19,"box":{"x":83,"y":485,"width":377,"height":10}},{"id":"296a0b2d-f53e-4cea-ac2e-444d1b5a72bb","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":19,"box":{"x":83,"y":499,"width":389,"height":11}},{"id":"ab3efed0-9e5a-4dd6-ae1e-7819bcf1ed77","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":19,"box":{"x":83,"y":513,"width":389,"height":11}},{"id":"e5f19541-ea0e-46a1-ab9c-326717cb36ef","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":19,"box":{"x":83,"y":527,"width":410,"height":11}},{"id":"1e6ea81a-f207-4215-bc41-66e00bb9ecf5","block_type":"box","text":"considered to be issued by members of any industry.","page_number":19,"box":{"x":83,"y":541,"width":337,"height":11}},{"id":"bca64f19-2edf-4bed-baa0-53af64ae48cd","block_type":"box","text":"Summary of Principal Risks","page_number":19,"box":{"x":83,"y":570,"width":235,"height":14}},{"id":"e2785760-c93e-41e8-9c25-490a0e322274","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":19,"box":{"x":82,"y":596,"width":363,"height":10}},{"id":"e6e2dd3b-18e7-4b54-9f55-4c57695a352b","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":19,"box":{"x":83,"y":610,"width":402,"height":10}},{"id":"dfb8e8f0-e137-4861-b3da-2110ab43c880","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":19,"box":{"x":83,"y":624,"width":396,"height":11}},{"id":"d3122c3a-ffff-45e0-af26-4b08dca69e9b","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":19,"box":{"x":83,"y":638,"width":376,"height":11}},{"id":"edd1e2eb-27a8-4fd5-8835-829bc5e590a6","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":19,"box":{"x":83,"y":652,"width":392,"height":11}},{"id":"61f7e099-d87b-4ec4-ae83-54559dbaa0ff","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":19,"box":{"x":83,"y":666,"width":416,"height":11}},{"id":"32dd4ebc-a5e6-494c-a4ba-de702f612ea9","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":19,"box":{"x":83,"y":681,"width":387,"height":10}},{"id":"2f67a8c7-8572-42dd-98b6-5003c642c4f4","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":19,"box":{"x":82,"y":695,"width":426,"height":11}},{"id":"d83ef3e0-0c72-4930-93b0-226586b0e7c8","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":19,"box":{"x":83,"y":709,"width":404,"height":11}},{"id":"01de3b5d-deac-4a47-9001-626e02be33ba","block_type":"box","text":"review each risk factor carefully.","page_number":19,"box":{"x":83,"y":723,"width":206,"height":11}},{"id":"680dd702-ea43-41cf-a039-d2775be20e94","block_type":"box","text":"Risk of Investing in the U.S","page_number":19,"box":{"x":83,"y":746,"width":182,"height":11}},{"id":"f1b90c5e-e224-4db5-b174-04954b38263d","block_type":"box","text":".","page_number":19,"box":{"x":266,"y":753,"width":2,"height":2}},{"id":"24e60d58-8c3e-4794-b0f0-73dd5b46dc7b","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":19,"box":{"x":274,"y":746,"width":210,"height":11}},{"id":"9552e050-2f16-4450-a429-27be9563cd7c","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":19,"box":{"x":83,"y":761,"width":391,"height":10}},{"id":"6db4d401-f899-4dc8-a24d-6612abc92f76","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":19,"box":{"x":83,"y":775,"width":423,"height":11}},{"id":"7a04e48f-148c-4fd5-99ce-b817eb9097fc","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":19,"box":{"x":83,"y":789,"width":413,"height":11}},{"id":"e260e14c-1355-4230-9dcf-c24d896f2b76","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":19,"box":{"x":82,"y":803,"width":397,"height":11}},{"id":"2c3e7fdc-f4b6-4745-9817-65cecf64075e","block_type":"box","text":"ESG Risk.","page_number":19,"box":{"x":83,"y":826,"width":62,"height":9}},{"id":"838d08ad-4b93-437d-8413-92ad6b963541","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":19,"box":{"x":151,"y":826,"width":331,"height":11}},{"id":"961dce99-450d-4220-85fc-d2c953b52883","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":19,"box":{"x":83,"y":840,"width":399,"height":11}},{"id":"3ff68f76-62bf-4a44-9387-aace6b03ee2d","block_type":"box","text":"types and number of investment opportunities available to the","page_number":19,"box":{"x":83,"y":855,"width":397,"height":10}},{"id":"4797b493-5b7e-4044-862d-9fbc03233fb9","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":19,"box":{"x":84,"y":869,"width":396,"height":11}},{"id":"857e24f4-5fbe-43a9-91c0-deec75363b50","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying","page_number":19,"box":{"x":549,"y":23,"width":420,"height":11}},{"id":"6ca63245-b536-4af4-bb86-528a3cc612d1","block_type":"box","text":"Index’s use of ESG criteria may result in the Fund investing in, or","page_number":19,"box":{"x":550,"y":37,"width":411,"height":11}},{"id":"df69d3c8-3af9-46c8-bbc9-94056058350d","block_type":"box","text":"allocating greater weight to, securities or market sectors that","page_number":19,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"aaa8211d-cbf0-4416-8d7d-b731e866e51d","block_type":"box","text":"underperform the market as a whole or underperform other funds","page_number":19,"box":{"x":549,"y":66,"width":420,"height":10}},{"id":"e45a1d03-b7e5-4e5f-8761-a0a8fe465c32","block_type":"box","text":"that use ESG criteria. In addition, the use of representative","page_number":19,"box":{"x":549,"y":80,"width":375,"height":11}},{"id":"ae8c75b8-b1bc-4686-8bbd-dc9ae66d6a6c","block_type":"box","text":"sampling may result in divergence of the Fund’s overall ESG","page_number":19,"box":{"x":549,"y":94,"width":382,"height":11}},{"id":"13979daa-0d37-4136-aae9-5c514cd377de","block_type":"box","text":"characteristics or ESG risk from those of the Underlying Index.","page_number":19,"box":{"x":549,"y":108,"width":399,"height":11}},{"id":"3a9de564-6b10-4fac-b35f-8a0e75aa2ca2","block_type":"box","text":"The Index Provider may evaluate security-level ESG data and, if","page_number":19,"box":{"x":549,"y":122,"width":403,"height":11}},{"id":"1b7171ab-d721-4f5a-be3c-443772155532","block_type":"box","text":"applicable, ESG objectives or constraints that are relevant to the","page_number":19,"box":{"x":549,"y":137,"width":413,"height":10}},{"id":"9bb9e1d9-ae6e-4516-8d93-309a78f7f0f0","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities","page_number":19,"box":{"x":550,"y":151,"width":407,"height":11}},{"id":"10d1c7f1-3ede-4e91-8627-607f65baccf0","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":19,"box":{"x":549,"y":165,"width":411,"height":11}},{"id":"b31f8678-3044-4afe-8194-d072614e3555","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":19,"box":{"x":550,"y":179,"width":416,"height":11}},{"id":"70dc157e-2cb5-4149-9b2f-6bf41aebc9c8","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":19,"box":{"x":549,"y":193,"width":384,"height":11}},{"id":"638c3cfb-4ced-4931-b518-9e4c42543a40","block_type":"box","text":"Provider. As a result, certain securities in the Underlying Index, or","page_number":19,"box":{"x":550,"y":208,"width":418,"height":10}},{"id":"e049186a-3036-4c87-8890-1acee38e06bc","block_type":"box","text":"the Underlying Index as a whole, may not meet the relevant ESG","page_number":19,"box":{"x":549,"y":222,"width":410,"height":10}},{"id":"2dc917c5-9943-4d05-a956-776eff9b2e3d","block_type":"box","text":"objectives or constraints at all times.","page_number":19,"box":{"x":549,"y":236,"width":236,"height":10}},{"id":"a1107d23-aec9-4ed9-b6e7-87b44afa9db7","block_type":"box","text":"Equity Securities Risk","page_number":19,"box":{"x":549,"y":259,"width":148,"height":11}},{"id":"581a56ac-581b-494a-8fdd-35caf5e5d4ea","block_type":"box","text":".","page_number":19,"box":{"x":697,"y":266,"width":2,"height":1}},{"id":"9f27c7ea-e9b1-4429-ab83-147428c8a0af","block_type":"box","text":"Equity securities are subject to changes","page_number":19,"box":{"x":705,"y":259,"width":254,"height":11}},{"id":"23a08725-6103-4a40-8885-f6b406b0ade9","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":19,"box":{"x":549,"y":273,"width":422,"height":11}},{"id":"d35efdf5-f3eb-41cd-85a0-3b4139158e2a","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":19,"box":{"x":549,"y":287,"width":420,"height":11}},{"id":"f73d077b-3396-46ff-bc3b-bba73aad2fd9","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":19,"box":{"x":549,"y":302,"width":397,"height":10}},{"id":"709872cd-7a30-45d8-81a4-ac9bf534c535","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":19,"box":{"x":549,"y":316,"width":359,"height":11}},{"id":"29ee92ae-57e8-4291-868c-b0e55a01fc3d","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":19,"box":{"x":549,"y":330,"width":390,"height":11}},{"id":"c64ee78c-b37d-4504-9a8e-1a9e07c940f3","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":19,"box":{"x":549,"y":344,"width":412,"height":11}},{"id":"ec665a77-934f-45ed-848a-af16ec440ee6","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":19,"box":{"x":549,"y":358,"width":373,"height":11}},{"id":"4f64ea79-7d69-4515-ac20-bb57694ab5d9","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":19,"box":{"x":549,"y":372,"width":309,"height":11}},{"id":"3ab7c37a-b1d9-4ee0-9cd2-b3c6b83bdb0f","block_type":"box","text":"Market Risk","page_number":19,"box":{"x":549,"y":396,"width":82,"height":8}},{"id":"3ba8db2c-f44f-477a-9d33-096bd31f5a93","block_type":"box","text":".","page_number":19,"box":{"x":631,"y":402,"width":3,"height":2}},{"id":"755d984d-dffb-45a5-8a4e-9933f6c90776","block_type":"box","text":"The Fund could lose money over short periods due","page_number":19,"box":{"x":639,"y":396,"width":322,"height":11}},{"id":"611da623-4235-4b52-b9bd-aab9b388b195","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":19,"box":{"x":549,"y":410,"width":413,"height":11}},{"id":"d58d8e33-a679-41d4-aab6-2d64988bf42e","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":19,"box":{"x":549,"y":424,"width":382,"height":11}},{"id":"11efa7b9-90b2-44d7-8574-dd6ba94cd335","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":19,"box":{"x":549,"y":438,"width":411,"height":11}},{"id":"dfac6347-9987-45c9-8c47-a9c20bee9b31","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":19,"box":{"x":549,"y":452,"width":370,"height":11}},{"id":"bf00a7df-cbc5-4f55-b704-0228ca0ad681","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":19,"box":{"x":549,"y":467,"width":404,"height":10}},{"id":"81a36dc5-6642-40e8-b8d2-32b3de78fa17","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":19,"box":{"x":549,"y":481,"width":395,"height":11}},{"id":"f59c077f-f477-4520-95c2-7b8258501cf8","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":19,"box":{"x":549,"y":495,"width":395,"height":11}},{"id":"6eabe3ba-e3a4-4550-9091-905318c56fd9","block_type":"box","text":"NAV.","page_number":19,"box":{"x":550,"y":509,"width":27,"height":9}},{"id":"15e9e18f-1c36-4713-b186-7a544c76a0e1","block_type":"box","text":"Index-Related Risk.","page_number":19,"box":{"x":549,"y":532,"width":129,"height":9}},{"id":"91878b40-a002-4506-a9ae-3b7c0a3f14e8","block_type":"box","text":"The Index Provider may rely on various","page_number":19,"box":{"x":683,"y":532,"width":247,"height":11}},{"id":"d54d3226-928b-4158-948d-a849d3482a30","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":19,"box":{"x":549,"y":547,"width":423,"height":10}},{"id":"8f05913c-2f7d-4265-b594-0f256e3b513e","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":19,"box":{"x":550,"y":561,"width":391,"height":11}},{"id":"6addb42d-ae88-4fc9-9080-ecd190c0d749","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":19,"box":{"x":549,"y":575,"width":406,"height":11}},{"id":"aedd9125-084a-4b97-b854-53c0adf65b6d","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":19,"box":{"x":549,"y":589,"width":408,"height":11}},{"id":"56854c25-fb19-4bb6-a951-eb7950092795","block_type":"box","text":"information will provide an accurate assessment of included","page_number":19,"box":{"x":549,"y":603,"width":384,"height":11}},{"id":"314ae158-89d8-4d19-8c05-e373980f3bdd","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":19,"box":{"x":549,"y":617,"width":388,"height":11}},{"id":"66c50c31-7f9c-4974-9d5b-2c7c6cd7b94b","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":19,"box":{"x":549,"y":632,"width":366,"height":10}},{"id":"94beb06b-a106-4c8b-9b0c-4c2fbcea189f","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":19,"box":{"x":549,"y":646,"width":377,"height":11}},{"id":"7221cb25-bd2d-4af8-b435-4e0dae6144b7","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":19,"box":{"x":549,"y":660,"width":413,"height":11}},{"id":"f009b31b-4b26-4a5c-95ff-d33f8cc40a47","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":19,"box":{"x":549,"y":674,"width":396,"height":11}},{"id":"df4de87f-9f84-4219-a847-08ccf6805ae1","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":19,"box":{"x":549,"y":688,"width":367,"height":11}},{"id":"6bf813ea-1118-4c75-9427-dfa2380e2bf9","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":19,"box":{"x":549,"y":702,"width":400,"height":11}},{"id":"ed1ba9ff-1cdb-414d-9fa0-49b56f1c8432","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":19,"box":{"x":549,"y":717,"width":409,"height":10}},{"id":"55615a56-f13b-4568-97fb-cdecc3a79c53","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":19,"box":{"x":549,"y":731,"width":414,"height":11}},{"id":"87abff0c-93fb-4af5-abf2-d1e4424ea304","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":19,"box":{"x":549,"y":745,"width":362,"height":11}},{"id":"5f663974-3bd1-4b17-8e56-4f4053b848fa","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":19,"box":{"x":550,"y":759,"width":422,"height":11}},{"id":"b0fa5f24-a888-485a-bf4e-5e8c2a0adf4f","block_type":"box","text":"Asset Class Risk.","page_number":19,"box":{"x":548,"y":782,"width":114,"height":9}},{"id":"8cd2a5cf-90b5-43e8-a4c3-d4f37a93cbaf","block_type":"box","text":"The securities and other assets in the","page_number":19,"box":{"x":668,"y":782,"width":239,"height":9}},{"id":"04784e85-6317-4cda-992d-f51121bd41c7","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":19,"box":{"x":550,"y":797,"width":405,"height":10}},{"id":"aa2e2184-6940-4949-a6d9-3b183a5547d8","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":19,"box":{"x":549,"y":811,"width":405,"height":11}},{"id":"cc157511-1196-434a-9a13-defced8acd48","block_type":"box","text":"market, another index, or other asset classes.","page_number":19,"box":{"x":549,"y":825,"width":292,"height":10}},{"id":"104f0018-c338-4cdb-a897-8fb924e7b636","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":19,"box":{"x":548,"y":848,"width":290,"height":11}},{"id":"33cfaab9-a6f6-4f7f-a07b-4a57c6690130","block_type":"box","text":"An “Authorized","page_number":19,"box":{"x":847,"y":848,"width":93,"height":9}},{"id":"11ae1786-bffd-4b97-a17f-96be07b5f903","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":19,"box":{"x":550,"y":862,"width":379,"height":11}},{"id":"e5030518-91c1-4b1b-9320-ede99c6edb15","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":19,"box":{"x":549,"y":877,"width":411,"height":10}},{"id":"5fd5a0b3-4ffb-44ac-97cf-a11d6c9fac8c","block_type":"box","text":"S-3","page_number":19,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"0628ab83-806b-4463-8941-9d3888701d3e","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":20,"box":{"x":84,"y":23,"width":395,"height":11}},{"id":"df32730d-839b-43a9-a115-6b5bd0f3173e","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":20,"box":{"x":84,"y":37,"width":399,"height":11}},{"id":"33fa9110-b0db-465b-b6fd-d61613470858","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":20,"box":{"x":83,"y":52,"width":407,"height":10}},{"id":"36a4c339-2ba9-4ac7-b7d5-ba1728caedc5","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":20,"box":{"x":83,"y":66,"width":409,"height":11}},{"id":"7120317f-ebae-448b-b0c1-2356c73f4315","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":20,"box":{"x":83,"y":80,"width":412,"height":11}},{"id":"b6b6249e-05f0-4b00-9198-569293b2a158","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":20,"box":{"x":83,"y":94,"width":403,"height":11}},{"id":"732b8e90-6b4c-4d0c-8fa7-848cf41d613f","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":20,"box":{"x":83,"y":108,"width":378,"height":11}},{"id":"4e3bddc8-25cc-4657-a47d-460f0f6af03a","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":20,"box":{"x":84,"y":122,"width":379,"height":11}},{"id":"df4d90b7-1413-44a0-b12d-85c4d40da19c","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":20,"box":{"x":83,"y":137,"width":404,"height":10}},{"id":"ce7a4cf1-e7f4-4862-9169-3b52e979c869","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":20,"box":{"x":83,"y":151,"width":399,"height":11}},{"id":"fd0566e4-2de6-44c8-aa4a-64f9faa50817","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":20,"box":{"x":84,"y":165,"width":391,"height":11}},{"id":"15aebce5-da4a-44c8-94ba-08b5b97e3399","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":20,"box":{"x":83,"y":179,"width":408,"height":11}},{"id":"a74ebbc2-f007-4308-bfd6-3594f2e61ae7","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":20,"box":{"x":83,"y":193,"width":273,"height":11}},{"id":"37b32756-1a1f-4dea-91b2-dd21694b6e75","block_type":"box","text":"Concentration Risk.","page_number":20,"box":{"x":83,"y":216,"width":132,"height":9}},{"id":"564edf2a-1cdd-4996-9dcb-fcb8ec7d474f","block_type":"box","text":"The Fund may be susceptible to an","page_number":20,"box":{"x":220,"y":217,"width":222,"height":10}},{"id":"3323a8ff-948a-45c0-89dd-d58ad3f49233","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":20,"box":{"x":83,"y":231,"width":419,"height":11}},{"id":"cd798077-364e-4744-9157-9d6cc657f593","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":20,"box":{"x":83,"y":245,"width":407,"height":10}},{"id":"9ba6a869-6b19-4ef1-87d5-3333c409fa62","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":20,"box":{"x":83,"y":259,"width":417,"height":9}},{"id":"54baf561-dcf0-4894-a9b5-9b8d44a9867d","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":20,"box":{"x":83,"y":273,"width":395,"height":10}},{"id":"918769a3-d1e8-4887-918f-5d12885974cf","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":20,"box":{"x":83,"y":287,"width":388,"height":11}},{"id":"17bd4a67-83cb-4f04-bce2-9abf8bf9735b","block_type":"box","text":"asset classes.","page_number":20,"box":{"x":83,"y":302,"width":88,"height":8}},{"id":"6ed0356e-4797-44f8-a3a1-d22a6de8f1f7","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":20,"box":{"x":83,"y":325,"width":325,"height":10}},{"id":"09334361-8264-4798-8518-c586a7e1daaa","block_type":"box","text":"Consumer","page_number":20,"box":{"x":414,"y":325,"width":65,"height":8}},{"id":"848e160d-51a1-46b9-9c49-76e9c8f5d638","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":20,"box":{"x":83,"y":339,"width":399,"height":11}},{"id":"59628559-894a-408c-a1d4-04cfe2039eda","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":20,"box":{"x":83,"y":353,"width":420,"height":11}},{"id":"8017168d-bbc3-4f49-b681-612e45a5c795","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":20,"box":{"x":83,"y":367,"width":423,"height":11}},{"id":"ba518e4e-0fe5-4d76-8478-8fa75e79a0a8","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":20,"box":{"x":83,"y":382,"width":403,"height":10}},{"id":"389ee9fd-8a42-4d63-9410-5c734ab6cbcf","block_type":"box","text":"other things.","page_number":20,"box":{"x":83,"y":396,"width":79,"height":11}},{"id":"b8f6cf29-7419-45c9-aa36-4a7146c3da0b","block_type":"box","text":"Issuer Risk","page_number":20,"box":{"x":83,"y":419,"width":75,"height":8}},{"id":"18f3b775-3d06-4a1f-a171-1f2788134e42","block_type":"box","text":".","page_number":20,"box":{"x":158,"y":425,"width":3,"height":2}},{"id":"c850e06a-55de-48da-91f0-7f94ddea63a3","block_type":"box","text":"The performance of the Fund depends on the","page_number":20,"box":{"x":166,"y":419,"width":288,"height":11}},{"id":"e492bcaf-9ba8-447f-a221-18971ccd263c","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":20,"box":{"x":83,"y":433,"width":412,"height":11}},{"id":"e5830a1f-5939-4563-8272-66c076fe8dfd","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":20,"box":{"x":84,"y":447,"width":401,"height":11}},{"id":"08ad1b8d-396a-45de-94fc-8c101b1b692c","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":20,"box":{"x":83,"y":461,"width":418,"height":11}},{"id":"a7fb30f2-7201-4969-9d8f-b4d657ab78d3","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":20,"box":{"x":83,"y":476,"width":414,"height":10}},{"id":"b5ce22b5-0724-4ac6-8782-fb9851df58c5","block_type":"box","text":"counterparty.","page_number":20,"box":{"x":83,"y":491,"width":84,"height":10}},{"id":"b5b6f574-ca77-4a0a-99c6-a02dfe30883e","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":20,"box":{"x":83,"y":513,"width":252,"height":11}},{"id":"84f83a54-3ea8-4374-9cc7-d9b266bd1c8b","block_type":"box","text":"Large-capitalization","page_number":20,"box":{"x":342,"y":513,"width":124,"height":11}},{"id":"e4cfefab-0d8f-4847-b575-0bfe6e01419b","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":20,"box":{"x":83,"y":527,"width":352,"height":11}},{"id":"950227df-cd99-4b61-b82c-522b4cc88918","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":20,"box":{"x":83,"y":541,"width":352,"height":11}},{"id":"6483e09a-4d41-4f3d-b857-da3185d96a36","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":20,"box":{"x":83,"y":556,"width":405,"height":10}},{"id":"bcb2e414-6c4d-472e-b35e-c8672557fe69","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":20,"box":{"x":83,"y":570,"width":371,"height":11}},{"id":"cb9fb23b-91a0-44f5-9802-151b10404e8e","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":20,"box":{"x":83,"y":584,"width":339,"height":11}},{"id":"eaf3736a-8c46-4dda-bb89-0254622c34e3","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":20,"box":{"x":83,"y":598,"width":390,"height":11}},{"id":"d1e9196e-8a2f-4755-be6e-876ef61677f0","block_type":"box","text":"overall performance of the broader securities markets.","page_number":20,"box":{"x":83,"y":612,"width":349,"height":11}},{"id":"578a3f0f-1813-40d2-9d33-0b2ecec352ea","block_type":"box","text":"Management Risk","page_number":20,"box":{"x":83,"y":635,"width":122,"height":11}},{"id":"c3679615-7c93-4427-b8b7-99873570933f","block_type":"box","text":".","page_number":20,"box":{"x":206,"y":642,"width":2,"height":2}},{"id":"12721854-91c2-43c5-b8e4-55fc95cf6f04","block_type":"box","text":"The Fund generally does not attempt to take","page_number":20,"box":{"x":213,"y":636,"width":283,"height":10}},{"id":"0548508a-4f24-4842-b6df-1e973db2499c","block_type":"box","text":"defensive positions under any market conditions, including","page_number":20,"box":{"x":83,"y":650,"width":376,"height":10}},{"id":"17817c7f-14f7-45e2-a1fc-0f633f397e68","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":20,"box":{"x":83,"y":664,"width":362,"height":11}},{"id":"f478ecb4-654f-4978-9a00-9c6581263504","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":20,"box":{"x":83,"y":678,"width":388,"height":11}},{"id":"32f741a7-f696-4cbb-b23a-9cd9e92e70a8","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":20,"box":{"x":83,"y":692,"width":409,"height":11}},{"id":"c4ea1432-78ed-42d7-a6a0-ef0c98ea5f25","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":20,"box":{"x":83,"y":706,"width":419,"height":11}},{"id":"31615cf5-03a9-4717-a6ac-485c09f7ca9d","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":20,"box":{"x":82,"y":721,"width":420,"height":10}},{"id":"95406318-79f0-4f68-a041-f62931ded1df","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":20,"box":{"x":83,"y":735,"width":402,"height":11}},{"id":"aa6e68df-6ece-4100-8aea-97ab3c4593f7","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":20,"box":{"x":83,"y":749,"width":323,"height":11}},{"id":"3bdea1d9-b115-45b9-9cb0-957188981899","block_type":"box","text":"Market Trading Risk","page_number":20,"box":{"x":83,"y":772,"width":136,"height":11}},{"id":"c5438701-499a-4406-a2e6-77b997faa54b","block_type":"box","text":".","page_number":20,"box":{"x":219,"y":779,"width":2,"height":2}},{"id":"1d6dbf4a-7b18-4270-88a7-fa0393b41578","block_type":"box","text":"The Fund faces numerous market trading","page_number":20,"box":{"x":226,"y":772,"width":263,"height":11}},{"id":"411876a9-5e10-4fac-a670-038e142bcc6a","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":20,"box":{"x":83,"y":786,"width":394,"height":11}},{"id":"272060c5-1b35-4a7b-93e0-6dc657a53f6f","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":20,"box":{"x":83,"y":800,"width":401,"height":11}},{"id":"57fd384f-33c3-4515-9afd-b522884f28e6","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":20,"box":{"x":83,"y":815,"width":404,"height":10}},{"id":"01887b0a-8758-4a73-b419-c4e8e73bfabc","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":20,"box":{"x":83,"y":829,"width":416,"height":11}},{"id":"5141c1b5-5031-4f80-aee6-c1b752f4e6fa","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":20,"box":{"x":82,"y":843,"width":405,"height":11}},{"id":"fdd14750-edc2-4a2f-aa7d-63d6d140d1e5","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":20,"box":{"x":83,"y":857,"width":411,"height":11}},{"id":"6eaf8a33-beb9-421d-a678-f50216cc210f","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":20,"box":{"x":83,"y":871,"width":397,"height":11}},{"id":"7d18e748-8252-4f62-829d-faea39a7aa3e","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":20,"box":{"x":549,"y":23,"width":419,"height":11}},{"id":"2291b97b-d601-49ca-855a-eff5f7ec969f","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":20,"box":{"x":549,"y":37,"width":413,"height":11}},{"id":"d549ee83-8353-4c88-8577-46b2d0b7f69d","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":20,"box":{"x":549,"y":51,"width":397,"height":11}},{"id":"599b4712-573a-4aa5-a32b-f4435b8c3544","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":20,"box":{"x":549,"y":66,"width":316,"height":11}},{"id":"edbf81d4-d04e-4701-8736-872ff8b1a133","block_type":"box","text":"Non-Diversification Risk","page_number":20,"box":{"x":549,"y":89,"width":165,"height":8}},{"id":"b2fe7708-878f-4ef0-bfa6-85b912803178","block_type":"box","text":".","page_number":20,"box":{"x":714,"y":95,"width":2,"height":2}},{"id":"d9e4eb91-bc97-41d4-b4e9-122b9b9c8f29","block_type":"box","text":"The Fund is classified as “non","page_number":20,"box":{"x":721,"y":89,"width":194,"height":8}},{"id":"c757c5fc-4c75-4718-b431-e3c6bef229d9","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":20,"box":{"x":549,"y":103,"width":377,"height":11}},{"id":"f2ff872c-92ff-46ad-be0d-3ecfa9519f39","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":20,"box":{"x":549,"y":117,"width":358,"height":11}},{"id":"1a49fbf0-613a-40b1-95cc-edd1f59046ed","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":20,"box":{"x":549,"y":131,"width":370,"height":11}},{"id":"c86c3371-fa09-40bd-a619-9bb3b1cc2fd4","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":20,"box":{"x":549,"y":146,"width":423,"height":10}},{"id":"a31ef164-4250-46dc-bc03-2c1c85c58558","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":20,"box":{"x":549,"y":160,"width":379,"height":11}},{"id":"f4d07fed-aa6f-4dbc-a4d5-1e6065e6a9d4","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":20,"box":{"x":549,"y":174,"width":375,"height":11}},{"id":"de886f60-68da-495b-bbb8-87b7af8342a7","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":20,"box":{"x":549,"y":188,"width":418,"height":11}},{"id":"87f2ba0b-a977-4028-a1d7-d2df5d33888d","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":20,"box":{"x":549,"y":202,"width":418,"height":11}},{"id":"fa65a75b-6b79-4521-8e7b-0ff5ecc047d7","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":20,"box":{"x":549,"y":217,"width":210,"height":10}},{"id":"93aca2d0-db87-48a3-9243-31e9d64d5f68","block_type":"box","text":"Operational and Technology Risks","page_number":20,"box":{"x":549,"y":240,"width":230,"height":10}},{"id":"217eed7e-daa0-4639-a4a0-362079b1ef1e","block_type":"box","text":".","page_number":20,"box":{"x":780,"y":246,"width":2,"height":2}},{"id":"3a9dad30-60bd-4118-9a81-7188d52c6ad9","block_type":"box","text":"The Fund is directly and","page_number":20,"box":{"x":787,"y":240,"width":152,"height":11}},{"id":"5c849edb-d774-4a23-94f1-5e5ce692eb5d","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":20,"box":{"x":549,"y":254,"width":368,"height":11}},{"id":"6b8d5651-a678-494b-a4ae-5d6fe31f3d60","block_type":"box","text":"including those related to human errors, processing errors,","page_number":20,"box":{"x":549,"y":268,"width":376,"height":11}},{"id":"37a6dc8e-58a4-4536-8f12-408083f37c65","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":20,"box":{"x":549,"y":282,"width":413,"height":11}},{"id":"baedd2e5-3364-48b9-944a-247b9a16f5c2","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":20,"box":{"x":549,"y":296,"width":404,"height":11}},{"id":"4b04d066-85f0-46f3-87e0-967638eb20c5","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":20,"box":{"x":549,"y":311,"width":401,"height":10}},{"id":"dc0e2b63-66f2-406f-8fc8-1e1e42483949","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":20,"box":{"x":549,"y":325,"width":377,"height":11}},{"id":"0923bfb7-e2f1-4c8e-a279-90b6de2da674","block_type":"box","text":"providers are required to have appropriate operational,","page_number":20,"box":{"x":549,"y":339,"width":350,"height":11}},{"id":"2196a6ae-0db5-4998-8a6f-3210733be637","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":20,"box":{"x":549,"y":353,"width":414,"height":11}},{"id":"cd9e773f-f058-45a5-9e00-bc4617d1da40","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":20,"box":{"x":549,"y":367,"width":397,"height":11}},{"id":"e62536c9-bdc8-42e9-840b-04f84209e041","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":20,"box":{"x":549,"y":381,"width":411,"height":11}},{"id":"7689f176-71b2-4312-8774-3cef7fc933ed","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":20,"box":{"x":549,"y":396,"width":391,"height":8}},{"id":"4ff299cc-9580-42fa-b881-9bb04bc138e5","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":20,"box":{"x":549,"y":410,"width":422,"height":11}},{"id":"c091c374-fc21-4590-959d-051759fcd42f","block_type":"box","text":"investments in such issuers to lose value.","page_number":20,"box":{"x":549,"y":424,"width":264,"height":9}},{"id":"7396482b-53d1-4300-bf06-374ed8f0f29c","block_type":"box","text":"Securities Lending Risk.","page_number":20,"box":{"x":548,"y":447,"width":162,"height":11}},{"id":"7c6b3278-ffbc-4b71-b337-1032fd70f21f","block_type":"box","text":"The Fund may engage in securities","page_number":20,"box":{"x":716,"y":447,"width":221,"height":11}},{"id":"cfdd6d93-a90f-41f4-b34b-a7683f3cd420","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":20,"box":{"x":549,"y":461,"width":397,"height":11}},{"id":"c0aadcda-5984-4cde-8ed2-80b244f97849","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":20,"box":{"x":549,"y":476,"width":418,"height":10}},{"id":"fc3dd659-2f8a-4c59-a44f-4ea804f54444","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":20,"box":{"x":549,"y":490,"width":409,"height":11}},{"id":"66c94455-04d9-47c7-9edb-963fe318afa6","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":20,"box":{"x":549,"y":504,"width":416,"height":11}},{"id":"16217ccd-b329-44d3-a69c-707b6312b4e3","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":20,"box":{"x":549,"y":518,"width":389,"height":11}},{"id":"e434e24f-d7f1-40fc-bd47-7cabbf7d4d67","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":20,"box":{"x":549,"y":532,"width":406,"height":9}},{"id":"189485e2-d29a-4b7d-bfcb-335f55131af4","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":20,"box":{"x":549,"y":546,"width":301,"height":11}},{"id":"840cae8f-ebce-475a-b52d-f2f0f4fe4e7a","block_type":"box","text":"Technology Companies Risk","page_number":20,"box":{"x":550,"y":570,"width":190,"height":11}},{"id":"818be632-155a-4dfb-87e0-e9b5b8afc697","block_type":"box","text":".","page_number":20,"box":{"x":740,"y":576,"width":3,"height":2}},{"id":"8169b9f3-dd2f-4fb3-a118-2b5356ce1938","block_type":"box","text":"Technology companies and","page_number":20,"box":{"x":748,"y":570,"width":172,"height":11}},{"id":"58f8bbfc-4f45-4986-87b8-feb967b1e715","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":20,"box":{"x":549,"y":584,"width":413,"height":11}},{"id":"f6911519-2d9d-498d-8668-c037e7c9476e","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":20,"box":{"x":549,"y":598,"width":414,"height":11}},{"id":"00cdbfc1-d9d6-43eb-8cfd-3286d9d0b66a","block_type":"box","text":"and personnel. These companies typically face intense","page_number":20,"box":{"x":549,"y":612,"width":348,"height":11}},{"id":"7f67c17d-3d8e-41e0-b84e-54e806e776cc","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":20,"box":{"x":549,"y":626,"width":418,"height":11}},{"id":"c6c85dfc-3c42-4c9f-b4cc-370f5de0e50c","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":20,"box":{"x":549,"y":641,"width":381,"height":10}},{"id":"a985b02e-381c-4d6e-92f6-cda4f06d0806","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":20,"box":{"x":549,"y":655,"width":367,"height":11}},{"id":"6e7cfa09-f564-4a33-8e77-05cf2d863c56","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":20,"box":{"x":549,"y":669,"width":424,"height":11}},{"id":"18cb74f9-4940-43d1-b482-8de929578ed4","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":20,"box":{"x":549,"y":683,"width":368,"height":11}},{"id":"9487b70f-3334-4ea7-b55a-bea06d647c82","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":20,"box":{"x":549,"y":697,"width":384,"height":11}},{"id":"1628a8ea-6e92-4fbd-b090-c8883c1fa4f0","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":20,"box":{"x":549,"y":712,"width":384,"height":10}},{"id":"97b3d0e0-22a9-4b0e-a3e9-3bca77fe2f40","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":20,"box":{"x":549,"y":726,"width":397,"height":11}},{"id":"1065983d-f92a-4a8e-9e00-15871c8eb66e","block_type":"box","text":"government or legal action.","page_number":20,"box":{"x":549,"y":740,"width":174,"height":11}},{"id":"d9cf8f9a-2458-4a2f-a742-95ec7b9c9d39","block_type":"box","text":"Thematic Investing Risk.","page_number":20,"box":{"x":550,"y":763,"width":163,"height":11}},{"id":"9b38fa17-902b-4d1d-8df9-4da8ca80fc03","block_type":"box","text":"The Fund relies on the Index Provider to","page_number":20,"box":{"x":718,"y":763,"width":254,"height":9}},{"id":"54cafb97-5429-4d57-ae3c-6e634be16976","block_type":"box","text":"identify securities that reflect the relevant themes and sub","page_number":20,"box":{"x":549,"y":777,"width":379,"height":11}},{"id":"d25d096b-25f4-4b13-b3e6-7a6f3ac28fa7","block_type":"box","text":"themes for inclusion in the Underlying Index. There is no","page_number":20,"box":{"x":549,"y":791,"width":359,"height":11}},{"id":"014d487d-9084-4afd-a6be-68127427bdba","block_type":"box","text":"guarantee that the Underlying Index or the Fund will reflect the","page_number":20,"box":{"x":549,"y":806,"width":401,"height":10}},{"id":"7801c06d-e663-49a9-9183-ab1863e85cbd","block_type":"box","text":"intended theme and sub-theme exposures. The Fund’s","page_number":20,"box":{"x":549,"y":820,"width":347,"height":11}},{"id":"24dcdb3d-410d-43c6-8779-775a8954d2c8","block_type":"box","text":"performance may suffer if such securities are not correctly","page_number":20,"box":{"x":549,"y":834,"width":376,"height":11}},{"id":"02678920-d5de-4fb5-a8f6-7859ce762c2b","block_type":"box","text":"identified, if a theme or sub-theme develops in an unexpected","page_number":20,"box":{"x":549,"y":848,"width":395,"height":11}},{"id":"99dd8559-af83-4bcf-b917-ee178ee9e4be","block_type":"box","text":"manner, or if securities in the Underlying Index do not benefit","page_number":20,"box":{"x":549,"y":862,"width":392,"height":11}},{"id":"4b9de928-6df7-4a41-bc5c-465d6b4e5d47","block_type":"box","text":"from the development of a theme or sub-theme. The Fund’s","page_number":20,"box":{"x":549,"y":877,"width":380,"height":10}},{"id":"ec1fef30-0e93-4b94-875c-27244ad293d2","block_type":"box","text":"S-4","page_number":20,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"180354fe-b038-48b7-b14e-54c534f3392e","block_type":"box","text":"performance may also be impacted if securities that are not","page_number":21,"box":{"x":83,"y":23,"width":383,"height":11}},{"id":"6ea4cc05-efef-49f0-ad72-78496402d782","block_type":"box","text":"related to the theme or sub-theme are included in the Underlying","page_number":21,"box":{"x":83,"y":37,"width":416,"height":11}},{"id":"beddd7bd-c29c-4e65-a213-58e4991e0859","block_type":"box","text":"Index.","page_number":21,"box":{"x":83,"y":52,"width":37,"height":8}},{"id":"021d9fde-b4df-464b-9a75-f6327d415c48","block_type":"box","text":"Tracking Error Risk","page_number":21,"box":{"x":84,"y":75,"width":128,"height":10}},{"id":"8e8e8ab6-a7b4-43d7-8914-62fdbf1f91fc","block_type":"box","text":".","page_number":21,"box":{"x":212,"y":81,"width":2,"height":2}},{"id":"59140e80-dc42-430b-9da4-ffa35e92c168","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":21,"box":{"x":219,"y":75,"width":284,"height":11}},{"id":"6f619d69-b9f4-49e9-a114-6b030e70d00a","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":21,"box":{"x":82,"y":89,"width":405,"height":11}},{"id":"3c9a0946-1b47-41ce-a8b0-51aacfa7973e","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":21,"box":{"x":83,"y":103,"width":425,"height":11}},{"id":"d2fa75ee-4ac7-4246-85c9-f8cf7ecd86ea","block_type":"box","text":"factors, including differences between the securities and other","page_number":21,"box":{"x":82,"y":117,"width":402,"height":11}},{"id":"e50b6eba-e89a-405d-baa1-002b54f136b9","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":21,"box":{"x":83,"y":131,"width":381,"height":11}},{"id":"17554fb6-77f3-43f4-8f17-1753f01e52fd","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":21,"box":{"x":83,"y":146,"width":396,"height":10}},{"id":"9d0299c4-aec4-4c2f-9d4f-c2c57285c145","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":21,"box":{"x":83,"y":160,"width":407,"height":10}},{"id":"bae79779-4b56-49a8-9a71-8d703d809a26","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":21,"box":{"x":83,"y":174,"width":400,"height":11}},{"id":"b7d87029-d8ca-434d-81d4-cd03e16be53c","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":21,"box":{"x":83,"y":188,"width":421,"height":11}},{"id":"814ec4e9-5722-450a-8275-d709668753b8","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":21,"box":{"x":83,"y":202,"width":373,"height":11}},{"id":"01fef79e-d403-4058-9557-82a74491fae4","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":21,"box":{"x":549,"y":23,"width":370,"height":11}},{"id":"870c7b8d-8972-43d5-bf48-29830a8fc2e3","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":21,"box":{"x":549,"y":37,"width":372,"height":11}},{"id":"8f87f492-2eb7-4088-9a99-8e5c962600e6","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":21,"box":{"x":549,"y":51,"width":420,"height":11}},{"id":"4da4325a-b221-434f-9bbf-be602cf9e0c6","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":21,"box":{"x":549,"y":66,"width":387,"height":11}},{"id":"60561504-8e7c-4273-997b-e4c80450325b","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":21,"box":{"x":549,"y":80,"width":377,"height":11}},{"id":"9488fecd-12ea-457c-95bf-5fe86aae1488","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":21,"box":{"x":549,"y":94,"width":380,"height":11}},{"id":"d0d32266-b9d2-477d-9101-7455e6ac9351","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":21,"box":{"x":549,"y":108,"width":366,"height":11}},{"id":"fe102934-60e2-4174-8232-1dba043d147d","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":21,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"542a2d75-0e4c-40f7-8f7d-b8c0f44ddb2b","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":21,"box":{"x":550,"y":137,"width":386,"height":10}},{"id":"10fbd03f-bc91-44c2-8b45-d54dc8fa9ff9","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":21,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"52c9e7db-8a03-4a79-99e1-74be72b24a01","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":21,"box":{"x":549,"y":165,"width":420,"height":11}},{"id":"f441ec09-62f9-4114-8522-e21fcba6fd65","block_type":"box","text":"unusual market conditions.","page_number":21,"box":{"x":549,"y":179,"width":172,"height":9}},{"id":"950cc9ce-a968-4426-882b-aa44a3ffefe1","block_type":"box","text":"S-5","page_number":21,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"59a940ea-32ba-490a-8f8b-bd4bc10ded16","block_type":"box","text":"Performance Information","page_number":22,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"9c4c515d-f811-477f-a7e0-a5106a42d763","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":22,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"eda9d547-2f34-4660-874a-9dd52dd02aee","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":22,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"5a0ae473-5738-4ad7-b973-75ec09fcc13c","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":22,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"eaa483d2-59ea-4ba6-928f-b0597e7a7158","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":22,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"ab0aa40b-8221-4dd1-bf54-f87afa508ce4","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":22,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"6348e39e-1a61-458f-b425-685f16a3f949","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":22,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"4371a8a4-962b-4869-9280-4a93145492c1","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":22,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"78e7b117-1876-447d-b789-c3c309a80dca","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":22,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"b62ce0fc-a1e0-411a-9e3b-6cc5ad2dce88","block_type":"box","text":"40%","page_number":22,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"6b637c08-3ef1-4842-a66b-ff871d7aa782","block_type":"box","text":"30%","page_number":22,"box":{"x":332,"y":226,"width":21,"height":7}},{"id":"811a5751-8e3f-4b49-976d-8317d45b0bc6","block_type":"box","text":"20%","page_number":22,"box":{"x":332,"y":250,"width":21,"height":7}},{"id":"6d65f434-9b2a-4260-89ba-49a0fc605aa1","block_type":"box","text":"10%","page_number":22,"box":{"x":334,"y":275,"width":19,"height":7}},{"id":"4cb60581-e553-4d1f-a49f-9b822b6b273b","block_type":"box","text":"0%","page_number":22,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"2a9e3e2a-bf15-4458-a1e5-f7d9934f7eb7","block_type":"box","text":"2","page_number":22,"box":{"x":526,"y":321,"width":5,"height":7}},{"id":"14d772ed-3163-4049-b2c3-3f3574590e2e","block_type":"box","text":"0","page_number":22,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"47821d89-3552-4390-b308-4f60767b4a9f","block_type":"box","text":"2","page_number":22,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"c1b116d3-1ac9-4fed-b90f-acd92f2ac51f","block_type":"box","text":"4","page_number":22,"box":{"x":547,"y":321,"width":6,"height":7}},{"id":"419cd0e8-dc6f-4639-bb2e-379abf8a83dc","block_type":"box","text":"27.02%","page_number":22,"box":{"x":523,"y":225,"width":34,"height":6}},{"id":"56abdbc6-c679-4acd-aa27-c3c9f343fb63","block_type":"box","text":"Return (%) Period Ended","page_number":22,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"839f3183-03fe-454a-80eb-b5e48707efab","block_type":"box","text":"Calendar Year-to-Date Return","page_number":22,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"b2f931a5-fed5-47b9-81ce-7c21f0592c91","block_type":"box","text":"12.21% September 30, 2025","page_number":22,"box":{"x":561,"y":366,"width":178,"height":9}},{"id":"ecd65933-651b-4a5e-9770-90190bdb9dd5","block_type":"box","text":"During the periods shown in the chart:","page_number":22,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"40b4f747-721b-4b44-903f-5842cd48d85e","block_type":"box","text":"Best Quarter 11.37% March 31, 2024","page_number":22,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"c7223045-9514-4aba-8cce-d8d6e7cbf030","block_type":"box","text":"Worst Quarter -2.25% September 30, 2023","page_number":22,"box":{"x":330,"y":404,"width":409,"height":10}},{"id":"7895f99b-8ef1-48ed-a206-33582175fab0","block_type":"box","text":"Average Annual Total Returns","page_number":22,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"92f9799a-457d-4d85-892f-316d10d9742c","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":22,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"569965d4-7b00-4ef5-87bb-2d19d548aec5","block_type":"box","text":"One Year","page_number":22,"box":{"x":789,"y":477,"width":56,"height":7}},{"id":"ed61585a-1079-47ba-a633-1e9bba7c8626","block_type":"box","text":"Since Fund","page_number":22,"box":{"x":866,"y":464,"width":67,"height":7}},{"id":"242bb974-f1da-456e-9555-a6b10715f243","block_type":"box","text":"Inception","page_number":22,"box":{"x":871,"y":477,"width":57,"height":9}},{"id":"bc47664f-7b28-4855-8ced-680d6d36a8de","block_type":"box","text":"(Inception Date: 6/6/2023)","page_number":22,"box":{"x":123,"y":495,"width":171,"height":9}},{"id":"d8f48401-c746-46eb-909c-5ea993a82361","block_type":"box","text":"Return Before Taxes","page_number":22,"box":{"x":124,"y":506,"width":112,"height":8}},{"id":"ed611988-ba5a-4279-a639-2e148ceb738a","block_type":"box","text":"27.02% 25.85%","page_number":22,"box":{"x":798,"y":506,"width":122,"height":8}},{"id":"f08cd5ef-5cc8-4465-b754-814e040ff10c","block_type":"box","text":"Return After Taxes on Distributions","page_number":22,"box":{"x":124,"y":518,"width":197,"height":7}},{"id":"cdd4bff3-0074-4f88-83b0-942cace304d0","block_type":"box","text":"26.64% 25.43%","page_number":22,"box":{"x":797,"y":518,"width":123,"height":7}},{"id":"05390570-ed26-4315-b99f-e6e66423db18","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 16.23% 19.93%","page_number":22,"box":{"x":124,"y":529,"width":796,"height":8}},{"id":"d3add743-809f-4558-8711-4b4b594a7149","block_type":"box","text":"MSCI USA Index","page_number":22,"box":{"x":124,"y":541,"width":99,"height":8}},{"id":"d5429147-34bf-444d-b1c0-b26f52e1d60b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 25.08% 24.59%","page_number":22,"box":{"x":233,"y":541,"width":687,"height":10}},{"id":"9f5bfb9b-fd2a-4b6e-b64b-87153fd3018e","block_type":"box","text":"MSCI USA Extended Climate Action Index","page_number":22,"box":{"x":124,"y":553,"width":255,"height":7}},{"id":"36c99780-45b5-498d-a4c4-e7fa021b1114","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 27.13% 25.99%","page_number":22,"box":{"x":384,"y":553,"width":536,"height":9}},{"id":"ae7efb02-a6a2-4d40-b98d-c36fbcf9191b","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":22,"box":{"x":82,"y":583,"width":882,"height":11}},{"id":"42b57905-090d-48f0-9ade-da2803078209","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":22,"box":{"x":83,"y":597,"width":871,"height":11}},{"id":"8be3fe11-c1a0-4b8b-a625-936952520acf","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":611,"width":860,"height":11}},{"id":"1f64fd5b-9462-4a49-8d8a-6a3afab9f893","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":625,"width":855,"height":11}},{"id":"12aaf84e-f801-437c-a325-082deede1747","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":639,"width":883,"height":11}},{"id":"8c3168c9-ad46-45f9-9fce-17ed0c45a60e","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":654,"width":861,"height":10}},{"id":"cbe9b6f5-c7d9-4063-bd64-61aa9a2be8d5","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":22,"box":{"x":83,"y":668,"width":359,"height":10}},{"id":"771613e0-7a8d-48a9-98b8-c323265e6b3c","block_type":"box","text":"S-6","page_number":22,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"c2219d1f-c029-471e-ada4-796feaac1c53","block_type":"box","text":"Management","page_number":23,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"def55560-b404-4271-959f-798c0a05b5d2","block_type":"box","text":"Investment Adviser.","page_number":23,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"e3e068ff-5a16-4e60-a74a-6de90496f145","block_type":"box","text":"BlackRock Fund Advisors.","page_number":23,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"85ff5aad-025c-4138-ab62-9f4f50bdb34d","block_type":"box","text":"Portfolio Managers.","page_number":23,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"000971ce-8f03-44d2-bfdf-d348927fc72a","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":23,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"d139292a-bab4-4679-b0ce-b6f310b71a85","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":23,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"83b7a659-887f-4285-ad8b-5b84437bb2e3","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":23,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"997051cd-cf5a-484f-a51c-e76711c475e0","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":23,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"9a4c86bd-f35a-480a-b4aa-b6b849fbb994","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2023. Mr.","page_number":23,"box":{"x":84,"y":128,"width":399,"height":10}},{"id":"5841abc3-d232-4fc6-b7f2-355c9c9a0754","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":23,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"7dbe68b7-9050-4652-b70c-c174bc6f7b53","block_type":"box","text":"Managers of the Fund since 2025.","page_number":23,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"983706be-2f33-4edc-b941-c4d66741900c","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":23,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"25bca795-0c5e-4b17-a33a-9f3beefd5133","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":23,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"ef87e88f-fe32-40ae-8fb9-30dc336bbeef","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":23,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"fe0414db-7ea3-4958-8c7c-9cd0ad61d62c","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":23,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"5f9ddc6f-19ae-4f2b-b9be-69f10807d3c3","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":23,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"1b4446bf-df29-401c-a996-065595dc4c5c","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":23,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"5ac9f571-3bf0-4bf6-993e-d60741b0dbb0","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":23,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"cbe492d6-0636-48ae-ab17-5b464c856362","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":23,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"b1c59c7c-ec40-427f-9749-a7f775c0df13","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":23,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"e4ccc6a1-cc12-4210-a3cf-3a352415fb8c","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":23,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"caa841af-b5a3-4c43-b6b4-ce0925886230","block_type":"box","text":"Tax Information","page_number":23,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"90f0490a-5f85-4274-94d2-231705fa0a4d","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":23,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"3fc035ca-c931-49d8-aa09-dea9cca5af02","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":23,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"9303d751-7f40-401f-a4df-0b742aa4ab9d","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":23,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"b965e013-dba5-4c2c-af23-e57ecbb339db","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":23,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"838ac09f-f905-41ca-8e73-6dde64bbc0b9","block_type":"box","text":"distributions generally will be taxed when withdrawn.","page_number":23,"box":{"x":549,"y":104,"width":337,"height":11}},{"id":"2a517267-da46-4389-87c9-151dee9bb2bb","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":23,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"837eba6d-1bd4-45a3-9def-21ad6896be2b","block_type":"box","text":"Intermediaries","page_number":23,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"e72424cb-efc3-4523-b0c6-9fd0611fa834","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":"ff4051a2-43d2-460f-a12a-c69519a6bc18","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":"76ec42b7-c114-4047-afc5-55c4babfbdf9","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":"dc11f05e-1f4a-4f27-abfb-811c0543906d","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":23,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"daeb65b6-3328-4d65-8313-df615f229f24","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":"fd49ce33-6416-45dc-9345-4478673489dd","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":"cad8f70e-07c1-48d4-a109-24afe0d6462a","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":"214ad5c4-dd6a-4ad6-bee4-6c04a700cfe8","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":"24bab2fd-e300-46b0-9bdd-ed5184199f95","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":"f9cbb003-79d3-4bc9-8ca7-a34f6adc29c2","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":"60331654-daff-48e1-94d8-268f9409481c","block_type":"box","text":"information.","page_number":23,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"d2bbd6f7-b6d7-4f52-a25d-85a2d5673168","block_type":"box","text":"S-7","page_number":23,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"c6d8a1d9-d5bc-4f6e-9945-b90f71aeb33d","block_type":"box","text":"iSHARES","page_number":24,"box":{"x":246,"y":24,"width":119,"height":15}},{"id":"b9afd235-3abc-4573-a865-411b346567f0","block_type":"box","text":"®","page_number":24,"box":{"x":368,"y":17,"width":11,"height":8}},{"id":"67afb217-9185-45d8-b2b3-0addd5153e44","block_type":"box","text":"ESG ADVANCED MSCI USA ETF","page_number":24,"box":{"x":390,"y":24,"width":422,"height":15}},{"id":"066f4309-e31a-4ebf-a561-45e97a03e020","block_type":"box","text":"Ticker: USXF Stock Exchange: Nasdaq","page_number":24,"box":{"x":289,"y":53,"width":473,"height":12}},{"id":"d4995cbd-ff6f-4984-b00b-125335520fb1","block_type":"box","text":"Investment Objective","page_number":24,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"f0f80f7e-1f73-4293-97b5-88f832314878","block_type":"box","text":"The iShares ESG Advanced MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid","page_number":24,"box":{"x":82,"y":116,"width":857,"height":11}},{"id":"6cb364f6-e94d-4d5e-b8ca-246b696b9426","block_type":"box","text":"capitalization U.S. companies that have a favorable environmental, social and governance rating while applying extensive screens for","page_number":24,"box":{"x":83,"y":129,"width":850,"height":11}},{"id":"09410962-c8fb-4e42-ac6b-47ca340466a3","block_type":"box","text":"company involvement in controversial activities.","page_number":24,"box":{"x":83,"y":142,"width":307,"height":11}},{"id":"5619ca7e-f6e1-457f-a833-f2feecd876de","block_type":"box","text":"Fees and Expenses","page_number":24,"box":{"x":84,"y":170,"width":160,"height":13}},{"id":"1edeb8f7-d944-43d8-9a57-ceaff4d58754","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":195,"width":869,"height":10}},{"id":"7d953ced-8671-4eb4-a8f5-a15e1efb8528","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":207,"width":867,"height":11}},{"id":"fff4f922-6641-4342-af5c-9f20588d79f8","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":220,"width":889,"height":11}},{"id":"10fea576-dead-47b5-b69f-b8cde3176dc0","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":233,"width":870,"height":11}},{"id":"ddb7311e-48ef-4697-8b04-0a7d90ea3356","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":246,"width":858,"height":11}},{"id":"13db0ed3-2685-40dc-b5ea-3bc6a738c309","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":24,"box":{"x":83,"y":259,"width":450,"height":11}},{"id":"b94af009-d509-410a-b47e-b1df0a373271","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":281,"width":883,"height":11}},{"id":"58c11a49-6421-4ec9-8115-fab2ceb3b7c0","block_type":"box","text":"the tables and examples below.","page_number":24,"box":{"x":83,"y":294,"width":220,"height":11}},{"id":"af64ce3e-76b2-4072-a0bc-70244771c092","block_type":"box","text":"Annual Fund Operating Expenses","page_number":24,"box":{"x":425,"y":313,"width":206,"height":9}},{"id":"f3063d78-95cc-4bcb-97cc-795b97954148","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":24,"box":{"x":383,"y":323,"width":291,"height":10}},{"id":"c0d800b6-d8d4-457c-b443-18885ed374aa","block_type":"box","text":"percentage of the value of your investments)","page_number":24,"box":{"x":385,"y":333,"width":280,"height":10}},{"id":"93d1b3a2-2ef9-461d-a098-61765782946c","block_type":"box","text":"1","page_number":24,"box":{"x":668,"y":332,"width":2,"height":5}},{"id":"0694e6ca-fe58-44d8-9a75-2a1aa1f06c72","block_type":"box","text":"Management","page_number":24,"box":{"x":170,"y":374,"width":80,"height":9}},{"id":"b4414cbc-c89c-48c2-bedb-a4ee40f64112","block_type":"box","text":"Fees","page_number":24,"box":{"x":196,"y":384,"width":27,"height":7}},{"id":"36e04684-ed5c-42df-844a-8d63186d4e18","block_type":"box","text":"Distribution","page_number":24,"box":{"x":394,"y":363,"width":72,"height":8}},{"id":"f087b211-de42-4a7d-94ba-eca35ede531d","block_type":"box","text":"and Service","page_number":24,"box":{"x":394,"y":373,"width":72,"height":8}},{"id":"95533869-36ec-478f-a7db-d92a6f5c0531","block_type":"box","text":"(12b-1) Fees","page_number":24,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"730a3608-0c50-452d-9b2a-652f84b8def6","block_type":"box","text":"Other","page_number":24,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"f5fd631e-1fb1-44b2-b959-13a3f5842c95","block_type":"box","text":"Expenses","page_number":24,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"52880259-c55b-42d1-a2ff-10077c46057f","block_type":"box","text":"Total Annual","page_number":24,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"4582ce81-9be1-4fc9-84ea-158159ba63a6","block_type":"box","text":"Fund","page_number":24,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"ede54df5-6085-4316-8bac-2678a3b78d8c","block_type":"box","text":"Operating","page_number":24,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"475504bb-16d8-4cc3-b84b-e33271b34652","block_type":"box","text":"Expenses","page_number":24,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"12904f61-235c-41c9-9a23-3e7c0e0f8049","block_type":"box","text":"0.10% None 0.00% 0.10%","page_number":24,"box":{"x":194,"y":403,"width":670,"height":8}},{"id":"04854412-928e-4990-9321-c9bbba878969","block_type":"box","text":"1","page_number":24,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"c4fa0dd1-f8a7-4112-bad4-6eec76355a6d","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":24,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"3c01a2a1-1f60-4c11-b5b2-4128f714ee14","block_type":"box","text":"Example.","page_number":24,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"da1c7f00-13d7-4cac-88f8-d0094593689f","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":24,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"c9721edf-3206-416d-9e72-2d166ae353a3","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":24,"box":{"x":82,"y":467,"width":891,"height":12}},{"id":"8e3d6d6a-9ac2-4532-b9b0-a5e69ca94b29","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":24,"box":{"x":83,"y":481,"width":862,"height":11}},{"id":"e099ecf9-e977-4eb3-8ef7-6252ca9fd324","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":24,"box":{"x":83,"y":494,"width":694,"height":11}},{"id":"4c972561-dcdb-4f57-8288-71a4fe7b697e","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":24,"box":{"x":195,"y":523,"width":668,"height":8}},{"id":"3917aaab-902a-4cd3-8849-d32c9c8f3066","block_type":"box","text":"$10 $32 $56 $128","page_number":24,"box":{"x":203,"y":543,"width":647,"height":9}},{"id":"4bf86a58-0205-432a-9dc5-bcb0530d7bd6","block_type":"box","text":"Portfolio Turnover.","page_number":24,"box":{"x":83,"y":583,"width":129,"height":8}},{"id":"02f01fcc-3a29-427a-8452-e3cc4032e8c1","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":24,"box":{"x":216,"y":583,"width":287,"height":10}},{"id":"5ad59e4a-b1a2-4a7e-9498-250ff41c43eb","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":24,"box":{"x":83,"y":597,"width":420,"height":11}},{"id":"08b4fbff-5571-47e3-b898-96780351bbf7","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":24,"box":{"x":83,"y":611,"width":395,"height":11}},{"id":"25b51610-34e0-4e9c-831d-991fe46e6c8a","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":24,"box":{"x":83,"y":625,"width":380,"height":11}},{"id":"ff386988-7e71-43bd-a4ca-eddcebb9cd65","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":24,"box":{"x":83,"y":639,"width":409,"height":10}},{"id":"573e5a71-b631-43e9-b2a4-7ea57f436e58","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":24,"box":{"x":83,"y":654,"width":368,"height":10}},{"id":"107e133a-6dca-4a18-ad77-870b43244d77","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":24,"box":{"x":84,"y":668,"width":411,"height":11}},{"id":"f12b5878-fce9-421b-9ebd-08177b08e4d5","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 9% of the","page_number":24,"box":{"x":82,"y":682,"width":377,"height":11}},{"id":"8b424966-862a-4ee7-9305-02fd02da0016","block_type":"box","text":"average value of its portfolio.","page_number":24,"box":{"x":83,"y":696,"width":184,"height":11}},{"id":"57816661-ba40-4719-90e9-c63e29033457","block_type":"box","text":"Principal Investment Strategies","page_number":24,"box":{"x":84,"y":725,"width":268,"height":13}},{"id":"dc4f433d-d0e0-4fca-b80a-441b8175fe68","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":24,"box":{"x":82,"y":750,"width":412,"height":9}},{"id":"8cf30337-2b7e-4056-8a2b-6ed0b1ac41f5","block_type":"box","text":"Choice ESG Screened Index (the “Underlying Index”), which has","page_number":24,"box":{"x":83,"y":764,"width":407,"height":11}},{"id":"9be21bad-16be-4464-b852-8e2f4e59d0eb","block_type":"box","text":"been developed by MSCI Inc. (the “Index Provider” or","page_number":24,"box":{"x":83,"y":779,"width":341,"height":10}},{"id":"aaa98671-0745-4b1e-9441-4afb72da0f1b","block_type":"box","text":"“MSCI”). The Underlying Index is a free float-adjusted market","page_number":24,"box":{"x":83,"y":793,"width":395,"height":11}},{"id":"f62057a8-c94c-4593-9bca-7f584bd44f07","block_type":"box","text":"capitalization-weighted index that is designed to reflect the equity","page_number":24,"box":{"x":83,"y":807,"width":422,"height":11}},{"id":"427687c9-74cc-4405-82f6-6142d4359af6","block_type":"box","text":"performance of large- and mid-capitalization U.S. companies with","page_number":24,"box":{"x":83,"y":821,"width":418,"height":11}},{"id":"9259f67a-155c-4b67-bd54-87ce0c7c8b0d","block_type":"box","text":"favorable environmental, social and governance (“ESG”) ratings","page_number":24,"box":{"x":82,"y":835,"width":406,"height":11}},{"id":"7fe80d22-3cf6-4b5f-9885-402ef950f12b","block_type":"box","text":"(as determined by MSCI Solutions LLC (“MSCI Solutions”)) while","page_number":24,"box":{"x":83,"y":849,"width":412,"height":11}},{"id":"d9ab1954-e654-47ba-ae77-0f8f4f9da62e","block_type":"box","text":"applying extensive screens, including removing fossil fuel","page_number":24,"box":{"x":83,"y":864,"width":365,"height":10}},{"id":"2fc4d59f-51b4-4312-a1b4-6ea056223203","block_type":"box","text":"exposure. MSCI begins with the MSCI USA Index (the “Parent","page_number":24,"box":{"x":83,"y":878,"width":394,"height":11}},{"id":"88af55ad-7ae8-45f9-b0e0-d99b0f5e0e90","block_type":"box","text":"Index”) and selects companies with favorable ESG ratings while","page_number":24,"box":{"x":550,"y":575,"width":404,"height":11}},{"id":"6f069cdd-33cc-4da5-96ae-500b02e16370","block_type":"box","text":"excluding securities of companies involved in adult entertainment,","page_number":24,"box":{"x":549,"y":589,"width":423,"height":11}},{"id":"2ca92ae1-ef8c-49cb-a999-1c1dbde26dfc","block_type":"box","text":"alcohol, gambling, tobacco, genetic engineering, controversial","page_number":24,"box":{"x":549,"y":603,"width":396,"height":11}},{"id":"cf7c6b09-b8c6-499c-bb60-12860085840b","block_type":"box","text":"weapons, nuclear weapons, civilian firearms, conventional","page_number":24,"box":{"x":549,"y":617,"width":371,"height":11}},{"id":"cd57fff4-7d97-4fa9-835a-a49ef2d352c5","block_type":"box","text":"weapons, palm oil, private prisons, predatory lending, and nuclear","page_number":24,"box":{"x":549,"y":632,"width":421,"height":10}},{"id":"708f3e2d-2367-449e-8e6c-9a9fafbd2a87","block_type":"box","text":"power based on revenue or percentage of revenue thresholds for","page_number":24,"box":{"x":549,"y":646,"width":416,"height":11}},{"id":"c3f71657-4fbf-4917-8ea5-05453571fe18","block_type":"box","text":"certain categories (","page_number":24,"box":{"x":549,"y":660,"width":123,"height":11}},{"id":"fe7e53f5-f7cf-446b-9321-664e68c10866","block_type":"box","text":"e.g.,","page_number":24,"box":{"x":673,"y":662,"width":25,"height":9}},{"id":"34280556-4669-4732-b735-5e55b1864d4f","block_type":"box","text":"$500 million or 50%) and categorical","page_number":24,"box":{"x":704,"y":659,"width":233,"height":12}},{"id":"05592174-34c3-42ee-97a0-474b7f37fdfe","block_type":"box","text":"exclusions for others (","page_number":24,"box":{"x":549,"y":674,"width":141,"height":11}},{"id":"0c17c358-841a-458a-824e-f00de2aeaba3","block_type":"box","text":"e.g.,","page_number":24,"box":{"x":692,"y":677,"width":24,"height":8}},{"id":"1eb238c5-7a27-443b-bb20-1069a1839520","block_type":"box","text":"nuclear weapons).","page_number":24,"box":{"x":723,"y":674,"width":115,"height":11}},{"id":"674bfcf1-dafe-4515-99ed-266b38d7cbbb","block_type":"box","text":"MSCI Solutions rates the ESG characteristics of companies on a","page_number":24,"box":{"x":550,"y":696,"width":409,"height":11}},{"id":"52a726c8-d121-4c26-b446-32a3407d23df","block_type":"box","text":"scale of “CCC” (lowest) to “AAA” (highest). MSCI","page_number":24,"box":{"x":549,"y":710,"width":310,"height":11}},{"id":"d8d9dcdf-9eba-4949-aaff-d0680906b87e","block_type":"box","text":"Solutions determines the ESG ratings by evaluating the","page_number":24,"box":{"x":549,"y":724,"width":352,"height":11}},{"id":"daf4ca29-e015-49b6-ae5c-0964def13f90","block_type":"box","text":"company’s risks and opportunities and using a sector-specific","page_number":24,"box":{"x":549,"y":739,"width":394,"height":10}},{"id":"94b72394-f81b-4eb9-8799-8d983c9cffe9","block_type":"box","text":"ESG Key Issues (“Key Issues”) (","page_number":24,"box":{"x":550,"y":753,"width":198,"height":11}},{"id":"18214d2e-03ca-463d-8e70-ee0444ecce78","block_type":"box","text":"e.g.","page_number":24,"box":{"x":749,"y":755,"width":21,"height":9}},{"id":"7279d689-41c0-496d-a196-6d1a7dfae5f6","block_type":"box","text":", carbon emissions) selection","page_number":24,"box":{"x":773,"y":753,"width":185,"height":11}},{"id":"d223a549-14b0-400e-8265-fddaf539b98f","block_type":"box","text":"and weighting model. Each company is scored on a scale of 0 to","page_number":24,"box":{"x":549,"y":767,"width":409,"height":11}},{"id":"0a3b5146-6fdf-4e9f-a86c-380ae6b005e9","block_type":"box","text":"10, with 10 being the most desirable, for each applicable Key","page_number":24,"box":{"x":551,"y":781,"width":386,"height":11}},{"id":"3e8c1d75-6278-4bac-80b9-d58cf05d0dbd","block_type":"box","text":"Issue before being assigned an ESG rating based on average Key","page_number":24,"box":{"x":550,"y":795,"width":412,"height":11}},{"id":"3820d8fc-2cef-4b27-812e-b7c91022757f","block_type":"box","text":"Issue score. ESG ratings are calculated in comparison to a","page_number":24,"box":{"x":550,"y":810,"width":371,"height":10}},{"id":"7f82a3aa-23ee-47f2-b1ff-7a4c59f13093","block_type":"box","text":"company’s sector peers, and securities in one sector may have a","page_number":24,"box":{"x":549,"y":824,"width":413,"height":11}},{"id":"2b1a8c51-2c1f-4cf1-a735-7d608fa92be4","block_type":"box","text":"lower average ESG rating than securities in another sector. Only","page_number":24,"box":{"x":549,"y":838,"width":409,"height":11}},{"id":"7c06a6b5-94ff-465f-914c-e0c0e687ec82","block_type":"box","text":"securities of companies with an ESG rating of “BBB” or higher are","page_number":24,"box":{"x":549,"y":852,"width":419,"height":11}},{"id":"f683b51f-3eeb-4877-9a0a-52bd96874a95","block_type":"box","text":"eligible for inclusion in the Underlying Index.","page_number":24,"box":{"x":549,"y":866,"width":282,"height":11}},{"id":"3452ca00-57db-4d23-9bc0-77a2366b3523","block_type":"box","text":"S-8","page_number":24,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"171fe722-97f3-45d0-be67-5a0e041e9a35","block_type":"box","text":"MSCI screens companies with involvement in fossil fuels by","page_number":25,"box":{"x":83,"y":23,"width":381,"height":11}},{"id":"18e8215b-c31b-4ca7-984c-e7019acf3972","block_type":"box","text":"excluding any company in the energy sector as per GICS","page_number":25,"box":{"x":83,"y":37,"width":360,"height":11}},{"id":"8d1f4dd6-6c93-4c6c-b273-2ac98b4b5dc5","block_type":"box","text":"methodology and all companies with an industry tie to fossil fuels","page_number":25,"box":{"x":83,"y":51,"width":418,"height":11}},{"id":"24965579-af2d-4c9d-a547-d87659caf4d6","block_type":"box","text":"such as thermal coal, oil and gas—in particular, reserve","page_number":25,"box":{"x":83,"y":66,"width":352,"height":11}},{"id":"7068cd4e-2c10-424f-b570-164fe678163e","block_type":"box","text":"ownership, related revenues and power generation. Companies","page_number":25,"box":{"x":83,"y":80,"width":404,"height":11}},{"id":"5c6ef846-e843-4425-801e-31bc34250e4d","block_type":"box","text":"that meet the fossil fuel involvement screen but that derive more","page_number":25,"box":{"x":83,"y":94,"width":414,"height":9}},{"id":"3628d89d-4f50-4c18-83ed-71a9bd8b01d2","block_type":"box","text":"than 50% of revenues from alternative energy and do not have an","page_number":25,"box":{"x":83,"y":108,"width":415,"height":11}},{"id":"ecfa764b-a48d-4def-8b67-5c47fafb6051","block_type":"box","text":"industry tie to thermal coal or oil sands or have fossil fuel","page_number":25,"box":{"x":83,"y":122,"width":365,"height":11}},{"id":"7c11a37b-8ea0-49d5-b50a-13edc81bc18f","block_type":"box","text":"reserves used most likely for energy applications, as determined","page_number":25,"box":{"x":83,"y":137,"width":411,"height":10}},{"id":"f8f350e3-9ae1-4a9e-af05-536818b74b62","block_type":"box","text":"by the Index Provider, will be added back. Additionally, MSCI","page_number":25,"box":{"x":83,"y":151,"width":386,"height":11}},{"id":"9555ab89-12fd-47d4-b9ea-d964c90e7d60","block_type":"box","text":"excludes companies involved in very serious business","page_number":25,"box":{"x":83,"y":165,"width":343,"height":11}},{"id":"a6499b7c-80fd-4d92-80c0-a1a674d146e6","block_type":"box","text":"controversies. MSCI Solutions defines a controversy as an","page_number":25,"box":{"x":83,"y":179,"width":372,"height":11}},{"id":"34de5271-5375-474b-b09a-eb6ca10985fe","block_type":"box","text":"instance or ongoing situation in which company operations","page_number":25,"box":{"x":83,"y":193,"width":376,"height":11}},{"id":"7cead448-ed05-4ca2-a7d1-c345ee029cb4","block_type":"box","text":"and/or products allegedly have a negative environmental, social","page_number":25,"box":{"x":83,"y":208,"width":410,"height":10}},{"id":"1eab812c-4f40-4b04-9ea4-f210c926b2c3","block_type":"box","text":"and/or governance impact. Each controversy case is assessed for","page_number":25,"box":{"x":83,"y":222,"width":423,"height":10}},{"id":"f37e45cf-7912-4224-a671-ac1cc8f85282","block_type":"box","text":"the severity of its impact on society.","page_number":25,"box":{"x":83,"y":236,"width":230,"height":11}},{"id":"9e7904f5-803d-4fe3-b0c3-c37350acb416","block_type":"box","text":"The Underlying Index includes large- and mid-capitalization","page_number":25,"box":{"x":82,"y":258,"width":377,"height":11}},{"id":"c155924d-8787-4fb5-96a4-bb8d71ce3281","block_type":"box","text":"companies and may change over time. As of August 31, 2025, a","page_number":25,"box":{"x":83,"y":272,"width":406,"height":11}},{"id":"cdbd94b8-d970-4a01-bd05-c5cabf396359","block_type":"box","text":"significant portion of the Underlying Index is represented by","page_number":25,"box":{"x":83,"y":286,"width":383,"height":11}},{"id":"06b96fff-4b8a-4c3d-9316-7e8fb7b2931c","block_type":"box","text":"securities of companies in the financials and technology","page_number":25,"box":{"x":83,"y":300,"width":358,"height":11}},{"id":"8fa86b7a-17a4-4603-b0c7-a8229b2f62cd","block_type":"box","text":"industries or sectors. The components of the Underlying Index are","page_number":25,"box":{"x":83,"y":314,"width":422,"height":11}},{"id":"4118550f-6587-43a5-b161-15e4ad158d0a","block_type":"box","text":"likely to change over time. The Underlying Index is reviewed","page_number":25,"box":{"x":83,"y":329,"width":381,"height":10}},{"id":"58440216-645e-4a29-a7c0-d2185e70ea39","block_type":"box","text":"quarterly to coincide with the semi-annual and quarterly review of","page_number":25,"box":{"x":83,"y":343,"width":420,"height":11}},{"id":"43d92956-583e-4679-8cd9-2f61959fa769","block_type":"box","text":"the Parent Index.","page_number":25,"box":{"x":83,"y":357,"width":107,"height":9}},{"id":"20b4efe4-179f-4148-824a-86484fa4a909","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":25,"box":{"x":84,"y":380,"width":376,"height":11}},{"id":"cb83f6b3-20db-4fe5-9c0e-91647916f409","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":25,"box":{"x":83,"y":394,"width":417,"height":11}},{"id":"9b2b4264-8cd5-4bf2-8412-e241a0c5c0f4","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":25,"box":{"x":83,"y":409,"width":396,"height":10}},{"id":"3e34bb1b-f47a-43f8-8807-9a2435a41967","block_type":"box","text":"markets decline or appear overvalued.","page_number":25,"box":{"x":83,"y":423,"width":244,"height":11}},{"id":"c65f14fb-8a15-4902-99bd-6a3a2d447d2a","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":25,"box":{"x":83,"y":446,"width":421,"height":11}},{"id":"1480e518-8cf7-4ed4-be9a-1563310990d7","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":25,"box":{"x":83,"y":460,"width":421,"height":11}},{"id":"1112d1d4-cea6-4253-8478-2a0c1de4d8f1","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":25,"box":{"x":83,"y":474,"width":386,"height":11}},{"id":"078a9ee9-a0f7-4333-a3f4-ddfcef4a1a63","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":25,"box":{"x":83,"y":489,"width":370,"height":10}},{"id":"8387bf69-2597-41ee-ac42-8103f0b934e9","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":25,"box":{"x":83,"y":503,"width":356,"height":11}},{"id":"0a883e50-9315-4d02-9132-795d6f9031d3","block_type":"box","text":"comparison to actively managed investment companies.","page_number":25,"box":{"x":83,"y":517,"width":359,"height":11}},{"id":"43aebd7f-e35c-4d50-96f2-0b9194bc8a46","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":25,"box":{"x":84,"y":540,"width":411,"height":11}},{"id":"854ef70b-c668-4031-8da1-02a7f8ee5dfa","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":25,"box":{"x":83,"y":554,"width":411,"height":11}},{"id":"c1e205df-179f-40a6-890a-4b4143225bac","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":25,"box":{"x":83,"y":568,"width":424,"height":11}},{"id":"c3033574-d4cb-4860-b27e-9eb2804b7188","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":25,"box":{"x":83,"y":583,"width":410,"height":10}},{"id":"806e2416-472d-4810-b3f4-672bca33657f","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":25,"box":{"x":83,"y":597,"width":408,"height":11}},{"id":"68267f6b-4c2d-4b74-a5d9-a06c9ed4c956","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":25,"box":{"x":83,"y":611,"width":423,"height":11}},{"id":"ab56b275-e94e-4859-bb1e-6afa69c52357","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":25,"box":{"x":83,"y":625,"width":386,"height":11}},{"id":"de4603f9-89ec-4dc3-aca7-6db5ebf68292","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":25,"box":{"x":82,"y":639,"width":360,"height":11}},{"id":"527052f5-da38-4f5b-8cda-0e9d1dd1411a","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":25,"box":{"x":82,"y":654,"width":414,"height":10}},{"id":"ce5b8d15-3356-44e3-a3da-790765d93409","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":25,"box":{"x":83,"y":668,"width":410,"height":11}},{"id":"a3e4b6fb-b6ed-4c71-90e8-0eba878aa594","block_type":"box","text":"the components of the Underlying Index.","page_number":25,"box":{"x":83,"y":682,"width":259,"height":11}},{"id":"395b16fd-295b-45ab-bbb2-bad094fe1e7b","block_type":"box","text":"The Fund generally will invest at least 90% of its assets in the","page_number":25,"box":{"x":82,"y":705,"width":390,"height":11}},{"id":"f6a88c68-894c-4754-9182-2c4c32912029","block_type":"box","text":"component securities of the Underlying Index and may invest up","page_number":25,"box":{"x":83,"y":719,"width":410,"height":11}},{"id":"bdda4e8d-bf39-4a07-b87a-2aba3663b42b","block_type":"box","text":"to 10% of its assets in certain futures, options and swap contracts,","page_number":25,"box":{"x":83,"y":733,"width":423,"height":11}},{"id":"7d6ecbf9-37f0-4acf-a076-d96a5812eb35","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":25,"box":{"x":83,"y":748,"width":392,"height":10}},{"id":"4aba49e5-eacf-4bd0-9ef9-79ace59101e6","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":25,"box":{"x":82,"y":762,"width":407,"height":11}},{"id":"afe5dde5-8310-42df-9298-ef3ed3f17eee","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":25,"box":{"x":83,"y":776,"width":415,"height":11}},{"id":"76623004-d5fd-47b3-85b1-1261cff36cd9","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":25,"box":{"x":83,"y":790,"width":400,"height":11}},{"id":"d63be2d3-66ab-465b-bb04-aa9551668db2","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":25,"box":{"x":83,"y":804,"width":409,"height":11}},{"id":"f9a59cdc-e1bb-435b-bc71-c6bede9a78f5","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":25,"box":{"x":83,"y":819,"width":368,"height":10}},{"id":"2226bc96-7b0e-4861-9c46-08531630c2e2","block_type":"box","text":"percentage of investments included in the Underlying Index. The","page_number":25,"box":{"x":83,"y":833,"width":410,"height":11}},{"id":"370af50c-bd45-4b0a-9bfd-d29b7b6f0305","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":25,"box":{"x":84,"y":847,"width":385,"height":11}},{"id":"6af88294-92e4-47fd-8e58-d80e0f8df7da","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":25,"box":{"x":83,"y":861,"width":282,"height":11}},{"id":"f0d2add8-35d0-4283-8c2f-8759de3ff937","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":25,"box":{"x":549,"y":23,"width":411,"height":11}},{"id":"a1699ea3-e397-49d8-8416-862f553fe4b8","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":25,"box":{"x":548,"y":37,"width":371,"height":11}},{"id":"6527509f-845f-4c65-af6a-de5673b396c0","block_type":"box","text":"collateral received).","page_number":25,"box":{"x":549,"y":52,"width":125,"height":10}},{"id":"03eedd13-335c-47b7-b4c1-6b9db588fbdf","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":25,"box":{"x":549,"y":75,"width":421,"height":11}},{"id":"efcca861-5087-4a84-8d9d-743c16b07806","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":25,"box":{"x":549,"y":89,"width":356,"height":8}},{"id":"537b43cb-f0df-47c0-8fed-59afe9fc032d","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":25,"box":{"x":549,"y":103,"width":377,"height":11}},{"id":"bc9806ab-7023-4f1f-a54b-70efae888617","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":25,"box":{"x":550,"y":117,"width":415,"height":11}},{"id":"d71fa27e-d12a-49e0-bc33-4b38b9e93346","block_type":"box","text":"value of the Underlying Index.","page_number":25,"box":{"x":548,"y":131,"width":190,"height":11}},{"id":"7c56bead-4b77-4f48-8545-21f2690d861a","block_type":"box","text":"Industry Concentration Policy.","page_number":25,"box":{"x":550,"y":155,"width":209,"height":10}},{"id":"736c44b6-1ec8-4586-bdc3-84d7b6445e27","block_type":"box","text":"The Fund will concentrate its","page_number":25,"box":{"x":764,"y":155,"width":184,"height":8}},{"id":"90e5e479-dae3-4dd0-9e69-8522892cbb5c","block_type":"box","text":"investments (","page_number":25,"box":{"x":549,"y":169,"width":86,"height":11}},{"id":"a164c4cc-2401-406f-89a5-8603259fbea0","block_type":"box","text":"i.e.","page_number":25,"box":{"x":635,"y":169,"width":17,"height":8}},{"id":"09c665c6-b678-4cdd-9e36-8ca65bb2a558","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":25,"box":{"x":655,"y":169,"width":264,"height":11}},{"id":"02e1df4a-1388-4c8d-a71e-6d1143e37c03","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":25,"box":{"x":549,"y":183,"width":394,"height":11}},{"id":"65bc2117-03b3-494d-ac71-f1afb20b7ff8","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":25,"box":{"x":549,"y":197,"width":377,"height":11}},{"id":"2b6bf506-da13-4dd7-87bf-3e4225d67d7b","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":25,"box":{"x":549,"y":211,"width":389,"height":11}},{"id":"2b35ba95-58e2-4473-8261-552a31819d40","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":25,"box":{"x":549,"y":226,"width":389,"height":10}},{"id":"06229c7d-3e9c-4318-b17a-ca50e6d3ed5d","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":25,"box":{"x":549,"y":240,"width":410,"height":11}},{"id":"ff9a847f-51df-4eeb-af80-dcbddbfe44c1","block_type":"box","text":"considered to be issued by members of any industry.","page_number":25,"box":{"x":549,"y":254,"width":337,"height":11}},{"id":"7bfe26f0-3130-4a04-8a21-c4c251c89cc8","block_type":"box","text":"Summary of Principal Risks","page_number":25,"box":{"x":549,"y":283,"width":235,"height":13}},{"id":"bb6aafb4-a092-4763-a85a-f89f7c7d6c28","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":25,"box":{"x":549,"y":308,"width":362,"height":11}},{"id":"585ff53e-cf18-4eb4-b3a7-cc07a57f8d3e","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":25,"box":{"x":549,"y":322,"width":402,"height":11}},{"id":"8416f47d-fb62-4f92-a9aa-c4822eac1498","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":25,"box":{"x":549,"y":336,"width":396,"height":11}},{"id":"87cea793-25e5-4f04-922f-c98237cb2afc","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":25,"box":{"x":549,"y":351,"width":376,"height":10}},{"id":"f16c594e-7471-44a5-8530-2274a92efb6e","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":25,"box":{"x":549,"y":365,"width":392,"height":11}},{"id":"6a725f31-26d8-4fa4-baab-77ed8caa0771","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":25,"box":{"x":549,"y":379,"width":416,"height":11}},{"id":"2c9e44cc-7ed6-4007-ac6a-c8b8ff4cf77b","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":25,"box":{"x":549,"y":393,"width":388,"height":11}},{"id":"bbfe81a2-58ec-4d6a-bad7-f2b4442c7641","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":25,"box":{"x":549,"y":407,"width":425,"height":11}},{"id":"27034965-bf84-4d8b-8171-51e4f52aca4b","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":25,"box":{"x":549,"y":421,"width":405,"height":11}},{"id":"c67605e0-a6d2-47b7-b2bc-0616cd0af911","block_type":"box","text":"review each risk factor carefully.","page_number":25,"box":{"x":549,"y":436,"width":206,"height":10}},{"id":"73b29867-3003-4037-b964-9ec2d3b35ef1","block_type":"box","text":"Risk of Investing in the U.S","page_number":25,"box":{"x":549,"y":459,"width":182,"height":11}},{"id":"9cfa9658-621d-4295-ae42-6b6dfdda94c2","block_type":"box","text":".","page_number":25,"box":{"x":732,"y":465,"width":2,"height":2}},{"id":"9745a1b9-92b8-48ef-96ca-088df6dc91c5","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":25,"box":{"x":740,"y":459,"width":210,"height":11}},{"id":"3dedc675-6b02-43dd-8ff9-7997fa2989c9","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":25,"box":{"x":549,"y":473,"width":391,"height":11}},{"id":"9f48e026-c38d-4a55-b224-cf6874fc70e6","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":25,"box":{"x":549,"y":487,"width":423,"height":11}},{"id":"5e51297a-34c9-4fec-9123-c0cd61ec3d36","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":25,"box":{"x":550,"y":501,"width":412,"height":11}},{"id":"f0424a34-2d23-4a5f-808b-df60fc8f9c41","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":25,"box":{"x":549,"y":516,"width":396,"height":10}},{"id":"38e76705-0420-433b-83de-379d5775b837","block_type":"box","text":"ESG Risk.","page_number":25,"box":{"x":549,"y":539,"width":63,"height":8}},{"id":"1e3815cb-0019-4603-a405-5010ef6356f0","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":25,"box":{"x":617,"y":539,"width":331,"height":11}},{"id":"cfb5ac41-458b-44c3-8117-355cd32fcc32","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":25,"box":{"x":549,"y":553,"width":399,"height":11}},{"id":"fc0ba3cc-ab34-4775-8d38-6bae83f59ac5","block_type":"box","text":"types and number of investment opportunities available to the","page_number":25,"box":{"x":549,"y":567,"width":397,"height":11}},{"id":"ffdda013-1c81-436a-97d4-05fd246e3446","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":25,"box":{"x":550,"y":581,"width":396,"height":11}},{"id":"145f730e-fcd9-47f1-97e3-8a7c70c4be34","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying","page_number":25,"box":{"x":549,"y":596,"width":420,"height":10}},{"id":"a0cf94f1-9675-44fb-bd08-883afc974c79","block_type":"box","text":"Index’s use of ESG criteria may result in the Fund investing in, or","page_number":25,"box":{"x":550,"y":610,"width":411,"height":11}},{"id":"ef886563-276c-44d5-9289-05fbe045fbe4","block_type":"box","text":"allocating greater weight to, securities or market sectors that","page_number":25,"box":{"x":549,"y":624,"width":392,"height":11}},{"id":"45d7c610-22ee-448a-85d6-7ecaf3df6602","block_type":"box","text":"underperform the market as a whole or underperform other funds","page_number":25,"box":{"x":549,"y":638,"width":420,"height":11}},{"id":"bdac1da3-dee9-4d2a-90d7-f1d144959f3d","block_type":"box","text":"that use ESG criteria. In addition, the use of representative","page_number":25,"box":{"x":549,"y":652,"width":375,"height":11}},{"id":"06e7d99b-ddad-41df-af73-916d1954b4dc","block_type":"box","text":"sampling may result in divergence of the Fund’s overall ESG","page_number":25,"box":{"x":549,"y":666,"width":382,"height":11}},{"id":"d4b5b383-db54-45b4-b844-42e8ad26153f","block_type":"box","text":"characteristics or ESG risk from those of the Underlying Index.","page_number":25,"box":{"x":549,"y":681,"width":399,"height":10}},{"id":"eb81756f-bebe-4b74-be6d-5cb6f557b03d","block_type":"box","text":"The Index Provider may evaluate security-level ESG data and, if","page_number":25,"box":{"x":549,"y":695,"width":403,"height":11}},{"id":"234f6110-1bd6-4371-8ef3-91db66fde731","block_type":"box","text":"applicable, ESG objectives or constraints that are relevant to the","page_number":25,"box":{"x":549,"y":709,"width":413,"height":11}},{"id":"c79fb645-dce5-4dd1-ba5e-e623cdd52e38","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities","page_number":25,"box":{"x":550,"y":723,"width":407,"height":11}},{"id":"25b75f81-2872-4f15-aaa5-751a9580aec2","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":25,"box":{"x":549,"y":737,"width":411,"height":11}},{"id":"f3c2327f-02aa-4532-94bc-aee5ed733f47","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":25,"box":{"x":550,"y":752,"width":416,"height":10}},{"id":"9ab51fe2-6183-43c3-b2af-83e3e630c378","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":25,"box":{"x":549,"y":766,"width":384,"height":10}},{"id":"1fe718ae-2bc8-4318-ab6b-cc6e348b1df4","block_type":"box","text":"Provider. As a result, certain securities in the Underlying Index, or","page_number":25,"box":{"x":550,"y":780,"width":418,"height":11}},{"id":"8412308b-ee8c-497a-b82b-568008ad60e5","block_type":"box","text":"the Underlying Index as a whole, may not meet the relevant ESG","page_number":25,"box":{"x":549,"y":794,"width":410,"height":11}},{"id":"56eb9f48-4625-4129-9088-e7df4f24ffda","block_type":"box","text":"objectives or constraints at all times.","page_number":25,"box":{"x":549,"y":808,"width":236,"height":11}},{"id":"6b74aa75-7994-4f7c-920b-4ff7ee738ef1","block_type":"box","text":"Equity Securities Risk","page_number":25,"box":{"x":549,"y":831,"width":148,"height":11}},{"id":"26ac216a-0285-499c-89e4-4e1237412ee9","block_type":"box","text":".","page_number":25,"box":{"x":697,"y":838,"width":2,"height":2}},{"id":"571aa28b-3fee-4016-9d74-03150f0c0dd7","block_type":"box","text":"Equity securities are subject to changes","page_number":25,"box":{"x":705,"y":831,"width":254,"height":11}},{"id":"394b19e0-f7bd-45dc-9e65-2bb8bae4d929","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":25,"box":{"x":549,"y":846,"width":422,"height":10}},{"id":"cc98d0e6-4f57-4ef8-9cf5-956ee1a5e88f","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":25,"box":{"x":549,"y":860,"width":420,"height":11}},{"id":"994365c8-eb10-4c05-8b7e-5c2a0a0c7df9","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":25,"box":{"x":549,"y":874,"width":397,"height":11}},{"id":"62fc5ea1-ee84-40a0-86a9-b13e1994051d","block_type":"box","text":"S-9","page_number":25,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"3c22b4ae-eff9-4ab2-8df8-ac9925e6df37","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":26,"box":{"x":83,"y":23,"width":359,"height":11}},{"id":"997a595c-9d2a-4f5a-a4c5-d603c31f0e25","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":26,"box":{"x":83,"y":37,"width":390,"height":11}},{"id":"769481f8-7e17-4080-bff6-5a578b28dc11","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":26,"box":{"x":83,"y":52,"width":412,"height":10}},{"id":"01196e7e-e283-40e0-8109-cf072785a722","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":26,"box":{"x":83,"y":66,"width":372,"height":11}},{"id":"609e232e-afd7-4e50-9dc6-04a7b0a992ea","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":26,"box":{"x":83,"y":80,"width":309,"height":11}},{"id":"55ac2fa0-cdf6-4bb5-b992-2d8d3774feca","block_type":"box","text":"Market Risk","page_number":26,"box":{"x":83,"y":103,"width":82,"height":9}},{"id":"38335121-6ee9-434d-bfca-f0a57060b8a9","block_type":"box","text":".","page_number":26,"box":{"x":165,"y":110,"width":2,"height":1}},{"id":"c4fa62c8-b029-442b-a0d9-99aa5b3c666a","block_type":"box","text":"The Fund could lose money over short periods due","page_number":26,"box":{"x":172,"y":103,"width":323,"height":11}},{"id":"91b686a7-4493-4e37-a786-d301aac0a109","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":26,"box":{"x":83,"y":117,"width":413,"height":11}},{"id":"fcc99341-6180-4c0d-b5dd-4d93c64d3551","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":26,"box":{"x":83,"y":131,"width":382,"height":11}},{"id":"6852c268-4f78-43eb-b455-074b4d0dc4bf","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":26,"box":{"x":83,"y":146,"width":411,"height":10}},{"id":"855bbc42-5de1-44cc-afbd-90fed19b5524","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":26,"box":{"x":83,"y":160,"width":370,"height":11}},{"id":"15550ba5-4a0a-4024-92b5-3d309cb5d521","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":26,"box":{"x":83,"y":174,"width":404,"height":11}},{"id":"b3a40129-a6fd-42ce-a7bb-6c8f546df632","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":26,"box":{"x":83,"y":188,"width":395,"height":11}},{"id":"e25a53c5-c27a-4512-8663-3f8f02c4aca5","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":26,"box":{"x":83,"y":202,"width":395,"height":11}},{"id":"42b85770-740f-4ea4-8636-fac286825c7e","block_type":"box","text":"NAV.","page_number":26,"box":{"x":84,"y":217,"width":27,"height":8}},{"id":"34d91eeb-296b-43fe-a203-83b8bda4a0d1","block_type":"box","text":"Index-Related Risk.","page_number":26,"box":{"x":83,"y":240,"width":129,"height":8}},{"id":"95747060-dbf2-432e-9d1b-35f980e8f028","block_type":"box","text":"The Index Provider may rely on various","page_number":26,"box":{"x":217,"y":240,"width":247,"height":11}},{"id":"27d55ea9-f89c-4539-b908-fb8cb6c779c0","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":26,"box":{"x":83,"y":254,"width":423,"height":11}},{"id":"8646ec80-200f-4f99-9707-4723521b5142","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":26,"box":{"x":83,"y":268,"width":391,"height":11}},{"id":"7fef5f05-3149-452f-b622-d2da62fd4b69","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":26,"box":{"x":83,"y":282,"width":406,"height":11}},{"id":"c032c76e-4cf4-4ac8-b43c-9e686d2618b6","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":26,"box":{"x":83,"y":296,"width":408,"height":11}},{"id":"f359e26f-7667-4a6d-91e8-23d2f8a52a39","block_type":"box","text":"information will provide an accurate assessment of included","page_number":26,"box":{"x":83,"y":311,"width":384,"height":10}},{"id":"60eae97e-7fbd-4c0b-95d0-632f95921574","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":26,"box":{"x":83,"y":325,"width":387,"height":11}},{"id":"03ccbc60-04de-4bf2-86b4-99429d4a1a97","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":26,"box":{"x":83,"y":339,"width":366,"height":11}},{"id":"79b055e1-8fc5-4f53-bf15-c9a6fa3f53d8","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":26,"box":{"x":83,"y":353,"width":377,"height":11}},{"id":"1067f95f-062c-48f4-98be-e4c0d10a7988","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":26,"box":{"x":83,"y":367,"width":413,"height":11}},{"id":"82b6d188-82d6-4faf-9eb2-40e2445f5f14","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":26,"box":{"x":83,"y":382,"width":396,"height":10}},{"id":"25fa9503-8a0b-43ae-b0cd-03bf5ff21cb1","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":26,"box":{"x":83,"y":396,"width":367,"height":10}},{"id":"aa023d25-d5f7-4f48-acd8-d4e521e689f9","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":26,"box":{"x":83,"y":410,"width":400,"height":11}},{"id":"47959929-5025-431c-91fa-ecbe62403146","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":26,"box":{"x":83,"y":424,"width":409,"height":11}},{"id":"88d20707-9d3f-42d7-a474-99a3d6072564","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":26,"box":{"x":83,"y":438,"width":414,"height":11}},{"id":"7c12ed7c-88e3-4749-8fbf-95f8db9ae30e","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":26,"box":{"x":83,"y":452,"width":362,"height":11}},{"id":"c462a12e-c805-4c36-8b2e-70d026d46a56","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":26,"box":{"x":83,"y":467,"width":423,"height":10}},{"id":"052ffb02-c2a9-4a96-9cab-34f611b5332c","block_type":"box","text":"Asset Class Risk.","page_number":26,"box":{"x":81,"y":490,"width":115,"height":8}},{"id":"a1e53364-1ba3-47d8-bee9-0c96af912e0d","block_type":"box","text":"The securities and other assets in the","page_number":26,"box":{"x":202,"y":490,"width":239,"height":8}},{"id":"13cfbebe-093f-4d29-9561-04773ddaa1da","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":26,"box":{"x":83,"y":504,"width":406,"height":11}},{"id":"4cffaa50-8aba-48c9-90e7-e97d481d4bbf","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":26,"box":{"x":83,"y":518,"width":405,"height":11}},{"id":"98618dcf-0f44-41b7-a535-c1c351222b67","block_type":"box","text":"market, another index, or other asset classes.","page_number":26,"box":{"x":83,"y":532,"width":292,"height":10}},{"id":"1de578cc-a76d-4a6b-b374-dbf3e7c60495","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":26,"box":{"x":81,"y":556,"width":290,"height":10}},{"id":"33a0182f-aa09-48fd-b2d4-635559c0f284","block_type":"box","text":"An “Authorized","page_number":26,"box":{"x":381,"y":556,"width":93,"height":8}},{"id":"e1a34b26-934d-4247-ad75-7c7390094896","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":26,"box":{"x":84,"y":570,"width":379,"height":11}},{"id":"bfc2523b-4174-4d48-a114-b04894f75909","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":26,"box":{"x":83,"y":584,"width":411,"height":11}},{"id":"b31f8baf-c0bf-4bf6-bab2-12e643380f93","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":26,"box":{"x":84,"y":598,"width":395,"height":11}},{"id":"8de8e7fd-5fc7-497c-bf19-5f50838c6fe4","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":26,"box":{"x":84,"y":612,"width":399,"height":11}},{"id":"647db48d-f504-4777-a17d-e67061257c64","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":26,"box":{"x":83,"y":626,"width":407,"height":11}},{"id":"a8956b2b-5317-428e-a6c3-3c769d77262b","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":26,"box":{"x":83,"y":641,"width":409,"height":10}},{"id":"8874654c-32e8-4ba5-b6f8-7db68733d752","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":26,"box":{"x":83,"y":655,"width":412,"height":11}},{"id":"c8fa76ab-a89d-406e-8bd6-4fe66893aeab","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":26,"box":{"x":83,"y":669,"width":403,"height":11}},{"id":"8c2ce3b3-7acc-41ce-8afc-d80c8345a231","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":26,"box":{"x":83,"y":683,"width":378,"height":11}},{"id":"4cab89f7-5fd2-404c-9013-ed11bbe7315c","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":26,"box":{"x":84,"y":697,"width":379,"height":11}},{"id":"0a38c318-06c9-43cb-9010-2031fbd02ebf","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":26,"box":{"x":83,"y":712,"width":404,"height":10}},{"id":"8cc9b498-d8fc-4f2d-ab22-4b74404a53e0","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":26,"box":{"x":83,"y":726,"width":399,"height":10}},{"id":"12e3a4a5-7e1d-4c65-a668-d1827d3dccca","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":26,"box":{"x":84,"y":740,"width":391,"height":11}},{"id":"43cd5ede-3085-4146-b375-49a5b3c520d7","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":26,"box":{"x":83,"y":754,"width":408,"height":11}},{"id":"154c9ae9-5052-49be-a96b-9545fce6b839","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":26,"box":{"x":83,"y":768,"width":273,"height":11}},{"id":"770a7daa-93e6-4ea7-b997-e4be6548946d","block_type":"box","text":"Concentration Risk.","page_number":26,"box":{"x":83,"y":791,"width":132,"height":9}},{"id":"e714e685-f977-42f7-939a-4f685fa97079","block_type":"box","text":"The Fund may be susceptible to an","page_number":26,"box":{"x":220,"y":791,"width":222,"height":11}},{"id":"7bbf0c4d-5351-4987-aa9e-78c284bd7408","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":26,"box":{"x":83,"y":806,"width":419,"height":10}},{"id":"b2e78ef9-196c-4f72-94db-095a22b87f34","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":26,"box":{"x":83,"y":820,"width":407,"height":10}},{"id":"17713804-6c2a-4dc9-8160-0f3ea9513ffc","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":26,"box":{"x":83,"y":834,"width":417,"height":8}},{"id":"36dd7383-62ce-431d-bd7a-3b399e4958f3","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":26,"box":{"x":83,"y":848,"width":395,"height":10}},{"id":"48dba85f-2755-4446-9fe3-16efd813546a","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":26,"box":{"x":83,"y":862,"width":388,"height":11}},{"id":"5902c779-05a6-45e5-aa0e-c4402f6ad38d","block_type":"box","text":"asset classes.","page_number":26,"box":{"x":83,"y":877,"width":88,"height":8}},{"id":"aba8295e-ab88-43b5-8ec4-d56bee2f74fb","block_type":"box","text":"Financial Companies Risk","page_number":26,"box":{"x":549,"y":23,"width":175,"height":11}},{"id":"b5180861-9784-4c30-bba6-eec4ce1cfbc9","block_type":"box","text":".","page_number":26,"box":{"x":724,"y":30,"width":2,"height":2}},{"id":"95713ecb-51bd-4313-a3dc-d06584ff334a","block_type":"box","text":"Financial services companies are","page_number":26,"box":{"x":732,"y":23,"width":211,"height":11}},{"id":"9d18cb65-f428-49ab-a140-ff50cfec99a1","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":26,"box":{"x":549,"y":37,"width":400,"height":11}},{"id":"1278e63c-723a-4de3-9f09-5949eb392a87","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":26,"box":{"x":549,"y":51,"width":404,"height":11}},{"id":"0edc2841-744a-48a6-b57c-dbe27a278c84","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":26,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"6afcfba3-774c-436c-9ffa-30a0171cf7b7","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":26,"box":{"x":549,"y":80,"width":385,"height":11}},{"id":"f5f203ab-441a-4114-8dfa-f38f35f68a0b","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":26,"box":{"x":549,"y":94,"width":395,"height":11}},{"id":"34af75c3-4ee5-4f3a-bd18-5f406a072ee6","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":26,"box":{"x":549,"y":108,"width":367,"height":11}},{"id":"fb092f14-7fca-4790-bf54-5107953839e9","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":26,"box":{"x":549,"y":122,"width":343,"height":11}},{"id":"0b2cd48f-3f6b-4ad4-ad2e-f9d6119ed641","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":26,"box":{"x":549,"y":137,"width":410,"height":10}},{"id":"e9cf1f7e-1f65-4b05-a9f9-5b458bae7cb3","block_type":"box","text":"and counterparty risk.","page_number":26,"box":{"x":549,"y":151,"width":140,"height":11}},{"id":"1030c9ae-a86e-46de-afa2-d66d12bb42f6","block_type":"box","text":"Issuer Risk","page_number":26,"box":{"x":549,"y":174,"width":75,"height":8}},{"id":"762d8af9-4d11-40bf-87d6-c91336141c4d","block_type":"box","text":".","page_number":26,"box":{"x":624,"y":181,"width":3,"height":1}},{"id":"43b96a98-e4cd-4e05-a986-b0ea17ebced0","block_type":"box","text":"The performance of the Fund depends on the","page_number":26,"box":{"x":632,"y":174,"width":288,"height":11}},{"id":"0a976d89-d4c2-472f-b658-71e15f250abf","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":26,"box":{"x":549,"y":188,"width":412,"height":11}},{"id":"8bc91c87-ecde-4874-a599-c9a2d4063b17","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":26,"box":{"x":550,"y":202,"width":402,"height":11}},{"id":"529b53f6-e6b9-4e89-9b2d-c4d58280e690","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":26,"box":{"x":549,"y":216,"width":418,"height":11}},{"id":"e8280eae-085a-4ecb-ab11-9ab66df723ec","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":26,"box":{"x":549,"y":231,"width":414,"height":11}},{"id":"6c7fc2ad-4719-4de1-9480-914d43a921b0","block_type":"box","text":"counterparty.","page_number":26,"box":{"x":549,"y":246,"width":84,"height":10}},{"id":"e25983f8-4ec2-45b1-92be-76b50c88f575","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":26,"box":{"x":549,"y":268,"width":252,"height":11}},{"id":"21a3801d-a884-49f9-8fbe-5a6728233713","block_type":"box","text":"Large-capitalization","page_number":26,"box":{"x":808,"y":268,"width":124,"height":11}},{"id":"30a4217c-0b8d-4c51-85a0-0bdb2f03fd34","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":26,"box":{"x":549,"y":282,"width":352,"height":11}},{"id":"14b6dce7-d71c-41f3-b5b4-11ec2a5dba92","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":26,"box":{"x":549,"y":296,"width":352,"height":11}},{"id":"fe306a32-58b4-44d0-adb3-39c962e166e4","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":26,"box":{"x":549,"y":311,"width":405,"height":10}},{"id":"e90b2349-405b-4ea7-999d-27da3cf31e69","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":26,"box":{"x":549,"y":325,"width":371,"height":11}},{"id":"1be875dd-7cfb-4363-9a62-3baf40715592","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":26,"box":{"x":549,"y":339,"width":340,"height":11}},{"id":"335247b7-811f-4ea7-8df7-4af2b70fe58f","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":26,"box":{"x":549,"y":353,"width":390,"height":11}},{"id":"dc6d872f-96f5-4754-ab97-b8ca9b5212df","block_type":"box","text":"overall performance of the broader securities markets.","page_number":26,"box":{"x":549,"y":367,"width":349,"height":11}},{"id":"ea455eb7-ab9c-4503-8bdd-c9b7d5557298","block_type":"box","text":"Management Risk","page_number":26,"box":{"x":549,"y":391,"width":123,"height":10}},{"id":"a8eff168-85de-4d30-9b1a-7bde8864986a","block_type":"box","text":".","page_number":26,"box":{"x":672,"y":397,"width":2,"height":2}},{"id":"327bbb19-d695-489f-9e1b-830c1b3c257f","block_type":"box","text":"The Fund generally does not attempt to take","page_number":26,"box":{"x":679,"y":391,"width":283,"height":10}},{"id":"f7617de5-2ac3-4786-86c5-9ef55251cfb4","block_type":"box","text":"defensive positions under any market conditions, including","page_number":26,"box":{"x":549,"y":405,"width":376,"height":11}},{"id":"aeaa72e4-488b-4918-9108-9b80d3d77032","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":26,"box":{"x":549,"y":419,"width":362,"height":11}},{"id":"68b2d4c0-27a8-483b-b1a4-03de5645993f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":26,"box":{"x":550,"y":433,"width":387,"height":11}},{"id":"e88611b9-c85f-4384-bf0d-16156451aaf3","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":26,"box":{"x":549,"y":447,"width":409,"height":11}},{"id":"5031cbe8-f598-497d-a5fa-57005b11fa5d","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":26,"box":{"x":549,"y":461,"width":419,"height":11}},{"id":"ff7e7abb-10cb-4edc-a85c-45e10cb04037","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":26,"box":{"x":549,"y":476,"width":420,"height":10}},{"id":"80b9063a-8b68-451e-b997-27fc15aeb50e","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":26,"box":{"x":549,"y":490,"width":403,"height":11}},{"id":"73b83281-7fdb-4d06-b413-56339ffa2df5","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":26,"box":{"x":549,"y":504,"width":323,"height":11}},{"id":"ffd31746-4a8e-4361-a382-bc3a665d6757","block_type":"box","text":"Market Trading Risk","page_number":26,"box":{"x":549,"y":527,"width":136,"height":11}},{"id":"6fa5a2ea-d15d-46a4-81e0-6af7b30d1be8","block_type":"box","text":".","page_number":26,"box":{"x":685,"y":534,"width":2,"height":2}},{"id":"946dc2fe-135b-4269-950c-a73d2e3a769e","block_type":"box","text":"The Fund faces numerous market trading","page_number":26,"box":{"x":692,"y":527,"width":264,"height":11}},{"id":"b11abe09-dc35-47b7-a747-7e0d1c9ccbd7","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":26,"box":{"x":549,"y":541,"width":394,"height":11}},{"id":"3552abaa-5fb2-4b62-999f-81bad298080f","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":26,"box":{"x":549,"y":556,"width":401,"height":10}},{"id":"139a81de-e401-4f0b-b2bc-3e60225082b0","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":26,"box":{"x":549,"y":570,"width":404,"height":11}},{"id":"6bd2188d-4d78-4d6a-a02a-b4eb39e75f43","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":26,"box":{"x":549,"y":584,"width":416,"height":11}},{"id":"ff2692dd-85fd-4ffc-ac04-d85ee569b6b5","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":26,"box":{"x":549,"y":598,"width":404,"height":11}},{"id":"d43e71d0-8a27-4fa3-90a2-95a5576baa6e","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":26,"box":{"x":549,"y":612,"width":411,"height":11}},{"id":"386ec0b1-a5e9-4d99-9191-70375077ad5d","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":26,"box":{"x":549,"y":626,"width":397,"height":11}},{"id":"528ca28f-bd79-4a09-9db9-cd892a191730","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":26,"box":{"x":549,"y":641,"width":419,"height":10}},{"id":"3166d074-a6f1-47b1-9ad2-7242e1b93a69","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":26,"box":{"x":549,"y":655,"width":413,"height":11}},{"id":"56817779-7710-4ac6-95a5-5529eb33073a","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":26,"box":{"x":549,"y":669,"width":397,"height":11}},{"id":"0eb80eae-34d8-49ed-91e2-68a6438fa5e4","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":26,"box":{"x":549,"y":683,"width":316,"height":11}},{"id":"f4ad8c02-a48e-48a6-97f3-0b2819480461","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":26,"box":{"x":549,"y":706,"width":238,"height":11}},{"id":"41e23944-0dad-41eb-896a-4416c7fbe880","block_type":"box","text":".","page_number":26,"box":{"x":787,"y":713,"width":3,"height":2}},{"id":"708ac971-7975-420d-a446-c83cf4e67c80","block_type":"box","text":"Compared to large","page_number":26,"box":{"x":795,"y":706,"width":124,"height":11}},{"id":"c76778c7-02bb-46de-a1ca-d6d53cbeda00","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":26,"box":{"x":549,"y":721,"width":403,"height":10}},{"id":"cf7dcee4-874c-491e-980c-3982087431d7","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":26,"box":{"x":549,"y":735,"width":405,"height":10}},{"id":"1841938b-85be-405e-96e1-1924e1cd367e","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":26,"box":{"x":549,"y":749,"width":407,"height":11}},{"id":"560acf29-11e3-47a5-aa88-21b5cd36158b","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":26,"box":{"x":549,"y":763,"width":414,"height":11}},{"id":"ba1183f7-9d6f-48a5-aaf5-54acd945e5a6","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":26,"box":{"x":549,"y":777,"width":413,"height":11}},{"id":"be4b92b9-e5ec-4d86-a646-8d4f99b88365","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":26,"box":{"x":549,"y":791,"width":386,"height":11}},{"id":"de78fdd6-7683-4586-a83e-0e5a8291cd3c","block_type":"box","text":"Non-Diversification Risk","page_number":26,"box":{"x":549,"y":815,"width":165,"height":8}},{"id":"c2081b9d-fe89-4c1b-9657-bd3381333f49","block_type":"box","text":".","page_number":26,"box":{"x":714,"y":821,"width":2,"height":2}},{"id":"1f95a38e-dd8d-47d1-b209-d00047f7fcff","block_type":"box","text":"The Fund is classified as “non","page_number":26,"box":{"x":721,"y":815,"width":194,"height":8}},{"id":"228f98ae-4dc4-4a5a-aa8d-4b0b95652728","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":26,"box":{"x":549,"y":829,"width":377,"height":11}},{"id":"e9d4c898-ae28-455e-9be8-7319764551fe","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":26,"box":{"x":549,"y":843,"width":358,"height":11}},{"id":"2afe2081-cdbc-46dc-9ba0-11cef95b4a49","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":26,"box":{"x":549,"y":857,"width":370,"height":11}},{"id":"bfa3aa4e-d249-4491-92fa-5b23489dd2b1","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":26,"box":{"x":549,"y":871,"width":423,"height":11}},{"id":"a9a2f984-057a-48a7-bfcd-002f1253286c","block_type":"box","text":"S-10","page_number":26,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"65ba9d5f-453e-493b-9466-e0dc0c9b8bb6","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":27,"box":{"x":83,"y":23,"width":379,"height":11}},{"id":"0afe0c41-62ed-48d7-8f7c-c49325e422bf","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":27,"box":{"x":83,"y":37,"width":375,"height":11}},{"id":"2930d4d6-f0a0-4f4c-9cf3-841cdd32836c","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":27,"box":{"x":83,"y":51,"width":418,"height":11}},{"id":"9f378ca3-3eda-4d9b-9236-afe24e6a93d7","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":27,"box":{"x":83,"y":66,"width":418,"height":10}},{"id":"bcb6e1af-fd0b-498a-a08c-1c6e003a0ba4","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":27,"box":{"x":83,"y":80,"width":209,"height":11}},{"id":"fdb12b2a-31e6-43bc-94b9-51d0f222044e","block_type":"box","text":"Operational and Technology Risks","page_number":27,"box":{"x":83,"y":103,"width":230,"height":11}},{"id":"c531290d-e768-4fdc-9bd7-46a424019234","block_type":"box","text":".","page_number":27,"box":{"x":314,"y":110,"width":2,"height":1}},{"id":"f8c29d2a-1bb8-40fc-9e25-42073179e526","block_type":"box","text":"The Fund is directly and","page_number":27,"box":{"x":321,"y":103,"width":151,"height":11}},{"id":"d664ed0b-5200-4076-8265-69cba1234641","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":27,"box":{"x":83,"y":117,"width":368,"height":11}},{"id":"473c09c8-07b6-484a-bd36-7c61a36c89d7","block_type":"box","text":"including those related to human errors, processing errors,","page_number":27,"box":{"x":83,"y":131,"width":376,"height":11}},{"id":"7bef7db8-cc7a-4773-ae26-87ea68f4e037","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":27,"box":{"x":83,"y":146,"width":413,"height":10}},{"id":"5c6d0d51-69ad-4428-afc4-fb9ebe33e26a","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":27,"box":{"x":83,"y":160,"width":404,"height":11}},{"id":"4f7cad78-3d71-4787-8b34-42c4f8026b44","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":27,"box":{"x":82,"y":174,"width":402,"height":11}},{"id":"190f2533-6d9a-4ff1-b99c-6a97ae75cb87","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":27,"box":{"x":83,"y":188,"width":376,"height":11}},{"id":"d19e077b-986b-40fc-bf27-b78a40c2a820","block_type":"box","text":"providers are required to have appropriate operational,","page_number":27,"box":{"x":83,"y":202,"width":350,"height":11}},{"id":"2b57411b-24dd-40bc-9a17-dda41bc760e1","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":27,"box":{"x":83,"y":216,"width":414,"height":11}},{"id":"30787348-ada0-424d-b30d-934a9a3d57b3","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":27,"box":{"x":83,"y":231,"width":397,"height":11}},{"id":"6bfae70b-a2b3-42d5-afde-c4b2c5e2ee7e","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":27,"box":{"x":82,"y":245,"width":411,"height":11}},{"id":"f05ad2ca-32cc-4a3d-98be-aa7fd597d532","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":27,"box":{"x":83,"y":259,"width":391,"height":9}},{"id":"12bf8844-19cf-4c87-9760-1a722723c6f9","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":27,"box":{"x":83,"y":273,"width":421,"height":11}},{"id":"b13a05fe-a172-4f93-9bb2-a415005553a6","block_type":"box","text":"investments in such issuers to lose value.","page_number":27,"box":{"x":83,"y":287,"width":264,"height":9}},{"id":"e2810f7f-f51b-4b6c-a503-93376b0b88b8","block_type":"box","text":"Securities Lending Risk.","page_number":27,"box":{"x":82,"y":311,"width":162,"height":10}},{"id":"4746d084-9fd8-4cbc-8ad1-c2af8316dc93","block_type":"box","text":"The Fund may engage in securities","page_number":27,"box":{"x":249,"y":311,"width":221,"height":10}},{"id":"0e34077a-e202-48aa-b059-b7a8c48bdc45","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":27,"box":{"x":83,"y":325,"width":396,"height":11}},{"id":"87575028-2f8f-4560-90f8-7f8d091eb02a","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":27,"box":{"x":83,"y":339,"width":418,"height":11}},{"id":"428e838e-a14d-4ca2-9c55-8290e73046dd","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":27,"box":{"x":83,"y":353,"width":408,"height":11}},{"id":"bc808c47-e914-4b03-93f0-855866d53799","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":27,"box":{"x":83,"y":367,"width":416,"height":11}},{"id":"fbe1a719-ab56-4ddc-83e6-415dad4efbcc","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":27,"box":{"x":83,"y":382,"width":389,"height":10}},{"id":"663e6d96-baf3-40a7-b6cb-680462059e81","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":27,"box":{"x":83,"y":396,"width":406,"height":8}},{"id":"e199379a-cf9d-4030-a864-9d268d98f6cd","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":27,"box":{"x":83,"y":410,"width":301,"height":11}},{"id":"c8e3542b-143e-4c1f-b56e-8c3866008c70","block_type":"box","text":"Technology Companies Risk","page_number":27,"box":{"x":84,"y":433,"width":190,"height":11}},{"id":"5729da65-e6c4-4715-a9d8-a87ba8b8406f","block_type":"box","text":".","page_number":27,"box":{"x":274,"y":440,"width":2,"height":2}},{"id":"0470fd35-7391-4faf-8d58-ff67c7ed37d5","block_type":"box","text":"Technology companies and","page_number":27,"box":{"x":281,"y":433,"width":172,"height":11}},{"id":"c8d4382b-6edb-4caa-9ce3-8068ba2fe1e2","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":27,"box":{"x":83,"y":447,"width":412,"height":11}},{"id":"404132ac-5692-4380-9bf2-1805b42d6783","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":27,"box":{"x":83,"y":461,"width":414,"height":11}},{"id":"f0d99322-a3dd-40b1-bfdf-d3930070e5bb","block_type":"box","text":"and personnel. These companies typically face intense","page_number":27,"box":{"x":83,"y":476,"width":348,"height":10}},{"id":"35b7d010-cee3-4ba9-8d34-8a26eb912b8b","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":27,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"b8801233-599f-40a0-a7a2-593118e5b17c","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":27,"box":{"x":549,"y":37,"width":381,"height":11}},{"id":"4f06f51d-dc20-4cf4-a861-9d5f7a8f883e","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":27,"box":{"x":549,"y":52,"width":367,"height":10}},{"id":"c22c439c-7b28-4b75-8475-62f520813784","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":27,"box":{"x":549,"y":66,"width":424,"height":11}},{"id":"fe31ca12-4b90-4efe-b734-7d638ba9e4be","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":27,"box":{"x":549,"y":80,"width":368,"height":11}},{"id":"de0655de-669f-4601-bd85-5bffd3dad172","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":27,"box":{"x":549,"y":94,"width":384,"height":11}},{"id":"9fb92880-4533-4591-8b64-0c735d5ef513","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":27,"box":{"x":549,"y":108,"width":384,"height":11}},{"id":"306c59a6-7e17-4f94-8950-f2878a7ee20d","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":27,"box":{"x":549,"y":122,"width":397,"height":11}},{"id":"73354e31-226a-49be-a8aa-b302d5f1aee3","block_type":"box","text":"government or legal action.","page_number":27,"box":{"x":549,"y":137,"width":174,"height":10}},{"id":"ded7dcd9-7311-4278-b0ab-cdd9903e6f45","block_type":"box","text":"Tracking Error Risk","page_number":27,"box":{"x":550,"y":160,"width":128,"height":11}},{"id":"36bdf4fc-1462-4d60-9256-9818eba8deae","block_type":"box","text":".","page_number":27,"box":{"x":678,"y":166,"width":3,"height":2}},{"id":"737d147e-b527-4ec1-894c-230be6a914b2","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":27,"box":{"x":686,"y":160,"width":284,"height":11}},{"id":"cad57ef1-10e6-4ec0-b50d-2f38ed0eb264","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":27,"box":{"x":549,"y":174,"width":404,"height":11}},{"id":"e5731f62-e44c-4755-a620-1a3861aad22e","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":27,"box":{"x":549,"y":188,"width":425,"height":11}},{"id":"d9b15011-7cb8-4bed-a67c-9733c14ed3a5","block_type":"box","text":"factors, including differences between the securities and other","page_number":27,"box":{"x":549,"y":202,"width":401,"height":11}},{"id":"9e49dc32-2269-49f0-8231-269996fcfe7e","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":27,"box":{"x":549,"y":216,"width":381,"height":11}},{"id":"48a2a0e2-755a-428a-9189-e53e16a5b293","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":27,"box":{"x":550,"y":231,"width":396,"height":11}},{"id":"cd428d72-e432-4cd9-a065-63b9f2f119e1","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":27,"box":{"x":549,"y":245,"width":407,"height":10}},{"id":"f01ef3e5-6ee2-46a2-b286-18255382787c","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":27,"box":{"x":549,"y":259,"width":400,"height":11}},{"id":"738b043d-3821-47f7-aae5-6d6c4491e3a2","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":27,"box":{"x":549,"y":273,"width":421,"height":11}},{"id":"be0d34db-7f19-48d9-bc44-36d57f265645","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":27,"box":{"x":549,"y":287,"width":374,"height":11}},{"id":"a40df48b-fe48-4e40-a57d-ecc3eb2601b9","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":27,"box":{"x":549,"y":302,"width":370,"height":10}},{"id":"dfabe17b-c4fa-43d8-92fe-c946420fd927","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":27,"box":{"x":549,"y":316,"width":372,"height":11}},{"id":"c83e85fc-426b-4ea9-ba5b-8a4adda1d01d","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":27,"box":{"x":549,"y":330,"width":420,"height":11}},{"id":"ca644e33-fe4f-4431-b2db-b36ebae1d840","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":27,"box":{"x":549,"y":344,"width":387,"height":11}},{"id":"09dee295-9182-4566-ad97-12bd362c3bb8","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":27,"box":{"x":549,"y":358,"width":377,"height":11}},{"id":"be7e39dd-20e1-496e-8bef-8acfbe966b61","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":27,"box":{"x":549,"y":372,"width":380,"height":11}},{"id":"b7600c7d-91e9-43f5-920c-a5a246a73ed8","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":27,"box":{"x":549,"y":387,"width":366,"height":10}},{"id":"3a4460b1-96ce-405e-892c-b1beb2038ee2","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":27,"box":{"x":549,"y":401,"width":414,"height":11}},{"id":"c55135b8-cb78-4d56-b469-a874527492b3","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":27,"box":{"x":550,"y":415,"width":386,"height":11}},{"id":"565d2975-38e7-49db-ad8c-474d179fc220","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":27,"box":{"x":549,"y":429,"width":414,"height":11}},{"id":"7a122553-c60c-45bf-9e14-1a2b2bc0958e","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":27,"box":{"x":549,"y":443,"width":420,"height":11}},{"id":"d2f1a649-ccdd-46a6-9fdf-caa6dddfdd1e","block_type":"box","text":"unusual market conditions.","page_number":27,"box":{"x":549,"y":458,"width":172,"height":8}},{"id":"92d43340-5b17-4826-8e43-e77dcaa8d9a6","block_type":"box","text":"S-11","page_number":27,"box":{"x":522,"y":920,"width":25,"height":9}},{"id":"6ce1a187-38b4-4bc1-a5dd-da5e1421c07b","block_type":"box","text":"Performance Information","page_number":28,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"353e9cf3-d5e4-4842-a773-22268095bd4b","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":28,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"92f435ab-7458-4a76-ba62-45ccac0a0c96","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":28,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"19e9b61f-c066-4ebc-b639-51fb98c2046f","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":28,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"f864d902-e125-4c81-abf2-ba144cb21b88","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":28,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"6fe7c82b-80a5-4d92-aec2-84ab3e719b79","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":28,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"56a54ed6-9962-4c12-9f8d-2c8161f3a85d","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":28,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"69dee579-ce9b-4845-94dd-8a53d3179c05","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":28,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"f3b519ba-980b-490e-b1f2-4e37cae3505c","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":28,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"c0c08b1e-3828-4ab2-9ae3-a5388e7a736c","block_type":"box","text":"60%","page_number":28,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"9a20f57e-2f86-4c37-80f1-0271a71c907c","block_type":"box","text":"40%","page_number":28,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"e8f7e4b5-a5a1-495c-9529-4f047d3137d4","block_type":"box","text":"20%","page_number":28,"box":{"x":333,"y":240,"width":20,"height":7}},{"id":"a95b0874-6009-409a-8f9b-7c229853cfb1","block_type":"box","text":"0%","page_number":28,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"f9540dc7-b472-4e8e-82b2-19c35dcf4b01","block_type":"box","text":"-20%","page_number":28,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"9bcafa76-297e-4056-b6f0-e4958a10488a","block_type":"box","text":"-40%","page_number":28,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"d0d4b109-7162-4505-999e-5d2c96f0db6a","block_type":"box","text":"2","page_number":28,"box":{"x":404,"y":321,"width":5,"height":7}},{"id":"12e3d1b3-3490-407d-b262-f46f020621a3","block_type":"box","text":"0","page_number":28,"box":{"x":411,"y":321,"width":6,"height":7}},{"id":"e41ad9de-d71b-405a-b586-8bb96c305828","block_type":"box","text":"21 2","page_number":28,"box":{"x":418,"y":321,"width":73,"height":7}},{"id":"01662a86-7858-48b7-a037-9cd7de93c420","block_type":"box","text":"0","page_number":28,"box":{"x":492,"y":321,"width":6,"height":7}},{"id":"a3e51662-f72e-4e27-9446-e42d77d82a32","block_type":"box","text":"22 2","page_number":28,"box":{"x":500,"y":321,"width":72,"height":7}},{"id":"ab49dce8-1c70-4e14-9f2a-e325975ba106","block_type":"box","text":"0","page_number":28,"box":{"x":574,"y":321,"width":6,"height":7}},{"id":"8ed4cc3c-cb9e-49a2-b1e9-20c82ac0a7ce","block_type":"box","text":"2","page_number":28,"box":{"x":581,"y":321,"width":5,"height":7}},{"id":"4d5a7f82-a969-4414-9c29-457a4315fa10","block_type":"box","text":"3","page_number":28,"box":{"x":588,"y":321,"width":6,"height":7}},{"id":"ac2f92de-bcc4-47e4-8bc7-586d6b8791b8","block_type":"box","text":"2","page_number":28,"box":{"x":648,"y":321,"width":6,"height":7}},{"id":"ffced6f9-ac08-4c3b-9c42-156f66e0ce5c","block_type":"box","text":"0","page_number":28,"box":{"x":655,"y":321,"width":6,"height":7}},{"id":"9f5e24b8-389c-43fc-96c2-d0692e62f5c8","block_type":"box","text":"2","page_number":28,"box":{"x":663,"y":321,"width":5,"height":7}},{"id":"f7b0908f-5668-44e3-97ff-36484afad830","block_type":"box","text":"4","page_number":28,"box":{"x":670,"y":321,"width":6,"height":7}},{"id":"61c3a6a5-3310-4dfb-8cd7-6362415a5ecf","block_type":"box","text":"27.11%","page_number":28,"box":{"x":401,"y":226,"width":33,"height":6}},{"id":"ecd11ff5-998e-4279-97f9-9fafc2af7b96","block_type":"box","text":"-21.11%","page_number":28,"box":{"x":480,"y":287,"width":37,"height":6}},{"id":"abcf8e54-3c6a-4749-8a48-a40ea20f2085","block_type":"box","text":"31.60%","page_number":28,"box":{"x":564,"y":221,"width":33,"height":6}},{"id":"deb52bfb-46f2-4d75-a726-b1f69c13ce07","block_type":"box","text":"26.15%","page_number":28,"box":{"x":646,"y":227,"width":33,"height":6}},{"id":"1f6315cf-95a8-492f-b469-3f231c50d0da","block_type":"box","text":"Return (%) Period Ended","page_number":28,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"51f550d5-bdd4-4223-b7ce-fa624e955052","block_type":"box","text":"Calendar Year-to-Date Return","page_number":28,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"318ef785-e02f-4215-8694-1a16e4a34c69","block_type":"box","text":"16.26% September 30, 2025","page_number":28,"box":{"x":562,"y":366,"width":177,"height":9}},{"id":"c48d1b1f-a80a-4980-821a-148c98efa9ed","block_type":"box","text":"During the period shown in the chart:","page_number":28,"box":{"x":318,"y":379,"width":232,"height":9}},{"id":"470d7879-a77d-4d20-b690-822cf20c9592","block_type":"box","text":"Best Quarter 15.39% December 31, 2023","page_number":28,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"df2eb244-402f-432d-ab40-ee3e0bcbe330","block_type":"box","text":"Worst Quarter -16.38% June 30, 2022","page_number":28,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"2b1afd1f-1798-4e5f-b085-9c0807ec8e44","block_type":"box","text":"Average Annual Total Returns","page_number":28,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"6838fe20-acae-452c-a7ad-e5da4837cb15","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":28,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"4f4bb8f6-f4ca-46cd-b5d4-7afc2fdc160d","block_type":"box","text":"One Year","page_number":28,"box":{"x":789,"y":477,"width":56,"height":7}},{"id":"152c1fb8-b91e-4578-8579-dd29a0b033cc","block_type":"box","text":"Since Fund","page_number":28,"box":{"x":866,"y":464,"width":67,"height":7}},{"id":"d13eae51-5175-4a37-9561-c95348988a8c","block_type":"box","text":"Inception","page_number":28,"box":{"x":871,"y":477,"width":57,"height":9}},{"id":"53bdd8da-e054-4c4e-96d5-e322e4dc5e58","block_type":"box","text":"(Inception Date: 6/16/2020)","page_number":28,"box":{"x":123,"y":495,"width":178,"height":9}},{"id":"078b512c-0f26-4a95-a4e1-ed924e45da44","block_type":"box","text":"Return Before Taxes","page_number":28,"box":{"x":124,"y":506,"width":112,"height":8}},{"id":"2a18f905-557b-4ff9-8323-ac89c9dbaebf","block_type":"box","text":"26.15% 17.23%","page_number":28,"box":{"x":800,"y":506,"width":119,"height":8}},{"id":"ff802aab-f4aa-42c6-a53b-88e15c3cc5ea","block_type":"box","text":"Return After Taxes on Distributions","page_number":28,"box":{"x":124,"y":518,"width":197,"height":7}},{"id":"bb732795-3d83-43df-a273-acf71b4473ab","block_type":"box","text":"25.83% 16.89%","page_number":28,"box":{"x":797,"y":518,"width":122,"height":7}},{"id":"f99f07e3-fea1-4a2c-8b6f-774bf126f576","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 15.68% 13.81%","page_number":28,"box":{"x":124,"y":529,"width":795,"height":8}},{"id":"9729a339-2d17-4a3a-a3d1-768c81c38bf0","block_type":"box","text":"MSCI USA Index","page_number":28,"box":{"x":124,"y":541,"width":99,"height":8}},{"id":"8d9774dd-2b35-4603-981f-b4e841172595","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 25.08% 16.57%","page_number":28,"box":{"x":227,"y":541,"width":692,"height":10}},{"id":"39a60ed5-d092-4f3d-b5ee-cb2ae3d712f6","block_type":"box","text":"MSCI USA Choice ESG Screened Index","page_number":28,"box":{"x":124,"y":553,"width":235,"height":7}},{"id":"1ae9cc90-81aa-4624-8e82-8ad2e951e6cc","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 26.29% 17.41%","page_number":28,"box":{"x":364,"y":553,"width":555,"height":9}},{"id":"2ce08faa-6490-45e4-a43f-f97b6a4d92f5","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":28,"box":{"x":82,"y":583,"width":882,"height":10}},{"id":"768183c3-d01d-4813-8e00-5bb32de12df6","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":28,"box":{"x":83,"y":597,"width":871,"height":11}},{"id":"907ad7f5-58ef-423c-94fa-333e17a0bfc4","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":28,"box":{"x":83,"y":611,"width":860,"height":11}},{"id":"cf0c6c85-ffbd-4dcf-baf7-586680fce6b6","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":28,"box":{"x":83,"y":625,"width":855,"height":11}},{"id":"a3a81546-2221-4386-af7e-d6d477130d77","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":28,"box":{"x":83,"y":639,"width":883,"height":11}},{"id":"372a4b57-8a51-48d5-ba24-3cb5dbe0ae7f","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":28,"box":{"x":82,"y":654,"width":861,"height":10}},{"id":"6b92e567-1d70-428b-ac62-9022e94b9ac1","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":28,"box":{"x":83,"y":668,"width":359,"height":10}},{"id":"c28f424a-96f6-4e3b-895f-29f05cf97a11","block_type":"box","text":"S-12","page_number":28,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"75b24e64-c76b-4e8e-83db-9567419955ac","block_type":"box","text":"Management","page_number":29,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"95e7e1be-b1e1-4b8d-a621-5775834d8924","block_type":"box","text":"Investment Adviser.","page_number":29,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"8ed6e836-0cf1-4e76-b902-f89003d1fa37","block_type":"box","text":"BlackRock Fund Advisors.","page_number":29,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"c591fe01-051d-4e8e-a9b6-c06baea495cf","block_type":"box","text":"Portfolio Managers.","page_number":29,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"7b277ce2-13bd-42b6-8468-25349f069cbc","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":29,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"d9883ba5-7cdd-4d92-b778-dab784f219ac","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":29,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"1066e05a-2609-4102-a233-9aa768006dd6","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":29,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"43de4517-849c-404f-8148-757378a75000","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":29,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"acf75cec-53ae-4fb3-9d08-e674f3e62380","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2020. Mr.","page_number":29,"box":{"x":84,"y":128,"width":399,"height":10}},{"id":"23dd6a30-acff-440f-b924-fed9ba342bee","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":29,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"f4011cac-da07-4979-a3ae-89af07487bdb","block_type":"box","text":"Managers of the Fund since 2025.","page_number":29,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"a07a56de-20a8-4538-9561-a427c2790f0f","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":29,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"0b6decae-bfd0-440e-bdcb-46a96285825e","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":29,"box":{"x":82,"y":210,"width":422,"height":11}},{"id":"74016ce8-6456-4a13-95fb-e3204506ff0b","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":29,"box":{"x":83,"y":224,"width":419,"height":11}},{"id":"5cc8aec2-b400-4023-b3ce-d966906d61c2","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":29,"box":{"x":83,"y":238,"width":400,"height":11}},{"id":"21df6ac6-1f3b-4638-9232-ced14efd622f","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":29,"box":{"x":83,"y":253,"width":392,"height":10}},{"id":"49ddf611-1453-45a9-bfe0-451c081fc0cb","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":29,"box":{"x":83,"y":267,"width":418,"height":11}},{"id":"78c1f312-6344-49d7-90be-bf7f231c8893","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":29,"box":{"x":83,"y":281,"width":364,"height":11}},{"id":"85b70d9f-f450-4f18-b4ba-fb84aa831069","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":29,"box":{"x":83,"y":295,"width":404,"height":11}},{"id":"4dc4a7f2-a0ad-4081-9067-572bf5546e5f","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":29,"box":{"x":83,"y":309,"width":412,"height":11}},{"id":"c9b2a7f0-fb7b-4940-9987-1ea9eda1c35f","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":29,"box":{"x":82,"y":323,"width":387,"height":11}},{"id":"e77a7397-b9f4-477b-b4c7-bd8e3a669daf","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":29,"box":{"x":83,"y":338,"width":394,"height":11}},{"id":"148e5dbc-95cf-4c7a-b02e-e27c92c80e83","block_type":"box","text":"Tax Information","page_number":29,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"97a58703-2b76-401e-b764-374ae29bc430","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":29,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"167547d1-0ec9-4d2b-ad15-11229156b005","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":29,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"3a712081-2380-468b-87ec-910571bb6ce3","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":29,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"55ae036d-5324-4501-957f-301f3b982b99","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":29,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"e2a3b868-d7ff-46c1-a137-459746f78905","block_type":"box","text":"withdrawn.","page_number":29,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"15310b8c-d6a9-4326-81b7-8ac869f069f3","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":29,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"8e444f5a-03a2-405a-909d-05b2463648a1","block_type":"box","text":"Intermediaries","page_number":29,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"575e88c6-40cf-4adb-a8fd-982e7c3cc1d9","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":29,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"8c8abbf3-013d-43df-8855-4c1a1db55b9d","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":29,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"664d8160-1042-49c0-a319-67d25152fe14","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":29,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"13dfc5ea-c01d-4da3-b76c-f5b883239d6a","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":29,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"7470caa6-59e2-4eda-8d66-3de935ad08a4","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":29,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"d9d7dc86-2236-41d0-a37b-4f91578c8a10","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":29,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"f047aa9f-9077-4562-8233-03caa1a65107","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":29,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"cfd77d16-7a69-4020-b638-1ea49cb94c0a","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":29,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"2ab26f11-1460-493f-a7b9-be3238933282","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":29,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"3d3235ea-351c-4166-898c-3b43c2bf9830","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":29,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"6fa37539-e0cf-4345-9204-608885d15ed0","block_type":"box","text":"information.","page_number":29,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"35616806-696b-4063-84fc-d1f3c28cabec","block_type":"box","text":"S-13","page_number":29,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"d6513844-a0aa-4dbf-a283-585f75f047b8","block_type":"box","text":"iSHARES","page_number":30,"box":{"x":275,"y":24,"width":119,"height":15}},{"id":"9da8b061-98b5-4a10-9d3d-ea1f5a0967da","block_type":"box","text":"®","page_number":30,"box":{"x":397,"y":17,"width":10,"height":8}},{"id":"8dcde83f-adce-491d-bbab-0a1dc64a4a53","block_type":"box","text":"ESG AWARE MSCI USA ETF","page_number":30,"box":{"x":419,"y":24,"width":364,"height":15}},{"id":"ccf7ae7d-1a1e-4945-9fdf-6c2a6fed270c","block_type":"box","text":"Ticker: ESGU Stock Exchange: Nasdaq","page_number":30,"box":{"x":288,"y":53,"width":475,"height":12}},{"id":"a7059062-bdb0-454a-b75b-244906752f0b","block_type":"box","text":"Investment Objective","page_number":30,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"65c04b00-89f2-42c2-8bfa-5caf3fb99450","block_type":"box","text":"The iShares ESG Aware MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that","page_number":30,"box":{"x":82,"y":116,"width":867,"height":11}},{"id":"be86de24-0eac-41fe-a986-32ec53168522","block_type":"box","text":"have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return","page_number":30,"box":{"x":83,"y":129,"width":850,"height":11}},{"id":"2b270473-771f-4a21-add5-b9968a308f43","block_type":"box","text":"characteristics similar to those of the parent index.","page_number":30,"box":{"x":83,"y":142,"width":326,"height":10}},{"id":"e0206d78-77a7-4419-93a5-57d3d15b95e5","block_type":"box","text":"Fees and Expenses","page_number":30,"box":{"x":84,"y":170,"width":160,"height":13}},{"id":"c052ac8f-c58c-4c04-aa45-ee31b12de6d9","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":30,"box":{"x":82,"y":195,"width":869,"height":10}},{"id":"302c1954-24ed-43cd-8839-08a6720bd4fa","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":30,"box":{"x":83,"y":207,"width":867,"height":11}},{"id":"c0194b27-40a5-4e05-be10-ec4f04e93f77","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":30,"box":{"x":83,"y":220,"width":889,"height":11}},{"id":"44a38eae-5a5e-42a2-aae8-640e6d822d9e","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":30,"box":{"x":83,"y":233,"width":870,"height":11}},{"id":"dab8e2f9-a298-4039-9245-71887534b7df","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":30,"box":{"x":83,"y":246,"width":858,"height":11}},{"id":"4aab9531-3d82-4eb0-96f6-a497ee482a02","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":30,"box":{"x":83,"y":259,"width":450,"height":11}},{"id":"ea1a3dcb-9317-4c14-8930-ba068b4cb909","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":30,"box":{"x":82,"y":281,"width":883,"height":11}},{"id":"876058d8-e1ae-48a9-92ad-31f5b002c5fb","block_type":"box","text":"the tables and examples below.","page_number":30,"box":{"x":83,"y":294,"width":220,"height":11}},{"id":"7170fe32-dcee-4d3f-8941-1195601b8782","block_type":"box","text":"Annual Fund Operating Expenses","page_number":30,"box":{"x":425,"y":313,"width":206,"height":9}},{"id":"c4545f5a-f1d2-4b99-9d33-179f26dbea52","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":30,"box":{"x":383,"y":323,"width":291,"height":10}},{"id":"af87dd3c-8e6c-4e80-96f2-349ab6042adc","block_type":"box","text":"percentage of the value of your investments)","page_number":30,"box":{"x":385,"y":333,"width":280,"height":10}},{"id":"ba86ce51-2970-4cd8-a657-08c64bef0fec","block_type":"box","text":"1","page_number":30,"box":{"x":668,"y":332,"width":2,"height":5}},{"id":"5a8eaa45-6b02-438b-a6b3-5ae1d841eead","block_type":"box","text":"Management","page_number":30,"box":{"x":170,"y":374,"width":80,"height":9}},{"id":"265618bc-6430-4fee-8892-ffe866cdd2e6","block_type":"box","text":"Fees","page_number":30,"box":{"x":196,"y":384,"width":27,"height":7}},{"id":"54836aae-b831-4cb5-bc20-37e3f5f2a190","block_type":"box","text":"Distribution","page_number":30,"box":{"x":394,"y":363,"width":72,"height":8}},{"id":"1c069896-76d7-4024-a95f-0670ade581d9","block_type":"box","text":"and Service","page_number":30,"box":{"x":394,"y":373,"width":72,"height":8}},{"id":"6dfe50a4-924e-4ba0-90fb-19f708e7b6a4","block_type":"box","text":"(12b-1) Fees","page_number":30,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"864a6647-33b7-4c4d-8028-08c234f5876b","block_type":"box","text":"Other","page_number":30,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"1ad4ba5e-fce7-4800-aa3e-48e643c2e8f0","block_type":"box","text":"Expenses","page_number":30,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"47b24dc1-0618-4773-b405-6002c4c078bc","block_type":"box","text":"Total Annual","page_number":30,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"d308b484-b3b4-4b36-8413-0b9f21f0dbc5","block_type":"box","text":"Fund","page_number":30,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"fbb258bc-089a-41cf-a393-0f831cc9788a","block_type":"box","text":"Operating","page_number":30,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"145bf382-fe89-4d52-8072-3f89bca9bd21","block_type":"box","text":"Expenses","page_number":30,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"046e73e7-f7a0-4b7b-8c44-add03fe56444","block_type":"box","text":"0.15% None 0.00% 0.15%","page_number":30,"box":{"x":195,"y":403,"width":669,"height":8}},{"id":"95b60ab5-86c9-4ad3-aeb4-44995092bff4","block_type":"box","text":"1","page_number":30,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"7b7fa41b-a173-4a37-af70-b1c64d10351b","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":30,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"56b43c89-a51d-4830-98a0-95d54d70c90f","block_type":"box","text":"Example.","page_number":30,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"1d15a108-9392-4e01-aecc-3b89125a5f35","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":30,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"e9117080-b3ec-4dd6-bb41-78f15f211ce7","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":30,"box":{"x":82,"y":467,"width":891,"height":12}},{"id":"4bc3df35-8b77-4c1e-a656-4209d9f86be1","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":30,"box":{"x":83,"y":481,"width":862,"height":11}},{"id":"61cca887-7941-455c-abce-d3211af8deb4","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":30,"box":{"x":83,"y":494,"width":694,"height":11}},{"id":"e2a7b451-880e-428f-aeeb-fbcce85e21d1","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":30,"box":{"x":195,"y":523,"width":668,"height":8}},{"id":"78923ce6-b479-4f8e-a7c0-62941e7db75c","block_type":"box","text":"$15 $48 $85 $192","page_number":30,"box":{"x":203,"y":543,"width":647,"height":9}},{"id":"4ff77fdf-8754-4196-89da-22bf5b208e40","block_type":"box","text":"Portfolio Turnover.","page_number":30,"box":{"x":83,"y":583,"width":129,"height":8}},{"id":"3332c08b-2cdc-43c4-b1e1-2aa3e7803846","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":30,"box":{"x":216,"y":583,"width":287,"height":10}},{"id":"23220633-0b62-480f-88d4-948230aa414e","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":30,"box":{"x":83,"y":597,"width":420,"height":11}},{"id":"38006003-e283-4cad-80e6-c43409433ce8","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":30,"box":{"x":83,"y":611,"width":395,"height":11}},{"id":"13cba9b6-f0f3-4ff5-bc8a-f570d52eedaa","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":30,"box":{"x":83,"y":625,"width":380,"height":11}},{"id":"89b069e7-f0cf-4329-afa4-3a3528b0af04","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":30,"box":{"x":83,"y":639,"width":409,"height":10}},{"id":"47e0c1cc-0ce2-4c4f-9c32-3037dfe714eb","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":30,"box":{"x":83,"y":654,"width":368,"height":10}},{"id":"2546f819-e876-4880-8662-d2c9638ba9f3","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":30,"box":{"x":84,"y":668,"width":411,"height":11}},{"id":"affdbad0-bb95-4326-b1cf-6cf3b6b6f908","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 24% of the","page_number":30,"box":{"x":82,"y":682,"width":385,"height":11}},{"id":"d6aa83b6-4f3c-4745-9b45-446df07d8d9a","block_type":"box","text":"average value of its portfolio.","page_number":30,"box":{"x":83,"y":696,"width":184,"height":11}},{"id":"482c9bc8-1dcc-47fa-9e03-775dd16089a2","block_type":"box","text":"Principal Investment Strategies","page_number":30,"box":{"x":84,"y":725,"width":268,"height":13}},{"id":"9f7093c4-81c0-4acf-92d8-13f1c89fd784","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":30,"box":{"x":82,"y":750,"width":412,"height":9}},{"id":"1c762d8a-b32e-487a-88f2-b7e2be40d276","block_type":"box","text":"Extended ESG Focus Index (the “Underlying Index”), which has","page_number":30,"box":{"x":84,"y":764,"width":398,"height":11}},{"id":"bead950f-1ffc-4b50-9916-f2e9e29c150f","block_type":"box","text":"been developed by MSCI Inc. (the “Index Provider” or “MSCI”).","page_number":30,"box":{"x":83,"y":779,"width":400,"height":10}},{"id":"241247c4-f09f-4187-b66b-23b2624f9b85","block_type":"box","text":"The Underlying Index is an optimized equity index that is designed","page_number":30,"box":{"x":82,"y":793,"width":421,"height":11}},{"id":"021a8907-d37c-4f1c-854e-0d6ff1fec662","block_type":"box","text":"to reflect the equity performance of U.S. companies that have","page_number":30,"box":{"x":83,"y":807,"width":396,"height":11}},{"id":"ff3cb6b9-f76e-454c-a9e0-894f9e3055e2","block_type":"box","text":"favorable environmental, social and governance (“ESG”)","page_number":30,"box":{"x":82,"y":821,"width":358,"height":11}},{"id":"959f9cae-741a-45ff-8d16-db4dbe9e2609","block_type":"box","text":"characteristics (as determined by the Index Provider), while","page_number":30,"box":{"x":83,"y":835,"width":380,"height":11}},{"id":"5015fe54-6603-446e-8118-bb6b4b11aff8","block_type":"box","text":"exhibiting risk and return characteristics similar to those of the","page_number":30,"box":{"x":83,"y":849,"width":402,"height":11}},{"id":"82091bf5-9edb-4b19-a8f8-9449b186d4b5","block_type":"box","text":"MSCI USA Index (the “Parent Index”). The Index Provider begins","page_number":30,"box":{"x":83,"y":864,"width":408,"height":10}},{"id":"872950a7-f449-4e53-b2a8-555938fd8c82","block_type":"box","text":"with the Parent Index and excludes securities of companies","page_number":30,"box":{"x":82,"y":878,"width":380,"height":11}},{"id":"6aded8ed-0da0-458a-ad45-393ffd7cdeed","block_type":"box","text":"involved in the business of tobacco, companies involved with","page_number":30,"box":{"x":549,"y":575,"width":389,"height":11}},{"id":"07801662-d037-492b-a6ee-e7f55104ff8c","block_type":"box","text":"controversial weapons, producers and retailers of civilian","page_number":30,"box":{"x":549,"y":589,"width":364,"height":11}},{"id":"0ec15d42-576e-4b97-8577-8d1bb78a1729","block_type":"box","text":"firearms, and companies included in certain fossil fuels-related","page_number":30,"box":{"x":549,"y":603,"width":401,"height":11}},{"id":"886a8e08-ab67-462e-9801-c1882c870d6c","block_type":"box","text":"activity such as the production of thermal coal, thermal coal","page_number":30,"box":{"x":549,"y":617,"width":389,"height":11}},{"id":"a06e69ce-80db-4df8-b1c4-d77dc2536479","block_type":"box","text":"based power generation and extraction of oil sands based on","page_number":30,"box":{"x":549,"y":632,"width":389,"height":10}},{"id":"27a3d402-44d4-4d2b-8c0e-cf7dd1190be8","block_type":"box","text":"revenue or percentage of revenue thresholds for certain","page_number":30,"box":{"x":549,"y":646,"width":357,"height":11}},{"id":"23a3c1f2-d097-4974-88d0-7c2d79d2ceb3","block_type":"box","text":"categories (","page_number":30,"box":{"x":549,"y":660,"width":74,"height":11}},{"id":"067c7ecd-904d-47e3-9f8e-8b8dc9f6331e","block_type":"box","text":"e.g.,","page_number":30,"box":{"x":625,"y":662,"width":24,"height":9}},{"id":"84d08989-d3f7-404e-b5c3-c6d7eef84de6","block_type":"box","text":"$20 million or 5%) and categorical exclusions for","page_number":30,"box":{"x":656,"y":659,"width":310,"height":12}},{"id":"89994d75-516f-4d93-bba4-ca7e4810a6ba","block_type":"box","text":"others (","page_number":30,"box":{"x":549,"y":674,"width":48,"height":11}},{"id":"6a5b063d-2a43-421b-8403-600e57bff9ab","block_type":"box","text":"e.g.,","page_number":30,"box":{"x":598,"y":677,"width":25,"height":8}},{"id":"4d7a161c-66b4-4329-85c7-d38e61908cb7","block_type":"box","text":"controversial weapons). The Index Provider also","page_number":30,"box":{"x":630,"y":674,"width":304,"height":11}},{"id":"70c2fb33-89f5-47e9-bf48-ad03d6388e8a","block_type":"box","text":"excludes companies that are directly involved in very severe,","page_number":30,"box":{"x":549,"y":688,"width":388,"height":11}},{"id":"25872489-774a-4c83-883c-632dfa6fc584","block_type":"box","text":"ongoing business controversies (in each case as determined by","page_number":30,"box":{"x":549,"y":703,"width":405,"height":10}},{"id":"45ea8280-06a0-4a13-9e4a-ab9011c73ca7","block_type":"box","text":"the Index Provider), and then follows a quantitative process that is","page_number":30,"box":{"x":549,"y":717,"width":423,"height":10}},{"id":"df7bf5d5-4eaa-4b16-8b75-31db285a5a4e","block_type":"box","text":"designed to determine optimal weights for securities to maximize","page_number":30,"box":{"x":549,"y":731,"width":418,"height":11}},{"id":"275e6c64-9498-49f1-8719-00af2220ff52","block_type":"box","text":"exposure to securities of companies with higher ESG ratings,","page_number":30,"box":{"x":549,"y":745,"width":389,"height":11}},{"id":"a833c67a-3b11-4d5f-9e84-48109b2a5a84","block_type":"box","text":"subject to maintaining risk and return characteristics similar to","page_number":30,"box":{"x":549,"y":759,"width":402,"height":11}},{"id":"f0342b6d-bbd7-43d0-9688-1fc21b12e681","block_type":"box","text":"the Parent Index. At each quarterly review, the Underlying Index","page_number":30,"box":{"x":549,"y":773,"width":408,"height":11}},{"id":"2832a16f-337f-4a78-9912-9226562b16a6","block_type":"box","text":"must have an ESG score of at least 10% better than that of the","page_number":30,"box":{"x":549,"y":788,"width":397,"height":8}},{"id":"5daae4de-0956-46c1-b81e-233e3ea1480a","block_type":"box","text":"Parent Index, as determined by MSCI.","page_number":30,"box":{"x":550,"y":802,"width":240,"height":11}},{"id":"819e7875-ffc5-4129-a8e5-45e7b4805185","block_type":"box","text":"For each industry, the Index Provider identifies key ESG issues","page_number":30,"box":{"x":550,"y":824,"width":397,"height":11}},{"id":"9ee90fa7-d910-4767-9c5c-13e88e58b613","block_type":"box","text":"that can lead to unexpected costs for companies in the medium","page_number":30,"box":{"x":549,"y":838,"width":413,"height":11}},{"id":"66f6265e-58c9-4549-a7a3-200c9edc8000","block_type":"box","text":"to long-term. The Index Provider then calculates the size of each","page_number":30,"box":{"x":549,"y":852,"width":410,"height":11}},{"id":"feba2a1f-c07f-4418-9423-8fc85c9ead2d","block_type":"box","text":"company’s exposure to each key issue based on the company’s","page_number":30,"box":{"x":549,"y":866,"width":405,"height":11}},{"id":"5eee9d85-39e6-43df-a185-0a925434ac46","block_type":"box","text":"business segment and geographic risk and analyzes the extent to","page_number":30,"box":{"x":549,"y":880,"width":417,"height":11}},{"id":"2ce66d60-7d00-4d77-b600-bfad56bdcbe9","block_type":"box","text":"S-14","page_number":30,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"ea3d39ce-aa18-419c-8a71-c062079d2ff7","block_type":"box","text":"which companies have developed robust strategies and programs","page_number":31,"box":{"x":82,"y":23,"width":421,"height":11}},{"id":"ebba209e-845d-4cdc-bb39-01cbeb618cd2","block_type":"box","text":"to manage ESG risks and opportunities. Using a sector-specific","page_number":31,"box":{"x":83,"y":37,"width":403,"height":11}},{"id":"a7fcef8b-32fc-4ecf-9f66-6dc657e76428","block_type":"box","text":"key issue weighting model, companies are rated and ranked in","page_number":31,"box":{"x":83,"y":52,"width":397,"height":10}},{"id":"ce2cea95-329b-47c3-bc7c-e6fad548a80f","block_type":"box","text":"comparison to their industry peers.","page_number":31,"box":{"x":83,"y":66,"width":224,"height":10}},{"id":"bfd73d50-236e-4877-a513-56c53647849b","block_type":"box","text":"The Underlying Index includes large- and mid-capitalization","page_number":31,"box":{"x":82,"y":88,"width":377,"height":10}},{"id":"f1bd895f-0ca7-4838-85fb-bfc07f93c13d","block_type":"box","text":"companies and may change over time. As of August 31, 2025, a","page_number":31,"box":{"x":83,"y":102,"width":406,"height":11}},{"id":"b3a6c73c-401e-4659-8938-faf970210126","block_type":"box","text":"significant portion of the Underlying Index is represented by","page_number":31,"box":{"x":83,"y":116,"width":383,"height":11}},{"id":"5ee972fe-db7b-4274-9104-f9ad3c6e2349","block_type":"box","text":"securities of companies in the consumer goods and services and","page_number":31,"box":{"x":83,"y":130,"width":413,"height":11}},{"id":"3246764d-e112-463b-abf5-86ab5afed731","block_type":"box","text":"technology industries or sectors. The components of the","page_number":31,"box":{"x":83,"y":144,"width":360,"height":11}},{"id":"0fa91cb1-d010-489b-a776-15b6bbc02f9d","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":31,"box":{"x":83,"y":159,"width":303,"height":10}},{"id":"90794692-fc44-4345-91cd-3ea67f12e76b","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":31,"box":{"x":84,"y":182,"width":376,"height":11}},{"id":"97c502e5-a8d3-4528-9fff-7f0eecfbab40","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":31,"box":{"x":83,"y":196,"width":417,"height":11}},{"id":"8e09c1b7-0d2c-4ba7-9c0a-dc2e9d5ef951","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":31,"box":{"x":83,"y":210,"width":396,"height":11}},{"id":"689668f8-e4e0-4172-9f3a-fd5c8142c038","block_type":"box","text":"markets decline or appear overvalued.","page_number":31,"box":{"x":83,"y":224,"width":244,"height":11}},{"id":"22ffa33b-2b58-4bdc-a4ae-cd2d57570219","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":31,"box":{"x":83,"y":247,"width":421,"height":11}},{"id":"63e0fdcc-00df-4122-8d5e-33ffab53c43d","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":31,"box":{"x":83,"y":262,"width":421,"height":10}},{"id":"45cc4fd1-220e-404a-8103-8c0b68120629","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":31,"box":{"x":83,"y":276,"width":386,"height":11}},{"id":"5a99e11a-bf16-4194-8bac-08f3342a6709","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":31,"box":{"x":83,"y":290,"width":370,"height":11}},{"id":"f88c4a19-4479-4889-90e4-fa9d93a967d8","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":31,"box":{"x":83,"y":304,"width":356,"height":11}},{"id":"97938a81-84d3-4c30-a8ef-c301955edf57","block_type":"box","text":"comparison to actively managed investment companies.","page_number":31,"box":{"x":83,"y":318,"width":359,"height":11}},{"id":"45fb6525-5529-4453-b86f-70b14e8da1b4","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":31,"box":{"x":84,"y":342,"width":411,"height":10}},{"id":"162cc322-772f-4913-bd95-36bc33921f9c","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":31,"box":{"x":83,"y":356,"width":411,"height":11}},{"id":"53cd42ca-d05e-49fd-afe2-7b0577e7406c","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":31,"box":{"x":83,"y":370,"width":424,"height":11}},{"id":"ae6b63d9-262a-4948-b128-fb25f4002c21","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":31,"box":{"x":83,"y":384,"width":410,"height":11}},{"id":"b1f63d74-18e8-49a2-89e3-0328cb99a6df","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":31,"box":{"x":83,"y":398,"width":408,"height":11}},{"id":"cb442385-2991-41be-9f47-bb8a914708b8","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":31,"box":{"x":83,"y":412,"width":423,"height":11}},{"id":"a7c55718-265a-4c2f-9e67-f329ab2dd3af","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":31,"box":{"x":83,"y":427,"width":386,"height":10}},{"id":"ccc3186b-eb3b-426f-8648-4edde1f355f2","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":31,"box":{"x":82,"y":441,"width":360,"height":11}},{"id":"e778a017-24f4-4b1a-8a09-f1af7fe69ed9","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":31,"box":{"x":82,"y":455,"width":414,"height":11}},{"id":"21bf4dad-e90e-4dab-9d16-2d9008bcc133","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":31,"box":{"x":83,"y":469,"width":410,"height":11}},{"id":"ca9ba3d4-bf7b-4478-bcff-595b6a88f1b2","block_type":"box","text":"the components of the Underlying Index.","page_number":31,"box":{"x":83,"y":483,"width":259,"height":11}},{"id":"e0cb3206-b6b0-48e8-9944-3502000e2c7e","block_type":"box","text":"The Fund generally will invest at least 90% of its assets in the","page_number":31,"box":{"x":82,"y":507,"width":390,"height":10}},{"id":"540b7955-116e-4028-9f39-e42c966500e5","block_type":"box","text":"component securities of the Underlying Index and may invest up","page_number":31,"box":{"x":83,"y":521,"width":410,"height":11}},{"id":"05cb871d-e841-4fbd-97f9-144831b3f141","block_type":"box","text":"to 10% of its assets in certain futures, options and swap contracts,","page_number":31,"box":{"x":83,"y":535,"width":423,"height":11}},{"id":"ee5f1636-72e9-4f4d-9d8a-ee747f6abce8","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":31,"box":{"x":83,"y":549,"width":392,"height":11}},{"id":"28ec2e89-2d0f-4908-b522-45bcdf6d1e07","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":31,"box":{"x":82,"y":563,"width":407,"height":11}},{"id":"45ecdcee-092d-40e0-aec0-d8bf0572ee25","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":31,"box":{"x":83,"y":577,"width":415,"height":11}},{"id":"e8bbd524-778b-49ec-8fd3-4b62730ce259","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":31,"box":{"x":83,"y":592,"width":400,"height":10}},{"id":"ae8cc84f-85b8-4175-8d35-80c5cfcc8ffa","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":31,"box":{"x":83,"y":606,"width":409,"height":11}},{"id":"5c4b7d86-04ee-493b-8ff1-f5750d3d2eb8","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":31,"box":{"x":83,"y":620,"width":368,"height":11}},{"id":"3e5ebf1a-3799-4b51-b1d1-310dc03558a4","block_type":"box","text":"percentage of investments included in the Underlying Index. The","page_number":31,"box":{"x":83,"y":634,"width":410,"height":11}},{"id":"f3737235-8d50-49eb-82e3-b99fdec65522","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":31,"box":{"x":84,"y":648,"width":385,"height":11}},{"id":"b8e315c6-7c2e-4f0a-8996-c88c9b22062e","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":31,"box":{"x":83,"y":663,"width":282,"height":10}},{"id":"bab8f5b8-2737-4e6a-ad04-82176a031a95","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":31,"box":{"x":82,"y":686,"width":412,"height":11}},{"id":"6afc8a3a-6701-4294-b43f-dac00ba09bf4","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":31,"box":{"x":82,"y":700,"width":371,"height":11}},{"id":"7da06b5e-0c93-4a41-a617-7306b7673d3e","block_type":"box","text":"collateral received).","page_number":31,"box":{"x":83,"y":714,"width":125,"height":11}},{"id":"186862ba-c741-4123-8673-c0cb64015096","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":31,"box":{"x":82,"y":737,"width":422,"height":11}},{"id":"580194f2-da75-4f09-8fd0-f1a128ecefcd","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":31,"box":{"x":83,"y":751,"width":356,"height":9}},{"id":"f16c377c-7064-4ef2-90b7-91c86f941e74","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":31,"box":{"x":83,"y":766,"width":377,"height":11}},{"id":"2fbf84fc-f677-4f29-b9b5-e255f8b6bf6a","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":31,"box":{"x":83,"y":780,"width":416,"height":11}},{"id":"1152d912-96af-4547-afa0-14580104cacf","block_type":"box","text":"value of the Underlying Index.","page_number":31,"box":{"x":82,"y":794,"width":190,"height":11}},{"id":"2c2f9534-88af-4407-b40a-12385675d910","block_type":"box","text":"Industry Concentration Policy.","page_number":31,"box":{"x":83,"y":817,"width":210,"height":11}},{"id":"8edba61b-ab94-4e46-8412-9647a4733b74","block_type":"box","text":"The Fund will concentrate its","page_number":31,"box":{"x":298,"y":817,"width":184,"height":9}},{"id":"5d8f7063-3186-4a9d-874d-189407adb616","block_type":"box","text":"investments (","page_number":31,"box":{"x":83,"y":831,"width":85,"height":11}},{"id":"4bd2e1f5-56ae-4d20-81bb-80eab8a9fb32","block_type":"box","text":"i.e.","page_number":31,"box":{"x":169,"y":831,"width":17,"height":9}},{"id":"fa01439c-c9b2-4a9c-bfe3-9ddfd012e1ee","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":31,"box":{"x":189,"y":831,"width":264,"height":11}},{"id":"95519af7-0e70-4b8c-94fd-2cfcc30f0585","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":31,"box":{"x":83,"y":846,"width":394,"height":10}},{"id":"eabb44aa-cffb-4a1d-90a5-6a0548487c73","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":31,"box":{"x":83,"y":860,"width":377,"height":11}},{"id":"943809ab-5fbb-443f-bb2c-7f5a74f25e83","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":31,"box":{"x":83,"y":874,"width":389,"height":11}},{"id":"3cdbd6cf-1df4-450d-b368-63d40dc501b6","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":31,"box":{"x":549,"y":23,"width":389,"height":11}},{"id":"fb052502-c411-4c40-a720-8f40ef3e26f2","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":31,"box":{"x":549,"y":37,"width":410,"height":11}},{"id":"50fcab8c-3819-4db7-9e52-cb89b20fbd05","block_type":"box","text":"considered to be issued by members of any industry.","page_number":31,"box":{"x":549,"y":51,"width":337,"height":11}},{"id":"45b19e42-32e1-47fb-902e-a33ea2d3a683","block_type":"box","text":"Summary of Principal Risks","page_number":31,"box":{"x":549,"y":80,"width":235,"height":14}},{"id":"0d316373-7614-4fe8-89ad-e5f4a4f1049a","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":31,"box":{"x":549,"y":106,"width":362,"height":10}},{"id":"0d4a1661-9e45-4a92-8655-bb767d886e8b","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":31,"box":{"x":549,"y":120,"width":402,"height":11}},{"id":"00eca646-cb4f-429a-8a92-f854142ffea8","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":31,"box":{"x":549,"y":134,"width":396,"height":11}},{"id":"88941398-d343-4264-8406-fc8a8b5a3533","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":31,"box":{"x":549,"y":148,"width":376,"height":11}},{"id":"fcd1c3f9-ea92-4679-83b7-7bd17c3595b3","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":31,"box":{"x":549,"y":162,"width":392,"height":11}},{"id":"3906e66e-6044-475d-90f7-08b8413b20cc","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":31,"box":{"x":549,"y":177,"width":416,"height":10}},{"id":"072fb814-b241-48d3-b670-7ca932a365da","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":31,"box":{"x":549,"y":191,"width":388,"height":11}},{"id":"708fbefc-8b2f-463f-b0a9-b35e503fc8a7","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":31,"box":{"x":549,"y":205,"width":425,"height":11}},{"id":"d301edd0-ee84-4697-a1d6-696f9516a366","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":31,"box":{"x":549,"y":219,"width":405,"height":11}},{"id":"42c109ed-2b26-41a1-8d00-19cb42748f83","block_type":"box","text":"review each risk factor carefully.","page_number":31,"box":{"x":549,"y":233,"width":206,"height":11}},{"id":"60277349-570d-4407-b283-4def1f055e84","block_type":"box","text":"Risk of Investing in the U.S","page_number":31,"box":{"x":549,"y":256,"width":182,"height":11}},{"id":"c08808bc-8464-43b7-9fef-de8ef0aca169","block_type":"box","text":".","page_number":31,"box":{"x":732,"y":263,"width":2,"height":2}},{"id":"ff3dca82-df82-4366-9f43-dec4c16d5bcc","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":31,"box":{"x":740,"y":256,"width":210,"height":11}},{"id":"73041b4a-1ce6-4e0d-9735-1b1cd65c4b3b","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":31,"box":{"x":549,"y":271,"width":391,"height":10}},{"id":"e70cbb79-8733-45d4-a310-9a5addbb0cfa","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":31,"box":{"x":549,"y":285,"width":423,"height":11}},{"id":"7c59c028-2d4a-4b1b-be3b-15a5e02ac03a","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":31,"box":{"x":550,"y":299,"width":412,"height":11}},{"id":"55f49dcc-d6a5-4589-8fe0-768b5daf443c","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":31,"box":{"x":549,"y":313,"width":396,"height":11}},{"id":"852c665b-7823-4f38-8b42-89173e4dd5df","block_type":"box","text":"ESG Risk.","page_number":31,"box":{"x":549,"y":336,"width":63,"height":9}},{"id":"b0a51695-edb3-4bc1-8371-b6e983739d0e","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":31,"box":{"x":617,"y":336,"width":331,"height":11}},{"id":"dfd9f607-63ce-4eb3-83e9-ddc3d448a843","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":31,"box":{"x":549,"y":351,"width":399,"height":10}},{"id":"ef8eb507-1c50-497b-b819-45bcda92e994","block_type":"box","text":"types and number of investment opportunities available to the","page_number":31,"box":{"x":549,"y":365,"width":397,"height":11}},{"id":"09165f7f-2f71-45c6-bad2-a2d4a0427b75","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":31,"box":{"x":550,"y":379,"width":396,"height":11}},{"id":"f869296a-f4d8-4dbb-aeec-11972a06ef35","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying","page_number":31,"box":{"x":549,"y":393,"width":420,"height":11}},{"id":"765c3cf0-7a28-4a05-925f-db8cbdb5d887","block_type":"box","text":"Index’s use of ESG criteria may result in the Fund investing in, or","page_number":31,"box":{"x":550,"y":407,"width":411,"height":11}},{"id":"e4938af3-ecda-4543-b15d-8fc1236a129d","block_type":"box","text":"allocating greater weight to, securities or market sectors that","page_number":31,"box":{"x":549,"y":422,"width":392,"height":10}},{"id":"da42efc5-5a9e-46da-abeb-de2ec58a0ca9","block_type":"box","text":"underperform the market as a whole or underperform other funds","page_number":31,"box":{"x":549,"y":436,"width":420,"height":10}},{"id":"6a7afec5-4122-4585-9cd0-134ec595ecef","block_type":"box","text":"that use ESG criteria. In addition, the use of representative","page_number":31,"box":{"x":549,"y":450,"width":375,"height":11}},{"id":"f729fb4f-df12-4b0b-a1ab-a8858b0ddd5d","block_type":"box","text":"sampling may result in divergence of the Fund’s overall ESG","page_number":31,"box":{"x":549,"y":464,"width":382,"height":11}},{"id":"d5edd64c-cf5b-4cdb-9531-4ff3d1621677","block_type":"box","text":"characteristics or ESG risk from those of the Underlying Index.","page_number":31,"box":{"x":549,"y":478,"width":399,"height":11}},{"id":"828856c1-bda7-4ba4-bb40-4066328cbef9","block_type":"box","text":"The Index Provider may evaluate security-level ESG data and, if","page_number":31,"box":{"x":549,"y":492,"width":403,"height":11}},{"id":"ac2bbe3d-8cb9-41b8-b266-0ca144362a97","block_type":"box","text":"applicable, ESG objectives or constraints that are relevant to the","page_number":31,"box":{"x":549,"y":507,"width":413,"height":10}},{"id":"677a4648-52c7-427b-8a0d-89b67ad5aa58","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities","page_number":31,"box":{"x":550,"y":521,"width":407,"height":11}},{"id":"8cba0363-5955-4071-9da4-ff964494a8a0","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":31,"box":{"x":549,"y":535,"width":411,"height":11}},{"id":"3531ae3e-a559-4dc1-8225-fb1394123bda","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":31,"box":{"x":550,"y":549,"width":416,"height":11}},{"id":"29e211cd-8736-44af-a653-ef5c94fb41c9","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":31,"box":{"x":549,"y":563,"width":384,"height":11}},{"id":"678838cc-d5ae-44f8-bf11-5c609be49b25","block_type":"box","text":"Provider. As a result, certain securities in the Underlying Index, or","page_number":31,"box":{"x":550,"y":577,"width":418,"height":11}},{"id":"5e0e9424-24d6-4cb6-846f-96b0b6b98a7c","block_type":"box","text":"the Underlying Index as a whole, may not meet the relevant ESG","page_number":31,"box":{"x":549,"y":592,"width":410,"height":10}},{"id":"425ea425-4424-4ac5-885b-1b244902f95b","block_type":"box","text":"objectives or constraints at all times.","page_number":31,"box":{"x":549,"y":606,"width":236,"height":10}},{"id":"59660e3a-8a88-441f-b87d-bb0a00489359","block_type":"box","text":"Equity Securities Risk","page_number":31,"box":{"x":549,"y":629,"width":148,"height":11}},{"id":"6f8a21bc-30a3-4f4c-b1aa-b7782dcd44de","block_type":"box","text":".","page_number":31,"box":{"x":697,"y":636,"width":2,"height":1}},{"id":"12a405e1-04ab-4b47-9004-765caca7996f","block_type":"box","text":"Equity securities are subject to changes","page_number":31,"box":{"x":705,"y":629,"width":254,"height":11}},{"id":"cdfe56e7-31d9-4b8a-922e-c96917f64a9d","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":31,"box":{"x":549,"y":643,"width":422,"height":11}},{"id":"9285a0d4-6772-4fc0-9218-65387d638c2c","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":31,"box":{"x":549,"y":657,"width":420,"height":11}},{"id":"4d0c9304-4dfc-45d3-b098-27a09f5f12fa","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":31,"box":{"x":549,"y":672,"width":397,"height":10}},{"id":"4e92679c-9188-498b-9597-be4c9e570535","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":31,"box":{"x":549,"y":686,"width":359,"height":11}},{"id":"40b6e554-edef-4add-b759-9a240ab5111f","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":31,"box":{"x":549,"y":700,"width":390,"height":11}},{"id":"372f2231-71c5-4aaf-a6f1-51fe04d444ca","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":31,"box":{"x":549,"y":714,"width":412,"height":11}},{"id":"94d58533-b7f1-49a1-8549-efc7274d250e","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":31,"box":{"x":549,"y":728,"width":373,"height":11}},{"id":"0d4f6217-fa56-476a-9abb-39e7b47ea3e0","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":31,"box":{"x":549,"y":742,"width":309,"height":11}},{"id":"9413b4ed-a6b9-4a33-9980-fd9f62131615","block_type":"box","text":"Market Risk","page_number":31,"box":{"x":549,"y":766,"width":82,"height":8}},{"id":"aae3c444-7ba4-4d0b-bc3a-1286a42cf318","block_type":"box","text":".","page_number":31,"box":{"x":631,"y":772,"width":3,"height":2}},{"id":"f7a2cb1d-4734-4045-b92c-9e915913243c","block_type":"box","text":"The Fund could lose money over short periods due","page_number":31,"box":{"x":638,"y":766,"width":323,"height":10}},{"id":"e0ae4805-713b-44c0-b9b7-7ae5bd15d02d","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":31,"box":{"x":549,"y":780,"width":413,"height":11}},{"id":"9b5a9506-60a2-450c-a217-8c2bdeccc31b","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":31,"box":{"x":549,"y":794,"width":382,"height":11}},{"id":"fe1d5061-0932-4afb-b305-fde5e89c08af","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":31,"box":{"x":549,"y":808,"width":411,"height":11}},{"id":"ed8bad29-093d-4605-9084-e2ea1cc03507","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":31,"box":{"x":549,"y":822,"width":370,"height":11}},{"id":"7de101e4-1f95-4f80-8db1-5ad51acb07b7","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":31,"box":{"x":549,"y":837,"width":404,"height":10}},{"id":"4fcae9ed-527d-407b-9690-2678d1acb1ef","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":31,"box":{"x":549,"y":851,"width":395,"height":11}},{"id":"4149d9cb-6b05-4312-bb60-6e3ce568ba29","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":31,"box":{"x":549,"y":865,"width":395,"height":11}},{"id":"b548e4c4-f61c-42d6-a4c5-546b5074f1fe","block_type":"box","text":"NAV.","page_number":31,"box":{"x":550,"y":879,"width":27,"height":9}},{"id":"ad0bc3bc-fee8-4771-bfd8-33e604f16614","block_type":"box","text":"S-15","page_number":31,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"3346c096-76f1-45dc-adc7-c05325620a8f","block_type":"box","text":"Index-Related Risk.","page_number":32,"box":{"x":83,"y":23,"width":129,"height":9}},{"id":"56077086-abe5-4823-8451-5d0e8c83e1c5","block_type":"box","text":"The Index Provider may rely on various","page_number":32,"box":{"x":217,"y":23,"width":247,"height":11}},{"id":"bd8b7ca4-3fe7-43bc-baf9-fb7ea881d59a","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":32,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"5a61b10a-bd51-40bb-b548-27fc7099468d","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":32,"box":{"x":83,"y":51,"width":391,"height":11}},{"id":"1e4ebdbd-8a1d-4c4f-947f-c8c385d168d8","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":32,"box":{"x":83,"y":66,"width":406,"height":10}},{"id":"12fa6a9f-6334-4b9c-b15a-008b3f7fdbf6","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":32,"box":{"x":83,"y":80,"width":408,"height":11}},{"id":"7f47957e-6435-45a0-968e-690d7fd7403d","block_type":"box","text":"information will provide an accurate assessment of included","page_number":32,"box":{"x":83,"y":94,"width":384,"height":11}},{"id":"30a85986-c96f-4c12-a294-98a5f84746f3","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":32,"box":{"x":83,"y":108,"width":387,"height":11}},{"id":"f09811a5-706c-4ffe-8f0a-7cd8c7ef480d","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":32,"box":{"x":83,"y":122,"width":366,"height":11}},{"id":"e0ae05bf-0778-498b-a5e9-70c14a8dfad8","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":32,"box":{"x":83,"y":137,"width":377,"height":10}},{"id":"87bccbd3-2220-4869-b22f-086a1cbee11f","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":32,"box":{"x":83,"y":151,"width":413,"height":11}},{"id":"b1b6b746-94c9-4c65-91f3-d8388dd1b7c6","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":32,"box":{"x":83,"y":165,"width":396,"height":11}},{"id":"84cb436d-6b8e-4673-970d-64331937cf53","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":32,"box":{"x":83,"y":179,"width":367,"height":11}},{"id":"2276f5aa-a991-4884-a4dc-f76620e9c26a","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":32,"box":{"x":83,"y":193,"width":400,"height":11}},{"id":"f0491468-6d33-46f8-bb0d-56e94b76191f","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":32,"box":{"x":83,"y":208,"width":409,"height":10}},{"id":"4986311e-9ffb-4bd3-86ca-381020fc80ca","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":32,"box":{"x":83,"y":222,"width":414,"height":10}},{"id":"20de5e98-c37a-409f-a37b-6411cdbbcee0","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":32,"box":{"x":83,"y":236,"width":362,"height":11}},{"id":"0123af71-1d0f-4790-918e-810e19974358","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":32,"box":{"x":83,"y":250,"width":423,"height":11}},{"id":"31823bc3-a9b1-4be8-9c9b-2d750da31484","block_type":"box","text":"Asset Class Risk.","page_number":32,"box":{"x":81,"y":273,"width":115,"height":9}},{"id":"1da5a12b-b90b-4e20-bc0b-79145074f25b","block_type":"box","text":"The securities and other assets in the","page_number":32,"box":{"x":202,"y":273,"width":239,"height":9}},{"id":"9d7f7d5a-af6d-4fea-b74b-a020a53148e5","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":32,"box":{"x":83,"y":287,"width":406,"height":11}},{"id":"2cb6a082-cdc1-4eb8-9622-49181271a6a1","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":32,"box":{"x":83,"y":302,"width":405,"height":10}},{"id":"46e0576b-afec-4e62-8d09-360ef77b15c5","block_type":"box","text":"market, another index, or other asset classes.","page_number":32,"box":{"x":83,"y":316,"width":292,"height":10}},{"id":"458beb74-3652-41d6-8228-2c884710223a","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":32,"box":{"x":81,"y":339,"width":290,"height":11}},{"id":"b65dd4df-b4f9-48eb-8a3f-934bce8e22d5","block_type":"box","text":"An “Authorized","page_number":32,"box":{"x":381,"y":339,"width":93,"height":8}},{"id":"44d5faa0-bb47-45e1-a748-81ceb4497ead","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":32,"box":{"x":84,"y":353,"width":379,"height":11}},{"id":"966b710a-33c7-4092-97d6-00905f108cda","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":32,"box":{"x":83,"y":367,"width":411,"height":11}},{"id":"26e310f3-5be5-4d19-a918-120d64eccec0","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":32,"box":{"x":84,"y":382,"width":395,"height":10}},{"id":"93cde733-6183-45bf-9179-eb7b347a1b2e","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":32,"box":{"x":84,"y":396,"width":399,"height":10}},{"id":"ec285d35-4956-4b42-a2f3-57b6b55d8ac8","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":32,"box":{"x":83,"y":410,"width":407,"height":11}},{"id":"2cdb968c-0d6f-401d-ac99-c271824e9223","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":32,"box":{"x":83,"y":424,"width":409,"height":11}},{"id":"52a1d623-1d30-48da-9ab2-b17869389841","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":32,"box":{"x":83,"y":438,"width":412,"height":11}},{"id":"8d456a70-abef-4aa4-9ffc-78b538028f58","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":32,"box":{"x":83,"y":452,"width":403,"height":11}},{"id":"3aa764a9-571f-4ccf-b173-180a62623414","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":32,"box":{"x":83,"y":467,"width":378,"height":10}},{"id":"f17988fb-7276-44bf-91a3-9654899ff3f0","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":32,"box":{"x":84,"y":481,"width":379,"height":11}},{"id":"f3227188-002f-427d-8c2c-01d0e45f51b9","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":32,"box":{"x":83,"y":495,"width":404,"height":11}},{"id":"0043e728-b12d-4ba6-9744-d345ab4347c4","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":32,"box":{"x":83,"y":509,"width":399,"height":11}},{"id":"3fa88c6b-7173-4a5d-8285-21b953f17da3","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":32,"box":{"x":84,"y":523,"width":391,"height":11}},{"id":"245dedd4-bb61-4d62-8f74-f0bc7d8207d6","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":32,"box":{"x":83,"y":538,"width":408,"height":10}},{"id":"b02804ad-867f-41b6-82b3-7bd7fd7ff94c","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":32,"box":{"x":83,"y":552,"width":273,"height":11}},{"id":"845dca74-d01a-413c-b8a2-07bb1d833753","block_type":"box","text":"Concentration Risk.","page_number":32,"box":{"x":83,"y":575,"width":132,"height":8}},{"id":"abe10d7d-e982-4417-8abe-23d0f39ad9ef","block_type":"box","text":"The Fund may be susceptible to an","page_number":32,"box":{"x":220,"y":575,"width":222,"height":11}},{"id":"deea8b08-ec58-4a30-bb2a-21ea2e3d4e30","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":32,"box":{"x":83,"y":589,"width":419,"height":11}},{"id":"61e7dab6-67fa-40e4-9c17-11bcbe165f17","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":32,"box":{"x":83,"y":603,"width":407,"height":10}},{"id":"23ff6564-3b79-4051-b262-c707c3b30638","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":32,"box":{"x":83,"y":617,"width":417,"height":9}},{"id":"224ef881-6ebf-45cf-bede-fdd938285438","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":32,"box":{"x":83,"y":632,"width":395,"height":10}},{"id":"4d9e85be-ad2b-4b09-a0d0-55ddf8981ce7","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":32,"box":{"x":83,"y":646,"width":388,"height":11}},{"id":"e6313591-4b28-47b3-9f6d-3af75d519b8c","block_type":"box","text":"asset classes.","page_number":32,"box":{"x":83,"y":660,"width":88,"height":8}},{"id":"ff0b4d9a-e50a-4ce2-9e8d-0f78eca98d1a","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":32,"box":{"x":83,"y":683,"width":325,"height":11}},{"id":"52bb659d-2b6e-48ef-9e72-29f6ba4203f2","block_type":"box","text":"Consumer","page_number":32,"box":{"x":414,"y":683,"width":65,"height":9}},{"id":"aa70c156-769d-4762-9d64-4e4abd96de58","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":32,"box":{"x":83,"y":697,"width":399,"height":11}},{"id":"89e3769e-538d-4cc6-8c90-b733687d4ce3","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":32,"box":{"x":83,"y":712,"width":420,"height":10}},{"id":"b9b17eb5-ca14-4b3f-9530-9a330a32f5b9","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":32,"box":{"x":83,"y":726,"width":423,"height":11}},{"id":"76c9ee8d-0592-4332-b608-c450705b31b2","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":32,"box":{"x":83,"y":740,"width":403,"height":11}},{"id":"94a59c5f-6fa6-48c9-81bb-1585e699819c","block_type":"box","text":"other things.","page_number":32,"box":{"x":83,"y":754,"width":79,"height":11}},{"id":"b641b917-5243-4f38-93b5-d671cc93b51f","block_type":"box","text":"Issuer Risk","page_number":32,"box":{"x":83,"y":777,"width":75,"height":9}},{"id":"c8a26f8a-d4b0-469c-b9c1-28832fd12913","block_type":"box","text":".","page_number":32,"box":{"x":158,"y":784,"width":3,"height":2}},{"id":"e874fd4c-ce5d-4307-9b21-bb96224870e5","block_type":"box","text":"The performance of the Fund depends on the","page_number":32,"box":{"x":166,"y":777,"width":288,"height":11}},{"id":"d91c90b9-114c-47b1-9852-37e1321314bd","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":32,"box":{"x":83,"y":791,"width":412,"height":11}},{"id":"010259d5-a9d6-4b14-8d2a-796782612832","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":32,"box":{"x":84,"y":806,"width":401,"height":10}},{"id":"9fded3b2-a77a-4f8a-a96d-a77264cb7e37","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":32,"box":{"x":83,"y":820,"width":418,"height":11}},{"id":"7824faf2-4e0b-4766-88be-fd4c61563999","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":32,"box":{"x":83,"y":834,"width":414,"height":11}},{"id":"20a25305-d66c-46a1-8eab-9992772d8ac0","block_type":"box","text":"counterparty.","page_number":32,"box":{"x":83,"y":849,"width":84,"height":10}},{"id":"2a747a98-9132-42bb-8ce5-88a21be5f74c","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":32,"box":{"x":549,"y":23,"width":252,"height":11}},{"id":"b87c26a9-d503-43b7-bc1a-5ae8b2f6cab4","block_type":"box","text":"Large-capitalization","page_number":32,"box":{"x":808,"y":23,"width":124,"height":11}},{"id":"e0f643fd-b121-4f07-92ca-7a20cd869fae","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":32,"box":{"x":549,"y":37,"width":352,"height":11}},{"id":"7e5b98a9-e93f-4550-a250-5edf133efb6c","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":32,"box":{"x":549,"y":52,"width":352,"height":10}},{"id":"af0ed658-c5f9-4b52-87f3-b61f936935dd","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":32,"box":{"x":549,"y":66,"width":405,"height":11}},{"id":"91bf0727-4333-41b6-91b4-396975b0c0ae","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":32,"box":{"x":549,"y":80,"width":371,"height":11}},{"id":"5492b90d-2511-4acd-a762-79e708d0a736","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":32,"box":{"x":549,"y":94,"width":340,"height":11}},{"id":"bc55d803-bbe5-4a47-b54f-e1f73716f2f0","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":32,"box":{"x":549,"y":108,"width":390,"height":11}},{"id":"fa9221de-dbef-4882-be86-58d551fe1313","block_type":"box","text":"overall performance of the broader securities markets.","page_number":32,"box":{"x":549,"y":122,"width":349,"height":11}},{"id":"c99b4593-99a7-4cc4-8e14-a8b63fec0092","block_type":"box","text":"Management Risk","page_number":32,"box":{"x":549,"y":146,"width":123,"height":10}},{"id":"cf6bf0d6-41a8-4937-aec1-127669e232da","block_type":"box","text":".","page_number":32,"box":{"x":672,"y":152,"width":2,"height":2}},{"id":"99cca6b7-2947-4178-982c-77bad23d4eaa","block_type":"box","text":"The Fund generally does not attempt to take","page_number":32,"box":{"x":679,"y":146,"width":283,"height":10}},{"id":"743314c5-cdd5-45b2-b27a-b1cf0f3c203e","block_type":"box","text":"defensive positions under any market conditions, including","page_number":32,"box":{"x":549,"y":160,"width":376,"height":11}},{"id":"cefda685-6a9b-443a-9952-00b67676cf8f","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":32,"box":{"x":549,"y":174,"width":362,"height":11}},{"id":"349a236a-02a2-431e-9574-d7ceea7a04eb","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":32,"box":{"x":550,"y":188,"width":387,"height":11}},{"id":"5cf01b4e-1592-4097-b690-9d73335a57be","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":32,"box":{"x":549,"y":202,"width":409,"height":11}},{"id":"8037b4d5-b508-456c-8947-38e93b3c7aa5","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":32,"box":{"x":549,"y":216,"width":419,"height":11}},{"id":"cf2d061b-c560-4413-802e-27e8624497df","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":32,"box":{"x":549,"y":231,"width":420,"height":11}},{"id":"f6fe800d-3036-4191-b68c-67045f284d58","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":32,"box":{"x":549,"y":245,"width":403,"height":11}},{"id":"03f0809e-b453-48d2-a4db-b572e13f519a","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":32,"box":{"x":549,"y":259,"width":323,"height":11}},{"id":"e4cee564-daa4-4c81-aca1-7f2995276bdf","block_type":"box","text":"Market Trading Risk","page_number":32,"box":{"x":549,"y":282,"width":136,"height":11}},{"id":"bb72d674-955c-4af4-a2a4-9eb2b0698000","block_type":"box","text":".","page_number":32,"box":{"x":685,"y":289,"width":2,"height":2}},{"id":"7734b67b-b002-43b8-a34f-ea6db6edff5f","block_type":"box","text":"The Fund faces numerous market trading","page_number":32,"box":{"x":692,"y":282,"width":264,"height":11}},{"id":"0e128394-ae62-42c1-bc60-c10ca5d5b16c","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":32,"box":{"x":549,"y":296,"width":394,"height":11}},{"id":"c0e6e07e-26da-49d7-958c-924311890a4f","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":32,"box":{"x":549,"y":311,"width":401,"height":10}},{"id":"32de73f9-7b53-41bf-ba78-97aa190f45ac","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":32,"box":{"x":549,"y":325,"width":404,"height":11}},{"id":"c04b9b40-fc5a-4b78-b7e8-01ce6c1fbd2e","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":32,"box":{"x":549,"y":339,"width":416,"height":11}},{"id":"15d56a64-6248-4cc9-9078-1edffeb97502","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":32,"box":{"x":549,"y":353,"width":404,"height":11}},{"id":"b0026764-2275-4a19-8d71-a2e15fdcd64c","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":32,"box":{"x":549,"y":367,"width":411,"height":11}},{"id":"eb5f93b1-dfcd-4641-8015-e68e2824637d","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":32,"box":{"x":549,"y":381,"width":397,"height":11}},{"id":"d8b5cd25-4863-461c-8c05-bb4440f7b6a1","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":32,"box":{"x":549,"y":396,"width":419,"height":10}},{"id":"448b4115-dde8-44c1-92d4-be08c80260af","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":32,"box":{"x":549,"y":410,"width":413,"height":11}},{"id":"5a0fd186-f451-4703-9344-84c0be31f4a2","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":32,"box":{"x":549,"y":424,"width":397,"height":11}},{"id":"ddbd8430-5a73-4eef-a852-50295def75a6","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":32,"box":{"x":549,"y":438,"width":316,"height":11}},{"id":"d53a0ac1-ea2f-4275-94c8-aac8ae27189a","block_type":"box","text":"Operational and Technology Risks","page_number":32,"box":{"x":549,"y":461,"width":230,"height":11}},{"id":"9f512fa0-c5c4-434b-a491-89ff58efab07","block_type":"box","text":".","page_number":32,"box":{"x":780,"y":468,"width":2,"height":2}},{"id":"6a06f3fd-a38c-4255-a92d-a61bdae30882","block_type":"box","text":"The Fund is directly and","page_number":32,"box":{"x":787,"y":461,"width":152,"height":11}},{"id":"dfb1e6a3-2e54-4180-ba88-067a941e284d","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":32,"box":{"x":549,"y":476,"width":368,"height":10}},{"id":"e3d49383-e3ba-45c4-a6e3-04e7e53b6836","block_type":"box","text":"including those related to human errors, processing errors,","page_number":32,"box":{"x":549,"y":490,"width":376,"height":11}},{"id":"52219060-cd1d-4ef0-b96b-e257f463664c","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":32,"box":{"x":549,"y":504,"width":413,"height":11}},{"id":"12f971ca-de38-45ba-84cb-6f174c700306","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":32,"box":{"x":549,"y":518,"width":404,"height":11}},{"id":"50735f16-d587-459a-8c4f-dae5f41f4ffe","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":32,"box":{"x":549,"y":532,"width":401,"height":11}},{"id":"4a31b656-1c1f-46b1-bfa6-2f0ef4ad379f","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":32,"box":{"x":549,"y":547,"width":377,"height":10}},{"id":"80fea400-8404-4712-9d3b-08cbfbcc4e4c","block_type":"box","text":"providers are required to have appropriate operational,","page_number":32,"box":{"x":549,"y":561,"width":350,"height":10}},{"id":"f92f7331-43f2-42cb-865a-0e1492060d37","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":32,"box":{"x":549,"y":575,"width":414,"height":11}},{"id":"c5d29397-60bb-4771-b994-6564ee51fced","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":32,"box":{"x":549,"y":589,"width":397,"height":11}},{"id":"6ff7e4e5-835a-405c-9139-1924072f68dc","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":32,"box":{"x":549,"y":603,"width":411,"height":11}},{"id":"3be6044c-d401-42b0-be93-42561ee54d56","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":32,"box":{"x":549,"y":617,"width":391,"height":9}},{"id":"a1170a20-39de-418e-b7eb-f21fb944b299","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":32,"box":{"x":549,"y":632,"width":422,"height":10}},{"id":"d87c2db5-7628-48e7-9896-38f701db83f0","block_type":"box","text":"investments in such issuers to lose value.","page_number":32,"box":{"x":549,"y":646,"width":264,"height":8}},{"id":"3766b2cc-78f8-4a59-bf18-c9338ca009ed","block_type":"box","text":"Securities Lending Risk.","page_number":32,"box":{"x":548,"y":669,"width":162,"height":11}},{"id":"a9c9c13d-5806-415c-b92c-8649e813c0df","block_type":"box","text":"The Fund may engage in securities","page_number":32,"box":{"x":716,"y":669,"width":221,"height":11}},{"id":"e3889506-22f9-48d4-931b-d789cf35ba37","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":32,"box":{"x":549,"y":683,"width":397,"height":11}},{"id":"06d636a3-93ad-4209-b5e7-cf920ef33278","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":32,"box":{"x":549,"y":697,"width":418,"height":11}},{"id":"c35d1ebc-eca1-4624-a287-b025d56c68ee","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":32,"box":{"x":549,"y":712,"width":409,"height":10}},{"id":"8fcdff2c-b2b3-404b-b505-de7c14f95bed","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":32,"box":{"x":549,"y":726,"width":416,"height":11}},{"id":"1e8ef67e-c2fb-49d0-8c4c-adcd9f4efbcc","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":32,"box":{"x":549,"y":740,"width":389,"height":11}},{"id":"6e6799a6-c93b-4cb1-8800-f6145f4e078a","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":32,"box":{"x":549,"y":754,"width":406,"height":9}},{"id":"7469d407-5f03-4277-a583-73ae08d3f2ab","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":32,"box":{"x":549,"y":768,"width":301,"height":11}},{"id":"3e541463-7df8-409c-b0c6-6f7f3a60f989","block_type":"box","text":"Technology Companies Risk","page_number":32,"box":{"x":550,"y":791,"width":190,"height":11}},{"id":"c4278d4b-eefe-4923-9d76-dc53fcf73b1a","block_type":"box","text":".","page_number":32,"box":{"x":740,"y":798,"width":3,"height":2}},{"id":"a36e672d-045f-420d-b06d-c5a902cdf020","block_type":"box","text":"Technology companies and","page_number":32,"box":{"x":748,"y":791,"width":172,"height":11}},{"id":"e08876b8-706a-4a9f-9777-e064aa78e4a2","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":32,"box":{"x":549,"y":806,"width":413,"height":10}},{"id":"520eec17-5abb-4f66-b845-321ac5d64811","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":32,"box":{"x":549,"y":820,"width":414,"height":11}},{"id":"064f8c3c-28ac-439c-9b33-3ce54b8c6246","block_type":"box","text":"and personnel. These companies typically face intense","page_number":32,"box":{"x":549,"y":834,"width":348,"height":11}},{"id":"3912ab6f-43ac-47c5-88e2-746ff13f7abb","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":32,"box":{"x":549,"y":848,"width":418,"height":11}},{"id":"cb0d2133-db78-4c19-b831-e63b9740bdee","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":32,"box":{"x":549,"y":862,"width":381,"height":11}},{"id":"c866fbb9-aeea-497c-9ca1-6bf20a223df1","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":32,"box":{"x":549,"y":877,"width":367,"height":10}},{"id":"946b22b7-19f7-4476-bcb5-18f2297ea033","block_type":"box","text":"S-16","page_number":32,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"3e2fabf1-0e6c-4ac8-8a9d-41d293a768e0","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":33,"box":{"x":83,"y":23,"width":423,"height":11}},{"id":"ce63d1db-a268-4fad-9c24-7b00b1e8ca58","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":33,"box":{"x":82,"y":37,"width":369,"height":11}},{"id":"83bc1741-fb79-46b8-ac73-7c2ca107904b","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":33,"box":{"x":83,"y":51,"width":384,"height":11}},{"id":"dc99f842-f787-4efc-9ff9-baad83cd1d18","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":33,"box":{"x":83,"y":66,"width":384,"height":11}},{"id":"9f0dc651-9110-4ee6-8f92-105351f47874","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":33,"box":{"x":83,"y":80,"width":397,"height":11}},{"id":"491374fa-e0df-4dc5-baae-f0f682c82ab5","block_type":"box","text":"government or legal action.","page_number":33,"box":{"x":83,"y":94,"width":174,"height":11}},{"id":"70ce3ac9-4a0c-4f9e-8090-84cfc80ecab7","block_type":"box","text":"Tracking Error Risk","page_number":33,"box":{"x":84,"y":117,"width":128,"height":11}},{"id":"d0e1562f-9af9-463b-9cfe-012ec8853a78","block_type":"box","text":".","page_number":33,"box":{"x":212,"y":124,"width":2,"height":2}},{"id":"154a9ee9-06ea-40ef-99b7-7654c2029f54","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":33,"box":{"x":219,"y":117,"width":284,"height":11}},{"id":"a4efc4a4-0544-4f9b-a90c-c1b1c43fef9d","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":33,"box":{"x":82,"y":131,"width":405,"height":11}},{"id":"6bd36ccc-81e3-4f90-a181-5b6a8af1c416","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":33,"box":{"x":83,"y":146,"width":425,"height":10}},{"id":"d824cee8-da7a-488a-bdf2-60478c686834","block_type":"box","text":"factors, including differences between the securities and other","page_number":33,"box":{"x":82,"y":160,"width":402,"height":11}},{"id":"b80e200f-b48f-4aed-baa9-53875ef82629","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":33,"box":{"x":83,"y":174,"width":381,"height":11}},{"id":"e94ed3b6-c916-402b-b987-33a163ed6c6e","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":33,"box":{"x":83,"y":188,"width":396,"height":11}},{"id":"085f503b-5129-461f-a588-b77479dc11d9","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":33,"box":{"x":83,"y":202,"width":407,"height":10}},{"id":"3b57f377-6dfc-4f74-af5b-4874724a98aa","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":33,"box":{"x":83,"y":217,"width":400,"height":10}},{"id":"9fc47316-cb29-4940-8e66-08bc0ce51623","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":33,"box":{"x":83,"y":231,"width":421,"height":11}},{"id":"a12e15cd-fd51-4948-a5d6-38e305fefabf","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":33,"box":{"x":549,"y":23,"width":374,"height":11}},{"id":"f52dbdbe-566e-4787-8589-22552f29b66b","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":33,"box":{"x":549,"y":37,"width":370,"height":11}},{"id":"0d1e0c5d-71ba-46ff-b99d-43ee2934a465","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":33,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"27f645e9-1849-4602-9857-3396311960a6","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":33,"box":{"x":549,"y":66,"width":420,"height":11}},{"id":"4531fafa-6e9d-4596-a9bc-4df341409723","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":33,"box":{"x":549,"y":80,"width":387,"height":11}},{"id":"afb36e30-7633-4a10-a7b9-eb82d1d2394f","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":33,"box":{"x":549,"y":94,"width":377,"height":11}},{"id":"d04ec11f-8a4e-4c81-9cca-063856641e82","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":33,"box":{"x":549,"y":108,"width":380,"height":11}},{"id":"df682452-addc-4873-b6a0-70d3649bbd92","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":33,"box":{"x":549,"y":122,"width":366,"height":11}},{"id":"46cbee64-d860-42bd-bdd0-59adc4e4cd50","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":33,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"10395c10-0950-42f1-bfc0-2a6d9d33473a","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":33,"box":{"x":550,"y":151,"width":386,"height":11}},{"id":"4a32c6d1-703b-4cae-a801-a07764e723f2","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":33,"box":{"x":549,"y":165,"width":414,"height":11}},{"id":"69ae13a6-a15f-4ebf-b5cc-0bcc9e08b313","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":33,"box":{"x":549,"y":179,"width":420,"height":11}},{"id":"4e154d9c-b041-4cd5-b274-65f64cc7270a","block_type":"box","text":"unusual market conditions.","page_number":33,"box":{"x":549,"y":193,"width":172,"height":9}},{"id":"f24750ec-74bc-4932-bbf5-e9df8163b8a4","block_type":"box","text":"S-17","page_number":33,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"86a89373-4a5a-4ad9-9893-9f70dab5d6ae","block_type":"box","text":"Performance Information","page_number":34,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"e99456d7-d38b-47ee-8212-67c595c57569","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":34,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"9a994efa-7bbc-4fe7-91a9-950494c86433","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":34,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"98a49072-2dea-40de-93d0-5fad3f9a50a5","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":34,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"47300268-f578-41e6-b870-4aaf4ce5a757","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":34,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"081b5290-ddc4-4876-81fb-c6ce561394d1","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":34,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"bebbc815-3cba-4f78-a8b6-58a0d545ed3a","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":34,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"ffc76561-3690-4fa9-b59c-c6111194c97b","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":34,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"c83bd114-837d-4330-8167-be524998410d","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":34,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"f1d858c6-8158-4bcc-8fc6-d684073b3a9b","block_type":"box","text":"45%","page_number":34,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"e798d823-491f-45ef-9815-2784d9e4f1bd","block_type":"box","text":"30%","page_number":34,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"812f8d90-5436-4be9-81e4-58a8d8f7cbe0","block_type":"box","text":"15%","page_number":34,"box":{"x":334,"y":240,"width":19,"height":7}},{"id":"222fa65d-eabd-481b-8ed1-70eb6935f8c2","block_type":"box","text":"0%","page_number":34,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"33c2caeb-40cc-4055-a568-1a3946b1f449","block_type":"box","text":"-15%","page_number":34,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"a8b505e9-5854-4d54-b85a-22f5a93e2f77","block_type":"box","text":"-30%","page_number":34,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"470050a1-8f6a-4cda-b080-480bfb164801","block_type":"box","text":"2","page_number":34,"box":{"x":371,"y":321,"width":5,"height":7}},{"id":"6eb37eb7-a854-4524-be0d-9bf658d24885","block_type":"box","text":"0","page_number":34,"box":{"x":377,"y":321,"width":6,"height":7}},{"id":"07032931-929b-4443-82df-786c3151473b","block_type":"box","text":"17 2","page_number":34,"box":{"x":386,"y":321,"width":34,"height":7}},{"id":"0f9c6d6e-e624-4431-b393-e7f937d9598b","block_type":"box","text":"0","page_number":34,"box":{"x":422,"y":321,"width":6,"height":7}},{"id":"fb85cfcc-f724-46d6-8733-f3a21633638e","block_type":"box","text":"1","page_number":34,"box":{"x":431,"y":321,"width":2,"height":7}},{"id":"ff025a77-efeb-44be-81f4-969995d2bf26","block_type":"box","text":"8","page_number":34,"box":{"x":436,"y":321,"width":6,"height":7}},{"id":"036627f7-0063-4c99-9666-1989820665aa","block_type":"box","text":"2","page_number":34,"box":{"x":460,"y":321,"width":5,"height":7}},{"id":"9b124cc9-cb35-42a1-a3a3-ff1310411729","block_type":"box","text":"0","page_number":34,"box":{"x":466,"y":321,"width":6,"height":7}},{"id":"9e8cdccc-2583-4431-b5c0-892a6d68f5f0","block_type":"box","text":"1","page_number":34,"box":{"x":475,"y":321,"width":3,"height":7}},{"id":"965c493f-1a92-409e-8c22-2bd96f24249d","block_type":"box","text":"9","page_number":34,"box":{"x":481,"y":321,"width":5,"height":7}},{"id":"33bbbb8a-270e-499c-8bce-630d77a3cd0b","block_type":"box","text":"2","page_number":34,"box":{"x":504,"y":321,"width":5,"height":7}},{"id":"e70ad146-8d06-42c2-938e-1e977e2caf8a","block_type":"box","text":"0","page_number":34,"box":{"x":511,"y":321,"width":6,"height":7}},{"id":"291dcb95-d4d1-459b-b81e-77689ab356e3","block_type":"box","text":"2","page_number":34,"box":{"x":518,"y":321,"width":6,"height":7}},{"id":"3c647cf2-761a-48d2-bf36-9adfcc26a09d","block_type":"box","text":"0","page_number":34,"box":{"x":525,"y":321,"width":6,"height":7}},{"id":"fe7738e2-3dcc-4d13-9416-6ccfcbb61737","block_type":"box","text":"2","page_number":34,"box":{"x":549,"y":321,"width":5,"height":7}},{"id":"ebbd538c-c3d0-4bea-9266-57d8709cf2d1","block_type":"box","text":"0","page_number":34,"box":{"x":555,"y":321,"width":6,"height":7}},{"id":"d08114a6-fc37-487c-88b9-39166c38a73f","block_type":"box","text":"21 2","page_number":34,"box":{"x":563,"y":321,"width":35,"height":7}},{"id":"deb88e57-68f6-49a5-9b94-3806e37cf580","block_type":"box","text":"0","page_number":34,"box":{"x":600,"y":321,"width":6,"height":7}},{"id":"d791f09f-546b-4008-ba28-40978fed9cd2","block_type":"box","text":"22 2","page_number":34,"box":{"x":607,"y":321,"width":36,"height":7}},{"id":"a2fc5b8a-3d39-4aa4-9ba8-d95443b5fdfb","block_type":"box","text":"0","page_number":34,"box":{"x":644,"y":321,"width":6,"height":7}},{"id":"122c60cb-9001-4b36-b47a-fe5adf2b3c08","block_type":"box","text":"2","page_number":34,"box":{"x":652,"y":321,"width":5,"height":7}},{"id":"2352751a-3c11-43f8-a9ba-f29edc7dbc77","block_type":"box","text":"3","page_number":34,"box":{"x":659,"y":321,"width":5,"height":7}},{"id":"58eb2021-e339-401d-a3d0-154b8f5d6308","block_type":"box","text":"2","page_number":34,"box":{"x":682,"y":321,"width":5,"height":7}},{"id":"f590ce51-f63e-40b7-b846-aead4e2e6dee","block_type":"box","text":"0","page_number":34,"box":{"x":689,"y":321,"width":6,"height":7}},{"id":"0e3e22e2-67ee-461c-b5d9-0265cc76f22e","block_type":"box","text":"2","page_number":34,"box":{"x":696,"y":321,"width":6,"height":7}},{"id":"bf1b5c75-5826-47d0-8a32-9e6cf41c3161","block_type":"box","text":"4","page_number":34,"box":{"x":703,"y":321,"width":6,"height":7}},{"id":"ab95b28e-8e1c-44d1-91ca-30c17f8e3c71","block_type":"box","text":"21.25%","page_number":34,"box":{"x":368,"y":225,"width":33,"height":6}},{"id":"49e0eb50-7167-468c-a9b0-bf9703f3e536","block_type":"box","text":"-4.14%","page_number":34,"box":{"x":413,"y":272,"width":31,"height":6}},{"id":"720425d2-490c-4b63-8a7a-77fc7465e089","block_type":"box","text":"32.20%","page_number":34,"box":{"x":456,"y":210,"width":34,"height":6}},{"id":"d4905245-56ff-41d1-9b06-3561ba20ef36","block_type":"box","text":"22.49%","page_number":34,"box":{"x":501,"y":223,"width":33,"height":6}},{"id":"7f4812ef-6362-4920-8bcb-58c7fd989605","block_type":"box","text":"26.78%","page_number":34,"box":{"x":546,"y":217,"width":33,"height":6}},{"id":"81a36b4a-ea50-4796-8445-ea82d233bc73","block_type":"box","text":"-20.22%","page_number":34,"box":{"x":588,"y":293,"width":37,"height":6}},{"id":"e7598a5e-9d92-4294-8957-ca20f9a5b0ef","block_type":"box","text":"25.72%","page_number":34,"box":{"x":635,"y":219,"width":33,"height":6}},{"id":"bd1943c6-38eb-4504-a63d-ea52cd71d9fe","block_type":"box","text":"24.33%","page_number":34,"box":{"x":679,"y":221,"width":33,"height":6}},{"id":"33458150-b7be-4f7d-9697-4f9cdb6e9414","block_type":"box","text":"Return (%) Period Ended","page_number":34,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"88bd9045-9e9d-4c47-8af0-eed08ea32273","block_type":"box","text":"Calendar Year-to-Date Return","page_number":34,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"40fb77da-0ef4-4713-81c1-d698159467fd","block_type":"box","text":"13.97% September 30, 2025","page_number":34,"box":{"x":563,"y":366,"width":176,"height":9}},{"id":"e10f64f8-1543-46c3-9cc2-82863e34cd6b","block_type":"box","text":"During the periods shown in the chart:","page_number":34,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"933273bb-fa0c-4dd6-b64c-c79129f9e9d1","block_type":"box","text":"Best Quarter 21.91% June 30, 2020","page_number":34,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"d5fbcf76-6e09-4ee9-91c6-6347b44ea07d","block_type":"box","text":"Worst Quarter -18.89% March 31, 2020","page_number":34,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"cb4551c1-6299-4b47-b9a7-efd077593bcb","block_type":"box","text":"Average Annual Total Returns","page_number":34,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"7a89b94c-46d0-43ed-84ec-4eaba8077842","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":34,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"483a9a76-b0dd-417a-9917-cee0f852a587","block_type":"box","text":"One Year Five Years","page_number":34,"box":{"x":704,"y":477,"width":140,"height":7}},{"id":"abd2a29f-e8c9-4a0b-bcc8-a4b86561c81a","block_type":"box","text":"Since Fund","page_number":34,"box":{"x":866,"y":464,"width":67,"height":7}},{"id":"6bdac205-c87c-4246-bb36-a89e6a841462","block_type":"box","text":"Inception","page_number":34,"box":{"x":871,"y":477,"width":57,"height":9}},{"id":"85d677af-baba-4a94-b59c-fdc3ae5e368a","block_type":"box","text":"(Inception Date: 12/1/2016)","page_number":34,"box":{"x":123,"y":495,"width":174,"height":9}},{"id":"35dcb96b-3249-417b-a4d3-01865fe8bece","block_type":"box","text":"Return Before Taxes","page_number":34,"box":{"x":124,"y":506,"width":112,"height":8}},{"id":"5dee4987-e1e1-4e17-a2de-56b3bf7a18ae","block_type":"box","text":"24.33% 14.13% 14.76%","page_number":34,"box":{"x":712,"y":506,"width":207,"height":8}},{"id":"a5e3a653-5471-42ff-97b9-61f5f9c9074e","block_type":"box","text":"Return After Taxes on Distributions 23.96% 13.75% 14.34%","page_number":34,"box":{"x":124,"y":518,"width":795,"height":7}},{"id":"598a396d-4937-46c2-b575-c5cea379fd85","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 14.64% 11.28% 12.15%","page_number":34,"box":{"x":124,"y":529,"width":795,"height":8}},{"id":"88024d9a-a98c-41fe-8873-a47f5e9aa144","block_type":"box","text":"MSCI USA Index","page_number":34,"box":{"x":124,"y":541,"width":99,"height":8}},{"id":"a0f6599d-9b14-46cd-9167-21948c2d8a39","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 15.00%","page_number":34,"box":{"x":227,"y":541,"width":692,"height":10}},{"id":"38755c9d-c792-46ca-b228-9477ee339349","block_type":"box","text":"MSCI USA Extended ESG Focus Index (Spliced)","page_number":34,"box":{"x":124,"y":553,"width":288,"height":9}},{"id":"d9609331-c6cb-4f3b-bccc-208da5d2682e","block_type":"box","text":"1","page_number":34,"box":{"x":414,"y":551,"width":3,"height":5}},{"id":"7d88256d-c7fb-4424-aeca-7b2143263d20","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":34,"box":{"x":423,"y":553,"width":246,"height":9}},{"id":"95e7c939-fed0-4a6e-8f7c-3bd54bde855d","block_type":"box","text":"expenses or taxes)","page_number":34,"box":{"x":137,"y":566,"width":105,"height":9}},{"id":"93e81385-55f1-4132-9da3-a23c1aec3094","block_type":"box","text":"24.54% 14.29% 14.96%","page_number":34,"box":{"x":712,"y":566,"width":207,"height":7}},{"id":"629db4eb-a032-423d-84eb-1e7fe1d72738","block_type":"box","text":"1","page_number":34,"box":{"x":112,"y":594,"width":2,"height":4}},{"id":"d6ba118a-0df2-474b-82f9-1cf3815e2825","block_type":"box","text":"The MSCI USA Extended ESG Focus Index (Spliced) reflects the performance of the MSCI USA ESG Focus Index through May 31, 2018 and the MSCI","page_number":34,"box":{"x":123,"y":595,"width":843,"height":10}},{"id":"2f9dfbab-405b-4f2b-8b4a-c38ed26a2e8e","block_type":"box","text":"USA Extended ESG Focus Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":34,"box":{"x":124,"y":605,"width":693,"height":10}},{"id":"91d78219-d889-47a2-afac-95bee0f40138","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":34,"box":{"x":82,"y":625,"width":882,"height":11}},{"id":"83888f55-fe0a-481d-a34d-f1cc131c30b0","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":34,"box":{"x":83,"y":639,"width":871,"height":11}},{"id":"383f43e6-8d80-43cb-8512-d1bd8ed3e9a1","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":34,"box":{"x":83,"y":654,"width":860,"height":10}},{"id":"8a42efb1-89a5-459c-ac61-42bbc9c9561b","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":34,"box":{"x":83,"y":668,"width":855,"height":10}},{"id":"5e3260a2-d3c9-443d-a700-fd05d700274e","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":34,"box":{"x":83,"y":682,"width":883,"height":11}},{"id":"c857e784-f212-40eb-a209-334dfc94ac84","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":34,"box":{"x":82,"y":696,"width":861,"height":11}},{"id":"f2373b4e-25aa-48de-94e1-582d326c453c","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":34,"box":{"x":83,"y":710,"width":359,"height":10}},{"id":"2bfd786e-cf57-48e5-9ba8-bd7d5e88ab92","block_type":"box","text":"S-18","page_number":34,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"d47c767d-b693-44b0-9fa6-8b05cb438422","block_type":"box","text":"Management","page_number":35,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"1d6113d7-cc51-450f-b182-db6c8e093669","block_type":"box","text":"Investment Adviser.","page_number":35,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"8be36c26-a5de-45d3-907e-f02fccb3d6b3","block_type":"box","text":"BlackRock Fund Advisors.","page_number":35,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"8d093903-0192-41c4-a31e-08b245dcb4bb","block_type":"box","text":"Portfolio Managers.","page_number":35,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"3ec99bcd-7e80-46d8-bd72-2bed7ad2195c","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":35,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"ee23b02a-99d8-48fb-ab93-d08a24d80a27","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":35,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"194d5e76-6ca2-403c-9bb9-bc6fc4825b2d","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":35,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"e26f3d05-ae2b-4f14-ac85-e33a6aeec05d","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":35,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"df23ca7e-8eb5-443f-8382-8c3382a632e5","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2016. Mr.","page_number":35,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"217edaa2-80eb-4382-abab-b159264adef3","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":35,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"8902a7b7-00ab-40a6-b5f4-daad4d372907","block_type":"box","text":"Managers of the Fund since 2025.","page_number":35,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"29a8507c-e1ed-4cdc-92d8-f1489ec1bcb0","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":35,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"6eaf379d-0da0-4aa4-8e46-8bec15983694","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":35,"box":{"x":82,"y":210,"width":422,"height":11}},{"id":"eda63b77-482d-49bc-a4ab-27988d77d822","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":35,"box":{"x":83,"y":224,"width":419,"height":11}},{"id":"03107908-1db7-483f-b021-726ef2d219b6","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":35,"box":{"x":83,"y":238,"width":400,"height":11}},{"id":"8262ca0e-6422-44b8-82cf-80f53b56bd75","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":35,"box":{"x":83,"y":253,"width":392,"height":10}},{"id":"8e79f8b5-7cc3-440b-a51e-84c0c4ae45dd","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":35,"box":{"x":83,"y":267,"width":418,"height":11}},{"id":"6b2d4f20-c02c-46f8-9024-47a0fb39461c","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":35,"box":{"x":83,"y":281,"width":364,"height":11}},{"id":"ca608f8e-525d-49d2-b8ff-726a1a9ca464","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":35,"box":{"x":83,"y":295,"width":404,"height":11}},{"id":"36997753-4198-4c7b-86af-e77fad00d90e","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":35,"box":{"x":83,"y":309,"width":412,"height":11}},{"id":"beb34fcb-53de-497c-930d-59352ec24f2c","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":35,"box":{"x":82,"y":323,"width":387,"height":11}},{"id":"1b407e41-ea35-4ccf-a1aa-e2a3076c9bcc","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":35,"box":{"x":83,"y":338,"width":394,"height":11}},{"id":"a946a3b4-c880-4c80-af52-7b4a9f8f2abc","block_type":"box","text":"Tax Information","page_number":35,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"7b4aa535-2375-4f68-a438-3354d753a86a","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":35,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"8d051bc5-400f-4f50-8246-d8fbc3add9a4","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":35,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"01584245-5b2d-4d49-bbf6-f1576570c61f","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":35,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"d19ce263-bdc6-4f04-beef-8be7286b0d90","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":35,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"1f80f8f0-3cd9-4845-b276-59139674b08d","block_type":"box","text":"withdrawn.","page_number":35,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"dbe0b71d-122c-4c64-9b6c-b8ccc0d93aab","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":35,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"308e6d60-0cff-45d2-b400-5c9a5d1d6d61","block_type":"box","text":"Intermediaries","page_number":35,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"ef5c90ad-69cc-4082-b344-e8bd7a250fed","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":35,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"bf7f9000-2008-4485-bc08-68e5d3edaaee","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":35,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"e1d44453-08dd-47e7-90e9-7ef6bb30f8a8","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":35,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"96800b4a-df5d-4f24-b638-0e78579a3ebf","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":35,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"39cbfe21-74f2-4d5b-ad68-3dddf261bee9","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":35,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"9bb37d2b-2231-4563-b69e-04be496d1707","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":35,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"e86fcc54-d20c-4a0d-aa52-4884ac8dd696","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":35,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"c0bbde70-95e7-4dcb-968f-2027153a8aba","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":35,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"2ba93995-2fac-439e-bdae-fcb192413b03","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":35,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"77ec9b42-92fd-4345-8e0f-7a162f830231","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":35,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"3d968275-bca9-48f1-bde8-48de3d29b8be","block_type":"box","text":"information.","page_number":35,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"47721d74-d3d4-48ba-859d-4511eb689f40","block_type":"box","text":"S-19","page_number":35,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"b3a4041c-e258-43da-b083-e4ac6efa1d11","block_type":"box","text":"iSHARES","page_number":36,"box":{"x":207,"y":24,"width":119,"height":15}},{"id":"8b90a12a-d4a5-4fe1-be78-04de3172967c","block_type":"box","text":"®","page_number":36,"box":{"x":329,"y":17,"width":11,"height":8}},{"id":"4f184df8-5c58-40b6-b55e-4e4133b48d92","block_type":"box","text":"ESG AWARE MSCI USA GROWTH ETF","page_number":36,"box":{"x":351,"y":24,"width":500,"height":15}},{"id":"e356522b-7235-413e-93d9-58b172692945","block_type":"box","text":"Ticker: EGUS Stock Exchange: Cboe BZX","page_number":36,"box":{"x":283,"y":53,"width":486,"height":12}},{"id":"a7f07e8d-a390-421c-8256-fd4a3b9ba143","block_type":"box","text":"Investment Objective","page_number":36,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"528b6a08-9291-41dd-9fe8-bd37a5526d52","block_type":"box","text":"The iShares ESG Aware MSCI USA Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and","page_number":36,"box":{"x":82,"y":116,"width":882,"height":11}},{"id":"f903c30a-357c-47c3-b975-be2d8cb0098d","block_type":"box","text":"mid-capitalization equities that exhibit growth characteristics as well as positive environmental, social and governance characteristics, as","page_number":36,"box":{"x":83,"y":130,"width":879,"height":11}},{"id":"7eea00ce-fe4e-4631-9bad-c978edb2d5e3","block_type":"box","text":"identified by the index provider, and risk and return characteristics similar to those of the parent index.","page_number":36,"box":{"x":83,"y":144,"width":658,"height":11}},{"id":"b0170052-e973-4c03-9fdc-9f67cff5d217","block_type":"box","text":"Fees and Expenses","page_number":36,"box":{"x":84,"y":174,"width":160,"height":13}},{"id":"a9b511fa-ae5c-4598-96be-856696cfc9d9","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":36,"box":{"x":82,"y":198,"width":869,"height":11}},{"id":"9d2a2fcc-5fb8-4ed5-917b-fa5f49f0c685","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":36,"box":{"x":83,"y":213,"width":867,"height":10}},{"id":"da8064ea-201b-4d65-b64c-44f442c35f42","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":36,"box":{"x":83,"y":227,"width":889,"height":11}},{"id":"4644b85f-04f0-4b15-8c0e-e5e25131d8c7","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":36,"box":{"x":83,"y":241,"width":870,"height":11}},{"id":"9843d41e-ea02-46f0-b7f7-fef8af46d266","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":36,"box":{"x":83,"y":255,"width":858,"height":11}},{"id":"e025750a-918e-4864-a889-7a8ccbc299d7","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":36,"box":{"x":83,"y":269,"width":450,"height":11}},{"id":"da080117-4ed7-4d44-9dcf-0765bc93bb63","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":36,"box":{"x":82,"y":292,"width":883,"height":12}},{"id":"96085f62-88a3-44ae-a366-53ca92edf27a","block_type":"box","text":"the tables and examples below.","page_number":36,"box":{"x":83,"y":307,"width":220,"height":10}},{"id":"657a54d0-0612-418f-aa3f-f212e270b464","block_type":"box","text":"Annual Fund Operating Expenses","page_number":36,"box":{"x":425,"y":327,"width":206,"height":10}},{"id":"1a572b7b-84df-4cf8-93dc-2d0b75974e78","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":36,"box":{"x":383,"y":337,"width":291,"height":10}},{"id":"62623e84-b062-4d52-a626-decd30f9ad88","block_type":"box","text":"percentage of the value of your investments)","page_number":36,"box":{"x":385,"y":348,"width":280,"height":9}},{"id":"dc93e62b-af6a-40dd-808a-4e41d6cd0ce6","block_type":"box","text":"1","page_number":36,"box":{"x":668,"y":346,"width":2,"height":5}},{"id":"517a11e0-82dc-4000-a118-5e69c44709d5","block_type":"box","text":"Management","page_number":36,"box":{"x":170,"y":388,"width":80,"height":9}},{"id":"0701c0b0-470b-412b-9c9e-c9cb3125b2de","block_type":"box","text":"Fees","page_number":36,"box":{"x":196,"y":398,"width":27,"height":7}},{"id":"e989d239-4990-4baf-a590-c85ff057688e","block_type":"box","text":"Distribution","page_number":36,"box":{"x":394,"y":377,"width":72,"height":8}},{"id":"8c8d1c58-f900-412a-a778-34e185942d7f","block_type":"box","text":"and Service","page_number":36,"box":{"x":394,"y":388,"width":72,"height":7}},{"id":"27eb0592-8d98-40d5-84f5-62355adc1e44","block_type":"box","text":"(12b-1) Fees","page_number":36,"box":{"x":393,"y":398,"width":73,"height":10}},{"id":"8b829bd7-5d7f-4f55-9a4d-f6d14630f62e","block_type":"box","text":"Other","page_number":36,"box":{"x":621,"y":388,"width":35,"height":7}},{"id":"431fca88-59b7-4457-a652-c5484cd40065","block_type":"box","text":"Expenses","page_number":36,"box":{"x":610,"y":398,"width":57,"height":9}},{"id":"39193dbc-6aea-473c-a8e7-7743a0db9d81","block_type":"box","text":"Total Annual","page_number":36,"box":{"x":810,"y":367,"width":76,"height":8}},{"id":"1cbffecb-125a-43ec-9485-3457195ce3ca","block_type":"box","text":"Fund","page_number":36,"box":{"x":834,"y":377,"width":29,"height":8}},{"id":"eacd0be1-5a12-4ed6-aea8-4484fcac6da5","block_type":"box","text":"Operating","page_number":36,"box":{"x":818,"y":388,"width":61,"height":9}},{"id":"4b732e56-1033-44eb-ba04-0a6ba9d00557","block_type":"box","text":"Expenses","page_number":36,"box":{"x":820,"y":398,"width":58,"height":9}},{"id":"75f915c1-2282-4bd7-a619-a5284d7e4f5b","block_type":"box","text":"0.18% None 0.00% 0.18%","page_number":36,"box":{"x":195,"y":417,"width":669,"height":8}},{"id":"3f9b30b3-f5fe-433a-af6d-3c34812dd9e2","block_type":"box","text":"1","page_number":36,"box":{"x":112,"y":448,"width":2,"height":5}},{"id":"a88e392c-a2f4-455a-8dbe-8f236b8e0f47","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":36,"box":{"x":123,"y":449,"width":706,"height":10}},{"id":"09a65af2-7e58-476c-bf5e-20e8650db551","block_type":"box","text":"Example.","page_number":36,"box":{"x":83,"y":469,"width":62,"height":11}},{"id":"db4495a2-394e-46fb-a22a-d8c64c6ac8de","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":36,"box":{"x":150,"y":469,"width":800,"height":11}},{"id":"3238d33a-f570-4efd-add7-bf096668a832","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":36,"box":{"x":82,"y":483,"width":891,"height":11}},{"id":"73933c1c-49e2-4294-926b-1c531b9d66c1","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":36,"box":{"x":83,"y":498,"width":862,"height":10}},{"id":"a39cfa8a-bd60-43ce-b57e-64861a350f74","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":36,"box":{"x":83,"y":512,"width":694,"height":11}},{"id":"cf812ca6-9a3f-446a-bd81-b30fefeaa6ec","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":36,"box":{"x":195,"y":542,"width":668,"height":8}},{"id":"f74f00e6-dd16-4691-bbe8-2ebe1d46d921","block_type":"box","text":"$18 $58 $101 $230","page_number":36,"box":{"x":203,"y":562,"width":648,"height":9}},{"id":"9ebf8c17-37a4-4c2f-8a6a-f97362616a2c","block_type":"box","text":"Portfolio Turnover.","page_number":36,"box":{"x":83,"y":602,"width":129,"height":8}},{"id":"38929522-12fd-429a-b3de-81b790e5b8be","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":36,"box":{"x":216,"y":602,"width":287,"height":11}},{"id":"0e65a46d-9b6f-4f3c-b077-d4f5d184d65a","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":36,"box":{"x":83,"y":616,"width":420,"height":11}},{"id":"84b273b6-ede7-44ed-a59e-663d5898a1ae","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":36,"box":{"x":83,"y":630,"width":395,"height":11}},{"id":"87d87859-b10b-48ca-8ab2-ef33aca93357","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":36,"box":{"x":83,"y":645,"width":380,"height":10}},{"id":"50e43d93-9776-4f02-be5a-b429771f88b9","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":36,"box":{"x":83,"y":659,"width":409,"height":10}},{"id":"7100c596-44ad-40b3-add4-8dddc5a20a4a","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":36,"box":{"x":83,"y":673,"width":368,"height":11}},{"id":"0d16a281-2aa3-474d-a383-48c4e46e33d2","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":36,"box":{"x":84,"y":687,"width":411,"height":11}},{"id":"2648c2d8-52ad-47d4-ad78-4f02900d4dc6","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 30% of the","page_number":36,"box":{"x":82,"y":701,"width":385,"height":11}},{"id":"81f8c8fe-e77d-4e3c-b567-5042fb0a45ca","block_type":"box","text":"average value of its portfolio.","page_number":36,"box":{"x":83,"y":715,"width":184,"height":11}},{"id":"77f75f0c-07ff-4fe8-9d39-69603dd4cc66","block_type":"box","text":"Principal Investment Strategies","page_number":36,"box":{"x":84,"y":744,"width":268,"height":14}},{"id":"cbf5bf09-4118-4280-bf5f-a302bafbb382","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":36,"box":{"x":82,"y":770,"width":412,"height":8}},{"id":"41ab4399-674f-44cd-b56a-acdabe0f5f4b","block_type":"box","text":"Growth Extended ESG Focus Index (the “Underlying Index”), which","page_number":36,"box":{"x":83,"y":784,"width":423,"height":11}},{"id":"a36c5d21-6719-41b6-9af9-2e37da168b95","block_type":"box","text":"has been developed by MSCI Inc. (the “Index Provider” or","page_number":36,"box":{"x":83,"y":798,"width":367,"height":11}},{"id":"772d57dc-0eeb-4293-943c-a88b0a086026","block_type":"box","text":"“MSCI”).","page_number":36,"box":{"x":83,"y":812,"width":54,"height":11}},{"id":"0f1455c0-8578-46e3-93dc-e144a2d19530","block_type":"box","text":"The Underlying Index is an optimized equity index designed to","page_number":36,"box":{"x":82,"y":834,"width":395,"height":11}},{"id":"d206e34c-e8cf-4009-8a32-82f07023ca5b","block_type":"box","text":"reflect the equity performance of U.S. companies that exhibit","page_number":36,"box":{"x":83,"y":848,"width":392,"height":11}},{"id":"d4f0767a-b1ce-4d17-8235-fee1e169a200","block_type":"box","text":"growth characteristics as well as positive environmental, social","page_number":36,"box":{"x":83,"y":862,"width":402,"height":11}},{"id":"1a0d9245-ed2f-4c00-8d48-346efa210743","block_type":"box","text":"and governance (“ESG”) characteristics, as determined by the","page_number":36,"box":{"x":83,"y":877,"width":395,"height":10}},{"id":"d14b3333-fa91-46b8-ab16-7f4508d5582e","block_type":"box","text":"Index Provider, and risk and return characteristics similar to those","page_number":36,"box":{"x":550,"y":594,"width":421,"height":10}},{"id":"44cbc922-8895-46ca-9bad-49efa6997e8b","block_type":"box","text":"of the MSCI USA Growth Index (the “Parent Index”).","page_number":36,"box":{"x":549,"y":608,"width":331,"height":11}},{"id":"707997cd-0466-4b7d-b675-e50424ff810f","block_type":"box","text":"The Parent Index includes U.S. large- and mid-capitalization","page_number":36,"box":{"x":549,"y":630,"width":379,"height":11}},{"id":"7fe3ec0f-b4fd-49a2-9222-cef970e2ea2e","block_type":"box","text":"stocks that generally represent approximately 50% of the free","page_number":36,"box":{"x":549,"y":644,"width":393,"height":11}},{"id":"92d703bb-185d-45bb-8b21-31a59b7ecd7d","block_type":"box","text":"float-adjusted market capitalization of the MSCI USA Index and","page_number":36,"box":{"x":549,"y":659,"width":405,"height":10}},{"id":"9e9cad27-bad2-4b36-8275-8b040edcbfd9","block_type":"box","text":"that are identified by MSCI as exhibiting overall growth style","page_number":36,"box":{"x":549,"y":673,"width":385,"height":11}},{"id":"ac69c36b-1d88-4238-b3dc-846ba336f14f","block_type":"box","text":"characteristics. MSCI uses five variables to identify growth style","page_number":36,"box":{"x":549,"y":687,"width":409,"height":11}},{"id":"81bc4e36-d001-46da-94c4-df54e903bce4","block_type":"box","text":"securities: long-term forward earnings per share (“EPS”) growth","page_number":36,"box":{"x":549,"y":701,"width":408,"height":11}},{"id":"254d819e-a674-457e-a515-b0b734f7c05c","block_type":"box","text":"rate, short-term forward EPS growth rate, current internal growth","page_number":36,"box":{"x":549,"y":715,"width":417,"height":11}},{"id":"2142328f-279d-4951-9705-8ae519885ca4","block_type":"box","text":"rate, long-term historical EPS growth trend and long-term","page_number":36,"box":{"x":549,"y":730,"width":368,"height":10}},{"id":"3ba72c4c-6947-4df2-bd51-74cd15df4f23","block_type":"box","text":"historical sales per share growth trend.","page_number":36,"box":{"x":549,"y":744,"width":249,"height":11}},{"id":"74c80498-dca3-4c0a-a977-5be5f1bd41cb","block_type":"box","text":"MSCI uses a specialized framework to determine the extent to","page_number":36,"box":{"x":550,"y":766,"width":398,"height":10}},{"id":"3d410d6b-4d75-4d22-aed4-b4a0776d3d05","block_type":"box","text":"which a security is assigned to the value or growth style. It is","page_number":36,"box":{"x":549,"y":780,"width":387,"height":11}},{"id":"2d3922b4-d81e-4ca3-8ab9-5fde9fe18bac","block_type":"box","text":"possible for a single security to have representation in both value","page_number":36,"box":{"x":549,"y":794,"width":417,"height":11}},{"id":"c4cb69fb-7693-4714-8761-7be67d42208d","block_type":"box","text":"and growth style indexes; however, no more than 100% of a","page_number":36,"box":{"x":549,"y":808,"width":379,"height":11}},{"id":"98696ac5-c2d2-40b1-b5b1-7c81b6cc0254","block_type":"box","text":"security’s float-adjusted market capitalization is included within","page_number":36,"box":{"x":549,"y":822,"width":407,"height":11}},{"id":"33d5a97c-cfea-4093-a9f0-f8fd1308b660","block_type":"box","text":"the combined style framework.","page_number":36,"box":{"x":549,"y":837,"width":197,"height":10}},{"id":"187aeea1-79de-4fdf-a130-b8db7698f7cb","block_type":"box","text":"To construct the Underlying Index, the Index Provider begins with","page_number":36,"box":{"x":549,"y":859,"width":415,"height":10}},{"id":"2017f4a7-2f03-472b-8f19-2cfeb42c2c71","block_type":"box","text":"the Parent Index and excludes securities of companies involved in","page_number":36,"box":{"x":549,"y":873,"width":420,"height":10}},{"id":"0b157776-a496-4c9d-86e5-d25782b6a58b","block_type":"box","text":"S-20","page_number":36,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c520ff44-581a-4e03-9917-9d81b13e3c86","block_type":"box","text":"the business of tobacco, companies involved with controversial","page_number":37,"box":{"x":83,"y":23,"width":404,"height":11}},{"id":"f0c0b770-a93e-4b46-8e06-7b4cbf013d58","block_type":"box","text":"weapons, producers and retailers of civilian firearms, and","page_number":37,"box":{"x":82,"y":37,"width":366,"height":11}},{"id":"fc5ac078-f221-4635-b576-b01ef71ddd1d","block_type":"box","text":"companies included in certain climate change-related activity","page_number":37,"box":{"x":83,"y":52,"width":393,"height":10}},{"id":"b7fd2740-4019-4e6a-b963-6e7d8dd57eff","block_type":"box","text":"such as the production of thermal coal, thermal coal-based power","page_number":37,"box":{"x":83,"y":66,"width":421,"height":10}},{"id":"ad777b79-aca1-4210-8617-c0230668957e","block_type":"box","text":"generation and extraction of oil sands, based on revenue or","page_number":37,"box":{"x":83,"y":80,"width":380,"height":11}},{"id":"645bc017-a179-41a9-80f3-7274821038e9","block_type":"box","text":"percentage of revenue thresholds for certain categories (","page_number":37,"box":{"x":83,"y":94,"width":365,"height":11}},{"id":"f8041ce2-65ea-4094-9346-aabbb2bb17be","block_type":"box","text":"e.g","page_number":37,"box":{"x":449,"y":96,"width":19,"height":9}},{"id":"b1eea5ec-65cc-4189-8119-4183ea2715ce","block_type":"box","text":"., $20","page_number":37,"box":{"x":468,"y":93,"width":36,"height":11}},{"id":"99b2154e-842b-43f2-aa80-54f6d608b34a","block_type":"box","text":"million or 5%) and categorical exclusions for others (","page_number":37,"box":{"x":83,"y":108,"width":333,"height":11}},{"id":"bc0ae6d1-cf66-4e89-80cc-0809f5493dc2","block_type":"box","text":"e.g","page_number":37,"box":{"x":417,"y":111,"width":20,"height":8}},{"id":"e4019880-c678-407f-96c9-582abfe05dc4","block_type":"box","text":".,","page_number":37,"box":{"x":437,"y":115,"width":6,"height":3}},{"id":"3cf8cb91-e97a-45e1-b786-8602e30daeac","block_type":"box","text":"controversial weapons).","page_number":37,"box":{"x":83,"y":122,"width":152,"height":11}},{"id":"3a58c432-33d4-46fd-882b-7be037619088","block_type":"box","text":"The Index Provider also excludes companies that are directly","page_number":37,"box":{"x":82,"y":144,"width":389,"height":11}},{"id":"7f2ba1e6-3406-4fcf-9285-2404f41ade0c","block_type":"box","text":"involved in very severe, ongoing business controversies, defined","page_number":37,"box":{"x":83,"y":158,"width":410,"height":11}},{"id":"44ad0826-176b-4c0c-9e8e-926a8c1f2c10","block_type":"box","text":"as an instance or ongoing situation in which company operations","page_number":37,"box":{"x":83,"y":173,"width":414,"height":11}},{"id":"3b14df96-8492-4e11-a11a-c77481acc333","block_type":"box","text":"and/or products allegedly have a negative ESG impact, including","page_number":37,"box":{"x":83,"y":187,"width":415,"height":11}},{"id":"f6c07a56-55f8-4b5c-87f0-11f80ccab6aa","block_type":"box","text":"alleged violations of laws, regulations, or accepted international","page_number":37,"box":{"x":83,"y":201,"width":407,"height":11}},{"id":"cc43e161-056d-4495-8594-7dd71aeec0c4","block_type":"box","text":"norms (","page_number":37,"box":{"x":83,"y":215,"width":48,"height":11}},{"id":"d740c875-5a23-4879-9f16-e48fc43f3e39","block_type":"box","text":"e.g","page_number":37,"box":{"x":132,"y":218,"width":19,"height":8}},{"id":"61ecc70b-41bc-4881-9f8a-4ecb3705d7ac","block_type":"box","text":"., human rights violations or toxic emissions and","page_number":37,"box":{"x":151,"y":215,"width":307,"height":11}},{"id":"54d87222-6cfa-41b7-9efe-37722a4c4569","block_type":"box","text":"waste). In each case, severe business controversies are","page_number":37,"box":{"x":82,"y":229,"width":357,"height":11}},{"id":"50995cad-000d-4217-8e3c-01146caa29a8","block_type":"box","text":"determined by the Index Provider based on an MSCI ESG","page_number":37,"box":{"x":83,"y":244,"width":363,"height":10}},{"id":"7cf33fd3-1fe3-4753-adcc-4da368295505","block_type":"box","text":"Controversy Score. The Index Provider excludes companies that","page_number":37,"box":{"x":83,"y":258,"width":409,"height":11}},{"id":"d98a0b10-4a32-4b4f-9679-942f38b89967","block_type":"box","text":"are not assessed by the Index Provider regarding severe business","page_number":37,"box":{"x":83,"y":272,"width":418,"height":11}},{"id":"e65d2441-d060-406f-8fca-0102582ead49","block_type":"box","text":"controversies.","page_number":37,"box":{"x":83,"y":286,"width":90,"height":9}},{"id":"3b8555ac-aafc-4f95-8cef-70650533f761","block_type":"box","text":"All index constituents are scored by the Index Provider on their","page_number":37,"box":{"x":82,"y":308,"width":403,"height":11}},{"id":"779fd1ac-acf2-46b7-a9e9-8007307fa5c8","block_type":"box","text":"management of ESG risks and opportunities (“ESG Score”). The","page_number":37,"box":{"x":83,"y":322,"width":405,"height":11}},{"id":"4734f068-bede-4061-add7-b7b82455af55","block_type":"box","text":"Index Provider identifies, for each industry, key ESG issues that","page_number":37,"box":{"x":83,"y":336,"width":404,"height":11}},{"id":"61e4006f-f781-47ca-98e6-f5831fa73312","block_type":"box","text":"may generate unanticipated costs for a given company or industry","page_number":37,"box":{"x":83,"y":351,"width":423,"height":10}},{"id":"7ecf3ed6-4395-46af-9856-8778b8fa8406","block_type":"box","text":"(as determined by the Index Provider). The Index Provider has","page_number":37,"box":{"x":83,"y":365,"width":393,"height":11}},{"id":"dd5efdb6-66b1-40aa-988b-a51b98606524","block_type":"box","text":"identified 35 key ESG issues across the following 10 themes:","page_number":37,"box":{"x":83,"y":379,"width":388,"height":11}},{"id":"8fb6281e-1553-4179-a3d9-ceefa575ff8d","block_type":"box","text":"climate change, natural capital, pollution and waste,","page_number":37,"box":{"x":83,"y":393,"width":332,"height":11}},{"id":"7b0b84ed-1438-427f-9656-5fa204b4e493","block_type":"box","text":"environmental opportunities, human capital, product liability,","page_number":37,"box":{"x":83,"y":407,"width":389,"height":11}},{"id":"83a08480-fb9d-4936-9af2-da334f6fa610","block_type":"box","text":"stakeholder opposition, social opportunities, corporate","page_number":37,"box":{"x":83,"y":422,"width":350,"height":10}},{"id":"32b093dc-7e81-48ea-bad3-d0c1c0016309","block_type":"box","text":"governance and corporate behavior. The Index Provider then","page_number":37,"box":{"x":83,"y":436,"width":385,"height":10}},{"id":"2d6b6a21-5993-4e2a-8805-813c57251fc3","block_type":"box","text":"calculates the size of each company’s exposure to each key issue","page_number":37,"box":{"x":83,"y":450,"width":418,"height":11}},{"id":"08eb1da1-4b87-485c-af6b-4fe8c244288e","block_type":"box","text":"based on the company’s business segment and geographic risk","page_number":37,"box":{"x":83,"y":464,"width":404,"height":11}},{"id":"184914fc-daf9-4983-93c0-118617616ea2","block_type":"box","text":"and analyzes the extent to which the company has developed","page_number":37,"box":{"x":83,"y":478,"width":392,"height":11}},{"id":"d3302bc1-0849-47c5-b50c-17cac258338d","block_type":"box","text":"robust strategies and programs to manage ESG risks and","page_number":37,"box":{"x":83,"y":492,"width":364,"height":11}},{"id":"70125644-aee9-4f7c-ad6b-c1c104992872","block_type":"box","text":"opportunities. Using a sector-specific weighting model,","page_number":37,"box":{"x":83,"y":507,"width":351,"height":10}},{"id":"9111885c-9a84-40cb-aad4-38b611a6395b","block_type":"box","text":"companies are rated and ranked in comparison to their industry","page_number":37,"box":{"x":83,"y":521,"width":408,"height":11}},{"id":"cf21541a-07a9-4eb6-a055-c50d2a5e0aa4","block_type":"box","text":"peers. A higher ESG Score indicates that a company exhibits more","page_number":37,"box":{"x":83,"y":535,"width":424,"height":11}},{"id":"688ba704-2bad-40f1-b263-baadc2ba7fb0","block_type":"box","text":"favorable ESG characteristics and greater resilience to long-term,","page_number":37,"box":{"x":82,"y":549,"width":419,"height":11}},{"id":"f3c9b350-f5f0-4c9a-93fd-70f95afba72d","block_type":"box","text":"material ESG risks specific to that industry.","page_number":37,"box":{"x":83,"y":563,"width":275,"height":11}},{"id":"26e35e46-842c-4a55-9940-21a750d24d86","block_type":"box","text":"The Index Provider then follows a quantitative process that is","page_number":37,"box":{"x":82,"y":585,"width":390,"height":11}},{"id":"bbc2bb9f-468e-4ab4-a0de-547161e60308","block_type":"box","text":"designed to determine optimal weights for securities to maximize","page_number":37,"box":{"x":83,"y":599,"width":417,"height":11}},{"id":"5f681047-302a-4ed1-9fd7-c545886b1007","block_type":"box","text":"exposure to securities of companies with higher ESG ratings,","page_number":37,"box":{"x":83,"y":614,"width":389,"height":10}},{"id":"cf793beb-159a-44e2-817b-f76e64f71a12","block_type":"box","text":"subject to maintaining risk and return characteristics similar to","page_number":37,"box":{"x":83,"y":628,"width":402,"height":11}},{"id":"cece6f74-21ac-454b-988c-759735e373e1","block_type":"box","text":"the Parent Index. The Underlying Index is rebalanced quarterly. At","page_number":37,"box":{"x":83,"y":642,"width":418,"height":11}},{"id":"76ba0d4e-b4df-4ab1-b11a-a13f52839e96","block_type":"box","text":"each quarterly review, the Underlying Index must have an ESG","page_number":37,"box":{"x":83,"y":656,"width":397,"height":11}},{"id":"f15db9bd-c79e-4e5a-bc93-8d4d4e18371f","block_type":"box","text":"score of at least 10% better than that of the Parent Index, as","page_number":37,"box":{"x":83,"y":670,"width":383,"height":10}},{"id":"db359884-c278-49b0-893d-56c776c6e54b","block_type":"box","text":"determined by MSCI.","page_number":37,"box":{"x":83,"y":684,"width":134,"height":11}},{"id":"538e32bd-9f2f-4663-9c88-32edcd164f2b","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":37,"box":{"x":82,"y":706,"width":390,"height":11}},{"id":"056f7db4-e5b2-43f5-8613-2e7084506840","block_type":"box","text":"Index is represented by securities of companies in the technology","page_number":37,"box":{"x":83,"y":721,"width":420,"height":10}},{"id":"aa36bfff-3e54-4a89-a2c9-dfde6848bf53","block_type":"box","text":"industry or sector. As of August 31, 2025, the Underlying Index","page_number":37,"box":{"x":83,"y":735,"width":402,"height":11}},{"id":"3bcb08ee-b767-458c-b0aa-c60554478f7e","block_type":"box","text":"had 105 components. The components of the Underlying Index","page_number":37,"box":{"x":83,"y":749,"width":402,"height":11}},{"id":"5a67e383-fc7c-4844-b495-2e01c90710ad","block_type":"box","text":"are likely to change over time.","page_number":37,"box":{"x":83,"y":763,"width":191,"height":11}},{"id":"8468b016-1e97-4551-92bd-e1b13abeb6c4","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":37,"box":{"x":84,"y":786,"width":376,"height":11}},{"id":"369adfaf-10af-4369-9247-3b86e17a4ac6","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":37,"box":{"x":83,"y":800,"width":417,"height":11}},{"id":"499376a0-d51a-4290-83d0-768594728203","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":37,"box":{"x":83,"y":815,"width":396,"height":10}},{"id":"8849d953-77e3-4aa6-9b17-88042b8b730e","block_type":"box","text":"markets decline or appear overvalued.","page_number":37,"box":{"x":83,"y":829,"width":244,"height":11}},{"id":"92090e47-533b-458e-9778-a1ce135fd700","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":37,"box":{"x":83,"y":852,"width":421,"height":11}},{"id":"4d61cbc7-8d50-4ae4-956a-a199ea440b9d","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":37,"box":{"x":83,"y":866,"width":421,"height":11}},{"id":"408300e4-eb6b-4536-a02a-4355e589782c","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":37,"box":{"x":83,"y":880,"width":386,"height":11}},{"id":"f894cd8e-f220-4b3a-9921-240a41ddea5b","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":37,"box":{"x":550,"y":23,"width":369,"height":11}},{"id":"f0dfc21e-a6e0-4781-9701-52640ba904cc","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":37,"box":{"x":549,"y":37,"width":356,"height":11}},{"id":"6dad3766-6c06-455c-aec1-b4f31f4e9e28","block_type":"box","text":"comparison to actively managed investment companies.","page_number":37,"box":{"x":549,"y":52,"width":359,"height":10}},{"id":"5e8f0eb3-70ec-4f17-a2ac-28900966ae07","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":37,"box":{"x":550,"y":75,"width":411,"height":11}},{"id":"b60988c2-583f-4c84-8bd3-8776bc9874e3","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":37,"box":{"x":549,"y":89,"width":411,"height":11}},{"id":"56f097b6-1375-4376-9b63-b7c6c70445f5","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":37,"box":{"x":549,"y":103,"width":424,"height":11}},{"id":"d2cac637-522c-4987-9316-ab53e84d8dd6","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":37,"box":{"x":549,"y":117,"width":410,"height":11}},{"id":"40eee943-47fd-41a4-bbc8-021c4cea83c6","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":37,"box":{"x":549,"y":131,"width":408,"height":11}},{"id":"90fe6338-bf90-4361-8e06-7fe4ee0b90ca","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":37,"box":{"x":549,"y":146,"width":423,"height":10}},{"id":"a3171224-3924-425d-a5c6-cabf97731817","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":37,"box":{"x":549,"y":160,"width":386,"height":11}},{"id":"df8ec0d1-4345-4fa8-9f91-dd050228c18d","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":37,"box":{"x":549,"y":174,"width":360,"height":11}},{"id":"db7591a1-22c2-446a-8c0b-96536c001a25","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":37,"box":{"x":548,"y":188,"width":414,"height":11}},{"id":"73794c7e-bf3e-4a2a-a414-a76a1df31907","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":37,"box":{"x":549,"y":202,"width":410,"height":11}},{"id":"1ab35185-69f7-4719-b7ae-c70b9d4cb1d8","block_type":"box","text":"the components of the Underlying Index.","page_number":37,"box":{"x":549,"y":216,"width":259,"height":11}},{"id":"89afe28e-1ccf-4e8d-b7a9-57b4fd34bf00","block_type":"box","text":"The Fund generally will invest at least 90% of its assets in the","page_number":37,"box":{"x":549,"y":240,"width":389,"height":11}},{"id":"ae1f315c-5287-4140-806e-4b15da1b4ca3","block_type":"box","text":"component securities of the Underlying Index and may invest up","page_number":37,"box":{"x":549,"y":254,"width":411,"height":11}},{"id":"ed976a9c-4c7c-4abe-ad52-13c1cce4bc2c","block_type":"box","text":"to 10% of its assets in certain futures, options and swap contracts,","page_number":37,"box":{"x":549,"y":268,"width":423,"height":11}},{"id":"69c4d787-d0a4-4c24-a036-8f426e560d6b","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":37,"box":{"x":549,"y":282,"width":392,"height":11}},{"id":"f276312b-72f3-4a9f-a696-ae8a3630b7c8","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":37,"box":{"x":549,"y":296,"width":406,"height":11}},{"id":"00dcedb7-6bf4-4b00-8072-4f88e5bde276","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":37,"box":{"x":549,"y":311,"width":416,"height":10}},{"id":"019cbf34-1288-4e2b-9c9b-82226081cd07","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":37,"box":{"x":549,"y":325,"width":400,"height":11}},{"id":"658bc6fa-05d4-42d5-968c-c066ab574832","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":37,"box":{"x":549,"y":339,"width":409,"height":11}},{"id":"ba7ba8db-108f-4fd6-b44c-93d9fcda49d0","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":37,"box":{"x":549,"y":353,"width":368,"height":11}},{"id":"73c2f35f-91e8-4a07-8acc-7c0f6ede51b4","block_type":"box","text":"percentage of investments included in the Underlying Index. The","page_number":37,"box":{"x":549,"y":367,"width":411,"height":11}},{"id":"11c072e5-4725-42b4-8a26-f52ea46eab94","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":37,"box":{"x":550,"y":381,"width":386,"height":11}},{"id":"33b58b2e-fcc5-4959-9dbd-a6c920dd21fb","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":37,"box":{"x":550,"y":396,"width":281,"height":10}},{"id":"b8133f3e-1f17-4144-8681-d312d578cd9e","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":37,"box":{"x":549,"y":419,"width":411,"height":11}},{"id":"0047c57e-35ac-4d7c-a593-5c689bfd1405","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":37,"box":{"x":548,"y":433,"width":371,"height":11}},{"id":"e59cee53-6690-4c5b-b968-e945aabe577e","block_type":"box","text":"collateral received).","page_number":37,"box":{"x":549,"y":447,"width":125,"height":11}},{"id":"afccd2ea-c6a9-4217-9dde-5e1c98625e6d","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":37,"box":{"x":549,"y":470,"width":421,"height":11}},{"id":"51102d8e-e7d1-4c70-b80a-8ce63d6d8ecc","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":37,"box":{"x":549,"y":485,"width":356,"height":8}},{"id":"4c22ce79-7d14-4681-a000-38cd0e73d139","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":37,"box":{"x":549,"y":499,"width":377,"height":11}},{"id":"25461933-965a-4435-b1b0-854e636aa9c4","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":37,"box":{"x":550,"y":513,"width":415,"height":11}},{"id":"8220c8c0-25c7-4807-8274-3252bef583e8","block_type":"box","text":"value of the Underlying Index.","page_number":37,"box":{"x":548,"y":527,"width":190,"height":11}},{"id":"3c91e8cc-d82c-490d-8bde-833647518e08","block_type":"box","text":"Industry Concentration Policy.","page_number":37,"box":{"x":550,"y":550,"width":209,"height":11}},{"id":"c118ead6-c17a-4ec8-a867-6d5edc329206","block_type":"box","text":"The Fund will concentrate its","page_number":37,"box":{"x":764,"y":550,"width":184,"height":9}},{"id":"a69a9273-7d00-4bef-8249-4a122ccbe0f4","block_type":"box","text":"investments (","page_number":37,"box":{"x":549,"y":565,"width":86,"height":10}},{"id":"bb03d0f2-3aa0-4abc-baa6-fda881c8675d","block_type":"box","text":"i.e.","page_number":37,"box":{"x":635,"y":565,"width":17,"height":8}},{"id":"484cf402-7b5e-4e94-ac97-68136ccde71c","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":37,"box":{"x":655,"y":565,"width":264,"height":10}},{"id":"7dd37ea8-6427-4950-b7b0-6d05b8768d6e","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":37,"box":{"x":549,"y":579,"width":394,"height":11}},{"id":"7d31e4c6-7566-4848-a785-eaf45f58e455","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":37,"box":{"x":549,"y":593,"width":377,"height":11}},{"id":"97bb07a7-96db-42ec-9d45-0f9a409d8d3e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":37,"box":{"x":549,"y":607,"width":389,"height":11}},{"id":"0f4e9d5c-c861-4cdb-955a-fb872b849d11","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":37,"box":{"x":549,"y":621,"width":389,"height":11}},{"id":"cf34a73f-273a-4d2a-974d-2ca496a885c0","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":37,"box":{"x":549,"y":635,"width":410,"height":11}},{"id":"8b690351-789d-409b-8529-bccdd4f5820c","block_type":"box","text":"considered to be issued by members of any industry.","page_number":37,"box":{"x":549,"y":650,"width":337,"height":10}},{"id":"3189923d-923a-40d4-a1a1-1d2328f7f1ad","block_type":"box","text":"Summary of Principal Risks","page_number":37,"box":{"x":549,"y":679,"width":235,"height":13}},{"id":"6577bb19-f6a3-4e06-9203-a0a641a9c701","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":37,"box":{"x":549,"y":704,"width":362,"height":11}},{"id":"492b6e6c-1c1c-45f0-b5b8-f216b397d120","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":37,"box":{"x":549,"y":718,"width":402,"height":11}},{"id":"22d33cee-0a12-434f-8675-28a301ebf6d7","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":37,"box":{"x":549,"y":732,"width":396,"height":11}},{"id":"5601e802-70ea-4715-b6e1-f68359b45a26","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":37,"box":{"x":549,"y":746,"width":376,"height":11}},{"id":"045bdda3-07ba-464a-9156-0dc7cfcb76ce","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":37,"box":{"x":549,"y":761,"width":392,"height":10}},{"id":"7a2d62ee-e557-4293-b959-6880894b14ff","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":37,"box":{"x":549,"y":775,"width":416,"height":11}},{"id":"673e4cfa-9714-48e0-bfb0-81916652a251","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":37,"box":{"x":549,"y":789,"width":388,"height":11}},{"id":"0d0b7a76-0d0d-4319-9a77-202f2945d8bf","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":37,"box":{"x":549,"y":803,"width":425,"height":11}},{"id":"e79aeb70-513e-41e3-a689-32d94e7594ee","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":37,"box":{"x":549,"y":817,"width":405,"height":11}},{"id":"9139d933-ac0c-4e88-8a84-eb32ec9c90a9","block_type":"box","text":"review each risk factor carefully.","page_number":37,"box":{"x":549,"y":831,"width":206,"height":11}},{"id":"95bbaeaa-565e-4c12-8345-24bfe29c2109","block_type":"box","text":"Risk of Investing in the U.S","page_number":37,"box":{"x":549,"y":855,"width":182,"height":10}},{"id":"49fe01d5-d532-4ffc-b5c9-2d36cd011a79","block_type":"box","text":".","page_number":37,"box":{"x":732,"y":861,"width":2,"height":2}},{"id":"572737d0-d021-490a-9c22-8b82effc7deb","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":37,"box":{"x":740,"y":855,"width":210,"height":10}},{"id":"12f880d7-d412-4893-a4ca-499e7fb3db35","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":37,"box":{"x":549,"y":869,"width":391,"height":11}},{"id":"d2f38c5c-992e-4cdc-90f4-4cce67d9a3c4","block_type":"box","text":"S-21","page_number":37,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"171c35ac-850c-43ef-97f3-a25bd7c6bc46","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":38,"box":{"x":83,"y":23,"width":423,"height":11}},{"id":"dad0437e-8b66-4901-9595-55328d4d94e8","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":38,"box":{"x":83,"y":37,"width":413,"height":11}},{"id":"57485efb-7856-4a61-8d56-d73042a00f00","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":38,"box":{"x":82,"y":51,"width":397,"height":11}},{"id":"a2510e84-8f51-4d92-8632-a3df4e92db15","block_type":"box","text":"ESG Risk.","page_number":38,"box":{"x":83,"y":75,"width":62,"height":8}},{"id":"33803085-9160-46db-8249-557281bf970a","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":38,"box":{"x":151,"y":75,"width":331,"height":11}},{"id":"f07c3aef-cbf3-4829-8147-6c884c6babbc","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":38,"box":{"x":83,"y":89,"width":399,"height":11}},{"id":"3e322e1f-ce14-444a-a6d7-922b19215da5","block_type":"box","text":"types and number of investment opportunities available to the","page_number":38,"box":{"x":83,"y":103,"width":397,"height":11}},{"id":"315e956d-a6ed-46b6-ba3a-40015f72ccd7","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":38,"box":{"x":84,"y":117,"width":396,"height":11}},{"id":"e02fe047-9226-4361-ae3b-ede6cdda7273","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying","page_number":38,"box":{"x":82,"y":131,"width":421,"height":11}},{"id":"09f31049-0197-4b0e-9561-21c61500d4d6","block_type":"box","text":"Index’s use of ESG criteria may result in the Fund investing in, or","page_number":38,"box":{"x":83,"y":146,"width":412,"height":10}},{"id":"779e150c-ae29-4061-9bce-97c5751ebed1","block_type":"box","text":"allocating greater weight to, securities or market sectors that","page_number":38,"box":{"x":83,"y":160,"width":392,"height":11}},{"id":"2e970c5e-f88e-4eb3-82c0-e3d911cd5b9b","block_type":"box","text":"underperform the market as a whole or underperform other funds","page_number":38,"box":{"x":83,"y":174,"width":420,"height":11}},{"id":"3671b76e-a001-4593-aa75-33f9fe9e1ff1","block_type":"box","text":"that use ESG criteria. In addition, the use of representative","page_number":38,"box":{"x":83,"y":188,"width":375,"height":11}},{"id":"40b222b9-4c83-4f62-9f1a-37d399cdad36","block_type":"box","text":"sampling may result in divergence of the Fund’s overall ESG","page_number":38,"box":{"x":83,"y":202,"width":381,"height":11}},{"id":"d8896b50-4456-4f49-9656-3aa0a0fe6d6f","block_type":"box","text":"characteristics or ESG risk from those of the Underlying Index.","page_number":38,"box":{"x":83,"y":216,"width":399,"height":11}},{"id":"3f1e6923-6d42-4297-8230-c391522a59f8","block_type":"box","text":"The Index Provider may evaluate security-level ESG data and, if","page_number":38,"box":{"x":82,"y":231,"width":403,"height":10}},{"id":"fb5b11a6-79f8-4d8f-be74-96185ffa387e","block_type":"box","text":"applicable, ESG objectives or constraints that are relevant to the","page_number":38,"box":{"x":83,"y":245,"width":413,"height":11}},{"id":"d8204160-858d-4775-8321-c0665ee7db29","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities","page_number":38,"box":{"x":83,"y":259,"width":407,"height":11}},{"id":"6ff66e0c-a9d5-44d1-9a50-3ea093323f10","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":38,"box":{"x":83,"y":273,"width":411,"height":11}},{"id":"18066d02-9d3b-4459-9cb0-91da81cec763","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":38,"box":{"x":84,"y":287,"width":416,"height":11}},{"id":"d8d2b506-4e53-48ba-9eec-71085601474a","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":38,"box":{"x":83,"y":302,"width":384,"height":10}},{"id":"6b92796a-c804-4125-accd-9bcc9ba3596f","block_type":"box","text":"Provider. As a result, certain securities in the Underlying Index, or","page_number":38,"box":{"x":84,"y":316,"width":418,"height":11}},{"id":"6fe17c00-a1bd-4245-a692-9166eba67e6a","block_type":"box","text":"the Underlying Index as a whole, may not meet the relevant ESG","page_number":38,"box":{"x":83,"y":330,"width":410,"height":11}},{"id":"285ff935-be75-4d84-afff-e4f76d408fa4","block_type":"box","text":"objectives or constraints at all times.","page_number":38,"box":{"x":83,"y":344,"width":235,"height":11}},{"id":"f6a3f8f3-f92e-4d5a-bada-f33394f1b266","block_type":"box","text":"Growth Securities Risk","page_number":38,"box":{"x":83,"y":367,"width":155,"height":9}},{"id":"9a84d344-fd26-4503-aa05-f5ea0de2eb12","block_type":"box","text":".","page_number":38,"box":{"x":238,"y":374,"width":3,"height":2}},{"id":"94974ad4-0ee1-4d2b-b5ae-6426f45914a0","block_type":"box","text":"Growth securities are those issued by","page_number":38,"box":{"x":246,"y":367,"width":241,"height":11}},{"id":"183e3f64-995b-48c7-b39e-381c7d46a6e6","block_type":"box","text":"companies whose earnings growth potential appears to be greater","page_number":38,"box":{"x":83,"y":382,"width":424,"height":10}},{"id":"04a0534d-84cb-4ad2-8f30-f835580b376f","block_type":"box","text":"than the market in general and whose revenue growth is expected","page_number":38,"box":{"x":83,"y":396,"width":422,"height":11}},{"id":"6d48b00e-a483-4f15-b317-e68ee38d5eea","block_type":"box","text":"to continue for an extended period of time. The prices of growth","page_number":38,"box":{"x":83,"y":410,"width":408,"height":11}},{"id":"cd2473fd-2e2b-4f61-8604-79dd709fa284","block_type":"box","text":"securities may be more volatile than those of other types of","page_number":38,"box":{"x":83,"y":424,"width":381,"height":11}},{"id":"d2eef23c-0db9-47c0-9929-1fb94ef4abc4","block_type":"box","text":"investments and can decline rapidly and significantly in reaction","page_number":38,"box":{"x":83,"y":438,"width":408,"height":11}},{"id":"bb43780e-d16d-4f45-bac5-7f0a3e1339fe","block_type":"box","text":"to negative news. Growth securities may underperform value","page_number":38,"box":{"x":83,"y":452,"width":389,"height":11}},{"id":"6ff54fcb-ee5d-4dc5-b66c-ef3e92e77c22","block_type":"box","text":"securities and other types of assets as well as the overall stock","page_number":38,"box":{"x":83,"y":467,"width":403,"height":10}},{"id":"bc077dcd-1522-4ab4-9849-94d1eb1b70fa","block_type":"box","text":"market. Growth securities may go in and out of favor over time,","page_number":38,"box":{"x":83,"y":481,"width":404,"height":11}},{"id":"746c5f5c-5b99-4dfd-b124-97123a88682e","block_type":"box","text":"which could affect the performance of the Fund.","page_number":38,"box":{"x":82,"y":495,"width":308,"height":11}},{"id":"6dc6cebc-4920-4b1a-bb2f-1e7362595b20","block_type":"box","text":"Equity Securities Risk","page_number":38,"box":{"x":83,"y":518,"width":147,"height":11}},{"id":"48e28e68-3ecb-4f1d-b831-237abeab4eac","block_type":"box","text":".","page_number":38,"box":{"x":230,"y":525,"width":3,"height":2}},{"id":"6d8a08c0-11db-4fbc-8989-362209d8ab9e","block_type":"box","text":"Equity securities are subject to changes","page_number":38,"box":{"x":239,"y":518,"width":254,"height":11}},{"id":"8774846a-972a-4137-a6cc-a1a782534b82","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":38,"box":{"x":83,"y":532,"width":422,"height":11}},{"id":"59648d91-4ecf-410a-91f6-8c5218f3eeb9","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":38,"box":{"x":83,"y":547,"width":420,"height":10}},{"id":"ec5bb4a2-73ee-420a-a681-642cfa6dab9a","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":38,"box":{"x":83,"y":561,"width":396,"height":11}},{"id":"dfd21750-debd-4999-bbc6-bf1012fa406b","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":38,"box":{"x":83,"y":575,"width":359,"height":11}},{"id":"e589da0c-eb1e-4e9f-963b-b554207cd3b1","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":38,"box":{"x":83,"y":589,"width":390,"height":11}},{"id":"bde69ac2-ffb6-4812-8123-e1aaaa54ba62","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":38,"box":{"x":83,"y":603,"width":412,"height":11}},{"id":"8605e6c4-2dc9-4504-87de-6c85f9e8b344","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":38,"box":{"x":83,"y":617,"width":372,"height":11}},{"id":"ec679c9d-0066-4b2b-95f7-3464c0c04ee4","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":38,"box":{"x":83,"y":632,"width":309,"height":10}},{"id":"6ad5d733-cf4e-4f11-b1fd-ecb08a6592c2","block_type":"box","text":"Market Risk","page_number":38,"box":{"x":83,"y":655,"width":82,"height":8}},{"id":"3026269b-7570-4ab3-b9a5-df71f040f30f","block_type":"box","text":".","page_number":38,"box":{"x":165,"y":661,"width":2,"height":2}},{"id":"17b97995-9ff4-48cf-9179-808b681df8ae","block_type":"box","text":"The Fund could lose money over short periods due","page_number":38,"box":{"x":172,"y":655,"width":323,"height":11}},{"id":"18c53e90-a3c6-4014-9b50-58c43716db36","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":38,"box":{"x":83,"y":669,"width":413,"height":11}},{"id":"5a01f39d-189e-4e4e-a1cf-b75568f5e9cf","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":38,"box":{"x":83,"y":683,"width":382,"height":11}},{"id":"bd9d28d1-6fa2-419c-b55a-39c9aef466a3","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":38,"box":{"x":83,"y":697,"width":411,"height":11}},{"id":"a376d60e-a576-451b-9c40-1d1a24fbcdca","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":38,"box":{"x":83,"y":712,"width":370,"height":10}},{"id":"b671d06a-5c34-458f-8fe9-eafd996d5cea","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":38,"box":{"x":83,"y":726,"width":404,"height":11}},{"id":"a39e9dd6-dffc-447a-967c-0e457d4dc60b","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":38,"box":{"x":83,"y":740,"width":395,"height":11}},{"id":"01020a15-9ff7-459f-bac5-cf0c355d7cca","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":38,"box":{"x":83,"y":754,"width":395,"height":11}},{"id":"8fcdf76d-7c23-49dc-8144-7e4ed6602ac5","block_type":"box","text":"NAV.","page_number":38,"box":{"x":84,"y":768,"width":27,"height":9}},{"id":"de624abe-c14a-40a3-b371-8c1ae248c98e","block_type":"box","text":"Index-Related Risk.","page_number":38,"box":{"x":83,"y":791,"width":129,"height":9}},{"id":"0541a305-e79c-483e-9e15-3dd82a2f61f2","block_type":"box","text":"The Index Provider may rely on various","page_number":38,"box":{"x":217,"y":791,"width":247,"height":11}},{"id":"1734975d-c5d1-44ce-8f2b-137d98310a66","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":38,"box":{"x":83,"y":806,"width":423,"height":10}},{"id":"e312bfc8-df58-4b9a-8eda-e6f242af4165","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":38,"box":{"x":83,"y":820,"width":391,"height":11}},{"id":"d5def777-ce2b-411e-a221-02a68a3d7514","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":38,"box":{"x":83,"y":834,"width":406,"height":11}},{"id":"d1feeb5f-f55d-4040-9852-45072499f12a","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":38,"box":{"x":83,"y":848,"width":408,"height":11}},{"id":"ba75f392-753b-4117-9a16-0b1e9ed57acd","block_type":"box","text":"information will provide an accurate assessment of included","page_number":38,"box":{"x":83,"y":862,"width":384,"height":11}},{"id":"5fe84136-8ba8-4ff4-937c-6b8dac2b4572","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":38,"box":{"x":83,"y":877,"width":387,"height":10}},{"id":"a6a4fb1e-dfe0-4912-bb21-88d7e82a9450","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":38,"box":{"x":549,"y":23,"width":366,"height":11}},{"id":"d7f08c4a-467b-4bf6-93fc-0d08e2321c02","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":38,"box":{"x":549,"y":37,"width":377,"height":11}},{"id":"3f959a02-807f-4f97-b7b7-a03503ccbf04","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":38,"box":{"x":549,"y":51,"width":413,"height":11}},{"id":"4473f9c8-1729-4864-a98a-b1ff197448c4","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":38,"box":{"x":549,"y":66,"width":396,"height":10}},{"id":"083c81f6-0432-4915-ac7d-e97e5ef5b3e5","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":38,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"d8fca1bc-94f7-4ec2-91bd-bd14141566da","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":38,"box":{"x":549,"y":94,"width":400,"height":11}},{"id":"1fac9c87-51ef-4798-a657-0e6812bf8690","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":38,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"82a7e895-3027-4b7b-b9e6-0afb23a016f8","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":38,"box":{"x":549,"y":122,"width":414,"height":11}},{"id":"62cb766e-ee6a-44ec-b8a3-5c8176309564","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":38,"box":{"x":549,"y":137,"width":362,"height":10}},{"id":"bd2f7668-4fb3-47f6-9baa-e839485e783c","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":38,"box":{"x":550,"y":151,"width":422,"height":11}},{"id":"7e14af54-1b50-4e5a-a200-b0935c67656d","block_type":"box","text":"Asset Class Risk.","page_number":38,"box":{"x":548,"y":174,"width":114,"height":8}},{"id":"351050b2-7868-4074-8af7-0e13422beb78","block_type":"box","text":"The securities and other assets in the","page_number":38,"box":{"x":668,"y":174,"width":239,"height":8}},{"id":"15ae7930-c857-4d01-a8e4-295e3799f2cb","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":38,"box":{"x":550,"y":188,"width":405,"height":11}},{"id":"a835e03b-aa4e-4e7a-88c7-0dc8250c9504","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":38,"box":{"x":549,"y":202,"width":405,"height":11}},{"id":"d96ca6d0-9c66-4da8-ab88-323e8a81d87f","block_type":"box","text":"market, another index, or other asset classes.","page_number":38,"box":{"x":549,"y":217,"width":292,"height":10}},{"id":"2861d49f-574e-4f82-86ef-418a1dba18b1","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":38,"box":{"x":548,"y":240,"width":266,"height":10}},{"id":"530902b6-e169-4bbf-a3dc-a0e1de14cd7a","block_type":"box","text":".","page_number":38,"box":{"x":814,"y":246,"width":3,"height":2}},{"id":"b9979082-5539-4316-9313-19473aa57fac","block_type":"box","text":"From time to time, an","page_number":38,"box":{"x":823,"y":240,"width":136,"height":10}},{"id":"895b548e-f25c-479c-a60b-c0e34a8909c2","block_type":"box","text":"Authorized Participant (as defined below in","page_number":38,"box":{"x":549,"y":254,"width":273,"height":11}},{"id":"b7d87ecc-69c2-4ce7-9afc-700bad4c8040","block_type":"box","text":"Authorized Participant","page_number":38,"box":{"x":826,"y":254,"width":141,"height":11}},{"id":"096593ba-225a-487b-a0fd-e4f148a661ff","block_type":"box","text":"Concentration Risk)","page_number":38,"box":{"x":549,"y":268,"width":120,"height":9}},{"id":"5bc8dd4c-4075-4538-bed1-aed9dcd3a84c","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":38,"box":{"x":669,"y":268,"width":294,"height":11}},{"id":"0d069015-c8fd-4703-9dc5-c185e1b0c3f9","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":38,"box":{"x":549,"y":282,"width":404,"height":11}},{"id":"0ab3e1ca-6910-4bd6-b4e2-62ca8331cac7","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":38,"box":{"x":550,"y":296,"width":418,"height":11}},{"id":"c7e72308-c807-49b7-bdc6-94c659935c5f","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":38,"box":{"x":549,"y":311,"width":418,"height":8}},{"id":"084393aa-a69f-4d15-b8ad-2832f738bb13","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":38,"box":{"x":549,"y":325,"width":410,"height":11}},{"id":"0f68262c-4ef9-476d-b711-78cf4a056e53","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":38,"box":{"x":549,"y":339,"width":383,"height":10}},{"id":"bb615a59-84f8-449b-9d25-e939d0e569fe","block_type":"box","text":"negatively impact the Fund.","page_number":38,"box":{"x":549,"y":353,"width":175,"height":11}},{"id":"4cd58dc5-45c4-461c-b2eb-5e2329b54161","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":38,"box":{"x":548,"y":376,"width":290,"height":11}},{"id":"235db408-9503-4574-898e-6785e8a84a87","block_type":"box","text":"An “Authorized","page_number":38,"box":{"x":847,"y":376,"width":93,"height":9}},{"id":"b70a00a0-3c77-470b-8d18-053366254482","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":38,"box":{"x":550,"y":391,"width":379,"height":10}},{"id":"6eb50352-14b3-4888-a8ba-46b85b3a7019","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":38,"box":{"x":549,"y":405,"width":411,"height":11}},{"id":"cb5413cc-5cac-40bb-8a08-4fe99153483e","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":38,"box":{"x":550,"y":419,"width":395,"height":11}},{"id":"7c71e0ba-48bd-4d2d-872b-224cc39eb8d0","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":38,"box":{"x":550,"y":433,"width":399,"height":11}},{"id":"db6e6b40-e7ee-48ae-b922-079598eabe73","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":38,"box":{"x":549,"y":447,"width":407,"height":11}},{"id":"f7d4a8d4-f084-40e6-b8bd-cb5d254782c3","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":38,"box":{"x":549,"y":461,"width":409,"height":11}},{"id":"c4b989be-e8e3-4109-898c-bc9d31be3ed3","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":38,"box":{"x":549,"y":476,"width":412,"height":10}},{"id":"f6c53891-cc20-46ba-87fa-9e98bc5a32f0","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":38,"box":{"x":549,"y":490,"width":403,"height":11}},{"id":"e6b0c63d-2063-4ef6-893f-4bf4cfea51ff","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":38,"box":{"x":549,"y":504,"width":378,"height":11}},{"id":"78a7e3e3-ba7b-48bd-86d8-e660983c785a","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":38,"box":{"x":550,"y":518,"width":379,"height":11}},{"id":"9114ba12-a22c-4d87-9a73-39e969528177","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":38,"box":{"x":549,"y":532,"width":404,"height":11}},{"id":"b0801514-0ef0-4277-8036-d29d4c1713b9","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":38,"box":{"x":549,"y":546,"width":399,"height":11}},{"id":"92bab18b-7488-4f29-bf76-9ad3b4b49592","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":38,"box":{"x":550,"y":561,"width":391,"height":10}},{"id":"00d2b2a0-1c7c-47f1-84e6-c6a04f3ffe2a","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":38,"box":{"x":549,"y":575,"width":408,"height":11}},{"id":"6cb7e1f2-c4e7-487f-8aa4-0774ef632685","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":38,"box":{"x":549,"y":589,"width":273,"height":11}},{"id":"0049c7b1-300f-43b6-ab36-17b088528f1c","block_type":"box","text":"Concentration Risk.","page_number":38,"box":{"x":549,"y":612,"width":132,"height":9}},{"id":"18ea3250-b8f7-436e-b33c-4f2464bbcef9","block_type":"box","text":"The Fund may be susceptible to an","page_number":38,"box":{"x":687,"y":612,"width":221,"height":11}},{"id":"a16d6864-5e4c-48e6-8c06-9a8b9d60ded7","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":38,"box":{"x":549,"y":626,"width":419,"height":11}},{"id":"3eb05e90-80d6-492e-9349-27643ba5dbfc","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":38,"box":{"x":549,"y":641,"width":408,"height":10}},{"id":"b7ab9c96-d6dd-4781-a353-80be11133476","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":38,"box":{"x":549,"y":655,"width":418,"height":8}},{"id":"616d576c-0f21-4c7a-98c3-178e54c619a2","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":38,"box":{"x":549,"y":669,"width":395,"height":10}},{"id":"17f5c190-f07b-415b-9c72-9fb451159678","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":38,"box":{"x":549,"y":683,"width":388,"height":11}},{"id":"3dddaf60-7128-4cdb-8231-087b1e401372","block_type":"box","text":"asset classes.","page_number":38,"box":{"x":549,"y":697,"width":88,"height":9}},{"id":"90463cd4-19d2-401f-b768-aa3f0f800f6f","block_type":"box","text":"Issuer Risk","page_number":38,"box":{"x":549,"y":721,"width":75,"height":8}},{"id":"970baeed-7694-4c54-a96b-533dcc671455","block_type":"box","text":".","page_number":38,"box":{"x":624,"y":727,"width":3,"height":2}},{"id":"6e5908cd-7ce1-4aee-aaa3-39426244e4f2","block_type":"box","text":"The performance of the Fund depends on the","page_number":38,"box":{"x":632,"y":721,"width":288,"height":10}},{"id":"f0f8fd4c-11b4-448e-9f7f-a82676cdd341","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":38,"box":{"x":549,"y":735,"width":412,"height":10}},{"id":"48de8106-ee17-41d2-9a4a-bd0d329a75a3","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":38,"box":{"x":550,"y":749,"width":402,"height":11}},{"id":"beec1179-626d-4879-b96d-302a3cbea25a","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":38,"box":{"x":549,"y":763,"width":418,"height":11}},{"id":"b3acec9f-604c-4f25-b514-4402c56f6954","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":38,"box":{"x":549,"y":777,"width":414,"height":11}},{"id":"a96a6692-d019-4dfd-9f5c-11d8a7a93909","block_type":"box","text":"counterparty.","page_number":38,"box":{"x":549,"y":792,"width":84,"height":10}},{"id":"b49cd02c-d91f-402a-9508-4aea956be539","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":38,"box":{"x":549,"y":815,"width":252,"height":10}},{"id":"cfb80d10-e395-4fd0-b3d9-ef0b57498565","block_type":"box","text":"Large-capitalization","page_number":38,"box":{"x":808,"y":815,"width":124,"height":10}},{"id":"19b5eb93-db8e-4d4c-803d-8cec3105746d","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":38,"box":{"x":549,"y":829,"width":352,"height":11}},{"id":"01c5a425-63e4-4979-945d-5f146d2b85c5","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":38,"box":{"x":549,"y":843,"width":352,"height":11}},{"id":"bd8ecc70-8556-4f23-81ed-33c29487e158","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":38,"box":{"x":549,"y":857,"width":405,"height":11}},{"id":"f6c92f83-3ef1-461e-b1b0-23e4f9f087b3","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":38,"box":{"x":549,"y":871,"width":371,"height":11}},{"id":"b8ab8575-0b85-49d5-89bf-2c3676689b16","block_type":"box","text":"S-22","page_number":38,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"b9d0f789-c685-45fc-9ea0-c79ca02a1738","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":39,"box":{"x":83,"y":23,"width":339,"height":11}},{"id":"56c23876-c5dc-431e-b696-f6039cfd95d2","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":39,"box":{"x":83,"y":37,"width":390,"height":11}},{"id":"211f8644-a24a-419e-86fd-9d36819f8001","block_type":"box","text":"overall performance of the broader securities markets.","page_number":39,"box":{"x":83,"y":51,"width":349,"height":11}},{"id":"f50bff5f-ad7c-4d03-baff-6975c3fc219a","block_type":"box","text":"Management Risk","page_number":39,"box":{"x":83,"y":75,"width":122,"height":10}},{"id":"7ad545b5-dfb2-4321-9b85-19a98109f270","block_type":"box","text":".","page_number":39,"box":{"x":206,"y":81,"width":2,"height":2}},{"id":"f7bfe842-9a70-41d4-9625-6f19a507d584","block_type":"box","text":"The Fund generally does not attempt to take","page_number":39,"box":{"x":213,"y":75,"width":283,"height":11}},{"id":"32a83857-7d8e-421f-900d-184ab5acb69c","block_type":"box","text":"defensive positions under any market conditions, including","page_number":39,"box":{"x":83,"y":89,"width":376,"height":11}},{"id":"63d89aaa-bfa6-4a4c-9b6e-e3c9dddf8f70","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":39,"box":{"x":83,"y":103,"width":362,"height":11}},{"id":"a533f019-e67c-4f3b-9444-e9b802aa589b","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":39,"box":{"x":83,"y":117,"width":388,"height":11}},{"id":"e3a59683-e02e-443d-b1c2-7da97c4ffb66","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":39,"box":{"x":83,"y":131,"width":409,"height":11}},{"id":"f1a9185b-eb31-463e-82c3-6f681556d586","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":39,"box":{"x":83,"y":146,"width":419,"height":10}},{"id":"0e9b8ad1-bc4f-45c2-a8bb-802b29d2979c","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":39,"box":{"x":82,"y":160,"width":420,"height":11}},{"id":"60247002-af4a-4ba3-8ad8-b44767031338","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":39,"box":{"x":83,"y":174,"width":402,"height":11}},{"id":"01e5b164-24ef-4422-bd1b-da4410968122","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":39,"box":{"x":83,"y":188,"width":323,"height":11}},{"id":"392d1085-073d-44d0-9bca-4ecd2207766d","block_type":"box","text":"Market Trading Risk","page_number":39,"box":{"x":83,"y":211,"width":136,"height":11}},{"id":"58a2b8a7-affb-4d7d-aca8-b9046f1a4705","block_type":"box","text":".","page_number":39,"box":{"x":219,"y":218,"width":2,"height":2}},{"id":"021ba022-48e0-4a93-b519-0052e3fa6584","block_type":"box","text":"The Fund faces numerous market trading","page_number":39,"box":{"x":226,"y":211,"width":263,"height":11}},{"id":"7f6c744f-d716-4c38-930d-125ff8558b45","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":39,"box":{"x":83,"y":226,"width":394,"height":10}},{"id":"c94ca233-59f3-4d4d-b8f3-c20855113b7c","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":39,"box":{"x":83,"y":240,"width":401,"height":11}},{"id":"973a56aa-e106-46ee-8e28-88046cdfb08b","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":39,"box":{"x":83,"y":254,"width":404,"height":11}},{"id":"c84c900f-613d-489d-9eeb-d2ca4841a54c","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":39,"box":{"x":83,"y":268,"width":416,"height":11}},{"id":"ba61fd31-e6cd-4704-b992-bed23e3ec804","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":39,"box":{"x":82,"y":282,"width":405,"height":11}},{"id":"cd6742ce-a6ec-489c-8cfa-2ee87fe4648c","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":39,"box":{"x":83,"y":296,"width":411,"height":11}},{"id":"086aad5a-2bb3-4633-9af5-c1b70d436493","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":39,"box":{"x":83,"y":311,"width":397,"height":10}},{"id":"8988be37-3479-4bea-9bc3-0263a6101add","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":39,"box":{"x":83,"y":325,"width":419,"height":11}},{"id":"47871e04-cc33-43c2-ae61-0a1b98fac4d4","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":39,"box":{"x":83,"y":339,"width":412,"height":11}},{"id":"55c56be1-f058-4e61-9596-93d6ec3ae0cb","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":39,"box":{"x":83,"y":353,"width":397,"height":11}},{"id":"8bec2f3e-0f6b-41fc-9950-3944e7cd7486","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":39,"box":{"x":83,"y":367,"width":316,"height":11}},{"id":"22c638ac-f576-4970-b5ca-87d001ec7fed","block_type":"box","text":"Non-Diversification Risk","page_number":39,"box":{"x":83,"y":390,"width":165,"height":9}},{"id":"ec2f4abf-5e79-4ece-bfca-0a2f25cbbdce","block_type":"box","text":".","page_number":39,"box":{"x":248,"y":397,"width":2,"height":2}},{"id":"9529e6d9-00e4-478b-9e21-1c037929ba66","block_type":"box","text":"The Fund is classified as “non","page_number":39,"box":{"x":255,"y":391,"width":193,"height":8}},{"id":"3e019a8f-3a73-4d25-865f-c21a74ca7a7d","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":39,"box":{"x":83,"y":405,"width":377,"height":10}},{"id":"fa1c3e2c-4ed9-4dd0-b5ff-1c7da910bf85","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":39,"box":{"x":83,"y":419,"width":358,"height":11}},{"id":"8a645d8f-bb55-406b-bb55-da463e363e38","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":39,"box":{"x":83,"y":433,"width":370,"height":11}},{"id":"74d8a534-7c32-42e9-b8cd-e8bd697b23a0","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":39,"box":{"x":83,"y":447,"width":422,"height":11}},{"id":"1a170275-cc2a-4ad9-9515-f1bd651cee3d","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":39,"box":{"x":83,"y":461,"width":379,"height":11}},{"id":"e0c102b6-30a3-49bf-be6c-bd382b8f831f","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":39,"box":{"x":83,"y":476,"width":375,"height":10}},{"id":"5809e867-13b1-41fd-9948-49f7f7282fe2","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":39,"box":{"x":83,"y":490,"width":418,"height":11}},{"id":"173791bb-460d-4a70-8eb4-9d60578b84ad","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":39,"box":{"x":83,"y":504,"width":418,"height":11}},{"id":"122f2b71-41ca-4d70-a783-3764aa7c98f3","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":39,"box":{"x":83,"y":518,"width":209,"height":11}},{"id":"382efc12-4fbf-47b5-9a54-556feb4d5ab4","block_type":"box","text":"Operational and Technology Risks","page_number":39,"box":{"x":83,"y":541,"width":230,"height":11}},{"id":"d5204381-63e1-49a5-834d-b954664ffbb5","block_type":"box","text":".","page_number":39,"box":{"x":314,"y":548,"width":2,"height":2}},{"id":"64ca68e2-7256-414e-95e0-01e9815f5156","block_type":"box","text":"The Fund is directly and","page_number":39,"box":{"x":321,"y":541,"width":151,"height":11}},{"id":"b98f74a3-0ab9-43c6-b16a-4f2045e9d258","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":39,"box":{"x":83,"y":556,"width":368,"height":10}},{"id":"fab7309a-d7c9-4fcd-840b-43e285b57694","block_type":"box","text":"including those related to human errors, processing errors,","page_number":39,"box":{"x":83,"y":570,"width":376,"height":11}},{"id":"0890e39f-e44c-459e-a009-904f21e4d4ef","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":39,"box":{"x":83,"y":584,"width":413,"height":11}},{"id":"cc39c780-9c78-4ced-99b8-9b3f0a6949f9","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":39,"box":{"x":83,"y":598,"width":404,"height":11}},{"id":"55c3087f-869b-4f9a-b2ec-391cc31ee007","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":39,"box":{"x":82,"y":612,"width":402,"height":11}},{"id":"c5de697a-30ce-4c70-87ab-795dfc358d98","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":39,"box":{"x":83,"y":626,"width":376,"height":11}},{"id":"ea03c56a-5a18-4c47-b8e9-2e6a807fe540","block_type":"box","text":"providers are required to have appropriate operational,","page_number":39,"box":{"x":83,"y":641,"width":350,"height":10}},{"id":"966472bb-f2c9-4e79-bed4-ea6c767f93dc","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":39,"box":{"x":83,"y":655,"width":414,"height":11}},{"id":"8181e249-bd45-4553-bfd0-ed5ddeecb983","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":39,"box":{"x":83,"y":669,"width":397,"height":11}},{"id":"1166aa94-7868-4a6d-a046-79394f4af7bf","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":39,"box":{"x":82,"y":683,"width":411,"height":11}},{"id":"9e634a2a-2fb0-4767-a25b-461d5d3f4c89","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":39,"box":{"x":83,"y":697,"width":391,"height":9}},{"id":"9aac3581-0690-400f-9968-e096d8c0a167","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":39,"box":{"x":83,"y":712,"width":421,"height":10}},{"id":"b5e31a0c-b153-45d0-b171-77b5f58a27ce","block_type":"box","text":"investments in such issuers to lose value.","page_number":39,"box":{"x":83,"y":726,"width":264,"height":8}},{"id":"a5918f78-0cf3-47c3-ba66-372ea066096d","block_type":"box","text":"Securities Lending Risk.","page_number":39,"box":{"x":82,"y":749,"width":162,"height":11}},{"id":"637efcbd-721e-4b63-b55b-78e1e34734a3","block_type":"box","text":"The Fund may engage in securities","page_number":39,"box":{"x":249,"y":749,"width":221,"height":11}},{"id":"d83885b2-9da6-4030-965e-69ab1c3c008c","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":39,"box":{"x":83,"y":763,"width":396,"height":11}},{"id":"7761b684-19ac-4057-b739-bf2bd9fffcd2","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":39,"box":{"x":83,"y":777,"width":418,"height":11}},{"id":"972a9a12-ae88-415e-b8cb-2f0715d79b0e","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":39,"box":{"x":549,"y":23,"width":409,"height":11}},{"id":"c85e65df-1101-456d-9ba4-d8d7dc0aa663","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":39,"box":{"x":549,"y":37,"width":416,"height":11}},{"id":"2579f43a-6d74-45a9-a366-e72db93a6add","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":39,"box":{"x":549,"y":51,"width":389,"height":11}},{"id":"82ed0045-9d38-4c23-94f0-cc3b637d70ea","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":39,"box":{"x":549,"y":66,"width":406,"height":8}},{"id":"26329eb9-5ce9-4de4-aa5d-a43567a87c3b","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":39,"box":{"x":549,"y":80,"width":301,"height":11}},{"id":"44c73944-b093-4624-9ede-41736b3d7510","block_type":"box","text":"Small Fund Risk.","page_number":39,"box":{"x":548,"y":103,"width":111,"height":9}},{"id":"74ef555a-42fe-4f78-ab72-9d11f8407784","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":39,"box":{"x":665,"y":103,"width":282,"height":11}},{"id":"f816308f-1823-4c21-b26c-b1beb869d175","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":39,"box":{"x":549,"y":117,"width":397,"height":11}},{"id":"6c58434b-f755-4c27-af5c-0662c8147155","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":39,"box":{"x":550,"y":131,"width":396,"height":11}},{"id":"f58e80cd-8679-40bd-8860-0ec67c37fcb6","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":39,"box":{"x":549,"y":146,"width":387,"height":10}},{"id":"905315e7-9850-427d-966a-3ff45ab2611e","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it","page_number":39,"box":{"x":549,"y":160,"width":417,"height":11}},{"id":"9ba0fdc7-f0f3-4f6d-a575-7d3f14cf041c","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":39,"box":{"x":549,"y":174,"width":408,"height":11}},{"id":"47df6a11-7d9d-492c-8be3-1f66981af313","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":39,"box":{"x":549,"y":188,"width":375,"height":11}},{"id":"d9cda249-079d-4ef7-9ef9-b29c1ee796cd","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":39,"box":{"x":549,"y":202,"width":420,"height":11}},{"id":"bdee963f-ab95-49b7-94f8-3134e53d02f6","block_type":"box","text":"its shareholders.","page_number":39,"box":{"x":549,"y":217,"width":105,"height":8}},{"id":"9a2748ac-d32f-4108-ae63-5817573bb6ba","block_type":"box","text":"Technology Companies Risk","page_number":39,"box":{"x":550,"y":240,"width":190,"height":10}},{"id":"bc96251f-b570-4352-ac8c-d9e5c27970a2","block_type":"box","text":".","page_number":39,"box":{"x":740,"y":246,"width":3,"height":2}},{"id":"455b1659-c690-4b98-b825-7e1ba9ebfeb9","block_type":"box","text":"Technology companies and","page_number":39,"box":{"x":748,"y":240,"width":172,"height":11}},{"id":"67503284-662f-47ad-8166-1ef9370a9007","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":39,"box":{"x":549,"y":254,"width":413,"height":11}},{"id":"6dfd56b5-086a-4a4f-960f-eb6c3eb9249f","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":39,"box":{"x":549,"y":268,"width":414,"height":11}},{"id":"17bcd091-2123-497e-b099-7a7c5fb0315f","block_type":"box","text":"and personnel. These companies typically face intense","page_number":39,"box":{"x":549,"y":282,"width":348,"height":11}},{"id":"51537ce4-62c1-4eaf-a1ad-fff76f546569","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":39,"box":{"x":549,"y":296,"width":418,"height":11}},{"id":"2c8707d9-94bf-4223-916b-7f3e225e74f4","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":39,"box":{"x":549,"y":311,"width":381,"height":10}},{"id":"9d170753-36ce-4f07-8ff9-e105b20101b2","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":39,"box":{"x":549,"y":325,"width":367,"height":11}},{"id":"bbb8553e-14cd-4361-9e03-e90cd9aa2e91","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":39,"box":{"x":549,"y":339,"width":424,"height":11}},{"id":"25fc487b-3a02-49cd-9728-4e77ac2c9246","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":39,"box":{"x":549,"y":353,"width":368,"height":11}},{"id":"b5a07332-5404-4162-9f0d-38fb3d6d28ec","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":39,"box":{"x":549,"y":367,"width":384,"height":11}},{"id":"e17edad0-419e-452d-b281-e0a7597d5f02","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":39,"box":{"x":549,"y":381,"width":384,"height":11}},{"id":"2931eb16-dd86-45fd-a0ca-0044541da476","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":39,"box":{"x":549,"y":396,"width":397,"height":11}},{"id":"2e1519cf-d817-4d08-8f90-d77b31f79ee2","block_type":"box","text":"government or legal action.","page_number":39,"box":{"x":549,"y":410,"width":174,"height":11}},{"id":"653900c7-23f8-46ba-b19a-9dd5b60b7453","block_type":"box","text":"Tracking Error Risk","page_number":39,"box":{"x":550,"y":433,"width":128,"height":11}},{"id":"56f0678c-9c3a-446d-88a7-04dc04976312","block_type":"box","text":".","page_number":39,"box":{"x":678,"y":440,"width":3,"height":1}},{"id":"fce6db77-e0a2-46f8-b0f5-08c88b2699c4","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":39,"box":{"x":686,"y":433,"width":284,"height":11}},{"id":"60d4786b-9138-4c8c-ab21-6a929a70d02a","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":39,"box":{"x":549,"y":447,"width":404,"height":11}},{"id":"6db3b767-1066-4471-a30c-ad1f0eeff537","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":39,"box":{"x":549,"y":461,"width":425,"height":11}},{"id":"4d63931a-fa85-4591-b5f8-60d37baddb2a","block_type":"box","text":"factors, including differences between the securities and other","page_number":39,"box":{"x":549,"y":476,"width":401,"height":10}},{"id":"14ced4dd-820b-469b-8ffa-5439e6a7b1cd","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":39,"box":{"x":549,"y":490,"width":381,"height":11}},{"id":"60d6476c-74a1-4490-a6a2-7034b34b08ec","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":39,"box":{"x":550,"y":504,"width":396,"height":11}},{"id":"08944630-ae88-4579-8cf8-9c6f83891cf3","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":39,"box":{"x":549,"y":518,"width":407,"height":10}},{"id":"ed98d1ef-de38-48f5-b92e-8e43461fe6d1","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":39,"box":{"x":549,"y":532,"width":400,"height":11}},{"id":"8f824117-d674-422d-9cfc-2c78620c344d","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":39,"box":{"x":549,"y":546,"width":421,"height":11}},{"id":"2367c7e0-b79e-4a56-ac7b-769d3f2653e7","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":39,"box":{"x":549,"y":561,"width":374,"height":11}},{"id":"c9091a73-891a-49b4-9a5b-69a7cc465a31","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":39,"box":{"x":549,"y":575,"width":370,"height":11}},{"id":"7fc78536-4f1a-4df8-ba65-dc46591981c2","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":39,"box":{"x":549,"y":589,"width":372,"height":11}},{"id":"6f22bd08-cb9d-4d30-a103-50c63a27734c","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":39,"box":{"x":549,"y":603,"width":420,"height":11}},{"id":"84a519bd-a11d-4443-8793-eee6b8294b41","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":39,"box":{"x":549,"y":617,"width":387,"height":11}},{"id":"6e63abc3-392f-42d1-b07e-7afaac86b8d7","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":39,"box":{"x":549,"y":632,"width":377,"height":10}},{"id":"81e2cc64-c567-414f-9740-026880b1b140","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":39,"box":{"x":549,"y":646,"width":380,"height":11}},{"id":"f4a46b94-225b-4524-8525-f1c69679f932","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":39,"box":{"x":549,"y":660,"width":366,"height":11}},{"id":"e7d214a4-173f-4591-a3bc-3455a12a2b33","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":39,"box":{"x":549,"y":674,"width":414,"height":11}},{"id":"2598e9bd-b42f-4875-ba2f-b75629db311f","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":39,"box":{"x":550,"y":688,"width":386,"height":11}},{"id":"bddf74af-d42d-496b-8970-8b237fdc5717","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":39,"box":{"x":549,"y":703,"width":414,"height":10}},{"id":"6e8db930-a1b7-424b-9090-e0c460317139","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":39,"box":{"x":549,"y":717,"width":420,"height":11}},{"id":"51bc855b-7af9-40f0-bb1f-a54fb059d942","block_type":"box","text":"unusual market conditions. Until the Fund reaches greater scale,","page_number":39,"box":{"x":549,"y":731,"width":413,"height":11}},{"id":"b4569e38-ffe8-4312-a3dc-edc9450d3ad0","block_type":"box","text":"it may experience higher tracking error than is typical for similar","page_number":39,"box":{"x":549,"y":745,"width":410,"height":11}},{"id":"7158f665-0ec1-4574-b0b6-da9a778f8647","block_type":"box","text":"index ETFs.","page_number":39,"box":{"x":549,"y":759,"width":71,"height":9}},{"id":"44aa98ac-72ff-4438-b1be-8aba65bf9a97","block_type":"box","text":"S-23","page_number":39,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2dda1471-b7a1-4ef1-818e-4faf233286cd","block_type":"box","text":"Performance Information","page_number":40,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"05fbe5a6-b564-4e55-b313-8b669992e321","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":40,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"c42a214d-cd9a-419f-8813-fc7ac16ad5e2","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":40,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"defcf2dc-9741-45f1-bc30-1b55def198c2","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":40,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"46fac12a-9e18-4186-bbf4-e55620aa861f","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":40,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"7e23ef00-46e4-4725-9762-25a1e49c39dc","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":40,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"032072d3-a8aa-42a4-aff6-c915f630d8a5","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":40,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"568be797-e533-4eea-8cd3-e76a93b747fb","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":40,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"47f577e6-76ef-4572-b1b2-e850c16fe20e","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":40,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"709a8b04-2167-470d-8f2c-cc5bae90b073","block_type":"box","text":"40%","page_number":40,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"bb24972c-6583-4ed3-ab5d-f2645601d7fc","block_type":"box","text":"30%","page_number":40,"box":{"x":332,"y":226,"width":21,"height":7}},{"id":"216e6d32-2725-4c14-b273-b0f720073a8c","block_type":"box","text":"20%","page_number":40,"box":{"x":332,"y":250,"width":21,"height":7}},{"id":"923c2e40-b574-40f8-a24f-3d602057c118","block_type":"box","text":"10%","page_number":40,"box":{"x":334,"y":275,"width":19,"height":7}},{"id":"cd9e89f3-b8fe-4912-ada0-38b47feb6033","block_type":"box","text":"0%","page_number":40,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"2a62807b-39ce-4f78-8e4c-2ffb69040e7c","block_type":"box","text":"2","page_number":40,"box":{"x":526,"y":321,"width":5,"height":7}},{"id":"55398c48-b40c-4925-a904-ec7b4bfd93a3","block_type":"box","text":"0","page_number":40,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"bfc37fb5-d994-4e93-9bb6-cb56257a9997","block_type":"box","text":"2","page_number":40,"box":{"x":541,"y":321,"width":5,"height":7}},{"id":"e7a3289c-d099-4bd7-9b08-6ad23e3f23ea","block_type":"box","text":"4","page_number":40,"box":{"x":547,"y":321,"width":6,"height":7}},{"id":"fe1548c6-6217-4e9d-8adc-c7615a01872c","block_type":"box","text":"32.89%","page_number":40,"box":{"x":523,"y":211,"width":34,"height":6}},{"id":"1c187265-25ea-4df3-a232-4b7c7c429be3","block_type":"box","text":"Return (%) Period Ended","page_number":40,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"140ef908-4f20-4076-8ed4-bac8327b4e6a","block_type":"box","text":"Calendar Year-to-Date Return","page_number":40,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"0a6c9ced-3791-49e1-95be-333b64b2fc74","block_type":"box","text":"16.00% September 30, 2025","page_number":40,"box":{"x":560,"y":366,"width":179,"height":9}},{"id":"a06f01e2-61df-4b6e-aa23-61b7f810d2c7","block_type":"box","text":"During the periods shown in the chart:","page_number":40,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"b6def880-a7cb-40cc-b69b-344610f4edc8","block_type":"box","text":"Best Quarter 14.21% December 31, 2023","page_number":40,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"8cd1583d-9197-4c79-90f9-9b1d8f910772","block_type":"box","text":"Worst Quarter -3.09% September 30, 2023","page_number":40,"box":{"x":330,"y":404,"width":409,"height":10}},{"id":"6f3bb22b-57cb-4293-be6c-906ad7ff8258","block_type":"box","text":"Average Annual Total Returns","page_number":40,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"08ec6024-1c38-480d-9462-a657b90ac6c4","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":40,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"71110667-ef52-4212-88ee-5370c48798b3","block_type":"box","text":"One Year","page_number":40,"box":{"x":789,"y":477,"width":56,"height":7}},{"id":"a20e48be-cd66-4841-b4f2-7ec62a60419c","block_type":"box","text":"Since Fund","page_number":40,"box":{"x":866,"y":464,"width":67,"height":7}},{"id":"1ceb05f2-6643-4057-90d5-4b08d2f6ce64","block_type":"box","text":"Inception","page_number":40,"box":{"x":871,"y":477,"width":57,"height":9}},{"id":"097368eb-aea2-4639-a5cd-23460097aab8","block_type":"box","text":"(Inception Date: 1/31/2023)","page_number":40,"box":{"x":123,"y":495,"width":175,"height":9}},{"id":"34eba1bd-f65d-410a-865e-f2c85fd6510e","block_type":"box","text":"Return Before Taxes","page_number":40,"box":{"x":124,"y":506,"width":112,"height":8}},{"id":"5f75260c-1d50-4b7f-b4fb-9482a3534957","block_type":"box","text":"32.89% 34.61%","page_number":40,"box":{"x":796,"y":506,"width":124,"height":8}},{"id":"4987f41b-384a-4631-94a8-1fffdbf2147b","block_type":"box","text":"Return After Taxes on Distributions","page_number":40,"box":{"x":124,"y":518,"width":197,"height":7}},{"id":"3dd4b74e-f1fb-4c0b-9df2-76d49db99d19","block_type":"box","text":"32.80% 34.50%","page_number":40,"box":{"x":796,"y":518,"width":124,"height":7}},{"id":"52e7511e-fb68-4b3d-b8e2-75e2d715ffe1","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 19.52% 27.14%","page_number":40,"box":{"x":124,"y":529,"width":796,"height":8}},{"id":"9c62dd79-c71d-40fc-8ff7-4d64525f3e55","block_type":"box","text":"MSCI USA Index","page_number":40,"box":{"x":124,"y":541,"width":99,"height":8}},{"id":"23f8b1a0-6903-4e8e-a98d-8608c832a034","block_type":"box","text":"(Returns","page_number":40,"box":{"x":227,"y":541,"width":48,"height":10}},{"id":"0eb461f1-bb57-4694-83a8-241704b17986","block_type":"box","text":"do","page_number":40,"box":{"x":279,"y":541,"width":13,"height":8}},{"id":"dcdd129c-d200-4fbf-bf43-01e202f14bc9","block_type":"box","text":"not","page_number":40,"box":{"x":297,"y":542,"width":18,"height":7}},{"id":"94faf8ca-0d23-4cb4-924f-6f41b2983c70","block_type":"box","text":"reflect","page_number":40,"box":{"x":320,"y":541,"width":35,"height":8}},{"id":"190ec33c-995b-419f-80f5-d5ff2064014a","block_type":"box","text":"deductions","page_number":40,"box":{"x":360,"y":541,"width":62,"height":8}},{"id":"945f9aa9-6685-46b3-8034-e7016add4710","block_type":"box","text":"for","page_number":40,"box":{"x":426,"y":541,"width":16,"height":8}},{"id":"4fa68fca-68d3-45c2-9c37-2ba260620732","block_type":"box","text":"fees,","page_number":40,"box":{"x":445,"y":541,"width":27,"height":9}},{"id":"64e5b418-2cb6-4b2b-b339-4e6be411a6ef","block_type":"box","text":"expenses","page_number":40,"box":{"x":477,"y":543,"width":52,"height":8}},{"id":"51cefcbf-d5c4-404f-85b5-f5de74d93e25","block_type":"box","text":"or","page_number":40,"box":{"x":534,"y":543,"width":11,"height":6}},{"id":"868d0619-d53c-46bd-92f0-6c514c85cb00","block_type":"box","text":"taxes)","page_number":40,"box":{"x":549,"y":541,"width":34,"height":10}},{"id":"ba4aedd8-7081-47b4-be6c-64bffa524de0","block_type":"box","text":"25.08%","page_number":40,"box":{"x":797,"y":541,"width":40,"height":8}},{"id":"20b0efc3-5c27-4bb6-90ca-ffc57a5dcbf4","block_type":"box","text":"23.20%","page_number":40,"box":{"x":879,"y":541,"width":41,"height":8}},{"id":"0a2f2ebb-13fe-4f03-8271-7f6be585c028","block_type":"box","text":"MSCI USA Growth Extended ESG Focus Index","page_number":40,"box":{"x":124,"y":553,"width":279,"height":7}},{"id":"beac595e-0f79-47b6-abad-49fdb67bf872","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 33.21% 34.82%","page_number":40,"box":{"x":408,"y":553,"width":512,"height":9}},{"id":"d50153e2-e9b2-4363-9aa6-1e4006fe37b1","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":40,"box":{"x":82,"y":583,"width":882,"height":10}},{"id":"62a3d871-1ed7-4c71-b1b1-7c8148da9a17","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":40,"box":{"x":83,"y":597,"width":871,"height":11}},{"id":"26717a55-2722-404b-9d67-a32cbc4dc8d6","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":40,"box":{"x":83,"y":611,"width":860,"height":11}},{"id":"97260d2e-a292-4482-8fa3-fa57e09022ae","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":40,"box":{"x":83,"y":625,"width":855,"height":11}},{"id":"23164931-40b2-4576-b7ad-2f148f769660","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":40,"box":{"x":83,"y":639,"width":883,"height":11}},{"id":"72204823-8fe9-45e1-aed4-a3028bea43d8","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":40,"box":{"x":82,"y":654,"width":861,"height":10}},{"id":"d47b0539-a1c0-4e07-9382-adc8bf888308","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":40,"box":{"x":83,"y":668,"width":359,"height":10}},{"id":"2bf21fb0-1169-43c6-939c-5c27d50acbf0","block_type":"box","text":"S-24","page_number":40,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f2ce59fb-78e3-4466-a3a3-396ccc10f480","block_type":"box","text":"Management","page_number":41,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"7578ed5f-fcae-41a2-834b-115a35519159","block_type":"box","text":"Investment Adviser.","page_number":41,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"ebdf9ad4-ffb0-42eb-9215-9761eb397a28","block_type":"box","text":"BlackRock Fund Advisors.","page_number":41,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"f849d62e-8012-4d28-b866-6b9b7a487d66","block_type":"box","text":"Portfolio Managers.","page_number":41,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"96bd6ee3-6177-44dd-9ecd-1618eed277d7","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":41,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"6bba4251-5125-48b7-89d7-c6c52b0a5400","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":41,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"82fbcd0b-ab3b-428f-895d-27f7fc3af2bc","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":41,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"cf2e68cd-5728-4146-8778-40dcf281de70","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":41,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"73826229-4486-47c8-a635-2898599325fb","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2023. Mr.","page_number":41,"box":{"x":84,"y":128,"width":399,"height":10}},{"id":"958629d2-8782-485d-a407-6689467c8224","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":41,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"d8284bd0-758a-4ecb-bddc-01769d55f4dc","block_type":"box","text":"Managers of the Fund since 2025.","page_number":41,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"4873eab6-fbbb-4fd5-b433-e39279b28439","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":41,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"1ed42b13-d60f-4f32-bed9-eb73e4eb1bf3","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":41,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"d4c6b069-72dd-4bdc-affc-39f0cac2e80a","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":41,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"7eb1ed4d-1a01-42fd-a5d3-6a4847f43578","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":41,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"0741d527-21b6-4aa4-a5fb-9326a69578b1","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":41,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"45aaabaa-e490-45d7-a851-3aa930f5583a","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":41,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"c41bd62d-08ad-4185-a3bd-cfa4a5ed6f1c","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":41,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"209b9602-4bfc-49f5-97a0-c81f13ccb6b6","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":41,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"961e7a7d-f529-4af3-838a-ae89677dcc19","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":41,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"5fb1c950-b521-4422-a619-4bdc3a96391b","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":41,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"d903ac21-61b1-48c3-9d06-0ca532d99ead","block_type":"box","text":"Tax Information","page_number":41,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"f063f453-a1d5-48c3-8d7f-7558c920e208","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":41,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"50f3549a-f252-4a6d-ba70-897356050622","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":41,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"ee625cf2-d899-4175-8591-4d6a1775dd4a","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":41,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"db1ed90c-2c04-4f7b-9a11-af437de830a6","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":41,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"2b57cd06-81f7-4329-90cd-6c7b8f41be41","block_type":"box","text":"distributions generally will be taxed when withdrawn.","page_number":41,"box":{"x":549,"y":104,"width":337,"height":11}},{"id":"f02c8b68-c5fa-41bb-9dd5-f30f421646d7","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":41,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"1a5ff252-e78a-4bb6-8c7a-d227ddfdf0e4","block_type":"box","text":"Intermediaries","page_number":41,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"98d7a02c-fb49-4b6e-86a6-cc75eb2bb7cd","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":41,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"b9f99012-d5af-42d0-ae22-75797891d9e2","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":41,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"b9eed39b-c557-4aa1-8368-37aa448101f8","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":41,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"16401619-8af0-4d81-9cd0-cd10a1b807b0","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":41,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"c57ac622-d8a5-4025-800f-c7f75816c28d","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":41,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"6fd1ef02-ab70-4143-865f-b55192739d59","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":41,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"72186f98-f19e-40df-9376-9695034080d7","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":41,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"9ddf63e3-2513-451d-bc17-571555b2be06","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":41,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"68a19841-52bd-46e6-b3c0-19e145893552","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":41,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"52ad7dd1-6a30-4400-a47d-f7c9a3b4e8e6","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":41,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"b464d8fc-7b07-4b77-903b-4e1ae5ce5a36","block_type":"box","text":"information.","page_number":41,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"38213887-fcfd-478c-b31a-df8dc073966a","block_type":"box","text":"S-25","page_number":41,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"524aee66-04ce-4de5-8a5d-41b498d12bcd","block_type":"box","text":"iSHARES","page_number":42,"box":{"x":188,"y":24,"width":118,"height":15}},{"id":"fc5174cb-0346-47fc-a7d9-a6e4ba1e2ce4","block_type":"box","text":"®","page_number":42,"box":{"x":309,"y":17,"width":11,"height":8}},{"id":"da03d2e0-c46c-4886-911f-4c56552c8c15","block_type":"box","text":"ESG AWARE MSCI USA SMALL-CAP ETF","page_number":42,"box":{"x":331,"y":24,"width":540,"height":15}},{"id":"e5494b83-75df-48c7-b1d7-08636564649c","block_type":"box","text":"Ticker: ESML Stock Exchange: Cboe BZX","page_number":42,"box":{"x":283,"y":53,"width":486,"height":12}},{"id":"71a97e01-6201-494c-b7ad-fc54531a93c5","block_type":"box","text":"Investment Objective","page_number":42,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"5e452e8b-5c34-42fd-9603-c661b1202778","block_type":"box","text":"The iShares ESG Aware MSCI USA Small-Cap ETF (the “Fund”) seeks to track the investment results of an optimized index designed to","page_number":42,"box":{"x":82,"y":116,"width":861,"height":11}},{"id":"5028a513-8138-4e3d-b70b-59d8b9a58c29","block_type":"box","text":"produce investment results comparable to a capitalization weighted index of small-capitalization U.S. companies, while reflecting a higher","page_number":42,"box":{"x":83,"y":130,"width":882,"height":11}},{"id":"bcb8b72a-3808-4966-b805-bdd7d0d01544","block_type":"box","text":"allocation to those companies with favorable environmental, social and governance (“ESG”) profiles (as determined by the index provider).","page_number":42,"box":{"x":83,"y":144,"width":885,"height":11}},{"id":"41ec362c-fc8d-46fd-8946-bc0768b67e16","block_type":"box","text":"Fees and Expenses","page_number":42,"box":{"x":84,"y":174,"width":160,"height":13}},{"id":"28c3fa28-2572-447d-b968-953f6fb2cf40","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":42,"box":{"x":82,"y":198,"width":869,"height":11}},{"id":"09b74772-7a80-487b-8830-1deb79246043","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":42,"box":{"x":83,"y":213,"width":867,"height":10}},{"id":"f8e927e8-b881-4c82-b77d-2e81634b3f7a","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":42,"box":{"x":83,"y":227,"width":889,"height":11}},{"id":"d2153c69-4890-471d-b8bd-3cc9eecdc3e5","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":42,"box":{"x":83,"y":241,"width":870,"height":11}},{"id":"0ae333e0-abb7-47fe-9c54-502c0e59a9d5","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":42,"box":{"x":83,"y":255,"width":858,"height":11}},{"id":"c53c4db1-fbf1-4e6b-9db9-923f65d8e909","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":42,"box":{"x":83,"y":269,"width":450,"height":11}},{"id":"8caee70f-67ea-4906-9d60-e29d4ac1addc","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":42,"box":{"x":82,"y":292,"width":883,"height":12}},{"id":"265d12b3-dea1-4f75-a6a9-8a685151a1f2","block_type":"box","text":"the tables and examples below.","page_number":42,"box":{"x":83,"y":307,"width":220,"height":10}},{"id":"221878db-4c8a-433e-9acc-68c715ad184b","block_type":"box","text":"Annual Fund Operating Expenses","page_number":42,"box":{"x":425,"y":327,"width":206,"height":10}},{"id":"e8784f7b-e393-46a4-858a-c51d2ffaea5c","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":42,"box":{"x":383,"y":337,"width":291,"height":10}},{"id":"ba907acd-073b-4909-8dc3-dac6fb91d0ec","block_type":"box","text":"percentage of the value of your investments)","page_number":42,"box":{"x":385,"y":348,"width":280,"height":9}},{"id":"41611bee-8bd6-44c1-8f9c-b7453db441ff","block_type":"box","text":"1","page_number":42,"box":{"x":668,"y":346,"width":2,"height":5}},{"id":"d8bd629d-2221-4bb0-a2ed-d8d99eaa1687","block_type":"box","text":"Management","page_number":42,"box":{"x":170,"y":388,"width":80,"height":9}},{"id":"0f2a2a1d-90ec-454c-952c-5d417e1dced5","block_type":"box","text":"Fees","page_number":42,"box":{"x":196,"y":398,"width":27,"height":7}},{"id":"fd37f1b2-9dac-48ca-a7df-e6e1a767fb89","block_type":"box","text":"Distribution","page_number":42,"box":{"x":394,"y":377,"width":72,"height":8}},{"id":"a6c3f5f5-b57d-4d8f-bcb8-7da26fde42f1","block_type":"box","text":"and Service","page_number":42,"box":{"x":394,"y":388,"width":72,"height":7}},{"id":"714123bf-3f20-4d87-9fe0-70bb614059a5","block_type":"box","text":"(12b-1) Fees","page_number":42,"box":{"x":393,"y":398,"width":73,"height":10}},{"id":"61350c61-6c5c-4213-b68e-88d95c04b817","block_type":"box","text":"Other","page_number":42,"box":{"x":621,"y":388,"width":35,"height":7}},{"id":"e1de5f69-136f-49b2-9186-7b116c3e0370","block_type":"box","text":"Expenses","page_number":42,"box":{"x":610,"y":398,"width":57,"height":9}},{"id":"451f2b44-8665-40a6-8c18-72a1db234972","block_type":"box","text":"Total Annual","page_number":42,"box":{"x":810,"y":367,"width":76,"height":8}},{"id":"6ce143b5-c949-49c7-a47c-a65729f71574","block_type":"box","text":"Fund","page_number":42,"box":{"x":834,"y":377,"width":29,"height":8}},{"id":"23fed984-a634-4aba-bbf8-ba4a632f8eda","block_type":"box","text":"Operating","page_number":42,"box":{"x":818,"y":388,"width":61,"height":9}},{"id":"e65bdabc-cc22-4bf2-a8b9-e4a6f0877ea1","block_type":"box","text":"Expenses","page_number":42,"box":{"x":820,"y":398,"width":58,"height":9}},{"id":"076a4314-8c05-4a3f-830f-e1582d882794","block_type":"box","text":"0.17% None 0.00% 0.17%","page_number":42,"box":{"x":195,"y":417,"width":669,"height":8}},{"id":"939d583b-fb1d-447b-af9c-3f7d343913bd","block_type":"box","text":"1","page_number":42,"box":{"x":112,"y":448,"width":2,"height":5}},{"id":"f47f1afc-284d-4ab1-a11f-4f6ccd34f79a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":42,"box":{"x":123,"y":449,"width":706,"height":10}},{"id":"fcf872a7-7663-45f2-982e-281612e4f29b","block_type":"box","text":"Example.","page_number":42,"box":{"x":83,"y":469,"width":62,"height":11}},{"id":"7fd1311c-eba6-4059-b08b-146747615838","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":42,"box":{"x":150,"y":469,"width":800,"height":11}},{"id":"98a80d09-373e-4d7d-b771-18bf39fb6131","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":42,"box":{"x":82,"y":483,"width":891,"height":11}},{"id":"0cba8d6c-3d93-4549-8c79-4acff23eb1e1","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":42,"box":{"x":83,"y":498,"width":862,"height":10}},{"id":"156da49c-4325-4b63-a186-34b04966c948","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":42,"box":{"x":83,"y":512,"width":694,"height":11}},{"id":"49ebba6d-71b0-438c-bef3-b58a13015aa2","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":42,"box":{"x":195,"y":542,"width":668,"height":8}},{"id":"9490a04c-53f0-4a0a-beea-c1f1c8eab540","block_type":"box","text":"$17 $55 $96 $217","page_number":42,"box":{"x":203,"y":562,"width":646,"height":9}},{"id":"601f05f7-eb5c-4690-937a-b0207f318ab1","block_type":"box","text":"Portfolio Turnover.","page_number":42,"box":{"x":83,"y":602,"width":129,"height":8}},{"id":"74c8c74e-e623-4649-b18d-d20097ebf3f9","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":42,"box":{"x":216,"y":602,"width":287,"height":11}},{"id":"43aa840b-34a9-4692-a8a0-9d9417b01c29","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":42,"box":{"x":83,"y":616,"width":420,"height":11}},{"id":"29906fcd-e660-403c-bff9-10c0b15d55d8","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":42,"box":{"x":83,"y":630,"width":395,"height":11}},{"id":"cd6f70ae-7185-48ae-9486-af6d638d7284","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":42,"box":{"x":83,"y":645,"width":380,"height":10}},{"id":"82813e41-4e0d-4f24-9c7f-1004ba4282e1","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":42,"box":{"x":83,"y":659,"width":409,"height":10}},{"id":"2b3ebab7-d927-4ece-aa8e-fd09b50eed58","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":42,"box":{"x":83,"y":673,"width":368,"height":11}},{"id":"56229434-11d4-4cd9-84c7-f029fb81f5a0","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":42,"box":{"x":84,"y":687,"width":411,"height":11}},{"id":"d6cc594e-c01d-45eb-aa56-684ef964e278","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 35% of the","page_number":42,"box":{"x":82,"y":701,"width":385,"height":11}},{"id":"e32f33cb-83a6-41b9-8c7b-f2eb8bfcf361","block_type":"box","text":"average value of its portfolio.","page_number":42,"box":{"x":83,"y":715,"width":184,"height":11}},{"id":"a0c0f9ea-96f3-4d0b-a5dd-1796d1fb4ace","block_type":"box","text":"Principal Investment Strategies","page_number":42,"box":{"x":84,"y":744,"width":268,"height":14}},{"id":"4931ed7a-8adf-4c22-9c30-a1a6f2eeb1ff","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":42,"box":{"x":82,"y":770,"width":412,"height":8}},{"id":"7c843c26-720b-467b-86a1-a8ad6bb8f836","block_type":"box","text":"Small Cap Extended ESG Focus Index (the “Underlying Index”),","page_number":42,"box":{"x":83,"y":784,"width":400,"height":11}},{"id":"27e2c558-a545-4efb-b6ae-e1ff30cef050","block_type":"box","text":"which has been developed by MSCI Inc. (the “Index Provider” or","page_number":42,"box":{"x":82,"y":798,"width":410,"height":11}},{"id":"9dd91a19-2cb7-4da7-a8d1-1f75b7715b0d","block_type":"box","text":"“MSCI”). The Underlying Index is an optimized equity index that is","page_number":42,"box":{"x":83,"y":812,"width":419,"height":11}},{"id":"4a950407-5513-4469-b96d-4a81ed4c0e20","block_type":"box","text":"designed to produce investment results comparable to the MSCI","page_number":42,"box":{"x":83,"y":826,"width":413,"height":11}},{"id":"687ebd01-68a8-4e8e-a966-7001909722c6","block_type":"box","text":"USA Small Cap Index (the “Parent Index”), while reflecting a","page_number":42,"box":{"x":83,"y":840,"width":381,"height":11}},{"id":"a209f8d8-b46c-4293-8d51-3bda12d9670b","block_type":"box","text":"higher allocation than that of the Parent Index to companies with","page_number":42,"box":{"x":83,"y":855,"width":414,"height":10}},{"id":"f2949fdf-32bd-4114-b581-c7c2dbeb22c1","block_type":"box","text":"favorable ESG profiles (as determined by MSCI). The Parent Index","page_number":42,"box":{"x":82,"y":869,"width":421,"height":11}},{"id":"5fc85cf6-a0fa-49a1-8ca7-ed7812274863","block_type":"box","text":"represents the small-capitalization segment of the U.S. equity","page_number":42,"box":{"x":549,"y":594,"width":395,"height":11}},{"id":"f2dc755a-2b5a-4cd4-b058-5ef41a339b64","block_type":"box","text":"market (as determined by MSCI).","page_number":42,"box":{"x":549,"y":608,"width":211,"height":11}},{"id":"2b1fef5a-ddf8-4496-85c6-b7f4b5c8de6e","block_type":"box","text":"In constructing the Underlying Index, the Index Provider begins","page_number":42,"box":{"x":550,"y":630,"width":401,"height":11}},{"id":"9bb4c67d-141c-4c46-9681-1a131f85c460","block_type":"box","text":"with the Parent Index and excludes securities of companies","page_number":42,"box":{"x":549,"y":644,"width":379,"height":11}},{"id":"4b63e5df-f2a6-451a-a6dc-bd18e4bba6be","block_type":"box","text":"involved in the business of tobacco, companies involved with","page_number":42,"box":{"x":549,"y":659,"width":389,"height":10}},{"id":"79a3138e-dc8c-43a9-b0b6-2ce368f3176f","block_type":"box","text":"controversial weapons, producers and retailers of civilian","page_number":42,"box":{"x":549,"y":673,"width":364,"height":11}},{"id":"db2bb4d3-1034-4598-9273-3fe5f14e1f81","block_type":"box","text":"firearms, and companies involved in certain fossil fuels-related","page_number":42,"box":{"x":549,"y":687,"width":400,"height":11}},{"id":"572ffaa7-33d1-4cba-9820-0c6eda369b86","block_type":"box","text":"activity such as the production of thermal coal, thermal coal","page_number":42,"box":{"x":549,"y":701,"width":389,"height":11}},{"id":"c724197b-2aeb-4a59-9147-8af0bbd1fdcb","block_type":"box","text":"based power generation and extraction of oil sands based on","page_number":42,"box":{"x":549,"y":715,"width":389,"height":11}},{"id":"80834657-b3c9-4896-9dea-a55f52602ab7","block_type":"box","text":"revenue or percentage of revenue thresholds for certain","page_number":42,"box":{"x":549,"y":730,"width":357,"height":10}},{"id":"35c19cfb-2ca9-4942-94f3-388c3501795f","block_type":"box","text":"categories (","page_number":42,"box":{"x":549,"y":744,"width":74,"height":11}},{"id":"18718d9c-6b7a-486a-a7b5-54fe49d18d34","block_type":"box","text":"e.g.,","page_number":42,"box":{"x":625,"y":746,"width":24,"height":9}},{"id":"dd554e5b-2676-4961-8575-fe647108b9cc","block_type":"box","text":"$20 million or 5%) and categorical exclusions for","page_number":42,"box":{"x":656,"y":743,"width":310,"height":12}},{"id":"65d0777f-a3c1-47a4-868f-d3389cdc235f","block_type":"box","text":"others (","page_number":42,"box":{"x":549,"y":758,"width":48,"height":11}},{"id":"bb79e798-dcbb-435d-8519-77fe56a0a34e","block_type":"box","text":"e.g.,","page_number":42,"box":{"x":598,"y":760,"width":25,"height":9}},{"id":"577d174f-c03a-4ddc-a622-bee581f0303b","block_type":"box","text":"controversial weapons). The Index Provider also","page_number":42,"box":{"x":630,"y":758,"width":304,"height":11}},{"id":"4e26b8e7-51a3-4310-a061-4a60fbb8ab37","block_type":"box","text":"excludes companies that are directly involved in very severe,","page_number":42,"box":{"x":549,"y":772,"width":388,"height":11}},{"id":"44975fa0-ef76-4bef-95fe-e4b8060c37a9","block_type":"box","text":"ongoing business controversies (in each case as determined by","page_number":42,"box":{"x":549,"y":786,"width":405,"height":11}},{"id":"1b10f768-42fb-4fdc-8518-2c49c8b1b330","block_type":"box","text":"the Index Provider), and then follows a quantitative process that is","page_number":42,"box":{"x":549,"y":800,"width":423,"height":11}},{"id":"902927ff-0fdd-4697-958f-0da3c85926a5","block_type":"box","text":"designed to determine optimal weights for securities in the","page_number":42,"box":{"x":549,"y":815,"width":376,"height":11}},{"id":"b09b44f8-0408-4c36-b630-b6f3a0783966","block_type":"box","text":"Underlying Index to maximize exposure to companies with higher","page_number":42,"box":{"x":550,"y":829,"width":416,"height":11}},{"id":"5e3fadc5-2203-4fa3-ac04-debbf1bb2530","block_type":"box","text":"ESG ratings, subject to maintaining risk and return characteristics","page_number":42,"box":{"x":550,"y":843,"width":420,"height":11}},{"id":"6472794a-fe4c-4c05-a428-41ddc91b47f8","block_type":"box","text":"similar to those of the Parent Index. At each quarterly review, the","page_number":42,"box":{"x":549,"y":857,"width":416,"height":11}},{"id":"a49c9595-36aa-4326-9d18-c3bdfeb8d71b","block_type":"box","text":"S-26","page_number":42,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ef5bb8af-f06e-4ea6-869c-bf7b4573750a","block_type":"box","text":"Underlying Index must have an ESG score of at least 10% better","page_number":43,"box":{"x":83,"y":23,"width":406,"height":11}},{"id":"549a7667-4e5b-4eb5-9168-7bcb5dcd5a7e","block_type":"box","text":"than that of the Parent Index, as determined by MSCI.","page_number":43,"box":{"x":83,"y":37,"width":344,"height":11}},{"id":"91436e80-885d-4370-8ab3-8006a6d28ac9","block_type":"box","text":"For each industry, the Index Provider identifies key ESG issues","page_number":43,"box":{"x":84,"y":59,"width":397,"height":11}},{"id":"44c84149-d120-47af-b15f-bd18cd7243da","block_type":"box","text":"that can lead to substantial costs or opportunities for companies","page_number":43,"box":{"x":83,"y":73,"width":414,"height":11}},{"id":"53775134-a5e2-46a9-bb85-2c7a7dd57c01","block_type":"box","text":"(","page_number":43,"box":{"x":83,"y":88,"width":3,"height":10}},{"id":"aaf967ae-09b9-4f27-ab05-bdee31527739","block_type":"box","text":"e.g.","page_number":43,"box":{"x":87,"y":90,"width":21,"height":8}},{"id":"28ab48af-49ae-4556-8831-27a7b4e91e36","block_type":"box","text":", climate change, resource scarcity, demographic shifts). The","page_number":43,"box":{"x":110,"y":88,"width":389,"height":10}},{"id":"a021ec5a-7bb0-48c8-8b31-75a4811a573f","block_type":"box","text":"Index Provider then rates each company’s exposure to each key","page_number":43,"box":{"x":83,"y":102,"width":408,"height":11}},{"id":"74a8a204-95bd-4fb2-b4e8-43e890e0b591","block_type":"box","text":"issue based on the company’s business segment and geographic","page_number":43,"box":{"x":83,"y":116,"width":414,"height":11}},{"id":"44daba69-4a9a-48ae-be7e-dd44cd642fe7","block_type":"box","text":"risk and analyzes the extent to which companies have developed","page_number":43,"box":{"x":83,"y":130,"width":413,"height":11}},{"id":"ddd97479-65f3-4881-a669-17de53e213f2","block_type":"box","text":"robust strategies and programs to manage ESG risks and","page_number":43,"box":{"x":83,"y":144,"width":364,"height":11}},{"id":"3a6a56a6-cfca-4705-aaf2-afafb7f5d2fc","block_type":"box","text":"opportunities. The Index Provider scores companies based on","page_number":43,"box":{"x":83,"y":159,"width":393,"height":10}},{"id":"1282783e-ff55-46b1-a2ae-04a0b38e5bc9","block_type":"box","text":"both their risk exposure and risk management. The Index Provider","page_number":43,"box":{"x":83,"y":173,"width":422,"height":11}},{"id":"5fb59364-423d-4da5-8ec3-997fff9dad41","block_type":"box","text":"assesses management practices, management performance","page_number":43,"box":{"x":83,"y":187,"width":386,"height":11}},{"id":"38fbe62d-9e19-4736-8475-5c0ed4828db6","block_type":"box","text":"(through demonstrated track record and other quantitative","page_number":43,"box":{"x":83,"y":201,"width":375,"height":11}},{"id":"7d0b994b-cf21-4e71-9437-c5a0d18aee0c","block_type":"box","text":"performance indicators), governance structures, and/or","page_number":43,"box":{"x":83,"y":215,"width":360,"height":11}},{"id":"bb01d627-f8b0-4bff-bf10-06d61fe7fc5a","block_type":"box","text":"implications in controversies, which all may be taken as a proxy","page_number":43,"box":{"x":83,"y":229,"width":406,"height":11}},{"id":"a0f7b0a9-7a28-448d-b4ff-54761943e28e","block_type":"box","text":"for overall management quality. Controversies, including, among","page_number":43,"box":{"x":82,"y":244,"width":413,"height":10}},{"id":"97dddeba-82df-45ba-851c-d64077bf1f21","block_type":"box","text":"other things, issues involving anti-competitive practices, toxic","page_number":43,"box":{"x":83,"y":258,"width":395,"height":11}},{"id":"394a3858-04e2-48d7-a708-5817ee80ef94","block_type":"box","text":"emissions and waste, and health and safety, occurring within the","page_number":43,"box":{"x":83,"y":272,"width":413,"height":11}},{"id":"ba5a39d4-e98f-4ed2-8bc7-3a102ef5d134","block_type":"box","text":"last three years lead to a deduction from the overall management","page_number":43,"box":{"x":83,"y":286,"width":418,"height":11}},{"id":"ef03762f-ea79-498f-8426-41c4e3d9894f","block_type":"box","text":"score on each issue. Using a sector-specific key issue weighting","page_number":43,"box":{"x":83,"y":300,"width":409,"height":11}},{"id":"cbe8d39f-f983-486a-b1ca-7f4c180ecb02","block_type":"box","text":"model, companies are rated and ranked in comparison to their","page_number":43,"box":{"x":83,"y":315,"width":399,"height":10}},{"id":"a7a0c456-db00-47a9-b6e0-fa31457aaf46","block_type":"box","text":"industry peers. Key issues and weights are generally reviewed","page_number":43,"box":{"x":83,"y":329,"width":395,"height":10}},{"id":"270df7b3-4516-4ed7-9ca1-93c51aa2dfc6","block_type":"box","text":"annually.","page_number":43,"box":{"x":83,"y":343,"width":55,"height":11}},{"id":"92f66079-f7db-4bc3-9b9b-22ddafa809dd","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":43,"box":{"x":82,"y":365,"width":390,"height":11}},{"id":"c0d98881-f45d-42b1-af09-b18d48ea0854","block_type":"box","text":"Index is represented by securities of companies in the consumer","page_number":43,"box":{"x":83,"y":379,"width":413,"height":11}},{"id":"9ecd6dac-b807-4583-b9a2-3ec8dd3f58ae","block_type":"box","text":"goods and services, financials and industrials industries or","page_number":43,"box":{"x":83,"y":393,"width":373,"height":11}},{"id":"fd21a7c4-17b7-4eed-9f9e-3a04a76021bc","block_type":"box","text":"sectors. The components of the Underlying Index are likely to","page_number":43,"box":{"x":83,"y":407,"width":391,"height":11}},{"id":"1856b149-ae03-48ee-80d5-b39238d17257","block_type":"box","text":"change over time.","page_number":43,"box":{"x":83,"y":422,"width":113,"height":10}},{"id":"7d31eed7-85f3-4197-afb5-bcdcfd5b35d6","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":43,"box":{"x":84,"y":445,"width":376,"height":11}},{"id":"0c21d8dc-f720-4246-85db-b101e9a3e7ed","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":43,"box":{"x":83,"y":459,"width":417,"height":11}},{"id":"bb736349-5889-401f-b51c-c21df0d10479","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":43,"box":{"x":83,"y":473,"width":396,"height":11}},{"id":"f14574a2-4a89-47c3-980d-39006740c795","block_type":"box","text":"markets decline or appear overvalued.","page_number":43,"box":{"x":83,"y":487,"width":244,"height":11}},{"id":"12b034c3-0a17-443c-80e5-1ea318edc268","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":43,"box":{"x":83,"y":510,"width":421,"height":11}},{"id":"cf4c5912-6c98-4c7e-8176-731404acc889","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":43,"box":{"x":83,"y":525,"width":421,"height":10}},{"id":"f8ad3707-c3e1-4296-8de7-191761fb43a5","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":43,"box":{"x":83,"y":539,"width":386,"height":11}},{"id":"54dcbbbc-36ef-490d-9c7b-a0b34365b9b1","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":43,"box":{"x":83,"y":553,"width":370,"height":11}},{"id":"828a7c39-c091-4202-bffc-198d2cac8adb","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":43,"box":{"x":83,"y":567,"width":356,"height":11}},{"id":"eebd8cc6-4247-4573-80ce-a1b37de04f08","block_type":"box","text":"comparison to actively managed investment companies.","page_number":43,"box":{"x":83,"y":581,"width":359,"height":11}},{"id":"a8b891b0-3ff7-4dc9-b745-c81bc223e272","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":43,"box":{"x":84,"y":605,"width":411,"height":10}},{"id":"14ae0885-e3d8-4757-bfb9-1973e5d635ba","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":43,"box":{"x":83,"y":619,"width":411,"height":11}},{"id":"8aaa88ba-691c-48f2-a5ad-8d303ea7e44f","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":43,"box":{"x":83,"y":633,"width":424,"height":11}},{"id":"9aff0831-1d94-4007-b03c-c853f8b2537d","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":43,"box":{"x":83,"y":647,"width":410,"height":11}},{"id":"86746dcd-5fbc-4303-8267-782da9c75910","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":43,"box":{"x":83,"y":661,"width":408,"height":11}},{"id":"f1ddc241-2f91-41e2-85ca-578bc93f78ad","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":43,"box":{"x":83,"y":675,"width":423,"height":11}},{"id":"fe9fd7ff-7306-47b6-85b7-6d5cae2278dd","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":43,"box":{"x":83,"y":690,"width":386,"height":10}},{"id":"5cfec85d-e83f-4772-83c2-315a6b3a9d65","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":43,"box":{"x":82,"y":704,"width":360,"height":11}},{"id":"fa58458a-e4c0-411e-b6b5-0e983b053b4f","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":43,"box":{"x":82,"y":718,"width":414,"height":11}},{"id":"cd6a276e-cd4f-4e5f-9e25-aeb3fe59d47c","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":43,"box":{"x":83,"y":732,"width":410,"height":11}},{"id":"4a3cf868-6b77-43e4-9e17-d695a02e3594","block_type":"box","text":"the components of the Underlying Index.","page_number":43,"box":{"x":83,"y":746,"width":259,"height":11}},{"id":"378fe016-6290-47db-ad6c-1baa74ecd912","block_type":"box","text":"The Fund generally will invest at least 90% of its assets in the","page_number":43,"box":{"x":82,"y":770,"width":390,"height":10}},{"id":"5b5ff95c-1830-44d9-99fa-057b5c4eef22","block_type":"box","text":"component securities of the Underlying Index and may invest up","page_number":43,"box":{"x":83,"y":784,"width":410,"height":11}},{"id":"a9f72ac3-7c8d-40e6-8854-acf0b0233c96","block_type":"box","text":"to 10% of its assets in certain futures, options and swap contracts,","page_number":43,"box":{"x":83,"y":798,"width":423,"height":11}},{"id":"96183389-1f2c-4b2e-b0ce-260df2791db5","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":43,"box":{"x":83,"y":812,"width":392,"height":11}},{"id":"34e88df2-928f-46a4-83b0-90e3b1fd56c8","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":43,"box":{"x":82,"y":826,"width":407,"height":11}},{"id":"894e7cc2-9b9a-47cc-802b-6a16ea1eba8f","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":43,"box":{"x":83,"y":840,"width":415,"height":11}},{"id":"b0b3132b-a598-4a39-8366-8cdeff061a45","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":43,"box":{"x":83,"y":855,"width":400,"height":10}},{"id":"e7d781ed-b276-4443-9879-ef1a6c7acb03","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":43,"box":{"x":83,"y":869,"width":409,"height":11}},{"id":"2327f7ea-657b-4a07-b36f-fe3746ebf5e7","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":43,"box":{"x":549,"y":23,"width":368,"height":11}},{"id":"4ff76730-5de5-4329-9a40-ebb51d4ab8f4","block_type":"box","text":"percentage of investments included in the Underlying Index. The","page_number":43,"box":{"x":549,"y":37,"width":411,"height":11}},{"id":"076c5bbb-e321-4dde-812b-7584006c5003","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":43,"box":{"x":550,"y":51,"width":386,"height":11}},{"id":"33de5aac-202e-437c-8494-bd8fc9fc882b","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":43,"box":{"x":550,"y":66,"width":281,"height":10}},{"id":"4529f112-2cfe-47a2-926b-4901b9de2380","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":43,"box":{"x":549,"y":89,"width":411,"height":11}},{"id":"6e4fb81e-b6fa-4761-81e3-abcac32d302e","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":43,"box":{"x":548,"y":103,"width":371,"height":11}},{"id":"a70ae70d-4af1-48f9-afab-b786f16e17f8","block_type":"box","text":"collateral received).","page_number":43,"box":{"x":549,"y":117,"width":125,"height":11}},{"id":"79eb4b36-00bb-46c2-af4a-75aff81b5302","block_type":"box","text":"The Underlying Index and Parent Index are sponsored by MSCI,","page_number":43,"box":{"x":549,"y":140,"width":402,"height":11}},{"id":"e1fcf422-12d9-4e2e-81c1-f404fd0e7f02","block_type":"box","text":"which is independent of the Fund and BFA. The Index Provider","page_number":43,"box":{"x":549,"y":155,"width":395,"height":10}},{"id":"4bcfee50-52c9-4c8b-a09f-ed3ab7214a94","block_type":"box","text":"determines the composition and relative weightings of the","page_number":43,"box":{"x":549,"y":169,"width":372,"height":11}},{"id":"1da42e0d-6367-4a35-93a0-249aee38d175","block_type":"box","text":"securities in the Underlying Index and Parent Index and publishes","page_number":43,"box":{"x":549,"y":183,"width":417,"height":11}},{"id":"672207bf-6f28-447e-83d1-fb9635f07041","block_type":"box","text":"information regarding the market value of the Underlying","page_number":43,"box":{"x":549,"y":197,"width":363,"height":11}},{"id":"d4d5d473-74a0-4429-a6a9-5d6ac3998f72","block_type":"box","text":"Index and Parent Index.","page_number":43,"box":{"x":550,"y":211,"width":148,"height":9}},{"id":"1f673f1f-1d76-49f8-b291-57b87ae2d119","block_type":"box","text":"Industry Concentration Policy.","page_number":43,"box":{"x":550,"y":235,"width":209,"height":10}},{"id":"24a4c3c0-8d6e-4864-af62-56f82130377e","block_type":"box","text":"The Fund will concentrate its","page_number":43,"box":{"x":764,"y":235,"width":184,"height":8}},{"id":"eaa4d4a1-1be4-4cc0-a3af-cd60438db524","block_type":"box","text":"investments (","page_number":43,"box":{"x":549,"y":249,"width":86,"height":11}},{"id":"dd587349-2ade-46d0-a9d7-ff9b15c405eb","block_type":"box","text":"i.e.","page_number":43,"box":{"x":635,"y":249,"width":17,"height":8}},{"id":"2e729c87-20ef-4bef-8b5a-ae29c0779f08","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":43,"box":{"x":655,"y":249,"width":264,"height":11}},{"id":"064e7cdd-a5b1-4b3f-a001-e96816fbd22a","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":43,"box":{"x":549,"y":263,"width":394,"height":11}},{"id":"b91f9477-4d7c-4c12-9d87-6957b3aa5079","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":43,"box":{"x":549,"y":277,"width":377,"height":11}},{"id":"5b050186-67e8-40af-a543-fe4061ced7a1","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":43,"box":{"x":549,"y":291,"width":389,"height":11}},{"id":"cef0882d-0622-4777-aa47-3cbb12d3222c","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":43,"box":{"x":549,"y":305,"width":389,"height":11}},{"id":"89e6ca51-bebe-4b7f-9d0f-6b6aa47aaff7","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":43,"box":{"x":549,"y":320,"width":410,"height":10}},{"id":"6d427788-aecc-4aa1-9a07-c2d24a251b96","block_type":"box","text":"considered to be issued by members of any industry.","page_number":43,"box":{"x":549,"y":334,"width":337,"height":11}},{"id":"a01431b8-669b-4233-8149-bd649dd0efc2","block_type":"box","text":"Summary of Principal Risks","page_number":43,"box":{"x":549,"y":363,"width":235,"height":13}},{"id":"d9848447-2fcd-40af-be62-c4beb5129bc7","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":43,"box":{"x":549,"y":388,"width":362,"height":11}},{"id":"fe091b3d-b844-41d8-bfbe-1e39a10fe65e","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":43,"box":{"x":549,"y":402,"width":402,"height":11}},{"id":"c0afda90-1e61-4a06-9e5a-bc45a5a344f7","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":43,"box":{"x":549,"y":416,"width":396,"height":11}},{"id":"8e372cd4-521a-478c-bfc0-0cce8048189b","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":43,"box":{"x":549,"y":430,"width":376,"height":11}},{"id":"24fd2921-8dc3-4224-a568-44e8f1cd2776","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":43,"box":{"x":549,"y":445,"width":392,"height":10}},{"id":"d6c40cb2-1ebc-4e4d-bbc2-0f820f78c799","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":43,"box":{"x":549,"y":459,"width":416,"height":11}},{"id":"101b5056-3139-40e2-a659-615411609e43","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":43,"box":{"x":549,"y":473,"width":388,"height":11}},{"id":"63b5da28-55f4-4d53-ab4e-fba957759586","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":43,"box":{"x":549,"y":487,"width":425,"height":11}},{"id":"cf9ec1b4-5936-419f-84e5-dd762a16040c","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":43,"box":{"x":549,"y":501,"width":405,"height":11}},{"id":"bcfc0675-b470-448c-9a7e-06142c4b1b69","block_type":"box","text":"review each risk factor carefully.","page_number":43,"box":{"x":549,"y":516,"width":206,"height":10}},{"id":"158b97a8-927a-4193-89dc-89afb4420b71","block_type":"box","text":"Risk of Investing in the U.S","page_number":43,"box":{"x":549,"y":539,"width":182,"height":11}},{"id":"542e6cb3-2b2e-4a0d-b9e3-f42552ede472","block_type":"box","text":".","page_number":43,"box":{"x":732,"y":545,"width":2,"height":2}},{"id":"8ebe9e77-85bf-4946-a4f2-576a1a81648e","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":43,"box":{"x":740,"y":539,"width":210,"height":11}},{"id":"8fb2f823-5e0c-4db5-9d0d-d559aed81199","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":43,"box":{"x":549,"y":553,"width":391,"height":11}},{"id":"d537c0de-fe63-4d79-936b-a145f261a197","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":43,"box":{"x":549,"y":567,"width":423,"height":11}},{"id":"a41cb1b6-f482-4b23-81cc-a8a6e9f42f7e","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":43,"box":{"x":550,"y":581,"width":412,"height":11}},{"id":"61b59bdf-1ac4-49dc-a3af-f84414025830","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":43,"box":{"x":549,"y":596,"width":396,"height":10}},{"id":"81c8902e-544a-4844-8917-485a102addc3","block_type":"box","text":"ESG Risk.","page_number":43,"box":{"x":549,"y":619,"width":63,"height":8}},{"id":"29e07865-1ff1-474d-9aff-27bab42edd94","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":43,"box":{"x":617,"y":619,"width":331,"height":11}},{"id":"aadaf941-8c02-4a20-9d61-841154b7f6f0","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":43,"box":{"x":549,"y":633,"width":399,"height":11}},{"id":"7769b60c-4250-45c1-a323-9a44dedcd681","block_type":"box","text":"types and number of investment opportunities available to the","page_number":43,"box":{"x":549,"y":647,"width":397,"height":11}},{"id":"1498c822-f8f0-4d08-af1a-0381ce9a3571","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":43,"box":{"x":550,"y":661,"width":396,"height":11}},{"id":"cf7b0282-1521-4f86-a687-d32809691e54","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying","page_number":43,"box":{"x":549,"y":675,"width":420,"height":11}},{"id":"464be3be-4d21-471a-9c80-e1923624e59d","block_type":"box","text":"Index’s use of ESG criteria may result in the Fund investing in, or","page_number":43,"box":{"x":550,"y":690,"width":411,"height":10}},{"id":"bb660501-f5cf-4459-88a8-444701830d7b","block_type":"box","text":"allocating greater weight to, securities or market sectors that","page_number":43,"box":{"x":549,"y":704,"width":392,"height":11}},{"id":"a2508187-e729-42b1-855d-641101430ea2","block_type":"box","text":"underperform the market as a whole or underperform other funds","page_number":43,"box":{"x":549,"y":718,"width":420,"height":11}},{"id":"83451ed2-f54f-45f5-8aff-03d33bcb44df","block_type":"box","text":"that use ESG criteria. In addition, the use of representative","page_number":43,"box":{"x":549,"y":732,"width":375,"height":11}},{"id":"37e69024-5da1-4371-9805-5c044f49c187","block_type":"box","text":"sampling may result in divergence of the Fund’s overall ESG","page_number":43,"box":{"x":549,"y":746,"width":382,"height":11}},{"id":"93a67476-c5b3-408a-813e-8d63b3ce1538","block_type":"box","text":"characteristics or ESG risk from those of the Underlying Index.","page_number":43,"box":{"x":549,"y":761,"width":399,"height":10}},{"id":"c66cce11-598c-4d9f-ba7e-c6b65cdbc9b0","block_type":"box","text":"The Index Provider may evaluate security-level ESG data and, if","page_number":43,"box":{"x":549,"y":775,"width":403,"height":11}},{"id":"0e990be9-1337-4e00-addc-f18cfe7ca33b","block_type":"box","text":"applicable, ESG objectives or constraints that are relevant to the","page_number":43,"box":{"x":549,"y":789,"width":413,"height":11}},{"id":"e4bbf67a-53b4-4ab7-9dc4-adc858df3f99","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities","page_number":43,"box":{"x":550,"y":803,"width":407,"height":11}},{"id":"0fe16570-2895-4b40-bbd3-6393465e106a","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":43,"box":{"x":549,"y":817,"width":411,"height":11}},{"id":"86d42bc5-7530-4b78-b984-4d080aa5ba05","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":43,"box":{"x":550,"y":831,"width":416,"height":11}},{"id":"5955126a-5470-410a-9761-6054b844f275","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":43,"box":{"x":549,"y":846,"width":384,"height":10}},{"id":"a661cc41-44c3-447a-9e7c-5c3be5217f9a","block_type":"box","text":"Provider. As a result, certain securities in the Underlying Index, or","page_number":43,"box":{"x":550,"y":860,"width":418,"height":11}},{"id":"5ef85a58-33c2-4a5b-8c8a-36d74813fb5e","block_type":"box","text":"S-27","page_number":43,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"914d06d8-3958-424c-ad1b-c7e2901f1819","block_type":"box","text":"the Underlying Index as a whole, may not meet the relevant ESG","page_number":44,"box":{"x":83,"y":23,"width":410,"height":11}},{"id":"248b100a-fb34-4926-ad80-477fe72d6d17","block_type":"box","text":"objectives or constraints at all times.","page_number":44,"box":{"x":83,"y":37,"width":235,"height":11}},{"id":"01cf8d84-642c-49a4-bf97-42dde20e411b","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":44,"box":{"x":82,"y":60,"width":250,"height":11}},{"id":"b2f15ec4-5ab2-477d-bd65-472936c20f96","block_type":"box","text":".","page_number":44,"box":{"x":332,"y":67,"width":3,"height":2}},{"id":"335aba7a-b1b2-4e7a-ab07-92bfd94e9363","block_type":"box","text":"Compared to mid- and","page_number":44,"box":{"x":340,"y":61,"width":143,"height":10}},{"id":"c1cffe72-27b6-4b5c-8f12-72b6267eb9fd","block_type":"box","text":"large-capitalization companies, small-capitalization companies","page_number":44,"box":{"x":83,"y":75,"width":400,"height":11}},{"id":"f0335596-4f3c-4c4a-b8ef-9a8ba808cafa","block_type":"box","text":"may be less stable and more susceptible to adverse","page_number":44,"box":{"x":83,"y":89,"width":330,"height":11}},{"id":"0ccea1d1-639d-459e-8a78-5dd6b7ee01b6","block_type":"box","text":"developments. The securities of small-capitalization companies","page_number":44,"box":{"x":83,"y":103,"width":404,"height":11}},{"id":"6765ded8-be59-439a-901c-0c6b643a06db","block_type":"box","text":"may be more volatile and less liquid than those of mid- and large","page_number":44,"box":{"x":83,"y":117,"width":417,"height":11}},{"id":"9f8220fb-a5b1-40e3-a5b8-99d525d6eb21","block_type":"box","text":"capitalization companies. As a result, the Fund’s share price may","page_number":44,"box":{"x":83,"y":131,"width":415,"height":11}},{"id":"f436eae0-108e-457b-b68b-40a9c335be8e","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":44,"box":{"x":83,"y":146,"width":407,"height":10}},{"id":"cb2fa8ee-177d-481a-9448-25aaeaa0fe96","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":44,"box":{"x":83,"y":160,"width":220,"height":11}},{"id":"860bd6ef-f5de-4a4a-af5a-622953670e92","block_type":"box","text":"Equity Securities Risk","page_number":44,"box":{"x":83,"y":183,"width":147,"height":11}},{"id":"b24717fc-e869-4307-8497-b7f54b8d0bde","block_type":"box","text":".","page_number":44,"box":{"x":230,"y":190,"width":3,"height":1}},{"id":"45ef2af1-e7ce-4964-b0a3-3e739fc0a106","block_type":"box","text":"Equity securities are subject to changes","page_number":44,"box":{"x":239,"y":183,"width":254,"height":11}},{"id":"40e86ad7-40a1-4389-ae07-9fcd825299d5","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":44,"box":{"x":83,"y":197,"width":422,"height":11}},{"id":"d7681533-d7e6-4c18-ab01-7d95484d5685","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":44,"box":{"x":83,"y":211,"width":420,"height":11}},{"id":"f07b9617-9f51-4852-911d-6bd2f04b2e18","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":44,"box":{"x":83,"y":226,"width":396,"height":10}},{"id":"3b7af6ae-3d39-475d-8548-5177095117ef","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":44,"box":{"x":83,"y":240,"width":359,"height":11}},{"id":"daefcb53-ad72-4cca-a02c-355466d59478","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":44,"box":{"x":83,"y":254,"width":390,"height":11}},{"id":"bc97f259-f2e8-40e8-8b5c-dbc3d4baeb93","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":44,"box":{"x":83,"y":268,"width":412,"height":11}},{"id":"a0cddd10-b3bc-4d49-b3ce-76862db74fd7","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":44,"box":{"x":83,"y":282,"width":372,"height":11}},{"id":"6c96a06c-5c21-4e83-b4f4-48555a3ba150","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":44,"box":{"x":83,"y":296,"width":309,"height":11}},{"id":"e8a5a70b-5f94-4159-98b0-730b704a2567","block_type":"box","text":"Market Risk","page_number":44,"box":{"x":83,"y":320,"width":82,"height":8}},{"id":"8727ef33-514c-4beb-a331-c90adb9b80d9","block_type":"box","text":".","page_number":44,"box":{"x":165,"y":326,"width":2,"height":2}},{"id":"10a06906-f40d-4bc7-a876-f0c020737056","block_type":"box","text":"The Fund could lose money over short periods due","page_number":44,"box":{"x":172,"y":320,"width":323,"height":10}},{"id":"46ddf116-c4c6-4338-b052-6b8d93adc2e8","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":44,"box":{"x":83,"y":334,"width":413,"height":11}},{"id":"75cef3da-4ac6-4060-bf99-9724cf9f1d0c","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":44,"box":{"x":83,"y":348,"width":382,"height":11}},{"id":"f378742a-219b-4a17-be42-4980f913535f","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":44,"box":{"x":83,"y":362,"width":411,"height":11}},{"id":"1c61c9e4-9c9e-484f-afad-e792ca14d2c5","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":44,"box":{"x":83,"y":376,"width":370,"height":11}},{"id":"9d4899b3-7c9d-42c5-a1af-ddc08c54eb5a","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":44,"box":{"x":83,"y":391,"width":404,"height":10}},{"id":"37c8eafc-62f9-4b65-b3de-2e9f171d989a","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":44,"box":{"x":83,"y":405,"width":395,"height":11}},{"id":"b1a55171-7290-41fb-9124-221b3a3bb976","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":44,"box":{"x":83,"y":419,"width":395,"height":11}},{"id":"8b6029c1-889d-41ad-b302-bf5f2b9c1335","block_type":"box","text":"NAV.","page_number":44,"box":{"x":84,"y":433,"width":27,"height":9}},{"id":"ed2b0dae-0649-4c51-bab8-cb058a3a8fc1","block_type":"box","text":"Index-Related Risk.","page_number":44,"box":{"x":83,"y":456,"width":129,"height":9}},{"id":"465a9f4b-4bb3-497b-b0c4-cf8e8f707b7b","block_type":"box","text":"The Index Provider may rely on various","page_number":44,"box":{"x":217,"y":456,"width":247,"height":11}},{"id":"f4629c8c-3ebf-43ba-9b59-f0fd8200962f","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":44,"box":{"x":83,"y":470,"width":423,"height":11}},{"id":"a5150a59-04f3-4244-845a-e0d0f7bdd23e","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":44,"box":{"x":83,"y":485,"width":391,"height":10}},{"id":"824fe6a3-45f1-4282-b115-ebbaaa140082","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":44,"box":{"x":83,"y":499,"width":406,"height":11}},{"id":"b66040c7-6d0c-4f43-a251-9a76a390c7b3","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":44,"box":{"x":83,"y":513,"width":408,"height":11}},{"id":"74d01668-a3a5-448b-a542-4ce54d4b8332","block_type":"box","text":"information will provide an accurate assessment of included","page_number":44,"box":{"x":83,"y":527,"width":384,"height":11}},{"id":"4198f19f-6a08-420f-a954-b691acf0a824","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":44,"box":{"x":83,"y":541,"width":387,"height":11}},{"id":"f0a7cef0-e272-46b4-ba95-022b7f97aeb9","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":44,"box":{"x":83,"y":556,"width":366,"height":10}},{"id":"4c8ec572-e57a-43c3-90d0-1692208c2df9","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":44,"box":{"x":83,"y":570,"width":377,"height":11}},{"id":"3acb7d90-9fad-4016-acb2-8c4c55709140","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":44,"box":{"x":83,"y":584,"width":413,"height":11}},{"id":"cd594503-14ec-4cc6-83b9-6d1ed3edfba9","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":44,"box":{"x":83,"y":598,"width":396,"height":11}},{"id":"c979b1e6-a705-464d-8297-9c5b273d8fca","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":44,"box":{"x":83,"y":612,"width":367,"height":11}},{"id":"e870f843-1a5e-48d4-a288-514b0e413c72","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":44,"box":{"x":83,"y":626,"width":400,"height":11}},{"id":"94b9260f-e708-4849-a915-64f97fb711d1","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":44,"box":{"x":83,"y":641,"width":409,"height":10}},{"id":"b9d97c25-3630-4152-8696-1cdc46a20b3f","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":44,"box":{"x":83,"y":655,"width":414,"height":11}},{"id":"8adbba05-c107-4007-82c2-52e223652d51","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":44,"box":{"x":83,"y":669,"width":362,"height":11}},{"id":"5a848e87-e00c-4ef3-8397-25313449cfc7","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":44,"box":{"x":83,"y":683,"width":423,"height":11}},{"id":"f5cf43cd-be6c-4697-b349-c844f6c2a772","block_type":"box","text":"Asset Class Risk.","page_number":44,"box":{"x":81,"y":706,"width":115,"height":9}},{"id":"fd2b1191-3208-404e-aea4-59ceda0be291","block_type":"box","text":"The securities and other assets in the","page_number":44,"box":{"x":202,"y":706,"width":239,"height":9}},{"id":"7748e2ff-9dfe-41a5-9f58-f1c70c7e4c17","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":44,"box":{"x":83,"y":721,"width":406,"height":10}},{"id":"52e95204-6190-4b04-b1c9-bdc1a35a7ab6","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":44,"box":{"x":83,"y":735,"width":405,"height":11}},{"id":"511bebf2-2696-4d9f-8674-a782fc53d79d","block_type":"box","text":"market, another index, or other asset classes.","page_number":44,"box":{"x":83,"y":749,"width":292,"height":10}},{"id":"6b3b0deb-a6cb-4ff8-91ca-c73fe074aac3","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":44,"box":{"x":81,"y":772,"width":290,"height":11}},{"id":"73954de6-547d-4839-8011-867e0c24e392","block_type":"box","text":"An “Authorized","page_number":44,"box":{"x":381,"y":772,"width":93,"height":9}},{"id":"6b607ca8-37a8-4619-a679-f2417589a0fc","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":44,"box":{"x":84,"y":786,"width":379,"height":11}},{"id":"154b0403-b93d-46ed-a933-62317392cb5d","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":44,"box":{"x":83,"y":800,"width":411,"height":11}},{"id":"0c408aa3-5185-4e83-970c-1907d72a486c","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":44,"box":{"x":84,"y":815,"width":395,"height":10}},{"id":"7b8bf087-f91d-4e2e-90a3-0b20183396c2","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":44,"box":{"x":84,"y":829,"width":399,"height":11}},{"id":"bac82532-773f-4b90-ac9d-6be5c13234c2","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":44,"box":{"x":83,"y":843,"width":407,"height":11}},{"id":"6fe8e554-49ac-4f9a-8464-140d92d03671","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":44,"box":{"x":83,"y":857,"width":409,"height":11}},{"id":"dee364b8-d421-42ed-bd6c-74a8a428cd4a","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":44,"box":{"x":83,"y":871,"width":412,"height":11}},{"id":"25f0a1c4-b860-4203-ad4b-f090a6977bf9","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":44,"box":{"x":549,"y":23,"width":403,"height":11}},{"id":"0f82f27d-d9d9-49d3-a79d-c0b22ab8a48b","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":44,"box":{"x":549,"y":37,"width":378,"height":11}},{"id":"f0855c78-c951-4745-bc56-a6bd658843e4","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":44,"box":{"x":550,"y":52,"width":379,"height":10}},{"id":"f8cb439c-8d66-4c6f-86a9-bc07485863ba","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":44,"box":{"x":549,"y":66,"width":404,"height":10}},{"id":"b2de6b90-8a0f-4704-85e0-263d882b05cb","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":44,"box":{"x":549,"y":80,"width":399,"height":11}},{"id":"6c92b3f4-ac45-4df3-8d9b-ffa4d183de36","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":44,"box":{"x":550,"y":94,"width":391,"height":11}},{"id":"b2f103ba-f77b-4ff7-b728-bf2b8037ced9","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":44,"box":{"x":549,"y":108,"width":408,"height":11}},{"id":"01339115-f689-4ff1-8c00-7d0a8637ccce","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":44,"box":{"x":549,"y":122,"width":273,"height":11}},{"id":"5469cc29-2d95-444f-a0ae-b81daa9c6376","block_type":"box","text":"Concentration Risk.","page_number":44,"box":{"x":549,"y":146,"width":132,"height":8}},{"id":"dbdc1ffc-3745-493f-bcc3-0b1899d7210b","block_type":"box","text":"The Fund may be susceptible to an","page_number":44,"box":{"x":687,"y":146,"width":221,"height":10}},{"id":"728142aa-2561-4ede-be98-24eca9d43865","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":44,"box":{"x":549,"y":160,"width":419,"height":11}},{"id":"a657e918-08ea-4667-9acf-dcef82e83d34","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":44,"box":{"x":549,"y":174,"width":408,"height":10}},{"id":"7cf1bd55-d214-431f-86aa-088a7742f19b","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":44,"box":{"x":549,"y":188,"width":418,"height":9}},{"id":"81a2afd1-99e0-4402-b28c-f97ca40b060c","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":44,"box":{"x":549,"y":202,"width":395,"height":10}},{"id":"74d7454d-5e4d-4ad0-8a07-f08833852978","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":44,"box":{"x":549,"y":217,"width":388,"height":10}},{"id":"75a95eb7-3d87-463d-bfe5-d137d1d5b946","block_type":"box","text":"asset classes.","page_number":44,"box":{"x":549,"y":231,"width":88,"height":8}},{"id":"df44764d-6c29-41d0-aa35-60d56b84f15b","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":44,"box":{"x":549,"y":254,"width":325,"height":11}},{"id":"5a5f9acd-7824-42bc-97e8-3f51f1188674","block_type":"box","text":"Consumer","page_number":44,"box":{"x":880,"y":254,"width":65,"height":8}},{"id":"68e56ff4-d141-47b5-b181-5ae6378f9f06","block_type":"box","text":"goods and services companies face risks related to changes in","page_number":44,"box":{"x":549,"y":268,"width":399,"height":11}},{"id":"f8e5a330-08fd-47a0-b7c2-63b8b03b3b73","block_type":"box","text":"consumer preferences and disposable income, commodity prices,","page_number":44,"box":{"x":549,"y":282,"width":421,"height":11}},{"id":"00afb5f6-1d68-41a5-8307-4e6cbaca3c97","block_type":"box","text":"government regulation, supply chain disruptions, damage to brand","page_number":44,"box":{"x":549,"y":296,"width":423,"height":11}},{"id":"d06382af-6333-42a3-8573-0c0b7e2e2660","block_type":"box","text":"or reputation, economic slowdown and labor shortages, among","page_number":44,"box":{"x":549,"y":311,"width":404,"height":10}},{"id":"db320304-8f25-4a8a-a9a6-b530e54f58db","block_type":"box","text":"other things.","page_number":44,"box":{"x":549,"y":325,"width":80,"height":11}},{"id":"763dc517-c765-433d-b9b5-412777db5d0b","block_type":"box","text":"Financial Companies Risk","page_number":44,"box":{"x":549,"y":348,"width":175,"height":11}},{"id":"45221746-5931-4b7b-8aec-1da81ff58569","block_type":"box","text":".","page_number":44,"box":{"x":724,"y":355,"width":2,"height":1}},{"id":"6086c0ae-9743-472e-8b44-46534e37e606","block_type":"box","text":"Financial services companies are","page_number":44,"box":{"x":732,"y":348,"width":211,"height":11}},{"id":"100983ea-f924-4edf-b4b0-a046328ecadc","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":44,"box":{"x":549,"y":362,"width":400,"height":11}},{"id":"a9a95dad-3f79-4438-9cd7-0274b99888e5","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":44,"box":{"x":549,"y":376,"width":404,"height":11}},{"id":"a165ca90-344b-4c37-b6a5-33b034e87cb3","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":44,"box":{"x":549,"y":391,"width":405,"height":10}},{"id":"49ffd638-8145-4668-9324-d647d1336af6","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":44,"box":{"x":549,"y":405,"width":385,"height":11}},{"id":"19499b7e-76de-4a38-8979-ba409c2e3abd","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":44,"box":{"x":549,"y":419,"width":395,"height":11}},{"id":"4683cac8-ad7f-4804-a1b0-15a674e27c8f","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":44,"box":{"x":549,"y":433,"width":367,"height":11}},{"id":"5061f58b-d261-42a9-a8fe-2369a5689df9","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":44,"box":{"x":549,"y":447,"width":343,"height":11}},{"id":"054069c4-866f-4e85-b1b8-1320bb83c560","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":44,"box":{"x":549,"y":461,"width":410,"height":11}},{"id":"1c489eda-f14f-45e3-86eb-6204af77fa15","block_type":"box","text":"and counterparty risk.","page_number":44,"box":{"x":549,"y":476,"width":140,"height":10}},{"id":"2153b270-787d-41f8-bf35-42133d0bff02","block_type":"box","text":"Industrial Companies Risk.","page_number":44,"box":{"x":549,"y":499,"width":181,"height":11}},{"id":"a92b4e81-5fed-40cb-a860-c92b44364dae","block_type":"box","text":"Industrial companies face a number","page_number":44,"box":{"x":736,"y":499,"width":229,"height":11}},{"id":"4c442f2e-324c-448b-a68f-4f04f4fd490f","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":44,"box":{"x":549,"y":513,"width":378,"height":11}},{"id":"0bf7003f-a2c6-437f-b4fa-5073e4ef9b06","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":44,"box":{"x":549,"y":527,"width":416,"height":11}},{"id":"1318a48c-ccf0-4270-8ba9-a4e1742445fc","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":44,"box":{"x":549,"y":541,"width":380,"height":11}},{"id":"d957bb6f-c353-40fa-acef-08738fc381bc","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":44,"box":{"x":549,"y":556,"width":418,"height":10}},{"id":"b2e7786f-50ef-45b6-840e-7f6859c3d8bb","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":44,"box":{"x":549,"y":570,"width":394,"height":11}},{"id":"280ee886-7ad3-4b2e-9ec2-3b25c180ac81","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":44,"box":{"x":549,"y":584,"width":388,"height":11}},{"id":"7ba27d26-48ab-4222-b203-0b73603a9bc7","block_type":"box","text":"affected by technological developments, labor relations,","page_number":44,"box":{"x":549,"y":598,"width":358,"height":11}},{"id":"0a488197-d666-4a0d-b0cd-3919467ebfae","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":44,"box":{"x":549,"y":612,"width":420,"height":11}},{"id":"458a05a7-fa4a-4849-9908-793cf7e82a9f","block_type":"box","text":"and changes in domestic and international economies.","page_number":44,"box":{"x":549,"y":626,"width":348,"height":11}},{"id":"4a138fa5-52d7-4c6d-a9b3-6b6be14a1753","block_type":"box","text":"Issuer Risk","page_number":44,"box":{"x":549,"y":650,"width":75,"height":8}},{"id":"9314c6e7-0104-4e1d-be3a-aa36978aa6e3","block_type":"box","text":".","page_number":44,"box":{"x":624,"y":656,"width":3,"height":2}},{"id":"20f94907-8f08-437f-9b66-b412794493d9","block_type":"box","text":"The performance of the Fund depends on the","page_number":44,"box":{"x":632,"y":650,"width":288,"height":10}},{"id":"3a7333e5-99ac-4414-8920-29efd51e0207","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":44,"box":{"x":549,"y":664,"width":412,"height":11}},{"id":"67fc1c6a-0cb1-4e8d-974a-75b443950ec1","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":44,"box":{"x":550,"y":678,"width":402,"height":11}},{"id":"d92c490f-bf04-4299-8eae-cc2e15814f86","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":44,"box":{"x":549,"y":692,"width":418,"height":11}},{"id":"2943aa3b-0597-4f27-936f-6ae5557cf94f","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":44,"box":{"x":549,"y":706,"width":414,"height":11}},{"id":"087d7022-7e23-49b8-860d-5968f0ab2b10","block_type":"box","text":"counterparty.","page_number":44,"box":{"x":549,"y":721,"width":84,"height":10}},{"id":"49077387-383b-4e08-9de2-b30a13471e60","block_type":"box","text":"Management Risk","page_number":44,"box":{"x":549,"y":744,"width":123,"height":11}},{"id":"8e7cb21c-d79f-4ab6-bcee-3a351fd55d7a","block_type":"box","text":".","page_number":44,"box":{"x":672,"y":750,"width":2,"height":2}},{"id":"8a11e9cf-9bfe-45da-ab45-6dcddc306f86","block_type":"box","text":"The Fund generally does not attempt to take","page_number":44,"box":{"x":679,"y":744,"width":283,"height":11}},{"id":"7c5310cb-a6cf-4068-ac76-60599c2ae734","block_type":"box","text":"defensive positions under any market conditions, including","page_number":44,"box":{"x":549,"y":758,"width":376,"height":11}},{"id":"81e062ea-c626-4940-8fd2-5d42c16d9458","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":44,"box":{"x":549,"y":772,"width":362,"height":11}},{"id":"64faf1bd-ae1f-40e6-9ad2-f73a98ec617e","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":44,"box":{"x":550,"y":786,"width":387,"height":11}},{"id":"42b8c837-eaa4-489d-9a7b-82bd2118b7f1","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":44,"box":{"x":549,"y":801,"width":409,"height":10}},{"id":"794d9f6c-ea75-45f9-a82f-c21ed1bb1b29","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":44,"box":{"x":549,"y":815,"width":419,"height":10}},{"id":"bc2ac408-9d16-4bc6-9be9-fd77005ca2e1","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":44,"box":{"x":549,"y":829,"width":420,"height":11}},{"id":"1be12e91-70fa-468e-b53c-0ae540c46fd8","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":44,"box":{"x":549,"y":843,"width":403,"height":11}},{"id":"3685cb4a-f537-41b9-80c2-589f93727c61","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":44,"box":{"x":549,"y":857,"width":323,"height":11}},{"id":"29cd296f-873e-4969-b708-f3c0e42f9fe8","block_type":"box","text":"S-28","page_number":44,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1ada9d44-431a-4ed9-aa68-17c6d4faf978","block_type":"box","text":"Market Trading Risk","page_number":45,"box":{"x":83,"y":23,"width":136,"height":11}},{"id":"8ff53e28-b7e0-4540-a66b-6dbe5962d146","block_type":"box","text":".","page_number":45,"box":{"x":219,"y":30,"width":2,"height":2}},{"id":"269a7b84-6320-4d6a-b57c-52f1e28bbdfb","block_type":"box","text":"The Fund faces numerous market trading","page_number":45,"box":{"x":226,"y":23,"width":263,"height":11}},{"id":"8bb5375b-98c8-4887-b5aa-b4bf0e1ecdd5","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":45,"box":{"x":83,"y":37,"width":394,"height":11}},{"id":"b798920a-9e55-4880-bcbf-e40a57e1589f","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":45,"box":{"x":83,"y":51,"width":401,"height":11}},{"id":"94b9efaf-beed-44c3-b7ba-f92cc2f21e22","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":45,"box":{"x":83,"y":66,"width":404,"height":11}},{"id":"3b67c962-ff2c-4a61-a999-4b1a9f776e18","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":45,"box":{"x":83,"y":80,"width":416,"height":11}},{"id":"dac3aa8d-01ae-459a-b252-68923feac5f5","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":45,"box":{"x":82,"y":94,"width":405,"height":11}},{"id":"e2884289-e3c4-4c29-a25b-3b0429446722","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":45,"box":{"x":83,"y":108,"width":411,"height":11}},{"id":"fd55ac3a-aebb-4bfc-8c52-778b2939e4ba","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":45,"box":{"x":83,"y":122,"width":397,"height":11}},{"id":"0ea7a27c-100e-4280-82e0-7c8e2e5c3955","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":45,"box":{"x":83,"y":137,"width":419,"height":10}},{"id":"46298610-69d8-42f6-bcbf-7697273a50f8","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":45,"box":{"x":83,"y":151,"width":412,"height":11}},{"id":"0eb0be65-7c76-4f4f-9d3f-9b77dddf8569","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":45,"box":{"x":83,"y":165,"width":397,"height":11}},{"id":"69f59b57-4806-4fa6-81d5-4d302e06fa12","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":45,"box":{"x":83,"y":179,"width":316,"height":11}},{"id":"6efb5cfe-434f-4543-bf07-1fdca65cfeb3","block_type":"box","text":"Operational and Technology Risks","page_number":45,"box":{"x":83,"y":202,"width":230,"height":11}},{"id":"23c55fcf-beef-47aa-8530-75b25b2b5482","block_type":"box","text":".","page_number":45,"box":{"x":314,"y":209,"width":2,"height":2}},{"id":"04333986-b023-4fc1-ad15-5c5bcbd0f4cc","block_type":"box","text":"The Fund is directly and","page_number":45,"box":{"x":321,"y":202,"width":151,"height":11}},{"id":"7d059878-0142-4cb8-8d06-97ea94291144","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":45,"box":{"x":83,"y":217,"width":368,"height":10}},{"id":"bb45bebc-42ed-4e6d-a13e-b500f4df2d53","block_type":"box","text":"including those related to human errors, processing errors,","page_number":45,"box":{"x":83,"y":231,"width":376,"height":11}},{"id":"f1522760-d24f-4d29-9fb5-8846e2bae9de","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":45,"box":{"x":83,"y":245,"width":413,"height":11}},{"id":"58079351-fd6f-4cc5-a6e5-12dcd7cdfd0c","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":45,"box":{"x":83,"y":259,"width":404,"height":11}},{"id":"5558d4a5-9aa3-45b0-bf7d-1d06faa5e378","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":45,"box":{"x":82,"y":273,"width":402,"height":11}},{"id":"c0489e2b-49e2-485e-bdad-ff4b12df5d9f","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":45,"box":{"x":83,"y":287,"width":376,"height":11}},{"id":"1b98edec-d261-40f8-b04c-f55bf4c9b997","block_type":"box","text":"providers are required to have appropriate operational,","page_number":45,"box":{"x":83,"y":302,"width":350,"height":10}},{"id":"cb027c8d-dee5-4488-b5c7-fc082d873f71","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":45,"box":{"x":83,"y":316,"width":414,"height":11}},{"id":"af680311-9aa1-4b05-851c-9da203eb4859","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":45,"box":{"x":83,"y":330,"width":397,"height":11}},{"id":"4e52b9a1-0b40-4cff-b7ad-40a0203743bb","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":45,"box":{"x":82,"y":344,"width":411,"height":11}},{"id":"0e948a36-7865-4c97-93f8-1c4cba34461e","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":45,"box":{"x":83,"y":358,"width":391,"height":9}},{"id":"d7d85282-5f44-43a2-854c-2c14ee4eaa10","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":45,"box":{"x":83,"y":372,"width":421,"height":11}},{"id":"8fb99891-4524-4e71-88b8-75f059e6d507","block_type":"box","text":"investments in such issuers to lose value.","page_number":45,"box":{"x":83,"y":387,"width":264,"height":8}},{"id":"2a316d14-43a0-4972-8dd8-52b16c271719","block_type":"box","text":"Securities Lending Risk.","page_number":45,"box":{"x":82,"y":410,"width":162,"height":11}},{"id":"05969aef-d3a8-4739-a492-14b9f32e0616","block_type":"box","text":"The Fund may engage in securities","page_number":45,"box":{"x":249,"y":410,"width":221,"height":11}},{"id":"ab115581-ff40-4333-90d1-d2e9bfb68f14","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":45,"box":{"x":83,"y":424,"width":396,"height":11}},{"id":"0b20f539-f7f0-4a97-a5ca-dd5c0a2ce44b","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":45,"box":{"x":83,"y":438,"width":418,"height":11}},{"id":"c2863038-b686-40e8-8975-dc8677136143","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":45,"box":{"x":549,"y":23,"width":409,"height":11}},{"id":"8b7670e4-6a09-4eda-863c-4c24511cc0eb","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":45,"box":{"x":549,"y":37,"width":416,"height":11}},{"id":"f3b21bce-54a0-4a03-8a09-6aec39fd85b0","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":45,"box":{"x":549,"y":51,"width":389,"height":11}},{"id":"eb066e75-cd96-48a2-a6de-5a09e83b9b70","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":45,"box":{"x":549,"y":66,"width":406,"height":8}},{"id":"4e4f9b9f-ec5c-4a0e-8793-0c342a5ff125","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":45,"box":{"x":549,"y":80,"width":301,"height":11}},{"id":"e15261b9-1cb3-4db9-b110-a32019578089","block_type":"box","text":"Tracking Error Risk","page_number":45,"box":{"x":550,"y":103,"width":128,"height":11}},{"id":"b59ff1a2-3878-47e7-aca0-c50ef87c7169","block_type":"box","text":".","page_number":45,"box":{"x":678,"y":110,"width":3,"height":1}},{"id":"c11ff013-9eec-4135-9b0b-f0f27ebcf482","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":45,"box":{"x":686,"y":103,"width":284,"height":11}},{"id":"36936bae-bfc8-40d3-a8d0-bbb2ac5ef469","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":45,"box":{"x":549,"y":117,"width":404,"height":11}},{"id":"8d047922-f7fa-4d0a-8854-f76c8f4fa1f1","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":45,"box":{"x":549,"y":131,"width":425,"height":11}},{"id":"812b9f9d-03e0-44ff-b775-9864516dcdb2","block_type":"box","text":"factors, including differences between the securities and other","page_number":45,"box":{"x":549,"y":146,"width":401,"height":10}},{"id":"c60e9368-ad05-4477-a91e-4b7dee78b529","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":45,"box":{"x":549,"y":160,"width":381,"height":11}},{"id":"cfda9432-5372-4ab0-9f85-fa90b50f7a42","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":45,"box":{"x":550,"y":174,"width":396,"height":11}},{"id":"9d0f68e1-dd9b-47c6-a452-1d3187703550","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":45,"box":{"x":549,"y":188,"width":407,"height":10}},{"id":"5a7e6bd0-ef2c-4c46-a075-ee2097e87d82","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":45,"box":{"x":549,"y":202,"width":400,"height":11}},{"id":"04cdb66c-27f3-4eef-95c2-f96862dbc31c","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":45,"box":{"x":549,"y":216,"width":421,"height":11}},{"id":"44923d94-18e7-45f7-b50c-2f7019d56208","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":45,"box":{"x":549,"y":231,"width":374,"height":11}},{"id":"39c4fca0-0d5d-412d-8495-083f684ca5b9","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":45,"box":{"x":549,"y":245,"width":370,"height":11}},{"id":"bdbeb394-cd7d-4e9d-9172-8d0df9bfc728","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":45,"box":{"x":549,"y":259,"width":372,"height":11}},{"id":"254d6d34-f021-4e1f-bbad-4790616e5f9c","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":45,"box":{"x":549,"y":273,"width":420,"height":11}},{"id":"8929456f-6ca0-4066-91c9-8cde4432cea7","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":45,"box":{"x":549,"y":287,"width":387,"height":11}},{"id":"cdeba9a1-df46-4eac-8e73-b9445b78a4fe","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":45,"box":{"x":549,"y":302,"width":377,"height":10}},{"id":"3f9be2a0-e0c7-4343-955e-1cb16e262900","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":45,"box":{"x":549,"y":316,"width":380,"height":11}},{"id":"508cdba9-7fb5-4b44-acfe-f9698772569a","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":45,"box":{"x":549,"y":330,"width":366,"height":11}},{"id":"eff99b51-8796-4501-8fb6-8e7d492e72da","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":45,"box":{"x":549,"y":344,"width":414,"height":11}},{"id":"49a98eef-caea-47d8-b945-ac2697fac32a","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":45,"box":{"x":550,"y":358,"width":386,"height":11}},{"id":"24d3405b-8297-4605-86ed-5a706af141c8","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":45,"box":{"x":549,"y":373,"width":414,"height":10}},{"id":"8f38062c-8cdf-4b44-8cf6-0673d403f0bd","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":45,"box":{"x":549,"y":387,"width":420,"height":10}},{"id":"c43d28c7-4dcc-4283-ab99-5aafe2a870f5","block_type":"box","text":"unusual market conditions.","page_number":45,"box":{"x":549,"y":401,"width":172,"height":8}},{"id":"1303e493-6cc1-438d-8d60-67c937d5f2b5","block_type":"box","text":"S-29","page_number":45,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"ad7b62db-d37e-4ecb-a2ff-4863f5bac6f1","block_type":"box","text":"Performance Information","page_number":46,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"4e64d737-1b77-427e-8b65-d1a59c33448b","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":46,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"7b56f9ce-2b0b-45cf-a54a-688f84a72446","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":46,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"2cf5addc-00ff-4749-9e25-3db26e2ef288","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":46,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"5fa08183-dd41-4318-b9ad-6d73048a00a8","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":46,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"c8c97b4c-1338-4fa2-8c20-9ed2a3ee770e","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":46,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"0f6f9086-aa2c-45cd-b989-632952f13ff1","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":46,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"b7e70836-8c03-48f9-8ba2-cacefa9c2f81","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":46,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"efbb90af-162f-4741-9847-4ee35f3cb45e","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":46,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"87d9c2c0-7371-46d3-bf64-1ac16c8e148f","block_type":"box","text":"45%","page_number":46,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"e8516f8c-85a7-4caf-9078-bf5b2f42a272","block_type":"box","text":"30%","page_number":46,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"6bd80a24-0e95-499b-9c87-beae2713c5e1","block_type":"box","text":"15%","page_number":46,"box":{"x":334,"y":240,"width":19,"height":7}},{"id":"cebdcf90-6fd4-4e17-a159-96d6538cfc55","block_type":"box","text":"0%","page_number":46,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"50d57f43-e81f-4ad6-a803-75f7ebc8ac18","block_type":"box","text":"-15%","page_number":46,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"c746f0b9-6f07-4dde-bcb9-81c70bfa0529","block_type":"box","text":"-30%","page_number":46,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"0dba0510-5f08-4420-b161-9ca8caa6ab64","block_type":"box","text":"2","page_number":46,"box":{"x":381,"y":321,"width":5,"height":7}},{"id":"8a12b20c-1372-4d0a-8b0f-2b82581fa6e8","block_type":"box","text":"0","page_number":46,"box":{"x":388,"y":321,"width":5,"height":7}},{"id":"f8df87eb-d435-4f1c-b096-7134dbd90c8a","block_type":"box","text":"1","page_number":46,"box":{"x":397,"y":321,"width":2,"height":7}},{"id":"a047e5c8-e77a-4876-a8d9-8db1a2dc4998","block_type":"box","text":"9","page_number":46,"box":{"x":402,"y":321,"width":6,"height":7}},{"id":"da7e5809-99d6-4cbf-ae3d-feb47ee66fde","block_type":"box","text":"2","page_number":46,"box":{"x":439,"y":321,"width":5,"height":7}},{"id":"37bb69d1-950b-4cb1-b2e9-45720de992bc","block_type":"box","text":"0","page_number":46,"box":{"x":446,"y":321,"width":6,"height":7}},{"id":"ee84730a-2701-47fd-8493-e85da4273cfd","block_type":"box","text":"2","page_number":46,"box":{"x":453,"y":321,"width":5,"height":7}},{"id":"f504e2c5-ab7f-4990-a34d-c79f026227e7","block_type":"box","text":"0","page_number":46,"box":{"x":460,"y":321,"width":6,"height":7}},{"id":"8fa2d817-7aae-4645-9f0f-93f87d96ed8c","block_type":"box","text":"2","page_number":46,"box":{"x":497,"y":321,"width":5,"height":7}},{"id":"ffa01c96-7c25-42a8-9f16-b1ae649c38cb","block_type":"box","text":"0","page_number":46,"box":{"x":504,"y":321,"width":6,"height":7}},{"id":"2b71e220-e8cb-49ed-9c01-fe01c3173fd9","block_type":"box","text":"21 2","page_number":46,"box":{"x":512,"y":321,"width":49,"height":7}},{"id":"ff39eda5-76f6-45ed-9284-e9c07af7614e","block_type":"box","text":"0","page_number":46,"box":{"x":562,"y":321,"width":6,"height":7}},{"id":"d281d302-7c54-4bc5-be1a-80786927927c","block_type":"box","text":"22 2","page_number":46,"box":{"x":570,"y":321,"width":49,"height":7}},{"id":"533819b1-c5f5-4df9-a047-4ca90779b191","block_type":"box","text":"0","page_number":46,"box":{"x":620,"y":321,"width":6,"height":7}},{"id":"6f6ba1a0-ec5a-44ba-bed5-8c26fa7f3dea","block_type":"box","text":"2","page_number":46,"box":{"x":628,"y":321,"width":5,"height":7}},{"id":"fb48d497-dda5-4e57-88a0-b493960ce370","block_type":"box","text":"3","page_number":46,"box":{"x":635,"y":321,"width":5,"height":7}},{"id":"ff6a0980-abbe-4d81-89ea-2a55bad17ab0","block_type":"box","text":"2","page_number":46,"box":{"x":672,"y":321,"width":5,"height":7}},{"id":"1dbd4d62-f639-4a0b-8ddb-68fb595c6bd7","block_type":"box","text":"0","page_number":46,"box":{"x":679,"y":321,"width":5,"height":7}},{"id":"9e94f5a7-9cf6-4da8-af0f-b863e4c36f45","block_type":"box","text":"2","page_number":46,"box":{"x":686,"y":321,"width":5,"height":7}},{"id":"7f20aab6-df2b-488d-92c5-5fd89a658b0f","block_type":"box","text":"4","page_number":46,"box":{"x":693,"y":321,"width":6,"height":7}},{"id":"8943a22b-9e51-4805-9281-b4644d738e81","block_type":"box","text":"28.53%","page_number":46,"box":{"x":378,"y":215,"width":33,"height":6}},{"id":"07702d5f-b3ca-4a5c-a9c6-43666e772677","block_type":"box","text":"19.77%","page_number":46,"box":{"x":437,"y":226,"width":32,"height":7}},{"id":"403f0aa3-c103-4b1b-b0cd-700ac329ff79","block_type":"box","text":"19.31%","page_number":46,"box":{"x":495,"y":227,"width":32,"height":6}},{"id":"465e4eda-f3b9-41a5-b9ee-b263685a560d","block_type":"box","text":"-17.22%","page_number":46,"box":{"x":550,"y":289,"width":37,"height":6}},{"id":"478e7a55-926e-4b29-8b10-85df5409b77d","block_type":"box","text":"17.31%","page_number":46,"box":{"x":612,"y":230,"width":32,"height":6}},{"id":"6269ebf6-bff1-4211-ae41-ec89f5fb8fc4","block_type":"box","text":"11.86%","page_number":46,"box":{"x":670,"y":237,"width":32,"height":6}},{"id":"4bf0c5ee-b987-4d2e-af40-3da54628ac22","block_type":"box","text":"Return (%) Period Ended","page_number":46,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"433921be-058e-42ef-9499-3b05d5f3c408","block_type":"box","text":"Calendar Year-to-Date Return","page_number":46,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"83adcbf4-9be8-4c5b-8aab-e4d78bf25b1b","block_type":"box","text":"8.17% September 30, 2025","page_number":46,"box":{"x":571,"y":366,"width":168,"height":9}},{"id":"669cf6f4-093a-453c-8781-0b591c893a61","block_type":"box","text":"During the periods shown in the chart:","page_number":46,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"b0f32eed-6138-4cf2-b6ec-fd917503069f","block_type":"box","text":"Best Quarter 29.31% December 31, 2020","page_number":46,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"484a6bc4-9f10-420e-a9aa-4c0f43478e75","block_type":"box","text":"Worst Quarter -30.78% March 31, 2020","page_number":46,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"60be1384-7b1b-453e-9572-2a7d044816bd","block_type":"box","text":"Average Annual Total Returns","page_number":46,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"98821534-c607-42f9-8003-b4fb69dee385","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":46,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"d8835f61-d872-4e3f-9b17-057c75275ad2","block_type":"box","text":"One Year Five Years","page_number":46,"box":{"x":704,"y":477,"width":140,"height":7}},{"id":"982cdb3d-8832-4723-a0c6-cac6ba0bf3af","block_type":"box","text":"Since Fund","page_number":46,"box":{"x":866,"y":464,"width":67,"height":7}},{"id":"58e7ee91-296d-4296-8e70-314abb0adc3a","block_type":"box","text":"Inception","page_number":46,"box":{"x":871,"y":477,"width":57,"height":9}},{"id":"086d4e97-2009-47e1-b80f-8801f103f1a1","block_type":"box","text":"(Inception Date: 4/10/2018)","page_number":46,"box":{"x":123,"y":495,"width":175,"height":9}},{"id":"56afdc3c-cad9-4385-aca5-ad52b94c923c","block_type":"box","text":"Return Before Taxes","page_number":46,"box":{"x":124,"y":506,"width":112,"height":8}},{"id":"bba1d587-33f4-44a6-99c1-7bdb83ee297a","block_type":"box","text":"11.86% 9.19% 9.10%","page_number":46,"box":{"x":716,"y":506,"width":203,"height":8}},{"id":"a9486828-de6a-4553-8d91-9cd3de9e28f3","block_type":"box","text":"Return After Taxes on Distributions 11.50% 8.82% 8.73%","page_number":46,"box":{"x":124,"y":518,"width":795,"height":7}},{"id":"795a7676-53fe-4655-b456-1238f6f06880","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 7.22% 7.18% 7.19%","page_number":46,"box":{"x":124,"y":529,"width":795,"height":8}},{"id":"2453a60f-0c01-4e7e-a19b-ddba734a0894","block_type":"box","text":"MSCI USA Index","page_number":46,"box":{"x":124,"y":541,"width":99,"height":8}},{"id":"eaafbf71-cf7f-4264-af22-6d49a6b1b0c1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 14.46%","page_number":46,"box":{"x":227,"y":541,"width":692,"height":10}},{"id":"4cfd494d-a454-482b-ab81-55d9706c344d","block_type":"box","text":"MSCI USA Small Cap Extended ESG Focus Index","page_number":46,"box":{"x":124,"y":553,"width":296,"height":9}},{"id":"cf01c86d-57c2-4d4e-af33-9dcc58cd0d3c","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":46,"box":{"x":425,"y":553,"width":245,"height":9}},{"id":"d62c68de-d807-46c0-ab4c-637c9291e888","block_type":"box","text":"expenses or taxes)","page_number":46,"box":{"x":137,"y":566,"width":105,"height":9}},{"id":"c594cf1e-52b6-481f-abcf-71ca9cc805d6","block_type":"box","text":"12.08% 9.31% 9.23%","page_number":46,"box":{"x":715,"y":566,"width":204,"height":7}},{"id":"1896e18a-6403-41cd-883d-6c77b088171a","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":46,"box":{"x":82,"y":596,"width":882,"height":10}},{"id":"ece332e8-b243-47be-a433-11b25a87dcbc","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":46,"box":{"x":83,"y":610,"width":871,"height":11}},{"id":"570c93dc-7220-450c-a773-72e6babbd84e","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":46,"box":{"x":83,"y":624,"width":860,"height":11}},{"id":"9473618e-58a7-4fa3-88db-fc1ea30fd826","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":46,"box":{"x":83,"y":638,"width":855,"height":11}},{"id":"9daa70b5-70e6-4c6d-8bfc-c81a2ba10215","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":46,"box":{"x":83,"y":652,"width":883,"height":11}},{"id":"2a51a65e-239d-49e0-9c50-d7aa74e98abd","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":46,"box":{"x":82,"y":666,"width":861,"height":11}},{"id":"ff3174cc-d2fe-434d-85e9-e2e9a9edeacc","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":46,"box":{"x":83,"y":681,"width":359,"height":10}},{"id":"888f3a53-6155-4232-8354-d7b6cbe20fd6","block_type":"box","text":"S-30","page_number":46,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"d32aee78-651c-4c82-8cfb-db1b02a276a0","block_type":"box","text":"Management","page_number":47,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"5ccfb683-f6aa-460b-9bfb-07cbb2c68152","block_type":"box","text":"Investment Adviser.","page_number":47,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"a251a05c-d7d9-4368-9ddb-cf760f74bbb9","block_type":"box","text":"BlackRock Fund Advisors.","page_number":47,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"dbf886b2-bd68-48d8-9857-b92d5020b57a","block_type":"box","text":"Portfolio Managers.","page_number":47,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"c2918b7a-75ce-42c6-a0e6-47d277ecc704","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":47,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"fc290abc-c4e7-46f1-806e-9a14083bfbe8","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":47,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"7e7e9cd1-e369-4d02-a0c5-07d87ded2f60","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":47,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"bbed3329-e083-4bae-b404-e5a6b3ff6c35","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":47,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"3123abf9-fce4-4062-90e3-051bbcc19641","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2018. Mr.","page_number":47,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"f83b9cb9-2295-4e35-8fca-c93bbea7b9ba","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":47,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"335730fb-b80b-4277-ab3b-69fcac49f090","block_type":"box","text":"Managers of the Fund since 2025.","page_number":47,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"9354e4c2-a246-4186-89f6-6767f2fd363a","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":47,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"c9109e3e-a4f0-4c5c-9e2e-0c8c22b08048","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":47,"box":{"x":82,"y":210,"width":422,"height":11}},{"id":"a69a6a67-b20c-4e69-ac51-d899a1f5fa2e","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":47,"box":{"x":83,"y":224,"width":419,"height":11}},{"id":"cc459fac-0bf0-4dd5-b0d1-808954deb6af","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":47,"box":{"x":83,"y":238,"width":400,"height":11}},{"id":"675f1fb1-5706-4ae1-9e0f-66951a5cfae0","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":47,"box":{"x":83,"y":253,"width":392,"height":10}},{"id":"0b97d419-679b-4009-86d1-2fdfccbc3299","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":47,"box":{"x":83,"y":267,"width":418,"height":11}},{"id":"11941fe9-21bf-49c8-953a-42229efeb311","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":47,"box":{"x":83,"y":281,"width":364,"height":11}},{"id":"26647b87-4c56-4650-bad8-77542d20cac0","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":47,"box":{"x":83,"y":295,"width":404,"height":11}},{"id":"edb27989-17f4-4ed3-915b-50da27f7c411","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":47,"box":{"x":83,"y":309,"width":412,"height":11}},{"id":"4a2179dd-6a7c-4ef9-8510-ab3a9af2c646","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":47,"box":{"x":82,"y":323,"width":387,"height":11}},{"id":"eda97057-0664-47dc-b6c2-6562423195c0","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":47,"box":{"x":83,"y":338,"width":394,"height":11}},{"id":"7b5fae4c-8e69-4f57-b7a1-dc0b6160aa25","block_type":"box","text":"Tax Information","page_number":47,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"692766bb-b4a7-40df-8d0a-db652fbecbc9","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":47,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"5682f3fb-868f-4df3-aa60-ac3e9d92636d","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":47,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"76e570f7-012a-49bd-8782-94d83d047b95","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":47,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"89d1fd0e-76b6-46c0-b756-fdb4a70b422d","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":47,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"8d11254f-50ae-4dd6-860f-93e828873571","block_type":"box","text":"withdrawn.","page_number":47,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"2b5f2849-2867-4557-947b-9ed77f874fe1","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":47,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"4a9e90ef-b060-48e2-85fb-4b890b1c79c1","block_type":"box","text":"Intermediaries","page_number":47,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"b82358f4-0a4b-4970-b60b-0ba308afc88d","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":47,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"dad51859-f654-48ac-bd13-7041efb181a8","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":47,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"97e3cbef-2037-476a-a026-99053433ac1c","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":47,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"b3d665c6-22a7-4d6d-af79-929dc2525aee","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":47,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"c74a0103-d2ce-48f6-8a80-a8f6fbabaa2e","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":47,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"40b991fa-dcf0-4154-86b2-ee7007d9efc4","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":47,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"18ef070e-cbb0-4150-92e3-08d000f20067","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":47,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"0123ef9d-01af-4e25-9e2b-7db08dba34b4","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":47,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"6545e6b5-54f6-475c-baa9-37cc63985911","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":47,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"f7e6c62c-e760-4c53-9229-a36d8740b174","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":47,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"8270cdc4-5b4b-4ea4-8719-e492ee34be95","block_type":"box","text":"information.","page_number":47,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"0b1d82da-7695-4322-bea3-94530d601316","block_type":"box","text":"S-31","page_number":47,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"0c2f4f02-83f2-43ee-9edd-dd2203b3a27b","block_type":"box","text":"iSHARES","page_number":48,"box":{"x":225,"y":24,"width":119,"height":15}},{"id":"c8693315-2b32-4cfb-a255-913d24151130","block_type":"box","text":"®","page_number":48,"box":{"x":347,"y":17,"width":11,"height":8}},{"id":"c6f0a54a-5b80-45d1-a381-fb671b812441","block_type":"box","text":"ESG AWARE MSCI USA VALUE ETF","page_number":48,"box":{"x":369,"y":24,"width":464,"height":15}},{"id":"154fa36f-b1e5-4d81-905e-6694b82dcd0a","block_type":"box","text":"Ticker: EVUS Stock Exchange: Cboe BZX","page_number":48,"box":{"x":284,"y":53,"width":485,"height":12}},{"id":"84bb48e0-bdf3-47e0-8901-25e0900e8fda","block_type":"box","text":"Investment Objective","page_number":48,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"cd4b6330-74d2-4c4e-9713-1504f47a851b","block_type":"box","text":"The iShares ESG Aware MSCI USA Value ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and","page_number":48,"box":{"x":82,"y":116,"width":870,"height":11}},{"id":"99673dd2-08c5-4f20-aeda-aafeec16931e","block_type":"box","text":"mid-capitalization equities that exhibit value characteristics as well as positive environmental, social and governance characteristics, as","page_number":48,"box":{"x":83,"y":130,"width":868,"height":11}},{"id":"a6efc5ad-6109-44b2-be16-a9f93bf3483e","block_type":"box","text":"identified by the index provider, and risk and return characteristics similar to those of the parent index.","page_number":48,"box":{"x":83,"y":144,"width":658,"height":11}},{"id":"57c2034c-2c3b-46eb-8285-33069bed0364","block_type":"box","text":"Fees and Expenses","page_number":48,"box":{"x":84,"y":174,"width":160,"height":13}},{"id":"56e1f6eb-ff00-4fc9-9ffa-b094b084b7a8","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":48,"box":{"x":82,"y":198,"width":869,"height":11}},{"id":"8fb0a9ed-23e3-4807-8570-4f2d378147c8","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":48,"box":{"x":83,"y":213,"width":867,"height":10}},{"id":"3b500e29-74a5-42ed-b7f3-f08e5d929128","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":48,"box":{"x":83,"y":227,"width":889,"height":11}},{"id":"32d37680-d6a4-4bf0-a90f-90d2e2e5ec61","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":48,"box":{"x":83,"y":241,"width":870,"height":11}},{"id":"2a02f0a4-c935-40e8-9b4a-0414164307a1","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":48,"box":{"x":83,"y":255,"width":858,"height":11}},{"id":"b7b03071-a156-4f33-ab34-54376b1e8e83","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":48,"box":{"x":83,"y":269,"width":450,"height":11}},{"id":"1f4dab09-a8d5-4b94-bc00-622c3932d7b2","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":48,"box":{"x":82,"y":292,"width":883,"height":12}},{"id":"2ff2bdbe-c656-4deb-a0ba-1e4f69bf3b9e","block_type":"box","text":"the tables and examples below.","page_number":48,"box":{"x":83,"y":307,"width":220,"height":10}},{"id":"7bb3f984-2e16-4cf4-aeeb-cfc82fb0bbf1","block_type":"box","text":"Annual Fund Operating Expenses","page_number":48,"box":{"x":425,"y":327,"width":206,"height":10}},{"id":"7a43aa24-f4a0-44bc-ba78-c29b52bfac1c","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":48,"box":{"x":383,"y":337,"width":291,"height":10}},{"id":"37a64352-ea2d-4774-aa0a-893f930b14a6","block_type":"box","text":"percentage of the value of your investments)","page_number":48,"box":{"x":385,"y":348,"width":280,"height":9}},{"id":"a2cd4ecf-59fa-49f7-97a1-8a90d29f91b6","block_type":"box","text":"1","page_number":48,"box":{"x":668,"y":346,"width":2,"height":5}},{"id":"ce54f81b-1ffe-4f8f-9279-eb816972f9de","block_type":"box","text":"Management","page_number":48,"box":{"x":170,"y":388,"width":80,"height":9}},{"id":"814a5bf8-c4f0-403e-b12e-47c2dba6c414","block_type":"box","text":"Fees","page_number":48,"box":{"x":196,"y":398,"width":27,"height":7}},{"id":"58055cde-bfd8-49d5-9437-9969dc8ecd6c","block_type":"box","text":"Distribution","page_number":48,"box":{"x":394,"y":377,"width":72,"height":8}},{"id":"550d759b-627c-481f-b6fe-8a82225f703a","block_type":"box","text":"and Service","page_number":48,"box":{"x":394,"y":388,"width":72,"height":7}},{"id":"10ceb934-3ddd-44ac-9ea1-43745a93ebef","block_type":"box","text":"(12b-1) Fees","page_number":48,"box":{"x":393,"y":398,"width":73,"height":10}},{"id":"cae22f54-0412-4e61-83a7-399986f02822","block_type":"box","text":"Other","page_number":48,"box":{"x":621,"y":388,"width":35,"height":7}},{"id":"dc40186b-c0e0-4cf6-af48-b7257ddd5bfa","block_type":"box","text":"Expenses","page_number":48,"box":{"x":610,"y":398,"width":57,"height":9}},{"id":"0178bde0-61a3-416e-b025-fbf3cceb70ef","block_type":"box","text":"Total Annual","page_number":48,"box":{"x":810,"y":367,"width":76,"height":8}},{"id":"89a3acf2-5a31-49e2-92c2-849268004ac7","block_type":"box","text":"Fund","page_number":48,"box":{"x":834,"y":377,"width":29,"height":8}},{"id":"6660adc6-f9c6-49cb-977e-08964dd23096","block_type":"box","text":"Operating","page_number":48,"box":{"x":818,"y":388,"width":61,"height":9}},{"id":"16d1639d-904a-4986-8b73-a44932fdfc78","block_type":"box","text":"Expenses","page_number":48,"box":{"x":820,"y":398,"width":58,"height":9}},{"id":"aa7864a0-eff6-430d-9641-8ada37c5fe11","block_type":"box","text":"0.18% None 0.00% 0.18%","page_number":48,"box":{"x":195,"y":417,"width":669,"height":8}},{"id":"6a7a7ad1-1cd5-4aa6-b27a-2ac058316607","block_type":"box","text":"1","page_number":48,"box":{"x":112,"y":448,"width":2,"height":5}},{"id":"4e567448-12f1-48dc-b948-388fc3e490a4","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":48,"box":{"x":123,"y":449,"width":706,"height":10}},{"id":"779258f9-4275-45ae-be72-787c1e2df127","block_type":"box","text":"Example.","page_number":48,"box":{"x":83,"y":469,"width":62,"height":11}},{"id":"b16e97b4-41a4-4b3e-a400-c9458bcfc85b","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":48,"box":{"x":150,"y":469,"width":800,"height":11}},{"id":"0d96fecf-cffb-4044-bcf5-33f3c41f0fa3","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":48,"box":{"x":82,"y":483,"width":891,"height":11}},{"id":"6bdd9ee2-1fc4-42b6-b986-c3668ae319f1","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":48,"box":{"x":83,"y":498,"width":862,"height":10}},{"id":"ef15a1d3-eceb-460c-8fc2-081409075a44","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":48,"box":{"x":83,"y":512,"width":694,"height":11}},{"id":"08e46927-a01f-44f3-95a4-4fa7c8a654d1","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":48,"box":{"x":195,"y":542,"width":668,"height":8}},{"id":"d427a321-8b02-4ff0-9957-f5cff64862e4","block_type":"box","text":"$18 $58 $101 $230","page_number":48,"box":{"x":203,"y":562,"width":648,"height":9}},{"id":"8483f04a-65fd-465e-8126-da19af4c497c","block_type":"box","text":"Portfolio Turnover.","page_number":48,"box":{"x":83,"y":602,"width":129,"height":8}},{"id":"0fc00528-61a3-44e6-9118-3e769e8376b8","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":48,"box":{"x":216,"y":602,"width":287,"height":11}},{"id":"b564352f-16ca-4571-ab86-aa1e2b8428a5","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":48,"box":{"x":83,"y":616,"width":420,"height":11}},{"id":"ba38f8b9-217f-4eff-a76b-d446131da9a9","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":48,"box":{"x":83,"y":630,"width":395,"height":11}},{"id":"55fee77a-720c-4a61-8079-f29fa45bdc76","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":48,"box":{"x":83,"y":645,"width":380,"height":10}},{"id":"dbb59d43-7514-4d5b-8e3e-5cf3615445e0","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":48,"box":{"x":83,"y":659,"width":409,"height":10}},{"id":"81c0e8d5-b54b-4b44-a5ca-2bbc10bc6911","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":48,"box":{"x":83,"y":673,"width":368,"height":11}},{"id":"6ab95b50-b4be-4409-b7ac-3cf7239e853a","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":48,"box":{"x":84,"y":687,"width":411,"height":11}},{"id":"8ea6a69e-1225-43ea-9bf4-cd4c92a6871d","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 35% of the","page_number":48,"box":{"x":82,"y":701,"width":385,"height":11}},{"id":"10d36226-9eeb-4a85-b1ca-03861e11473a","block_type":"box","text":"average value of its portfolio.","page_number":48,"box":{"x":83,"y":715,"width":184,"height":11}},{"id":"a62fd9bd-e8d6-434d-bba9-de424fd81cf2","block_type":"box","text":"Principal Investment Strategies","page_number":48,"box":{"x":84,"y":744,"width":268,"height":14}},{"id":"dcc5121f-2a6c-4b39-b023-5db2dfccd8d0","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":48,"box":{"x":82,"y":770,"width":412,"height":8}},{"id":"3c05902a-afef-4d80-8199-b3a83f6db34e","block_type":"box","text":"Value Extended ESG Focus Index (the “Underlying Index”), which","page_number":48,"box":{"x":82,"y":784,"width":412,"height":11}},{"id":"d1eb1c86-19f4-476e-af28-20a50e41be42","block_type":"box","text":"has been developed by MSCI Inc. (the “Index Provider” or","page_number":48,"box":{"x":83,"y":798,"width":367,"height":11}},{"id":"5db396af-d941-4680-ad67-e15ffb20f32a","block_type":"box","text":"“MSCI”).","page_number":48,"box":{"x":83,"y":812,"width":54,"height":11}},{"id":"45b0e018-23a3-4136-a43f-b1bd111438a9","block_type":"box","text":"The Underlying Index is an optimized equity index designed to","page_number":48,"box":{"x":82,"y":834,"width":395,"height":11}},{"id":"dbd573a8-01c1-4030-880a-a8b2fd4edea1","block_type":"box","text":"reflect the equity performance of U.S. companies that exhibit","page_number":48,"box":{"x":83,"y":848,"width":392,"height":11}},{"id":"7cd5cef3-9622-413d-bc08-108e5ab49167","block_type":"box","text":"value characteristics as well as positive environmental, social and","page_number":48,"box":{"x":82,"y":862,"width":420,"height":11}},{"id":"f95faf05-cced-479e-8ddf-81f64f6211b2","block_type":"box","text":"governance (“ESG”) characteristics, as determined by the Index","page_number":48,"box":{"x":83,"y":877,"width":407,"height":10}},{"id":"6486fc73-b851-40dd-b050-12de31acf35b","block_type":"box","text":"Provider, and risk and return characteristics similar to those of","page_number":48,"box":{"x":550,"y":594,"width":400,"height":10}},{"id":"0adf7ee2-af35-4e7c-bf43-71dcf9e28608","block_type":"box","text":"the MSCI USA Value Index (the “Parent Index”).","page_number":48,"box":{"x":549,"y":608,"width":302,"height":11}},{"id":"7f8cd406-5067-4ba7-a4bf-0e8d8c0552f0","block_type":"box","text":"The Parent Index includes U.S. large- and mid-capitalization","page_number":48,"box":{"x":549,"y":630,"width":379,"height":11}},{"id":"c2a062af-fbe7-478d-981c-7da580ea4176","block_type":"box","text":"stocks that generally represent approximately 50% of the free","page_number":48,"box":{"x":549,"y":644,"width":393,"height":11}},{"id":"195e92ad-eb11-4d66-83e4-f452d7cc4402","block_type":"box","text":"float-adjusted market capitalization of the MSCI USA Index and","page_number":48,"box":{"x":549,"y":659,"width":405,"height":10}},{"id":"b7ccd10e-b479-4db5-b0e4-b8c79088c484","block_type":"box","text":"that are identified by MSCI as exhibiting overall value style","page_number":48,"box":{"x":549,"y":673,"width":374,"height":11}},{"id":"91348b34-8c29-45f7-8394-b9848d6a808e","block_type":"box","text":"characteristics. MSCI uses three variables to identify value style","page_number":48,"box":{"x":549,"y":687,"width":410,"height":11}},{"id":"87f0e108-6a29-42d4-a766-1ce1e56696d8","block_type":"box","text":"securities: book value-to-price ratio, 12-month forward earnings","page_number":48,"box":{"x":549,"y":701,"width":415,"height":11}},{"id":"825a7587-24f2-4389-8ce2-e197701d97a2","block_type":"box","text":"to-price ratio and dividend yield.","page_number":48,"box":{"x":549,"y":715,"width":205,"height":11}},{"id":"3c02db6b-1667-40a7-bd89-d5be924695a7","block_type":"box","text":"MSCI uses a specialized framework to determine the extent to","page_number":48,"box":{"x":550,"y":737,"width":398,"height":11}},{"id":"2250bda7-0ac7-4430-8ee2-45a3549d96df","block_type":"box","text":"which a security is assigned to the value or growth style. It is","page_number":48,"box":{"x":549,"y":752,"width":387,"height":10}},{"id":"dad37a37-817b-41d8-8929-cce4363e41b2","block_type":"box","text":"possible for a single security to have representation in both value","page_number":48,"box":{"x":549,"y":766,"width":417,"height":11}},{"id":"aa24b463-286f-4ef0-938b-d07777fb1e62","block_type":"box","text":"and growth style indexes; however, no more than 100% of a","page_number":48,"box":{"x":549,"y":780,"width":379,"height":11}},{"id":"38487e53-139b-43c3-8b6c-fe1e2c0d89ad","block_type":"box","text":"security’s float-adjusted market capitalization is included within","page_number":48,"box":{"x":549,"y":794,"width":407,"height":11}},{"id":"1e24b984-01b8-4b63-8eec-f731d80e36d2","block_type":"box","text":"the combined style framework.","page_number":48,"box":{"x":549,"y":808,"width":197,"height":11}},{"id":"c7af6977-21f5-4961-b9cf-de90ac68821e","block_type":"box","text":"To construct the Underlying Index, the Index Provider begins with","page_number":48,"box":{"x":549,"y":830,"width":415,"height":11}},{"id":"3d8b31ba-3ddd-4a8a-8763-b31258b8273a","block_type":"box","text":"the Parent Index and excludes securities of companies involved in","page_number":48,"box":{"x":549,"y":844,"width":420,"height":11}},{"id":"2e0d3b01-ebb1-4132-b462-bb821675c785","block_type":"box","text":"the business of tobacco, companies involved with controversial","page_number":48,"box":{"x":549,"y":858,"width":404,"height":11}},{"id":"bcb1defe-898a-4a2e-b2b0-1500975ecdd8","block_type":"box","text":"weapons, producers and retailers of civilian firearms, and","page_number":48,"box":{"x":549,"y":873,"width":365,"height":10}},{"id":"1cb2ca09-786c-40ca-ab3a-84e66e7be162","block_type":"box","text":"S-32","page_number":48,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"c3e0765b-8dc5-4fbc-9077-e72a58d95fa6","block_type":"box","text":"companies included in certain climate change-related activity","page_number":49,"box":{"x":83,"y":23,"width":393,"height":11}},{"id":"cb3656f5-101e-4411-b6e1-159e61b6abbd","block_type":"box","text":"such as the production of thermal coal, thermal coal-based power","page_number":49,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"988e4488-d307-48a7-b075-37e36e9ac0e6","block_type":"box","text":"generation and extraction of oil sands, based on revenue or","page_number":49,"box":{"x":83,"y":51,"width":380,"height":11}},{"id":"5fa40eed-bd5c-4df3-8afa-45ea17dcc5b5","block_type":"box","text":"percentage of revenue thresholds for certain categories (","page_number":49,"box":{"x":83,"y":66,"width":365,"height":11}},{"id":"6c5c3430-5b78-4b64-99a8-98e2eda268d7","block_type":"box","text":"e.g.","page_number":49,"box":{"x":449,"y":68,"width":20,"height":9}},{"id":"b6e3557f-9ae1-464a-a33a-2008e25f02ec","block_type":"box","text":", $20","page_number":49,"box":{"x":472,"y":65,"width":32,"height":11}},{"id":"03889566-2df2-44bf-945f-e438a16cb1c4","block_type":"box","text":"million or 5%) and categorical exclusions for others (","page_number":49,"box":{"x":83,"y":80,"width":333,"height":11}},{"id":"07e2a387-8bee-49f9-b716-c3925a94a1f7","block_type":"box","text":"e.g","page_number":49,"box":{"x":417,"y":82,"width":20,"height":9}},{"id":"6e9afc5d-a5ed-4c96-be76-b29e03f34fc8","block_type":"box","text":".,","page_number":49,"box":{"x":437,"y":87,"width":6,"height":3}},{"id":"c4c7beee-60e1-4f00-b2e9-4276abafede6","block_type":"box","text":"controversial weapons).","page_number":49,"box":{"x":83,"y":94,"width":152,"height":11}},{"id":"d93e6496-5183-4f71-bc5a-8c22960703fd","block_type":"box","text":"The Index Provider also excludes companies that are directly","page_number":49,"box":{"x":82,"y":116,"width":389,"height":11}},{"id":"0de0441a-4cc2-4c0a-8801-f772916f59b3","block_type":"box","text":"involved in very severe, ongoing business controversies, defined","page_number":49,"box":{"x":83,"y":130,"width":410,"height":11}},{"id":"d437e3d7-f019-4bad-bf3a-a925d3465a9b","block_type":"box","text":"as an instance or ongoing situation in which company operations","page_number":49,"box":{"x":83,"y":144,"width":414,"height":11}},{"id":"9765dfbf-c4ee-45f8-8d02-01c9265410ce","block_type":"box","text":"and/or products allegedly have a negative ESG impact, including","page_number":49,"box":{"x":83,"y":159,"width":415,"height":10}},{"id":"bbdb557b-efd9-4248-9647-fe46750fd90a","block_type":"box","text":"alleged violations of laws, regulations, or accepted international","page_number":49,"box":{"x":83,"y":173,"width":407,"height":11}},{"id":"a273e395-18e6-4c37-b14b-4076f8625e21","block_type":"box","text":"norms (","page_number":49,"box":{"x":83,"y":187,"width":48,"height":11}},{"id":"d2d0e02f-207c-4a64-8e6c-2f06ab75d184","block_type":"box","text":"e.g","page_number":49,"box":{"x":132,"y":189,"width":19,"height":9}},{"id":"8e35403c-ec34-4f29-8bb2-569a5eaa7a19","block_type":"box","text":"., human rights violations or toxic emissions and","page_number":49,"box":{"x":151,"y":187,"width":307,"height":11}},{"id":"2ec551ee-ec5e-484f-a8eb-e9810a8a18ec","block_type":"box","text":"waste). In each case, severe business controversies are","page_number":49,"box":{"x":82,"y":201,"width":357,"height":11}},{"id":"01a86501-d8fa-48f7-a46c-ba214f593de7","block_type":"box","text":"determined by the Index Provider based on an MSCI ESG","page_number":49,"box":{"x":83,"y":215,"width":363,"height":11}},{"id":"0d4b5313-68ed-4f76-828e-c68edfda99b9","block_type":"box","text":"Controversy Score. The Index Provider excludes companies that","page_number":49,"box":{"x":83,"y":229,"width":409,"height":11}},{"id":"97516091-f36b-4008-bfc3-e83533f78e32","block_type":"box","text":"are not assessed by the Index Provider regarding severe business","page_number":49,"box":{"x":83,"y":244,"width":418,"height":10}},{"id":"25dca8f0-1ce7-42c4-845e-f217b1852a06","block_type":"box","text":"controversies.","page_number":49,"box":{"x":83,"y":258,"width":90,"height":8}},{"id":"1ad280dc-3296-4343-a68b-ab8a52732a33","block_type":"box","text":"All index constituents are scored by the Index Provider on their","page_number":49,"box":{"x":82,"y":280,"width":403,"height":10}},{"id":"0bfe640e-bff4-4f99-8dad-00c557a09f3e","block_type":"box","text":"management of ESG risks and opportunities (“ESG Score”). The","page_number":49,"box":{"x":83,"y":294,"width":405,"height":11}},{"id":"2656ea9a-601f-4744-89eb-964ce9cdb6ab","block_type":"box","text":"Index Provider identifies, for each industry, key ESG issues that","page_number":49,"box":{"x":83,"y":308,"width":404,"height":11}},{"id":"11688e3e-7749-4caa-88e9-4be6cc5d9c05","block_type":"box","text":"may generate unanticipated costs for a given company or industry","page_number":49,"box":{"x":83,"y":322,"width":423,"height":11}},{"id":"d49c6cc1-49f9-4c8a-a483-2390699236d8","block_type":"box","text":"(as determined by the Index Provider). The Index Provider has","page_number":49,"box":{"x":83,"y":336,"width":393,"height":11}},{"id":"47a79f52-92b5-4ce2-9ac3-873c4eeb141b","block_type":"box","text":"identified 35 key ESG issues across the following 10 themes:","page_number":49,"box":{"x":83,"y":351,"width":388,"height":10}},{"id":"706a84de-7a98-47a6-ba22-280df01ca8f7","block_type":"box","text":"climate change, natural capital, pollution and waste,","page_number":49,"box":{"x":83,"y":365,"width":332,"height":11}},{"id":"ff2d3e2b-8fa0-4b9e-a6ed-cd8112f19196","block_type":"box","text":"environmental opportunities, human capital, product liability,","page_number":49,"box":{"x":83,"y":379,"width":389,"height":11}},{"id":"87cc345d-3b05-4431-b594-67ee8dc0741d","block_type":"box","text":"stakeholder opposition, social opportunities, corporate","page_number":49,"box":{"x":83,"y":393,"width":350,"height":11}},{"id":"68f92f00-18de-47f6-aa31-1a28dd105623","block_type":"box","text":"governance and corporate behavior. The Index Provider then","page_number":49,"box":{"x":83,"y":407,"width":385,"height":11}},{"id":"0b54d20f-3eca-44af-9a4d-b5579f3dd986","block_type":"box","text":"calculates the size of each company’s exposure to each key issue","page_number":49,"box":{"x":83,"y":421,"width":418,"height":11}},{"id":"99853842-9cfb-4c86-8f91-edeaaacc8fc9","block_type":"box","text":"based on the company’s business segment and geographic risk","page_number":49,"box":{"x":83,"y":436,"width":404,"height":10}},{"id":"283d6587-99ec-4d50-8273-97597e5a81d9","block_type":"box","text":"and analyzes the extent to which the company has developed","page_number":49,"box":{"x":83,"y":450,"width":392,"height":11}},{"id":"23891c78-f6ee-41d9-aeb8-1e2638bd3a7a","block_type":"box","text":"robust strategies and programs to manage ESG risks and","page_number":49,"box":{"x":83,"y":464,"width":364,"height":11}},{"id":"abbaa304-0f69-4721-972c-079ed5743277","block_type":"box","text":"opportunities. Using a sector-specific weighting model,","page_number":49,"box":{"x":83,"y":478,"width":351,"height":11}},{"id":"072c16b1-82ce-4e1f-b14a-da71c399e3f7","block_type":"box","text":"companies are rated and ranked in comparison to their industry","page_number":49,"box":{"x":83,"y":492,"width":408,"height":11}},{"id":"d2940bcc-294e-4531-a0e1-4def3450fd4e","block_type":"box","text":"peers. A higher ESG Score indicates that a company exhibits more","page_number":49,"box":{"x":83,"y":507,"width":424,"height":10}},{"id":"96e13fda-680e-4bf8-a3af-dea1af5407b6","block_type":"box","text":"favorable ESG characteristics and greater resilience to long-term,","page_number":49,"box":{"x":82,"y":521,"width":419,"height":11}},{"id":"15f0d7b0-0550-4328-939b-61a6c97d2fa0","block_type":"box","text":"material ESG risks specific to that industry.","page_number":49,"box":{"x":83,"y":535,"width":275,"height":11}},{"id":"dcce3bfa-a6ec-4258-acdc-bf262c7eccd3","block_type":"box","text":"The Index Provider then follows a quantitative process that is","page_number":49,"box":{"x":82,"y":557,"width":390,"height":11}},{"id":"c02de437-5a24-4410-a90c-ceb1c60a8114","block_type":"box","text":"designed to determine optimal weights for securities to maximize","page_number":49,"box":{"x":83,"y":571,"width":417,"height":11}},{"id":"51a6c109-1f64-4748-9923-b03c54f8b4d4","block_type":"box","text":"exposure to securities of companies with higher ESG ratings,","page_number":49,"box":{"x":83,"y":585,"width":389,"height":11}},{"id":"eae19b74-43cc-4907-9b2e-919b01b42cca","block_type":"box","text":"subject to maintaining risk and return characteristics similar to","page_number":49,"box":{"x":83,"y":599,"width":402,"height":11}},{"id":"849bb91a-792c-4b24-a6a7-71e52aba1195","block_type":"box","text":"the Parent Index. The Underlying Index is rebalanced quarterly. At","page_number":49,"box":{"x":83,"y":614,"width":418,"height":10}},{"id":"8c9d0579-3c6a-4e3a-9a03-096d9c988da9","block_type":"box","text":"each quarterly review, the Underlying Index must have an ESG","page_number":49,"box":{"x":83,"y":628,"width":397,"height":11}},{"id":"a1359627-6f1c-412f-8f08-28cc913a53e7","block_type":"box","text":"score of at least 10% better than that of the Parent Index, as","page_number":49,"box":{"x":83,"y":642,"width":383,"height":10}},{"id":"cf92b3d9-ee60-4088-9782-4ba870a1667c","block_type":"box","text":"determined by MSCI.","page_number":49,"box":{"x":83,"y":656,"width":134,"height":11}},{"id":"595d2d26-0ddf-4e95-b34a-37af87fc57d3","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":49,"box":{"x":82,"y":678,"width":390,"height":11}},{"id":"e95c40ab-7d38-432c-814a-b18f196d7e75","block_type":"box","text":"Index is represented by securities of companies in the financials","page_number":49,"box":{"x":83,"y":692,"width":410,"height":11}},{"id":"6ea5349e-f1dc-47af-aca1-2e6e22374922","block_type":"box","text":"industry or sector. As of August 31, 2025, the Underlying Index","page_number":49,"box":{"x":83,"y":706,"width":402,"height":11}},{"id":"800e4ad5-3e9a-4bef-a4da-3a0c43658469","block_type":"box","text":"had 233 components. The components of the Underlying Index","page_number":49,"box":{"x":83,"y":721,"width":403,"height":10}},{"id":"8c9b9999-c533-4581-9c2a-cd118c43e32c","block_type":"box","text":"are likely to change over time.","page_number":49,"box":{"x":83,"y":735,"width":191,"height":11}},{"id":"b5bab444-df7d-4f47-8981-0e0c2414e962","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":49,"box":{"x":84,"y":758,"width":376,"height":11}},{"id":"a430cfb3-d6ad-4851-86bb-24aeda3d6ae9","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":49,"box":{"x":83,"y":772,"width":417,"height":11}},{"id":"5dab0484-e064-4b87-adc8-d9d83d923259","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":49,"box":{"x":83,"y":786,"width":396,"height":11}},{"id":"0e0fb8c9-97c4-4702-924d-cade364d1b70","block_type":"box","text":"markets decline or appear overvalued.","page_number":49,"box":{"x":83,"y":801,"width":244,"height":10}},{"id":"119a764d-52a3-4567-b369-ea673369f292","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":49,"box":{"x":83,"y":824,"width":421,"height":11}},{"id":"d21b9e92-8c44-4ec6-aff6-b88b90cf99e6","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":49,"box":{"x":83,"y":838,"width":421,"height":11}},{"id":"61009f19-7e7d-4f7a-adfe-1c3a00dbf201","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":49,"box":{"x":83,"y":852,"width":386,"height":11}},{"id":"659949b5-1d1f-42c9-aa02-f610b5db77f7","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":49,"box":{"x":83,"y":866,"width":370,"height":11}},{"id":"0e424844-eac6-46ec-89ff-8b50f313f443","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":49,"box":{"x":549,"y":23,"width":356,"height":11}},{"id":"5ac06569-627b-480a-96a7-11e81ea1494b","block_type":"box","text":"comparison to actively managed investment companies.","page_number":49,"box":{"x":549,"y":37,"width":359,"height":11}},{"id":"4180f5e1-eb38-4e5c-af91-2238ee81139d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":49,"box":{"x":550,"y":61,"width":411,"height":10}},{"id":"af33005c-a4b1-438b-81f5-ed6e4f07992b","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":49,"box":{"x":549,"y":75,"width":411,"height":11}},{"id":"900a634e-f03f-435d-98ec-d69f855a4b39","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":49,"box":{"x":549,"y":89,"width":424,"height":11}},{"id":"690d3d23-35a3-442f-b830-a01c3d5a7225","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":49,"box":{"x":549,"y":103,"width":410,"height":11}},{"id":"fb3f7144-3674-4607-99e6-3f169cfd19cb","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":49,"box":{"x":549,"y":117,"width":408,"height":11}},{"id":"63351f29-b1b0-4224-ab8d-f778896a4cc6","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":49,"box":{"x":549,"y":131,"width":423,"height":11}},{"id":"24d31ceb-a7e3-4694-9f87-18a56cf78f3d","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":49,"box":{"x":549,"y":146,"width":386,"height":10}},{"id":"6c841259-5d28-48e7-9908-4e9ef93776f8","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":49,"box":{"x":549,"y":160,"width":360,"height":11}},{"id":"ded87112-58d1-408f-adbd-504213e7c6ed","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":49,"box":{"x":548,"y":174,"width":414,"height":11}},{"id":"1116c5f8-693b-43bd-9b51-57e6f1a6d66d","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":49,"box":{"x":549,"y":188,"width":410,"height":11}},{"id":"bf58f54b-38d2-40c6-a02e-d3d33273bda4","block_type":"box","text":"the components of the Underlying Index.","page_number":49,"box":{"x":549,"y":202,"width":259,"height":11}},{"id":"ed0e0b58-2ed4-4a7c-85ea-cf25502654df","block_type":"box","text":"The Fund generally will invest at least 90% of its assets in the","page_number":49,"box":{"x":549,"y":226,"width":389,"height":10}},{"id":"ad1aacf5-f006-4afd-a3cd-e5f67ff47cfd","block_type":"box","text":"component securities of the Underlying Index and may invest up","page_number":49,"box":{"x":549,"y":240,"width":411,"height":11}},{"id":"6b9a65b5-ab3b-4557-8c02-7b5eec4eb086","block_type":"box","text":"to 10% of its assets in certain futures, options and swap contracts,","page_number":49,"box":{"x":549,"y":254,"width":423,"height":11}},{"id":"cd87a7dc-1cfe-4eb1-b897-6a65ee2d9097","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":49,"box":{"x":549,"y":268,"width":392,"height":11}},{"id":"f6c343a2-d156-489c-8be3-b523b574883c","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":49,"box":{"x":549,"y":282,"width":406,"height":11}},{"id":"c3f8ad5e-5c0d-432f-8e97-7957ea3076c1","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":49,"box":{"x":549,"y":296,"width":416,"height":11}},{"id":"293d994f-9257-40cf-9e46-adc561b39bfc","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":49,"box":{"x":549,"y":311,"width":400,"height":10}},{"id":"98188968-6490-4574-aa02-2b2fdd16b61a","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":49,"box":{"x":549,"y":325,"width":409,"height":11}},{"id":"75b760b7-2441-41ac-97f0-c57f31958995","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":49,"box":{"x":549,"y":339,"width":368,"height":11}},{"id":"b63d755f-05e1-48ae-b420-79a63f1aa0d5","block_type":"box","text":"percentage of investments included in the Underlying Index. The","page_number":49,"box":{"x":549,"y":353,"width":411,"height":11}},{"id":"d1fc3bcc-f8d6-4982-b7db-8a37eb2ca14b","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":49,"box":{"x":550,"y":367,"width":386,"height":11}},{"id":"ccb6680f-13f9-4a28-a3ab-4733d2d43022","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":49,"box":{"x":550,"y":381,"width":281,"height":11}},{"id":"e5fb58ca-7b52-49bf-9e53-0e54f547e315","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":49,"box":{"x":549,"y":405,"width":411,"height":11}},{"id":"36269615-4219-47f8-8430-d63a4957b780","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":49,"box":{"x":548,"y":419,"width":371,"height":11}},{"id":"48c7ead9-65e2-4e4f-8087-089c5364df97","block_type":"box","text":"collateral received).","page_number":49,"box":{"x":549,"y":433,"width":125,"height":11}},{"id":"774921df-3ea3-4e08-a383-b4c776b94d8b","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":49,"box":{"x":549,"y":456,"width":421,"height":11}},{"id":"92799e35-1082-45ed-91c0-66a814f8bb9d","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":49,"box":{"x":549,"y":470,"width":356,"height":9}},{"id":"870d5aed-0a9d-4ef9-a217-b42b3022c083","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":49,"box":{"x":549,"y":485,"width":377,"height":10}},{"id":"d8e1ee16-482a-43cd-8f5b-1667c5f8b8bd","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":49,"box":{"x":550,"y":499,"width":415,"height":11}},{"id":"40a5c7a2-aaef-4f51-b4c9-5d9006404276","block_type":"box","text":"value of the Underlying Index.","page_number":49,"box":{"x":548,"y":513,"width":190,"height":11}},{"id":"ac21b797-e9a0-43ab-a9a3-20bd9466d245","block_type":"box","text":"Industry Concentration Policy.","page_number":49,"box":{"x":550,"y":536,"width":209,"height":11}},{"id":"31cf1bee-8e63-432d-b65b-0f18cef1fc10","block_type":"box","text":"The Fund will concentrate its","page_number":49,"box":{"x":764,"y":536,"width":184,"height":9}},{"id":"a000b750-0c5b-41e6-897d-ce562434dc5c","block_type":"box","text":"investments (","page_number":49,"box":{"x":549,"y":550,"width":86,"height":11}},{"id":"ef6cb3dc-7649-41e1-882b-f81254d08c8c","block_type":"box","text":"i.e.","page_number":49,"box":{"x":635,"y":550,"width":17,"height":9}},{"id":"04a6fd88-cdcf-48b3-bb0b-3975dfbcb072","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":49,"box":{"x":655,"y":550,"width":264,"height":11}},{"id":"0f16635e-ab3c-4da9-932e-f04378272706","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":49,"box":{"x":549,"y":565,"width":394,"height":10}},{"id":"b5586ca2-93d0-45af-b8b6-fedb9c399ae1","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":49,"box":{"x":549,"y":579,"width":377,"height":11}},{"id":"85da257f-b8cd-4951-a89b-c2dabbfa6e5f","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":49,"box":{"x":549,"y":593,"width":389,"height":11}},{"id":"b3593dbc-1b84-408a-9d06-f1f9c1962b0b","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":49,"box":{"x":549,"y":607,"width":389,"height":11}},{"id":"4802b812-ff29-4b96-91e9-e3014677f571","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":49,"box":{"x":549,"y":621,"width":410,"height":11}},{"id":"833af73e-774c-4481-a003-448bf43106bd","block_type":"box","text":"considered to be issued by members of any industry.","page_number":49,"box":{"x":549,"y":635,"width":337,"height":11}},{"id":"9856b948-77ca-4ad1-8046-080493efd69c","block_type":"box","text":"Summary of Principal Risks","page_number":49,"box":{"x":549,"y":664,"width":235,"height":14}},{"id":"bb08a41b-d3b7-4c04-9752-64f555b6bc03","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":49,"box":{"x":549,"y":690,"width":362,"height":10}},{"id":"c77d4fd7-864d-4e9c-a887-7ffdf65369cd","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":49,"box":{"x":549,"y":704,"width":402,"height":11}},{"id":"9a5d10dc-0c7c-49f2-b7d7-5c5ccf0dda41","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":49,"box":{"x":549,"y":718,"width":396,"height":11}},{"id":"dbc355fe-9d6a-4776-8154-1303a6c41d07","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":49,"box":{"x":549,"y":732,"width":376,"height":11}},{"id":"9821a317-dcb7-4bf6-8193-a2eff5f1caa8","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":49,"box":{"x":549,"y":746,"width":392,"height":11}},{"id":"616b049f-d7e7-4149-a614-8b891277620a","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":49,"box":{"x":549,"y":761,"width":416,"height":10}},{"id":"24567f89-6c4f-4a2a-9a91-fe6025a10e7a","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":49,"box":{"x":549,"y":775,"width":388,"height":11}},{"id":"82882c73-fff0-4cba-9dd1-eeb248b23a8c","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":49,"box":{"x":549,"y":789,"width":425,"height":11}},{"id":"d0776201-909d-43ee-b427-49671be1f45d","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":49,"box":{"x":549,"y":803,"width":405,"height":11}},{"id":"15323161-6362-45d5-9e35-f52a7244d812","block_type":"box","text":"review each risk factor carefully.","page_number":49,"box":{"x":549,"y":817,"width":206,"height":11}},{"id":"a3576320-38d7-453c-a7f0-72972b85285b","block_type":"box","text":"Risk of Investing in the U.S","page_number":49,"box":{"x":549,"y":840,"width":182,"height":11}},{"id":"d8229b8f-06e1-4c4d-bb4b-e47d454363e0","block_type":"box","text":".","page_number":49,"box":{"x":732,"y":847,"width":2,"height":2}},{"id":"3bb9a45e-c45d-43bd-99c2-1738bb47c776","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":49,"box":{"x":740,"y":840,"width":210,"height":11}},{"id":"8d26de79-d9c0-4464-ba82-3bb0c5191d94","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":49,"box":{"x":549,"y":855,"width":391,"height":10}},{"id":"a6f363bb-6d63-466b-9b13-a24ce4a94065","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":49,"box":{"x":549,"y":869,"width":423,"height":11}},{"id":"aa015d6f-c9b4-4b3b-bf5a-3c1e0c7d791f","block_type":"box","text":"S-33","page_number":49,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"3e29c615-f823-487d-ba60-60f1c67fe997","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":50,"box":{"x":83,"y":23,"width":413,"height":11}},{"id":"9d0319b5-8be0-4618-a764-060de5d1dacb","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":50,"box":{"x":82,"y":37,"width":397,"height":11}},{"id":"32e9e1da-0b4c-4765-903c-ba971226201b","block_type":"box","text":"ESG Risk.","page_number":50,"box":{"x":83,"y":60,"width":62,"height":9}},{"id":"63b7866e-c724-464c-8236-35bac06552cf","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":50,"box":{"x":151,"y":61,"width":331,"height":10}},{"id":"069f2f44-89fb-49ab-abc4-7efebc83ae59","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":50,"box":{"x":83,"y":75,"width":399,"height":11}},{"id":"ea81c4f1-1c60-4e39-8cf6-857d1abc83b1","block_type":"box","text":"types and number of investment opportunities available to the","page_number":50,"box":{"x":83,"y":89,"width":397,"height":11}},{"id":"e9a2da65-e719-445e-b6b7-cf1ee89b1670","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":50,"box":{"x":84,"y":103,"width":396,"height":11}},{"id":"55aea284-0174-4542-855a-563b00411a9d","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying","page_number":50,"box":{"x":82,"y":117,"width":421,"height":11}},{"id":"495be60e-77f0-424c-87ad-c6fc5f248855","block_type":"box","text":"Index’s use of ESG criteria may result in the Fund investing in, or","page_number":50,"box":{"x":83,"y":131,"width":412,"height":11}},{"id":"c5c03f3e-dcd9-45c2-80c1-befb3f56dc3a","block_type":"box","text":"allocating greater weight to, securities or market sectors that","page_number":50,"box":{"x":83,"y":146,"width":392,"height":10}},{"id":"3ab23ae6-349d-4451-a04f-f0d58d23bfbb","block_type":"box","text":"underperform the market as a whole or underperform other funds","page_number":50,"box":{"x":83,"y":160,"width":420,"height":11}},{"id":"b425ae83-e9d5-401c-b2a7-4179ea022770","block_type":"box","text":"that use ESG criteria. In addition, the use of representative","page_number":50,"box":{"x":83,"y":174,"width":375,"height":11}},{"id":"cdeb345f-cef5-4a8a-bea1-46b8481bd5db","block_type":"box","text":"sampling may result in divergence of the Fund’s overall ESG","page_number":50,"box":{"x":83,"y":188,"width":381,"height":11}},{"id":"64c5634f-572f-416f-a9c9-e42a333db90b","block_type":"box","text":"characteristics or ESG risk from those of the Underlying Index.","page_number":50,"box":{"x":83,"y":202,"width":399,"height":11}},{"id":"8d4e4378-193e-4985-97f3-22d6a709cda3","block_type":"box","text":"The Index Provider may evaluate security-level ESG data and, if","page_number":50,"box":{"x":82,"y":216,"width":403,"height":11}},{"id":"e7085b34-e879-4a88-ba51-1bf69b2efb0c","block_type":"box","text":"applicable, ESG objectives or constraints that are relevant to the","page_number":50,"box":{"x":83,"y":231,"width":413,"height":10}},{"id":"2e3c13a1-db55-4bdd-a9eb-e81078cf67f1","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities","page_number":50,"box":{"x":83,"y":245,"width":407,"height":11}},{"id":"f79503b6-64c9-4ae8-b82f-1261ebe45681","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":50,"box":{"x":83,"y":259,"width":411,"height":11}},{"id":"3dc524ca-81d9-42b6-be84-ca437baa1f46","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":50,"box":{"x":84,"y":273,"width":416,"height":11}},{"id":"e7fb3af5-e4c5-4342-b0d6-7477938ec7e7","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":50,"box":{"x":83,"y":287,"width":384,"height":11}},{"id":"c181f7ae-7d85-4a08-b52a-9c58541c92f0","block_type":"box","text":"Provider. As a result, certain securities in the Underlying Index, or","page_number":50,"box":{"x":84,"y":302,"width":418,"height":10}},{"id":"a0711bfd-19cc-4dd6-b2cf-be22a57b5826","block_type":"box","text":"the Underlying Index as a whole, may not meet the relevant ESG","page_number":50,"box":{"x":83,"y":316,"width":410,"height":11}},{"id":"5c48e8df-ed0a-4562-801d-993f12ec85ea","block_type":"box","text":"objectives or constraints at all times.","page_number":50,"box":{"x":83,"y":330,"width":235,"height":11}},{"id":"bcff9399-2527-4121-8b8e-9a3449584d5d","block_type":"box","text":"Value Securities Risk","page_number":50,"box":{"x":84,"y":353,"width":141,"height":9}},{"id":"14cd9e63-b0e4-4eca-8b9a-c97d0b0ad753","block_type":"box","text":".","page_number":50,"box":{"x":225,"y":360,"width":3,"height":2}},{"id":"dcab9bb2-f24b-4fec-b7a5-5573ade40f5b","block_type":"box","text":"Value securities are those issued by","page_number":50,"box":{"x":233,"y":353,"width":229,"height":11}},{"id":"a75881bc-d2c3-45a1-9265-5c5d3c0d015d","block_type":"box","text":"companies that may be perceived as undervalued. Such securities","page_number":50,"box":{"x":83,"y":367,"width":423,"height":11}},{"id":"e669f63b-24ba-493d-a71d-2b3c0b0b166f","block_type":"box","text":"may decline in price or fail to appreciate for long periods of time,","page_number":50,"box":{"x":83,"y":382,"width":413,"height":10}},{"id":"26bb05b5-e63b-4e39-86f3-6e7a903b64c3","block_type":"box","text":"and they may never realize their full potential value. Value","page_number":50,"box":{"x":83,"y":396,"width":368,"height":11}},{"id":"a7c48a5d-bcaa-45f0-a0e7-7edfa2d04604","block_type":"box","text":"securities may underperform growth securities and other types of","page_number":50,"box":{"x":83,"y":410,"width":420,"height":11}},{"id":"73c1c06a-2a63-445a-bce5-b53e278e0ced","block_type":"box","text":"assets as well as the overall stock market. Value securities may","page_number":50,"box":{"x":83,"y":424,"width":406,"height":11}},{"id":"df26eef3-ea3b-421e-83a3-799678153f39","block_type":"box","text":"go in and out of favor over time, which could affect the","page_number":50,"box":{"x":83,"y":438,"width":349,"height":11}},{"id":"dfe4298f-3fd8-4683-8bdc-6f1cccc6e35a","block_type":"box","text":"performance of the Fund.","page_number":50,"box":{"x":83,"y":452,"width":162,"height":11}},{"id":"d2ebd544-cf76-475a-9e27-0ec3b69c3f54","block_type":"box","text":"Equity Securities Risk","page_number":50,"box":{"x":83,"y":476,"width":147,"height":10}},{"id":"f42e65e9-f0d2-40e8-8e9d-bf410fbaa205","block_type":"box","text":".","page_number":50,"box":{"x":230,"y":482,"width":3,"height":2}},{"id":"acc69762-9be7-4dd9-9b7e-07aa5d94b057","block_type":"box","text":"Equity securities are subject to changes","page_number":50,"box":{"x":239,"y":476,"width":254,"height":10}},{"id":"98ef3836-55f0-4cab-9c57-11676d208a23","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":50,"box":{"x":83,"y":490,"width":422,"height":11}},{"id":"7c83eca4-c12e-48bd-b68f-138b08abb697","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":50,"box":{"x":83,"y":504,"width":420,"height":11}},{"id":"6443f64f-9d8e-4a61-963a-214867492032","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":50,"box":{"x":83,"y":518,"width":396,"height":11}},{"id":"4475507c-fce9-49b2-9406-82d08d928519","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":50,"box":{"x":83,"y":532,"width":359,"height":11}},{"id":"32b3e3ed-eaf6-4f44-a0ed-929f64e5a6d3","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":50,"box":{"x":83,"y":547,"width":390,"height":10}},{"id":"2c143cca-6b0f-4370-8617-de4d1a7410f7","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":50,"box":{"x":83,"y":561,"width":412,"height":11}},{"id":"65e923c9-c3af-4068-ad6f-48ed48660ec3","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":50,"box":{"x":83,"y":575,"width":372,"height":11}},{"id":"9fe0f5b4-2d56-45d6-8306-b7aa8a82d6f8","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":50,"box":{"x":83,"y":589,"width":309,"height":11}},{"id":"7457c8f9-a567-413b-84cd-18a9c4edcf30","block_type":"box","text":"Market Risk","page_number":50,"box":{"x":83,"y":612,"width":82,"height":9}},{"id":"4c427982-5d6c-40b9-bce2-23b58ca67012","block_type":"box","text":".","page_number":50,"box":{"x":165,"y":619,"width":2,"height":2}},{"id":"ee5d8e16-2af7-4c33-bff2-4e41b3db8cbc","block_type":"box","text":"The Fund could lose money over short periods due","page_number":50,"box":{"x":172,"y":612,"width":323,"height":11}},{"id":"4bc86423-a37c-41e5-9187-98b0a2a4abdb","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":50,"box":{"x":83,"y":626,"width":413,"height":11}},{"id":"8a9332db-cc16-4953-83a7-81a39d4f4eac","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":50,"box":{"x":83,"y":641,"width":382,"height":10}},{"id":"9252ea2c-421d-4ae6-a225-73db9231d873","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":50,"box":{"x":83,"y":655,"width":411,"height":11}},{"id":"f02dedcb-2bc7-496a-b02a-6f8e9b7f6892","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":50,"box":{"x":83,"y":669,"width":370,"height":11}},{"id":"f9bf4c11-a744-4bbc-b29f-73b380a3e930","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":50,"box":{"x":83,"y":683,"width":404,"height":11}},{"id":"42ce86ab-7eca-49f3-a159-478362d29b3f","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":50,"box":{"x":83,"y":697,"width":395,"height":11}},{"id":"980d43cc-8cdd-478e-9648-01489dbbe707","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":50,"box":{"x":83,"y":712,"width":395,"height":10}},{"id":"82376984-1f26-4b17-81c3-f900892e85ef","block_type":"box","text":"NAV.","page_number":50,"box":{"x":84,"y":726,"width":27,"height":8}},{"id":"8259d0b2-fb29-41cd-ade1-a383baebd7da","block_type":"box","text":"Index-Related Risk.","page_number":50,"box":{"x":83,"y":749,"width":129,"height":8}},{"id":"b1407cec-0d71-41a9-84fd-1aab675806ff","block_type":"box","text":"The Index Provider may rely on various","page_number":50,"box":{"x":217,"y":749,"width":247,"height":11}},{"id":"beb11b0c-4563-4b0f-b6c5-0d26a6fe7ed9","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":50,"box":{"x":83,"y":763,"width":423,"height":11}},{"id":"1ca25d85-487f-42c7-9a24-e0f02df31987","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":50,"box":{"x":83,"y":777,"width":391,"height":11}},{"id":"275a2599-389d-4e2a-b22a-a741eb78e215","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":50,"box":{"x":83,"y":791,"width":406,"height":11}},{"id":"4c569f29-0563-4397-8483-47d12dcf973b","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":50,"box":{"x":83,"y":806,"width":408,"height":10}},{"id":"99c52bb4-9f95-459c-92b4-36fee7e2a2d7","block_type":"box","text":"information will provide an accurate assessment of included","page_number":50,"box":{"x":83,"y":820,"width":384,"height":11}},{"id":"b8901c89-1c62-4969-b7a2-f23774caee3e","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":50,"box":{"x":83,"y":834,"width":387,"height":11}},{"id":"39edf6fa-30dc-434a-8c7e-06271229f574","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":50,"box":{"x":83,"y":848,"width":366,"height":11}},{"id":"0a7c4831-137e-4dfe-99f2-ad91b9104fc0","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":50,"box":{"x":83,"y":862,"width":377,"height":11}},{"id":"74e4725a-980c-4a37-b4ca-6f923b4ed618","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":50,"box":{"x":83,"y":877,"width":413,"height":10}},{"id":"1f8fcd49-f7a5-4f9d-9ab0-987cdc490c75","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":50,"box":{"x":549,"y":23,"width":396,"height":11}},{"id":"8d505f88-12aa-421e-a5c3-99d2d3f294b5","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":50,"box":{"x":549,"y":37,"width":367,"height":11}},{"id":"87880752-90e4-488f-9842-659ac0db559a","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":50,"box":{"x":549,"y":51,"width":400,"height":11}},{"id":"5b61e069-34d5-4893-9d54-c0a786656680","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":50,"box":{"x":549,"y":66,"width":409,"height":10}},{"id":"f68f5d87-e35b-45e7-9725-da334575ba2b","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":50,"box":{"x":549,"y":80,"width":414,"height":11}},{"id":"50e77b41-b9bc-41ca-bffe-1f74bc9de430","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":50,"box":{"x":549,"y":94,"width":362,"height":11}},{"id":"98732bce-5390-483e-8056-1b902fb0bb01","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":50,"box":{"x":550,"y":108,"width":422,"height":11}},{"id":"055fc5a1-4e72-4c69-bc0c-165a65ac3a18","block_type":"box","text":"Asset Class Risk.","page_number":50,"box":{"x":548,"y":131,"width":114,"height":9}},{"id":"ddba6239-e99f-4964-9978-97f1932fa1cd","block_type":"box","text":"The securities and other assets in the","page_number":50,"box":{"x":668,"y":131,"width":239,"height":9}},{"id":"ecf4c5ac-5fb8-4237-9486-fb11cf7b7739","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":50,"box":{"x":550,"y":146,"width":405,"height":10}},{"id":"0859a29b-18b1-43e7-9d5f-420f46ccbd66","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":50,"box":{"x":549,"y":160,"width":405,"height":11}},{"id":"c23c2d24-0afc-4500-b855-9599b02b2317","block_type":"box","text":"market, another index, or other asset classes.","page_number":50,"box":{"x":549,"y":174,"width":292,"height":10}},{"id":"381c0a78-8e7a-4bbb-a7ff-50a45b593296","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":50,"box":{"x":548,"y":197,"width":266,"height":11}},{"id":"cef3675b-77d2-464c-b6d3-b6b492a55e09","block_type":"box","text":".","page_number":50,"box":{"x":814,"y":204,"width":3,"height":2}},{"id":"0aa66611-943b-4cec-b052-36269bece00c","block_type":"box","text":"From time to time, an","page_number":50,"box":{"x":823,"y":197,"width":136,"height":10}},{"id":"65bf8f1a-5120-4fe3-8285-024dcd45bc56","block_type":"box","text":"Authorized Participant (as defined below in","page_number":50,"box":{"x":549,"y":211,"width":273,"height":11}},{"id":"bcd8b9a4-8250-43f1-b746-7535fc5a690e","block_type":"box","text":"Authorized Participant","page_number":50,"box":{"x":826,"y":211,"width":141,"height":11}},{"id":"2e3cdbec-7bf6-47e5-95d6-e09f0b578dea","block_type":"box","text":"Concentration Risk)","page_number":50,"box":{"x":549,"y":226,"width":120,"height":8}},{"id":"e35b4862-59b5-4c23-bdbf-e1f60274b72e","block_type":"box","text":"k), a third-party investor, the Fund’s adviser, an","page_number":50,"box":{"x":669,"y":226,"width":294,"height":10}},{"id":"784f54c4-e48e-4291-845a-6646da994411","block_type":"box","text":"affiliate of the Fund’s adviser, or another fund may invest in the","page_number":50,"box":{"x":549,"y":240,"width":404,"height":11}},{"id":"39ffa28c-11b0-496f-90c0-d7af0aadbc5d","block_type":"box","text":"Fund and hold its investment for a specific period of time to allow","page_number":50,"box":{"x":550,"y":254,"width":418,"height":11}},{"id":"399942ae-d109-43bc-bcd5-7ada18f7f6eb","block_type":"box","text":"the Fund to achieve size or scale. There can be no assurance that","page_number":50,"box":{"x":549,"y":268,"width":418,"height":9}},{"id":"8025979a-96c7-4a12-ad25-aca2972464a5","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":50,"box":{"x":549,"y":282,"width":410,"height":11}},{"id":"321cf3de-8eff-44cd-a786-7ae328315c80","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":50,"box":{"x":549,"y":296,"width":383,"height":11}},{"id":"6f408c4a-3329-448c-9c0a-85cd1223a2f3","block_type":"box","text":"negatively impact the Fund.","page_number":50,"box":{"x":549,"y":311,"width":175,"height":10}},{"id":"b7e40587-63af-4271-a02c-1c680fe2e2d1","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":50,"box":{"x":548,"y":334,"width":290,"height":11}},{"id":"11fe0161-8143-44d6-b0cc-26c4d5c0ca53","block_type":"box","text":"An “Authorized","page_number":50,"box":{"x":847,"y":334,"width":93,"height":8}},{"id":"362747e8-6f22-4fe2-bfbe-31b8bb5a5bab","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":50,"box":{"x":550,"y":348,"width":379,"height":11}},{"id":"c0e71dc3-90d5-489f-bd1f-125c113e8347","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":50,"box":{"x":549,"y":362,"width":411,"height":11}},{"id":"a4991f3f-cf2a-4138-ab71-d84b76ea6692","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":50,"box":{"x":550,"y":376,"width":395,"height":11}},{"id":"6633b105-ec76-4024-8ea8-2a1d0d4e7224","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":50,"box":{"x":550,"y":391,"width":399,"height":10}},{"id":"b06b0471-e1c4-414a-b45e-c63a21ae72cd","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":50,"box":{"x":549,"y":405,"width":407,"height":11}},{"id":"3f133269-9698-4408-9556-852a38747e90","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":50,"box":{"x":549,"y":419,"width":409,"height":11}},{"id":"f20dc194-3f9f-4994-8c2a-72ed7f65657e","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":50,"box":{"x":549,"y":433,"width":412,"height":11}},{"id":"4b86fbe9-8903-4b2c-a679-2e45a9be0990","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":50,"box":{"x":549,"y":447,"width":403,"height":11}},{"id":"5eb3ffe7-5e69-4f70-8553-20501c92dd6f","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":50,"box":{"x":549,"y":461,"width":378,"height":11}},{"id":"6603b1ed-88ae-47df-9a58-27d202bc83ca","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":50,"box":{"x":550,"y":476,"width":379,"height":10}},{"id":"2051a658-120a-4dfa-a04e-3bb60037b878","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":50,"box":{"x":549,"y":490,"width":404,"height":11}},{"id":"3df515ee-1472-494f-942f-6c413471ccf6","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":50,"box":{"x":549,"y":504,"width":399,"height":11}},{"id":"1600950f-6a41-4ea7-8442-5f0ba08d1c84","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":50,"box":{"x":550,"y":518,"width":391,"height":11}},{"id":"4a4fdf04-7a74-424f-8900-db649d65c965","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":50,"box":{"x":549,"y":532,"width":408,"height":11}},{"id":"7c495eec-da49-46b0-b19e-584e7b0c6b0b","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":50,"box":{"x":549,"y":546,"width":273,"height":11}},{"id":"3f76c72c-acc8-43b6-ac73-09a4da462bff","block_type":"box","text":"Concentration Risk.","page_number":50,"box":{"x":549,"y":570,"width":132,"height":8}},{"id":"76a65f31-ce80-4de9-92fe-f4ebb2333d01","block_type":"box","text":"The Fund may be susceptible to an","page_number":50,"box":{"x":687,"y":570,"width":221,"height":11}},{"id":"a46919b3-1196-4101-99be-37e7d96ac833","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":50,"box":{"x":549,"y":584,"width":419,"height":11}},{"id":"a2ef99a9-7dcf-45d0-a102-6ef50aca04ce","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":50,"box":{"x":549,"y":598,"width":408,"height":10}},{"id":"95b7a63e-9b63-4312-a459-3493107e13b5","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":50,"box":{"x":549,"y":612,"width":418,"height":9}},{"id":"060b8de2-576e-4ce6-88a1-deb71155bfc6","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":50,"box":{"x":549,"y":626,"width":395,"height":11}},{"id":"ac2be39c-3fc3-4adb-85a5-d0ec864d7183","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":50,"box":{"x":549,"y":641,"width":388,"height":10}},{"id":"3f9d0d1e-99ff-475c-9a88-f6dabf548e56","block_type":"box","text":"asset classes.","page_number":50,"box":{"x":549,"y":655,"width":88,"height":8}},{"id":"18c93bb6-ceb2-47ff-a9ef-67db927101d2","block_type":"box","text":"Financial Companies Risk","page_number":50,"box":{"x":549,"y":678,"width":175,"height":11}},{"id":"c10db45f-4a00-443e-b1d1-37b57e402705","block_type":"box","text":".","page_number":50,"box":{"x":724,"y":685,"width":2,"height":1}},{"id":"e9155d9d-4760-4342-afd0-e33d1fba2549","block_type":"box","text":"Financial services companies are","page_number":50,"box":{"x":732,"y":678,"width":211,"height":11}},{"id":"856f6b0f-3a2f-4ceb-b833-ddd3a8232d81","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":50,"box":{"x":549,"y":692,"width":400,"height":11}},{"id":"aa5b1677-f964-40fc-8130-9b48e1aa771f","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":50,"box":{"x":549,"y":706,"width":404,"height":11}},{"id":"9776649a-87d3-4cc7-8e90-9d1e501dfe34","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":50,"box":{"x":549,"y":721,"width":405,"height":10}},{"id":"bde8c54e-955f-4e1c-8e76-2439889d2626","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":50,"box":{"x":549,"y":735,"width":385,"height":11}},{"id":"50d9effa-4f13-4301-a7a2-4cd7712ac973","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":50,"box":{"x":549,"y":749,"width":395,"height":11}},{"id":"44b4b696-d1f5-4ef6-b5ba-c73277451a02","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":50,"box":{"x":549,"y":763,"width":367,"height":11}},{"id":"f1d3013e-d3b8-4c5d-b68d-98b0ce653402","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":50,"box":{"x":549,"y":777,"width":343,"height":11}},{"id":"0184c5e4-a7ec-4caf-afe2-1b9eb51b650e","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":50,"box":{"x":549,"y":791,"width":410,"height":11}},{"id":"63f85596-b30e-477c-b78a-57eec493bc0a","block_type":"box","text":"and counterparty risk.","page_number":50,"box":{"x":549,"y":806,"width":140,"height":10}},{"id":"084091b3-0979-4aba-b381-6101d0ef8892","block_type":"box","text":"Issuer Risk","page_number":50,"box":{"x":549,"y":829,"width":75,"height":8}},{"id":"8c7efffb-755b-4c18-bd17-784896ccbdd3","block_type":"box","text":".","page_number":50,"box":{"x":624,"y":835,"width":3,"height":2}},{"id":"b87c41be-4af2-44f0-b8d5-b495bf54f850","block_type":"box","text":"The performance of the Fund depends on the","page_number":50,"box":{"x":632,"y":829,"width":288,"height":11}},{"id":"90d23673-a969-4e57-a1d7-4e234c5ddc1a","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":50,"box":{"x":549,"y":843,"width":412,"height":11}},{"id":"e9ba713d-836f-444f-997e-fea37081f839","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":50,"box":{"x":550,"y":857,"width":402,"height":11}},{"id":"8da7454a-4894-44ed-bf71-ab8ca8f4cb39","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":50,"box":{"x":549,"y":871,"width":418,"height":11}},{"id":"ba936f37-4397-4cf1-a5a5-d93efc5b6c0e","block_type":"box","text":"S-34","page_number":50,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0428db8f-30b6-4cc6-9280-72eb2e7f8293","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":51,"box":{"x":83,"y":23,"width":414,"height":11}},{"id":"f2ff9eb1-0759-4d43-abdb-44687a57fcb2","block_type":"box","text":"counterparty.","page_number":51,"box":{"x":83,"y":38,"width":84,"height":10}},{"id":"a02d14d3-a656-47ec-96d9-3662f25c711e","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":51,"box":{"x":83,"y":60,"width":252,"height":11}},{"id":"6a7b879f-b215-419c-a26a-a1b9277477b8","block_type":"box","text":"Large-capitalization","page_number":51,"box":{"x":342,"y":61,"width":124,"height":10}},{"id":"7cf082aa-069b-4017-90c7-067f903e4325","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":51,"box":{"x":83,"y":73,"width":352,"height":11}},{"id":"3ca65421-f4e9-4cf4-bffe-c57159933767","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":51,"box":{"x":83,"y":86,"width":352,"height":11}},{"id":"c5d4e39c-73e9-43ee-94b7-2f964daa3b44","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":51,"box":{"x":83,"y":99,"width":405,"height":11}},{"id":"3e2891ef-956e-43f5-a717-c038311f7c4f","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":51,"box":{"x":83,"y":112,"width":371,"height":11}},{"id":"cadb12e7-377d-4253-8ce3-5e4c68da4987","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":51,"box":{"x":83,"y":125,"width":339,"height":11}},{"id":"10a61b1c-a8e4-458d-8605-c7526eb94551","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":51,"box":{"x":83,"y":138,"width":390,"height":11}},{"id":"1080f42d-0e2f-4979-ad1d-87926a86405c","block_type":"box","text":"overall performance of the broader securities markets.","page_number":51,"box":{"x":83,"y":151,"width":349,"height":11}},{"id":"9d1e95d3-3aad-4058-a317-a8a07e97987a","block_type":"box","text":"Management Risk","page_number":51,"box":{"x":83,"y":173,"width":122,"height":10}},{"id":"e5666b46-4c54-439a-9f3d-e3757a7dfb0f","block_type":"box","text":".","page_number":51,"box":{"x":206,"y":179,"width":2,"height":2}},{"id":"55e32fb1-3fcd-498b-bfaf-35d1b99a90b1","block_type":"box","text":"The Fund generally does not attempt to take","page_number":51,"box":{"x":213,"y":173,"width":283,"height":11}},{"id":"7e1e6509-f222-417d-9874-af26ad892118","block_type":"box","text":"defensive positions under any market conditions, including","page_number":51,"box":{"x":83,"y":186,"width":376,"height":10}},{"id":"705e84f2-9ae0-4e56-b934-3f98e9a81bff","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":51,"box":{"x":83,"y":198,"width":362,"height":11}},{"id":"0dd4104a-29ee-4d67-abae-32b80e6a7c52","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":51,"box":{"x":83,"y":211,"width":388,"height":11}},{"id":"783f66a5-99da-44aa-8192-c32c70ad833e","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":51,"box":{"x":83,"y":224,"width":409,"height":11}},{"id":"a69753c0-691d-40e9-9b6f-f8121d1138e0","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":51,"box":{"x":83,"y":237,"width":419,"height":11}},{"id":"a290faf7-3f2a-4787-bbcf-01c054c2a862","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":51,"box":{"x":82,"y":250,"width":420,"height":11}},{"id":"caaac68a-384f-422a-b326-61610047b8a8","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":51,"box":{"x":83,"y":263,"width":402,"height":11}},{"id":"b4bb6b55-1030-4e5a-bc42-608d79b17862","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":51,"box":{"x":83,"y":276,"width":323,"height":10}},{"id":"933b786a-3f8c-401e-8a66-6ba9fe3d85ff","block_type":"box","text":"Market Trading Risk","page_number":51,"box":{"x":83,"y":298,"width":136,"height":10}},{"id":"02c5116d-2c12-467d-9e46-bf7b37cf0e7c","block_type":"box","text":".","page_number":51,"box":{"x":219,"y":304,"width":2,"height":2}},{"id":"4d9fd330-819b-488d-b969-745424863de0","block_type":"box","text":"The Fund faces numerous market trading","page_number":51,"box":{"x":226,"y":298,"width":263,"height":11}},{"id":"f4b598e7-4b7f-4513-ad9a-4d4e918ff758","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":51,"box":{"x":83,"y":311,"width":394,"height":10}},{"id":"d8cd9203-0cd8-480a-9411-1004b0f38e44","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":51,"box":{"x":83,"y":323,"width":401,"height":11}},{"id":"01de52d0-f97c-4986-96ee-3e255d366f37","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":51,"box":{"x":83,"y":336,"width":404,"height":11}},{"id":"e373b7e4-34eb-4691-be6d-cec36e0ace16","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":51,"box":{"x":83,"y":349,"width":416,"height":11}},{"id":"a374a4ad-2975-4b95-b929-520337b9bd60","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":51,"box":{"x":82,"y":362,"width":405,"height":11}},{"id":"997664da-3ea2-438e-a4d4-457b18066473","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":51,"box":{"x":83,"y":375,"width":411,"height":11}},{"id":"a22a300b-225d-4ab9-a961-f414142d17ed","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":51,"box":{"x":83,"y":388,"width":397,"height":11}},{"id":"35e99ad3-d165-4377-b466-8ac019193faf","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":51,"box":{"x":83,"y":401,"width":419,"height":11}},{"id":"3d50362b-d8a2-4ad1-bcfa-8b88966bf107","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":51,"box":{"x":83,"y":414,"width":412,"height":11}},{"id":"6ac1996a-ffe2-43ba-aa05-837b26e88ac1","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":51,"box":{"x":83,"y":427,"width":397,"height":10}},{"id":"a12b7834-04d6-4576-84f3-e7dbeb01d50e","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":51,"box":{"x":83,"y":440,"width":316,"height":10}},{"id":"c064a3b5-8e6d-4509-bed6-044bad92a429","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":51,"box":{"x":83,"y":461,"width":238,"height":11}},{"id":"6badf63c-7a72-446c-9c86-ebed129e29f4","block_type":"box","text":".","page_number":51,"box":{"x":321,"y":468,"width":3,"height":2}},{"id":"bad131b4-fadf-4939-bfe3-347713b236a5","block_type":"box","text":"Compared to large","page_number":51,"box":{"x":329,"y":461,"width":124,"height":11}},{"id":"f97bf796-6b54-41eb-9ae0-f0d9e4ff4c0a","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":51,"box":{"x":83,"y":474,"width":403,"height":11}},{"id":"5a99e953-3ca3-4704-aea3-ec6a6dd0af1a","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":51,"box":{"x":83,"y":487,"width":405,"height":11}},{"id":"69a33258-3b1c-4183-b472-743b78c76ae9","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":51,"box":{"x":83,"y":500,"width":407,"height":11}},{"id":"fa11ad2d-db46-45ad-82a7-98779c9fddf3","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":51,"box":{"x":83,"y":513,"width":413,"height":11}},{"id":"53132b28-6bc7-4f50-b3e9-25a956199409","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":51,"box":{"x":83,"y":526,"width":412,"height":11}},{"id":"953db004-c031-4f24-86d3-68943f2c1342","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":51,"box":{"x":82,"y":539,"width":387,"height":11}},{"id":"e24c9c0e-43af-4c35-b0d3-6f43b2745507","block_type":"box","text":"Non-Diversification Risk","page_number":51,"box":{"x":83,"y":561,"width":165,"height":8}},{"id":"3122393c-dccc-43cf-812b-25ead2b311ac","block_type":"box","text":".","page_number":51,"box":{"x":248,"y":567,"width":2,"height":2}},{"id":"0697bed7-192a-4311-8978-47013bdcd6e1","block_type":"box","text":"The Fund is classified as “non","page_number":51,"box":{"x":255,"y":561,"width":193,"height":8}},{"id":"b23cb48b-7bed-4224-862f-e7a7ff424a67","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":51,"box":{"x":83,"y":574,"width":377,"height":10}},{"id":"c95886d2-a943-4465-9d89-c6813a268a5d","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":51,"box":{"x":83,"y":586,"width":358,"height":11}},{"id":"0e5f59ff-c137-4e8a-a9c9-6b2a1b403471","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":51,"box":{"x":83,"y":599,"width":370,"height":11}},{"id":"56ae2bc6-b53e-4753-b6cf-12265b4c611d","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":51,"box":{"x":83,"y":612,"width":422,"height":11}},{"id":"40fcd6e3-f4e6-4580-ac4b-cb913e15f86c","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":51,"box":{"x":83,"y":625,"width":379,"height":11}},{"id":"ed24e6fd-47f5-4195-b5c4-7db3e17f1242","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":51,"box":{"x":83,"y":638,"width":375,"height":11}},{"id":"7f387b46-c593-453c-8e75-ca3e1c276f86","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":51,"box":{"x":83,"y":651,"width":418,"height":11}},{"id":"6925e335-113c-4079-a63f-46607ce246d3","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":51,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"247a9beb-aade-4d5f-84f8-e79f66acbb51","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":51,"box":{"x":549,"y":36,"width":210,"height":11}},{"id":"a98d0311-2a6f-4ea5-8196-722acb34c707","block_type":"box","text":"Operational and Technology Risks","page_number":51,"box":{"x":549,"y":58,"width":230,"height":11}},{"id":"3e9dea7a-d7b4-490f-826f-95dcaf48b047","block_type":"box","text":".","page_number":51,"box":{"x":780,"y":65,"width":2,"height":1}},{"id":"5ec260d9-7674-4d87-93de-034720fa8a64","block_type":"box","text":"The Fund is directly and","page_number":51,"box":{"x":787,"y":58,"width":152,"height":11}},{"id":"f2d900c9-3fed-4171-8d6a-115814594678","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":51,"box":{"x":549,"y":71,"width":368,"height":11}},{"id":"58c8ff63-4cfb-4fb8-a750-2c8daa85c6cf","block_type":"box","text":"including those related to human errors, processing errors,","page_number":51,"box":{"x":549,"y":84,"width":376,"height":11}},{"id":"e848d69f-dff7-4eb5-a41e-cdb6b4f994e4","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":51,"box":{"x":549,"y":97,"width":413,"height":10}},{"id":"e114d6aa-012b-4f1a-b9e6-8a74f851968b","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":51,"box":{"x":549,"y":109,"width":404,"height":11}},{"id":"3e52677a-c344-447c-bac9-6baf7ae7be59","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":51,"box":{"x":549,"y":122,"width":401,"height":11}},{"id":"fdff0ee0-ebb0-4c3c-9a15-e8f3ca7a4856","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":51,"box":{"x":549,"y":135,"width":377,"height":11}},{"id":"ef10dc5a-8a3d-4fbc-9a5d-26a2e33c026e","block_type":"box","text":"providers are required to have appropriate operational,","page_number":51,"box":{"x":549,"y":148,"width":350,"height":11}},{"id":"81dfeb29-5853-48f9-a054-46d8bd8de422","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":51,"box":{"x":549,"y":161,"width":414,"height":11}},{"id":"77e4e381-78cd-4093-9ce5-d15d9b593964","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":51,"box":{"x":549,"y":174,"width":397,"height":11}},{"id":"c0853aea-bb12-47fc-8e15-644604b19f10","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":51,"box":{"x":549,"y":187,"width":411,"height":11}},{"id":"c6693d2c-a22d-4e4f-9a82-8e1e4599b456","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":51,"box":{"x":549,"y":200,"width":391,"height":8}},{"id":"dabd2866-7e11-44ae-a0f3-f588e4b49572","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":51,"box":{"x":549,"y":213,"width":422,"height":10}},{"id":"e21b10df-8d10-4e37-b593-5bf21a4af7d7","block_type":"box","text":"investments in such issuers to lose value.","page_number":51,"box":{"x":549,"y":226,"width":264,"height":8}},{"id":"b11c2c1d-f69d-47d4-8289-a0e0a4265f1e","block_type":"box","text":"Securities Lending Risk.","page_number":51,"box":{"x":548,"y":247,"width":162,"height":11}},{"id":"0df6535d-bcbd-4dba-85b0-d86ca148e705","block_type":"box","text":"The Fund may engage in securities","page_number":51,"box":{"x":716,"y":247,"width":221,"height":11}},{"id":"0b8372f6-9159-4f27-9a8b-86c7e26a4374","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":51,"box":{"x":549,"y":260,"width":397,"height":11}},{"id":"94ab9ec3-5352-4417-9e45-40c01b844470","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":51,"box":{"x":549,"y":273,"width":418,"height":11}},{"id":"2d72584c-deb4-40dd-94aa-d76112712729","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":51,"box":{"x":549,"y":286,"width":409,"height":11}},{"id":"0490dd92-d298-43cf-a5f3-c6211f3bd2c6","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":51,"box":{"x":549,"y":299,"width":416,"height":11}},{"id":"154a8bb4-5af2-48ae-8706-d785a5375b5d","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":51,"box":{"x":549,"y":312,"width":389,"height":11}},{"id":"e7eb98a1-40e9-40ad-960a-7736cd96c955","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":51,"box":{"x":549,"y":325,"width":406,"height":8}},{"id":"9f1a2866-b4bf-412b-af03-730f53abb6f7","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":51,"box":{"x":549,"y":338,"width":301,"height":11}},{"id":"634d8e87-4efb-4d3f-8a2c-0dfaec887881","block_type":"box","text":"Tracking Error Risk","page_number":51,"box":{"x":550,"y":360,"width":128,"height":10}},{"id":"d945d343-b3d5-4c4d-a210-f35e57fbd2bb","block_type":"box","text":".","page_number":51,"box":{"x":678,"y":366,"width":3,"height":2}},{"id":"4985ceac-a4c7-40e3-8389-39df3e145325","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":51,"box":{"x":686,"y":360,"width":284,"height":10}},{"id":"723a07ca-1c94-445b-81d0-c67543516c95","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":51,"box":{"x":549,"y":372,"width":404,"height":11}},{"id":"c24708e1-7739-4dee-b499-6260957a4efc","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":51,"box":{"x":549,"y":385,"width":425,"height":11}},{"id":"d4988d1f-c85b-4afa-83f0-f87373108c95","block_type":"box","text":"factors, including differences between the securities and other","page_number":51,"box":{"x":549,"y":398,"width":401,"height":11}},{"id":"9b15fc99-c322-497c-9b12-26b133701521","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":51,"box":{"x":549,"y":411,"width":381,"height":11}},{"id":"66b59778-2bca-41a0-9efd-8c3a1e133e7f","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":51,"box":{"x":550,"y":424,"width":396,"height":11}},{"id":"44ce0be2-fa3f-4210-a33b-9412c0b6e52f","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":51,"box":{"x":549,"y":437,"width":407,"height":10}},{"id":"dfa9cb8e-29f5-46d6-84fa-c1e50c5d831d","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":51,"box":{"x":549,"y":450,"width":400,"height":11}},{"id":"381ded51-0bbe-41aa-9ddd-b2c3fbbf86f2","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":51,"box":{"x":549,"y":463,"width":421,"height":11}},{"id":"d57b5f4f-7d2f-4f36-b8a6-b516703c9bf0","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":51,"box":{"x":549,"y":476,"width":374,"height":10}},{"id":"04114403-dcd2-4b18-b10c-b98e57dea6c5","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":51,"box":{"x":549,"y":489,"width":370,"height":10}},{"id":"d0c45cfe-f0e1-4cc6-9728-14ecd2b07d63","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":51,"box":{"x":549,"y":501,"width":372,"height":11}},{"id":"b6d4bc72-e58e-493f-8efa-03daff7afd23","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":51,"box":{"x":549,"y":514,"width":420,"height":11}},{"id":"3cd48461-d363-4593-8b3b-58ecc7fcfba1","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":51,"box":{"x":549,"y":527,"width":387,"height":11}},{"id":"108ac018-5f00-4859-8a82-91fca5f28c79","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":51,"box":{"x":549,"y":540,"width":377,"height":11}},{"id":"fdd850aa-47da-4e7a-a6e9-7eef8202c474","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":51,"box":{"x":549,"y":553,"width":380,"height":11}},{"id":"82bbb07a-3d59-4677-8950-04689ea26f3d","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":51,"box":{"x":549,"y":566,"width":366,"height":11}},{"id":"969829f7-28bc-4245-9901-c7a9e678dcb9","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":51,"box":{"x":549,"y":579,"width":414,"height":11}},{"id":"fbe25cbe-f8af-458f-ad61-b0886207d3f9","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":51,"box":{"x":550,"y":592,"width":386,"height":10}},{"id":"7ec256aa-b343-4b62-a9c6-bf8595b4e75e","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":51,"box":{"x":549,"y":605,"width":414,"height":10}},{"id":"f84f340e-dc2e-435d-ad00-40a50ef3c2df","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":51,"box":{"x":549,"y":617,"width":420,"height":11}},{"id":"b0730cf4-7263-4b59-afd1-2281fb1c1797","block_type":"box","text":"unusual market conditions.","page_number":51,"box":{"x":549,"y":630,"width":172,"height":9}},{"id":"88387668-e55d-4a5c-9a2b-f634b3f014b7","block_type":"box","text":"S-35","page_number":51,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e4c87db2-a952-42c7-b389-f8fdde9c3f39","block_type":"box","text":"Performance Information","page_number":52,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"e05164f6-9461-421a-bf21-4528da61cfb2","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":"7e5d8495-e6b8-4750-875d-c32629f18c56","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":61,"width":872,"height":10}},{"id":"8e3f7fb2-7de7-47af-82c3-aa4bab943276","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":73,"width":867,"height":11}},{"id":"a60ffbb4-62e9-4931-8c9b-30cc3f85304e","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":86,"width":863,"height":11}},{"id":"01883a28-90a1-456c-a59a-c12514851f62","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":99,"width":874,"height":11}},{"id":"bedc4055-1576-4065-b7bd-16dfdb7d8cdd","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":112,"width":888,"height":11}},{"id":"971464ec-5067-469d-b6ff-ca40b0ce60e5","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":125,"width":652,"height":11}},{"id":"fbfb1a53-b051-4636-aa0e-4e9a83d0b598","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":52,"box":{"x":422,"y":146,"width":212,"height":10}},{"id":"d22dc377-7f0d-4915-92ab-ce8014fb484a","block_type":"box","text":"20%","page_number":52,"box":{"x":332,"y":192,"width":21,"height":7}},{"id":"d2c85a45-9e6d-4400-b85e-98d49cb73e77","block_type":"box","text":"15%","page_number":52,"box":{"x":334,"y":217,"width":19,"height":7}},{"id":"0dc43b62-dbb0-4e17-9227-b4e3230be312","block_type":"box","text":"10%","page_number":52,"box":{"x":334,"y":241,"width":19,"height":7}},{"id":"b1b7f87b-85ea-470f-a3ce-b2d6cf8b0498","block_type":"box","text":"5%","page_number":52,"box":{"x":340,"y":266,"width":13,"height":7}},{"id":"be16c878-fc59-4302-9c06-45ae72176816","block_type":"box","text":"0%","page_number":52,"box":{"x":339,"y":290,"width":14,"height":7}},{"id":"aa18e959-c1dc-49a3-b6a5-5be735608cf3","block_type":"box","text":"2","page_number":52,"box":{"x":526,"y":312,"width":5,"height":7}},{"id":"e7f506ec-5f25-4b5e-81fc-1fc6e8201972","block_type":"box","text":"0","page_number":52,"box":{"x":533,"y":312,"width":6,"height":7}},{"id":"203d5acc-aa0f-4572-8df0-1c272504a114","block_type":"box","text":"2","page_number":52,"box":{"x":541,"y":312,"width":5,"height":7}},{"id":"56fb2b7f-f303-4d26-8fb1-2603e75a3522","block_type":"box","text":"4","page_number":52,"box":{"x":547,"y":312,"width":6,"height":7}},{"id":"7871d0cb-fc93-4470-aa76-e73d7b5ef65c","block_type":"box","text":"14.26%","page_number":52,"box":{"x":524,"y":213,"width":33,"height":6}},{"id":"db303058-68d0-4199-ac2d-45a960d61a6a","block_type":"box","text":"Return (%) Period Ended","page_number":52,"box":{"x":547,"y":339,"width":174,"height":9}},{"id":"60b517ce-9c6f-4309-b00d-4a8677b318b9","block_type":"box","text":"Calendar Year-to-Date Return","page_number":52,"box":{"x":317,"y":357,"width":182,"height":7}},{"id":"1d15c2d8-1b71-4337-aa94-06310818b075","block_type":"box","text":"10.76% September 30, 2025","page_number":52,"box":{"x":561,"y":357,"width":178,"height":9}},{"id":"11bc2dcc-3f3c-436f-b4af-56444bda56f3","block_type":"box","text":"During the periods shown in the chart:","page_number":52,"box":{"x":318,"y":370,"width":239,"height":9}},{"id":"2e627e8e-3003-4998-a9d2-81a16c73a56a","block_type":"box","text":"Best Quarter 10.39% September 30, 2024","page_number":52,"box":{"x":331,"y":382,"width":408,"height":10}},{"id":"e1d2eeff-0839-4e49-af8b-e0567e95666e","block_type":"box","text":"Worst Quarter -3.31% September 30, 2023","page_number":52,"box":{"x":330,"y":395,"width":409,"height":10}},{"id":"b6003ea7-877b-42eb-9467-f861389bb8d0","block_type":"box","text":"Average Annual Total Returns","page_number":52,"box":{"x":425,"y":424,"width":206,"height":11}},{"id":"639c2abd-463e-4ebd-8869-6c2c2d055be8","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":52,"box":{"x":378,"y":438,"width":301,"height":11}},{"id":"8f6bcd66-d4d5-48fb-9e0a-5a90e0bd4508","block_type":"box","text":"One Year","page_number":52,"box":{"x":789,"y":468,"width":56,"height":7}},{"id":"6232a54a-d216-4fdd-a840-81754a7fc771","block_type":"box","text":"Since Fund","page_number":52,"box":{"x":866,"y":455,"width":67,"height":7}},{"id":"837a4963-f426-4067-a595-cd026cda93b8","block_type":"box","text":"Inception","page_number":52,"box":{"x":871,"y":468,"width":57,"height":9}},{"id":"5cc352d4-9ee6-417b-bd3f-7e801cfa3304","block_type":"box","text":"(Inception Date: 1/31/2023)","page_number":52,"box":{"x":123,"y":486,"width":175,"height":9}},{"id":"369df66e-059d-433c-b2d8-0e46f1e5069d","block_type":"box","text":"Return Before Taxes","page_number":52,"box":{"x":124,"y":497,"width":112,"height":8}},{"id":"51ed478f-4fc2-4c8f-8f96-3730886f9c57","block_type":"box","text":"14.26% 9.38%","page_number":52,"box":{"x":800,"y":497,"width":120,"height":8}},{"id":"d17c4d4f-f7e3-4d3c-99de-055643914241","block_type":"box","text":"Return After Taxes on Distributions","page_number":52,"box":{"x":124,"y":509,"width":197,"height":7}},{"id":"1f4abdc0-2836-4d2a-9485-f6bce1f5ba06","block_type":"box","text":"13.71% 8.76%","page_number":52,"box":{"x":800,"y":509,"width":120,"height":7}},{"id":"3a76d9b9-af31-45e9-a3d8-8f57a050fe4a","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 8.81% 7.15%","page_number":52,"box":{"x":124,"y":520,"width":796,"height":8}},{"id":"4837f431-9790-467c-81bd-dbcf0e33c660","block_type":"box","text":"MSCI USA Index","page_number":52,"box":{"x":124,"y":532,"width":99,"height":8}},{"id":"07efc6c2-3a6e-4cbe-92dc-6e78c9738d3a","block_type":"box","text":"(Returns","page_number":52,"box":{"x":227,"y":532,"width":48,"height":10}},{"id":"33ef9413-ccb2-4d6e-a610-72e13850788d","block_type":"box","text":"do","page_number":52,"box":{"x":279,"y":532,"width":13,"height":8}},{"id":"00d9016f-0eb4-49c8-8f01-da42f3ad74b1","block_type":"box","text":"not","page_number":52,"box":{"x":297,"y":533,"width":18,"height":7}},{"id":"f35aa8aa-171e-4627-9a36-da080d49fa78","block_type":"box","text":"reflect","page_number":52,"box":{"x":320,"y":532,"width":35,"height":8}},{"id":"9723654a-780f-4ca2-9228-50851911ecd1","block_type":"box","text":"deductions","page_number":52,"box":{"x":360,"y":532,"width":62,"height":8}},{"id":"98937df4-1682-4fda-8d0e-9687463155c9","block_type":"box","text":"for","page_number":52,"box":{"x":426,"y":532,"width":16,"height":8}},{"id":"69a4b4dc-0c91-4772-bb58-1d9953f185b6","block_type":"box","text":"fees,","page_number":52,"box":{"x":445,"y":532,"width":27,"height":9}},{"id":"3d0190f6-4be7-40de-acb6-9b3ef177f8dd","block_type":"box","text":"expenses","page_number":52,"box":{"x":477,"y":534,"width":52,"height":8}},{"id":"2b3c32f7-0bf4-4025-8afe-36be18cdb68d","block_type":"box","text":"or","page_number":52,"box":{"x":534,"y":534,"width":11,"height":6}},{"id":"ee059952-1cfd-455a-926a-3af2158d6645","block_type":"box","text":"taxes)","page_number":52,"box":{"x":549,"y":532,"width":34,"height":10}},{"id":"23f0e56f-e2af-42f4-ac5e-7d6c09ba1fe5","block_type":"box","text":"25.08%","page_number":52,"box":{"x":797,"y":532,"width":40,"height":8}},{"id":"3513f4ed-db0d-4199-8b36-1129cc01cfec","block_type":"box","text":"23.20%","page_number":52,"box":{"x":879,"y":532,"width":41,"height":8}},{"id":"b9dcfb70-76c5-48ab-a8ff-9b6bb6b91df9","block_type":"box","text":"MSCI USA Value Extended ESG Focus Index","page_number":52,"box":{"x":124,"y":544,"width":268,"height":7}},{"id":"e46606fe-702d-4a95-81fe-2691594d1813","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 14.51% 9.60%","page_number":52,"box":{"x":396,"y":544,"width":524,"height":9}},{"id":"bd0960d0-5fef-4fa2-bcb5-32b151d499dd","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":52,"box":{"x":82,"y":574,"width":882,"height":10}},{"id":"31752519-1a73-4657-849c-38e3a9591547","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":52,"box":{"x":83,"y":586,"width":871,"height":11}},{"id":"a85e6a4e-227a-4376-8873-172909a63010","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":599,"width":860,"height":11}},{"id":"cf7a1691-5eb3-48ec-afd6-d81ef954cc5c","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":52,"box":{"x":83,"y":612,"width":855,"height":11}},{"id":"ce6ef6a7-2b7e-4081-b3e0-9aff54763565","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":52,"box":{"x":83,"y":625,"width":883,"height":11}},{"id":"14f2b11e-a856-4c60-945d-417f0f4c9aba","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":52,"box":{"x":82,"y":638,"width":861,"height":11}},{"id":"96b5777a-98b2-43a4-840d-23685d7cf3fc","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":52,"box":{"x":83,"y":651,"width":359,"height":10}},{"id":"be6fbc97-d611-4585-a0b0-226424d5d5aa","block_type":"box","text":"S-36","page_number":52,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"52f65c2f-e00b-416f-9198-ec6112244306","block_type":"box","text":"Management","page_number":53,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"e99e03a5-5d53-4fd8-8ad9-6439b5cfa1e6","block_type":"box","text":"Investment Adviser.","page_number":53,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"d7823657-9e23-438e-b6c9-d80b13afddb6","block_type":"box","text":"BlackRock Fund Advisors.","page_number":53,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"b7de58ac-3a52-4bb2-8f94-174a608dd8db","block_type":"box","text":"Portfolio Managers.","page_number":53,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"d8184023-d00a-480e-b7f5-169ac5208c46","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":53,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"70487b89-2015-46c2-998c-cf73a07ea9ea","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":53,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"66b83745-38c8-407e-af00-1e791995514a","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":53,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"a6be3dbd-82fc-453b-8e8e-2f9495740d74","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":53,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"b0a577b7-6e69-4058-9af8-2e215038f66a","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2023. Mr.","page_number":53,"box":{"x":84,"y":128,"width":399,"height":10}},{"id":"c37e9d9b-9a96-4288-9392-fc118e3440b6","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":53,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"f400f8e1-e6ae-4e57-8f42-dcf4ed1715a2","block_type":"box","text":"Managers of the Fund since 2025.","page_number":53,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"f06e3db0-05ba-4797-a1a5-2976d9b15a9e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":53,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"eed7a8ef-b834-4bd2-91f1-008748e87eb9","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":53,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"b9601b89-5208-40b2-8f64-9f418306a056","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":53,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"5b05698b-0ed9-4cb3-a098-616994734dee","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":53,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"5f50660e-2234-423f-9136-11a55dbd560b","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":53,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"3995aa79-a77f-4eae-a4a2-bf15dc8913b9","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":53,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"01cd6264-46c5-4563-87d0-f95f26a2d7bf","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":53,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"c8716ed9-e20a-4ea5-b023-3bd20cc9602f","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":53,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"45e2f266-1ab1-4a09-802f-b7b21f56fee9","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":53,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"14ea0672-058b-4ab1-9876-e4133c448f86","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":53,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"6a8cea12-321b-4a6e-96be-a983bf27aa81","block_type":"box","text":"Tax Information","page_number":53,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"207a3b8b-fca9-4bb4-bf72-3c3707399432","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":53,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"c934f27f-d270-42e6-9e35-5ab4717dd606","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":53,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"b978ca84-6508-4a15-8be5-8e6f39e91e93","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":53,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"34c27b8a-6149-4120-9ffa-f22c44a9d2a5","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":53,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"ddf769a2-52f8-4d61-8a2b-f3b4d472c570","block_type":"box","text":"distributions generally will be taxed when withdrawn.","page_number":53,"box":{"x":549,"y":104,"width":337,"height":11}},{"id":"0ddd3798-aa3b-44ff-9c9b-7d22c8596f04","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":53,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"d1034f06-644b-4a00-be36-4408d74eb850","block_type":"box","text":"Intermediaries","page_number":53,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"1b46160f-f665-4bc3-82d5-c9ff538a20b4","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":53,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"41bbd5a9-68ee-4e8d-a0ea-49f92a5f5106","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":53,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"84c8b466-fad8-4634-b1e3-83aff3eaac84","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":53,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"6b1be083-fc06-450f-b165-b0e168da20c0","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":53,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"c5c2674f-8bc8-47c4-aba7-1581903be7e2","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":53,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"045bc197-5d93-457d-bd41-dc5995cb701f","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":53,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"96b62451-6efa-4a4e-a98c-e74e94da6f3b","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":53,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"55ad606b-d2a0-458c-8484-d380f1f9d295","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":53,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"580a3229-f5ec-4b0c-bd6c-a3bbb3ead946","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":53,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"d550939b-846c-4553-ad46-b1a980629457","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":53,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"5bee23e0-5797-4593-a933-2a6050d5f366","block_type":"box","text":"information.","page_number":53,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"c5c53952-48ae-440e-98d1-345c623d8bfb","block_type":"box","text":"S-37","page_number":53,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f3742253-0c9c-484f-9be7-e05d4c0baf05","block_type":"box","text":"iSHARES","page_number":54,"box":{"x":258,"y":24,"width":118,"height":15}},{"id":"c7963493-48d2-4492-acc0-8d7281d0882b","block_type":"box","text":"®","page_number":54,"box":{"x":379,"y":17,"width":11,"height":8}},{"id":"775f75af-a08f-4af9-a19c-d79df15ab7b1","block_type":"box","text":"ESG MSCI USA LEADERS ETF","page_number":54,"box":{"x":401,"y":24,"width":399,"height":15}},{"id":"7f828334-e37c-4613-b101-f6840fbd729b","block_type":"box","text":"Ticker: SUSL Stock Exchange: Nasdaq","page_number":54,"box":{"x":289,"y":53,"width":474,"height":12}},{"id":"6ce082c2-c1d4-43c3-ac9b-87b34af2ab19","block_type":"box","text":"Investment Objective","page_number":54,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"fecc0ca3-ae05-4d01-be98-635c3254f32c","block_type":"box","text":"The iShares ESG MSCI USA Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid","page_number":54,"box":{"x":82,"y":116,"width":876,"height":11}},{"id":"7fc8f078-eb11-4ab2-bed6-f7ac60d8ad97","block_type":"box","text":"capitalization stocks of companies with high environmental, social, and governance performance relative to their sector peers as","page_number":54,"box":{"x":83,"y":129,"width":823,"height":11}},{"id":"6fe3ed9e-abaa-4b38-aec9-28938cfacf39","block_type":"box","text":"determined by the index provider.","page_number":54,"box":{"x":83,"y":142,"width":214,"height":11}},{"id":"1a40f32b-8e4d-4e0f-8f8e-eb17da9abc9f","block_type":"box","text":"Fees and Expenses","page_number":54,"box":{"x":84,"y":170,"width":160,"height":13}},{"id":"4f9a2f90-28b9-4814-8753-7c1adc115be6","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":54,"box":{"x":82,"y":195,"width":869,"height":10}},{"id":"dce35a4b-e6fd-4346-8d42-e7c2c5a761fd","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":54,"box":{"x":83,"y":207,"width":867,"height":11}},{"id":"d716627a-4a41-41c1-ba15-c44bfd24adb1","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":54,"box":{"x":83,"y":220,"width":889,"height":11}},{"id":"7ba267fb-8e29-4f16-b5db-68cd9ce806bf","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":54,"box":{"x":83,"y":233,"width":870,"height":11}},{"id":"5765db3f-4518-4dc7-8db4-d157fbf73080","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":54,"box":{"x":83,"y":246,"width":858,"height":11}},{"id":"c715eb35-d263-4456-87b4-818e17cd87b1","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":54,"box":{"x":83,"y":259,"width":450,"height":11}},{"id":"e865c8e5-3287-4406-a698-b785d1dcbd30","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":54,"box":{"x":82,"y":281,"width":883,"height":11}},{"id":"a4784063-9622-4689-9c57-b020e0f41482","block_type":"box","text":"the tables and examples below.","page_number":54,"box":{"x":83,"y":294,"width":220,"height":11}},{"id":"cb8e9887-f5bc-4fe0-8323-0d3dcf96e23d","block_type":"box","text":"Annual Fund Operating Expenses","page_number":54,"box":{"x":425,"y":313,"width":206,"height":9}},{"id":"ed66babb-2d66-4dff-9a71-0fd814e61a43","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":54,"box":{"x":383,"y":323,"width":291,"height":10}},{"id":"21d00bcc-9459-49b2-942c-2be23b7c07aa","block_type":"box","text":"percentage of the value of your investments)","page_number":54,"box":{"x":385,"y":333,"width":280,"height":10}},{"id":"3d4f5bd5-3939-4622-a90f-9c4b7f207def","block_type":"box","text":"1","page_number":54,"box":{"x":668,"y":332,"width":2,"height":5}},{"id":"c47b6c64-06cc-4bbc-a31d-caf7ef74b74b","block_type":"box","text":"Management","page_number":54,"box":{"x":170,"y":374,"width":80,"height":9}},{"id":"9233df9c-5f3a-4e4b-ad1d-e8e42aa7a3d2","block_type":"box","text":"Fees","page_number":54,"box":{"x":196,"y":384,"width":27,"height":7}},{"id":"310f42dd-2742-4575-bf5e-fa195d4ff415","block_type":"box","text":"Distribution","page_number":54,"box":{"x":394,"y":363,"width":72,"height":8}},{"id":"d631ba3f-4a5b-4605-9480-d247e20f3ca4","block_type":"box","text":"and Service","page_number":54,"box":{"x":394,"y":373,"width":72,"height":8}},{"id":"e4f661fc-2242-47aa-a0e9-ebf735064ead","block_type":"box","text":"(12b-1) Fees","page_number":54,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"991fb3d3-9130-4117-9be3-78eea156ac24","block_type":"box","text":"Other","page_number":54,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"bc75585d-7cb5-46e2-9d21-c718ae0bfb48","block_type":"box","text":"Expenses","page_number":54,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"4617f182-4d96-49a8-997e-7c0ad281e622","block_type":"box","text":"Total Annual","page_number":54,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"664a952c-1ae6-4596-891d-e2a9f008795f","block_type":"box","text":"Fund","page_number":54,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"3d24b508-4a5f-4715-bc34-8317a3424d9d","block_type":"box","text":"Operating","page_number":54,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"2cfea21e-5433-41d3-aeb4-ba7b7ed732bf","block_type":"box","text":"Expenses","page_number":54,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"631c71b3-5f18-40dc-9cef-a9d301149b19","block_type":"box","text":"0.10% None 0.00% 0.10%","page_number":54,"box":{"x":194,"y":403,"width":670,"height":8}},{"id":"b62d39f2-9287-45f5-9aba-d49cece37a11","block_type":"box","text":"1","page_number":54,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"330be401-b8d9-46b9-ae11-6c785c78599a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":54,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"8d03fd2b-e003-4dd8-9e6b-8e1469ac47f6","block_type":"box","text":"Example.","page_number":54,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"f117469a-cd40-426b-b9ca-29d9020e4ceb","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":54,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"136a11d9-1cb5-4926-a732-3d0c372ab801","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":54,"box":{"x":82,"y":467,"width":891,"height":12}},{"id":"528fe9dc-3999-4fa9-805b-eedb96891239","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":54,"box":{"x":83,"y":481,"width":862,"height":11}},{"id":"32d6100c-e407-4f4e-8ab5-52f58167c619","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":54,"box":{"x":83,"y":494,"width":694,"height":11}},{"id":"3c1af969-658c-4220-98ed-8075850a25c0","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":54,"box":{"x":195,"y":523,"width":668,"height":8}},{"id":"ccef49b8-b08a-495d-b539-08f5be5d3a57","block_type":"box","text":"$10 $32 $56 $128","page_number":54,"box":{"x":203,"y":543,"width":647,"height":9}},{"id":"e312f2e4-aacf-4cc4-87ca-84217489654a","block_type":"box","text":"Portfolio Turnover.","page_number":54,"box":{"x":83,"y":583,"width":129,"height":8}},{"id":"a748843f-5010-4274-8e03-0d3287c85952","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":54,"box":{"x":216,"y":583,"width":287,"height":10}},{"id":"a7372056-d5a7-4a28-9e7b-2d672c6c5b05","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":54,"box":{"x":83,"y":597,"width":420,"height":11}},{"id":"b20de75f-0f6a-4b89-b7c3-8a9464210d11","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":54,"box":{"x":83,"y":611,"width":395,"height":11}},{"id":"4261b135-5067-4dca-a691-27cfe328ef98","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":54,"box":{"x":83,"y":625,"width":380,"height":11}},{"id":"2abc5ed2-5295-4459-9685-aa10792804ca","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":54,"box":{"x":83,"y":639,"width":409,"height":10}},{"id":"27bf16b1-1dc9-4c7f-aa8c-d43c72bc45f7","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":54,"box":{"x":83,"y":654,"width":368,"height":10}},{"id":"71c1480b-fd33-4101-a9df-a9b4ca5d4a2a","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":54,"box":{"x":84,"y":668,"width":411,"height":11}},{"id":"5d6f67dc-88bf-4ad3-8dd9-d9f280444df9","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 4% of the","page_number":54,"box":{"x":82,"y":682,"width":377,"height":11}},{"id":"8a0ce4d7-4a7d-48fd-a3f1-b066d4c5ffae","block_type":"box","text":"average value of its portfolio.","page_number":54,"box":{"x":83,"y":696,"width":184,"height":11}},{"id":"6ae0ce47-9270-4ada-b2a3-9c813e850ed7","block_type":"box","text":"Principal Investment Strategies","page_number":54,"box":{"x":84,"y":725,"width":268,"height":13}},{"id":"205b21c1-420c-4bf8-81f0-d67f3378a5b2","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":54,"box":{"x":82,"y":750,"width":416,"height":9}},{"id":"8a077da1-3a32-4303-809f-4bb2baed77ea","block_type":"box","text":"Extended ESG Leaders Index (the “Underlying Index”), which has","page_number":54,"box":{"x":84,"y":764,"width":411,"height":11}},{"id":"fc63dff6-eaac-4e4f-849b-ba88b83cfd3f","block_type":"box","text":"been developed by MSCI Inc. (the “Index Provider” or “MSCI”).","page_number":54,"box":{"x":83,"y":779,"width":400,"height":10}},{"id":"01f26227-e3ff-4c43-a380-53c1db47913c","block_type":"box","text":"The Underlying Index is a free float-adjusted market capitalization","page_number":54,"box":{"x":82,"y":793,"width":426,"height":11}},{"id":"fe464845-a5a4-49f2-b5e2-da0949f6bcc2","block_type":"box","text":"weighted index that is designed to reflect the equity performance","page_number":54,"box":{"x":82,"y":807,"width":419,"height":11}},{"id":"389cfa7a-19bf-446f-87a3-2aacfe5bb1b6","block_type":"box","text":"of U.S. companies that have favorable environmental, social and","page_number":54,"box":{"x":83,"y":821,"width":411,"height":11}},{"id":"a355079c-4e80-469d-85a2-331e989cdd74","block_type":"box","text":"governance (“ESG”) characteristics (as determined by the Index","page_number":54,"box":{"x":83,"y":835,"width":408,"height":11}},{"id":"5c834f3b-706a-4cb1-95ff-e9b226559d60","block_type":"box","text":"Provider). The Index Provider begins with the MSCI USA Index (the","page_number":54,"box":{"x":84,"y":849,"width":423,"height":11}},{"id":"4b101330-5fca-4272-8d00-edb38c77dc9e","block_type":"box","text":"“Parent Index”) and excludes securities of companies involved in","page_number":54,"box":{"x":83,"y":864,"width":412,"height":10}},{"id":"ba98568c-2330-405f-9958-dd4f01d1b591","block_type":"box","text":"the business of tobacco, alcohol, gambling, nuclear power and","page_number":54,"box":{"x":83,"y":878,"width":398,"height":11}},{"id":"f85ab58f-312e-4d25-9dd5-9987de717c69","block_type":"box","text":"weapons, palm oil, arctic oil and gas, thermal coal and","page_number":54,"box":{"x":549,"y":575,"width":346,"height":11}},{"id":"c9e29031-6348-4db1-bfe1-5498f4d6a8fa","block_type":"box","text":"unconventional oil and gas businesses (","page_number":54,"box":{"x":549,"y":589,"width":253,"height":11}},{"id":"12e5421d-4dd2-40c6-b0a1-c6d60d55809a","block_type":"box","text":"e.g.","page_number":54,"box":{"x":803,"y":591,"width":21,"height":9}},{"id":"38209daf-fa92-4eba-9054-b4622c634979","block_type":"box","text":", thermal coal","page_number":54,"box":{"x":826,"y":589,"width":86,"height":10}},{"id":"c6da5440-a0be-4b3f-99fd-03c04c86351b","block_type":"box","text":"extraction and generation or oil sands extraction), companies","page_number":54,"box":{"x":549,"y":603,"width":393,"height":11}},{"id":"8c27d359-f698-4dc6-be5a-443cea363236","block_type":"box","text":"involved with conventional and controversial weapons, producers","page_number":54,"box":{"x":549,"y":617,"width":417,"height":11}},{"id":"40d845da-bca7-4a2e-9a58-3a661bb8c103","block_type":"box","text":"and major retailers of civilian firearms, as well as companies","page_number":54,"box":{"x":549,"y":632,"width":385,"height":10}},{"id":"39a1275e-2cd4-4f5e-b413-a6a5b3e1f64e","block_type":"box","text":"involved in very severe business controversies. The Index Provider","page_number":54,"box":{"x":549,"y":646,"width":423,"height":11}},{"id":"95df24a8-0341-485c-93f7-981160acf8db","block_type":"box","text":"defines a controversy as an instance or ongoing situation in which","page_number":54,"box":{"x":549,"y":660,"width":421,"height":11}},{"id":"a6d6582b-8642-45ce-b935-2ffcb5b4f7a4","block_type":"box","text":"company operations and/or products allegedly have a negative","page_number":54,"box":{"x":549,"y":674,"width":405,"height":11}},{"id":"c070c70a-775a-4c49-800a-7b06bbb847c7","block_type":"box","text":"environmental, social and/or governance impact. Each","page_number":54,"box":{"x":549,"y":688,"width":350,"height":11}},{"id":"4c6041e5-0bd1-4e52-aed8-03c4c1196bf4","block_type":"box","text":"controversy case is assessed for the severity of its impact on","page_number":54,"box":{"x":549,"y":702,"width":390,"height":11}},{"id":"aa5253f8-fd03-44eb-a731-08e712688de7","block_type":"box","text":"society. The Index Provider generally classifies companies as","page_number":54,"box":{"x":549,"y":717,"width":388,"height":11}},{"id":"315d3cc6-7799-4b70-bb78-c213024073c5","block_type":"box","text":"“involved” in a particular business based on revenue or","page_number":54,"box":{"x":549,"y":731,"width":352,"height":11}},{"id":"2212fd43-91a8-4846-bd75-f3f253f0a4e0","block_type":"box","text":"percentage of revenue thresholds (","page_number":54,"box":{"x":549,"y":745,"width":223,"height":11}},{"id":"a251b31f-9b16-490d-8990-99cf090ebd45","block_type":"box","text":"e.g.,","page_number":54,"box":{"x":773,"y":747,"width":25,"height":9}},{"id":"180035a2-843d-49c7-a1ee-bf313fb404de","block_type":"box","text":"$1 billion or 50%) for","page_number":54,"box":{"x":805,"y":744,"width":131,"height":12}},{"id":"1a264fb5-83ff-4bba-9ccf-644e53279d0f","block_type":"box","text":"certain products and activities in an excluded industry. The","page_number":54,"box":{"x":549,"y":759,"width":376,"height":11}},{"id":"4e486789-5f6d-46f8-b291-a3202369e88a","block_type":"box","text":"securities of certain companies may be excluded regardless of","page_number":54,"box":{"x":549,"y":773,"width":400,"height":11}},{"id":"55cbdc0d-3ea6-4de4-ae1d-e19e741034b0","block_type":"box","text":"revenue measures (","page_number":54,"box":{"x":549,"y":788,"width":125,"height":10}},{"id":"4414993d-5dce-4e70-a0c9-0c5b1cb73b6a","block_type":"box","text":"e.g.,","page_number":54,"box":{"x":675,"y":790,"width":25,"height":8}},{"id":"10d2c888-22a5-4ec6-aa50-afaa3623db28","block_type":"box","text":"all companies involved in the","page_number":54,"box":{"x":706,"y":788,"width":184,"height":10}},{"id":"abf72cd1-98cc-4cef-831c-956e8164469a","block_type":"box","text":"manufacturing of nuclear weapons are excluded).","page_number":54,"box":{"x":549,"y":802,"width":315,"height":11}},{"id":"4e7f764e-86c9-4117-83bd-19c7ab475825","block_type":"box","text":"The Index Provider will select securities of mid- and large","page_number":54,"box":{"x":549,"y":824,"width":369,"height":11}},{"id":"852907c7-7233-47fe-a5cc-466318ea08e8","block_type":"box","text":"capitalization companies with the highest ESG ratings from each","page_number":54,"box":{"x":549,"y":838,"width":411,"height":11}},{"id":"05061b8d-bfee-44cd-9bb2-31e2a4c6b173","block_type":"box","text":"sector of the Parent Index. MSCI rates the ESG characteristics of","page_number":54,"box":{"x":549,"y":852,"width":416,"height":9}},{"id":"e8392052-9da4-4996-8f52-347363e2cc3b","block_type":"box","text":"companies on a scale of “CCC” (lowest) to “AAA” (highest). The","page_number":54,"box":{"x":549,"y":866,"width":403,"height":11}},{"id":"616e7758-3849-4829-942f-71455e23b1aa","block_type":"box","text":"Index Provider determines ESG ratings by evaluating a company’s","page_number":54,"box":{"x":550,"y":880,"width":418,"height":11}},{"id":"f0d19dfb-8da0-4a5c-ba73-f3d2ee626326","block_type":"box","text":"S-38","page_number":54,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"023f9a85-1eb6-4105-a13b-eccd32df0c05","block_type":"box","text":"risks and opportunities in relation to ESG Key Issues (","page_number":55,"box":{"x":83,"y":23,"width":342,"height":11}},{"id":"b17d5899-6bfe-41cb-a0ee-53bf3ca5fae9","block_type":"box","text":"e.g.,","page_number":55,"box":{"x":426,"y":26,"width":25,"height":8}},{"id":"39fc1b8c-40ca-4716-aead-d3b41ef611a3","block_type":"box","text":"carbon","page_number":55,"box":{"x":457,"y":23,"width":43,"height":9}},{"id":"1b0d4609-7654-4567-adc4-d671b6fe4359","block_type":"box","text":"emissions). Each company is scored on a scale of 0 to 10, with 10","page_number":55,"box":{"x":83,"y":37,"width":418,"height":11}},{"id":"4d770a14-dded-44a4-a41c-bac9a39f0434","block_type":"box","text":"being the highest, for each Key Issue before being assigned an","page_number":55,"box":{"x":83,"y":51,"width":398,"height":11}},{"id":"885bf4eb-c266-49aa-be6d-9b79deeb1287","block_type":"box","text":"ESG rating based on average Key Issue score. Only the securities","page_number":55,"box":{"x":84,"y":66,"width":414,"height":11}},{"id":"6cbb1c2c-1d24-4b64-8ab2-b489530c0db1","block_type":"box","text":"of companies with an MSCI ESG rating of “BB” or higher are","page_number":55,"box":{"x":83,"y":80,"width":383,"height":11}},{"id":"b3730955-7735-4e4d-b588-865c5d47a68e","block_type":"box","text":"eligible for inclusion in the Underlying Index. Additionally, MSCI","page_number":55,"box":{"x":83,"y":94,"width":404,"height":11}},{"id":"dff00f5a-aa00-4605-86b7-0903d6b7a32b","block_type":"box","text":"excludes companies involved in very severe business","page_number":55,"box":{"x":83,"y":108,"width":339,"height":11}},{"id":"d01bab30-5e44-4dee-ae45-7dd1e4118f13","block_type":"box","text":"controversies by assessing the possible negative environmental,","page_number":55,"box":{"x":83,"y":122,"width":411,"height":11}},{"id":"b0501c61-3784-4978-8b6a-ff1167041d59","block_type":"box","text":"social, and/or governance impact of a company’s operations or","page_number":55,"box":{"x":83,"y":137,"width":407,"height":10}},{"id":"09a116af-50be-4b2c-a618-c7b194d2ded9","block_type":"box","text":"products on a scale from zero to ten, with zero being the most","page_number":55,"box":{"x":83,"y":151,"width":397,"height":11}},{"id":"7ce702ba-f398-46d0-8908-abaec4b7da7d","block_type":"box","text":"severe controversy rating (the “MSCI Controversies Score”). For","page_number":55,"box":{"x":83,"y":165,"width":411,"height":11}},{"id":"b687202f-be7b-45c5-8222-4bf624fda4f1","block_type":"box","text":"new constituents, only securities of companies with a MSCI","page_number":55,"box":{"x":83,"y":179,"width":380,"height":11}},{"id":"031c5cbc-f082-4726-a0ae-f821fbb7d174","block_type":"box","text":"Controversies Score of three or higher are eligible for inclusion in","page_number":55,"box":{"x":83,"y":193,"width":416,"height":11}},{"id":"00342b67-657b-4c0f-9c6f-70ab095d6339","block_type":"box","text":"the Underlying Index. Current constituents must have a MSCI","page_number":55,"box":{"x":83,"y":207,"width":392,"height":11}},{"id":"a3aca1ec-5b0c-4416-86d2-ee86982f1173","block_type":"box","text":"Controversies Score of at least one.","page_number":55,"box":{"x":83,"y":222,"width":228,"height":8}},{"id":"4ea4717c-0654-4df2-b5e0-2eeb3ca8f642","block_type":"box","text":"Following these eligibility screens, companies are then ranked","page_number":55,"box":{"x":84,"y":244,"width":395,"height":10}},{"id":"efebae0e-2d0d-4340-983a-ea1f40c2520b","block_type":"box","text":"based on ESG rating, which is adjusted based on a company’s","page_number":55,"box":{"x":83,"y":258,"width":395,"height":11}},{"id":"f9c49a25-0d95-4ddd-ae33-eb8538dd2bd4","block_type":"box","text":"sector membership (as described below) and free float-adjusted","page_number":55,"box":{"x":83,"y":272,"width":410,"height":11}},{"id":"67ce031f-fe33-40ea-8baa-59a071aa68f9","block_type":"box","text":"market capitalization. The top constituents in each sector based","page_number":55,"box":{"x":83,"y":286,"width":409,"height":11}},{"id":"cac29d64-8ab0-4a57-843a-aaebac8fca50","block_type":"box","text":"on this ranking mechanism are selected until the Underlying Index","page_number":55,"box":{"x":83,"y":300,"width":423,"height":11}},{"id":"2c7d92d8-fab3-456f-855c-1795a6c4b5ce","block_type":"box","text":"achieves approximately 50% sector coverage by cumulative free","page_number":55,"box":{"x":83,"y":314,"width":409,"height":11}},{"id":"46c6fa1f-199c-43eb-bd0c-9b189278f478","block_type":"box","text":"float-adjusted market capitalization. Sectors of the Parent Index","page_number":55,"box":{"x":82,"y":329,"width":411,"height":10}},{"id":"2f67c42f-91fb-4a96-a536-0d90aab2ce25","block_type":"box","text":"are determined according to the Global Industry Classification","page_number":55,"box":{"x":83,"y":343,"width":396,"height":11}},{"id":"7e001065-4596-49a0-a95a-f9f6c3d6708f","block_type":"box","text":"Standard. In order to evaluate a security’s ESG rating for a given","page_number":55,"box":{"x":83,"y":357,"width":409,"height":11}},{"id":"2fa3ec83-60dd-4323-b459-bd55e08a0e25","block_type":"box","text":"sector, the Index Provider identifies key ESG issues that can lead","page_number":55,"box":{"x":83,"y":371,"width":414,"height":11}},{"id":"968fde9e-bce4-4643-91fb-41be9c8649b6","block_type":"box","text":"to unexpected costs for companies in the medium- to long-term.","page_number":55,"box":{"x":83,"y":385,"width":412,"height":11}},{"id":"e84f9488-3ee9-4120-bb1d-4aa866b18744","block_type":"box","text":"The Index Provider then calculates the size of each company’s","page_number":55,"box":{"x":82,"y":400,"width":397,"height":10}},{"id":"6420b568-f806-4cbd-bda1-00e7b8486a87","block_type":"box","text":"exposure to each key issue based on the company’s business","page_number":55,"box":{"x":83,"y":414,"width":392,"height":11}},{"id":"1ed4932e-1f6c-4896-8841-84ebf2a19ee6","block_type":"box","text":"segment and geographic risk and analyzes the extent to which","page_number":55,"box":{"x":83,"y":428,"width":397,"height":11}},{"id":"51f7f87f-3d85-4765-987a-d2611ef01998","block_type":"box","text":"companies have developed robust strategies and programs to","page_number":55,"box":{"x":83,"y":442,"width":395,"height":11}},{"id":"a61403dd-96d1-4d31-8da4-065b70db492a","block_type":"box","text":"manage ESG risks and opportunities. Using a sector-specific key","page_number":55,"box":{"x":83,"y":456,"width":412,"height":11}},{"id":"099c0c28-aac7-429a-8c12-4862bba3c4ed","block_type":"box","text":"issue weighting model, companies are rated and ranked in","page_number":55,"box":{"x":83,"y":470,"width":371,"height":11}},{"id":"e37ea366-e015-491a-93e1-72d9a3957c8d","block_type":"box","text":"comparison to their industry peers. Because ESG ratings are","page_number":55,"box":{"x":83,"y":485,"width":386,"height":10}},{"id":"d4b021e5-4629-4549-bb8d-3c972e0b84fa","block_type":"box","text":"calculated in comparison to a company’s sector peers, securities","page_number":55,"box":{"x":83,"y":499,"width":415,"height":11}},{"id":"fec8b4af-5829-4aaf-b733-751ffb655bd5","block_type":"box","text":"in one sector may have a lower average ESG rating than securities","page_number":55,"box":{"x":83,"y":513,"width":423,"height":11}},{"id":"343007d7-026f-474d-904f-b8ce0da5692b","block_type":"box","text":"in another sector. As of August 31, 2025, a significant portion of","page_number":55,"box":{"x":83,"y":527,"width":409,"height":11}},{"id":"526f26b5-0784-4876-9664-f75dd0cd8481","block_type":"box","text":"the Underlying Index is represented by securities of companies in","page_number":55,"box":{"x":83,"y":541,"width":417,"height":11}},{"id":"c2433019-a5ed-4f8c-8ee4-e6646c27f52e","block_type":"box","text":"the technology industry or sector. The components of the","page_number":55,"box":{"x":83,"y":556,"width":366,"height":10}},{"id":"ec105dd9-e56d-4c33-b730-21a6a084122e","block_type":"box","text":"Underlying Index are likely to change over time.","page_number":55,"box":{"x":83,"y":570,"width":303,"height":11}},{"id":"a5b85132-79c9-43a0-99d6-47c7afe807ad","block_type":"box","text":"Changes to the components of the Underlying Index are","page_number":55,"box":{"x":83,"y":592,"width":357,"height":10}},{"id":"a0396077-54cd-4457-82dc-64589a99baef","block_type":"box","text":"implemented annually at the end of May. Such changes update","page_number":55,"box":{"x":83,"y":606,"width":401,"height":11}},{"id":"98c84dd1-4ff5-4b56-8b9a-a8798dde7a77","block_type":"box","text":"the eligible universe of securities included in the Underlying Index","page_number":55,"box":{"x":83,"y":620,"width":420,"height":11}},{"id":"3572e7e8-8354-4887-a1b2-03d38532805c","block_type":"box","text":"and reflect further rebalances necessary to target 50% free float","page_number":55,"box":{"x":83,"y":634,"width":415,"height":11}},{"id":"7cc6f87a-71f7-4248-9624-a743df6faa71","block_type":"box","text":"adjusted market capitalization of each sector of the Parent Index.","page_number":55,"box":{"x":83,"y":648,"width":417,"height":11}},{"id":"16e738a6-d2a2-4070-aab9-0e6db57c2204","block_type":"box","text":"As of August 31, 2025, the Underlying Index includes","page_number":55,"box":{"x":82,"y":663,"width":338,"height":10}},{"id":"25268e81-12df-430f-a9f8-88b7676d01d0","block_type":"box","text":"approximately 273 component securities.","page_number":55,"box":{"x":83,"y":677,"width":266,"height":11}},{"id":"94fce91b-2c07-4317-9f57-f2dc7b3e5ee9","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":55,"box":{"x":84,"y":700,"width":376,"height":11}},{"id":"4cd5faa6-01e5-41be-b57d-e0ae49093c2e","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":55,"box":{"x":83,"y":714,"width":417,"height":11}},{"id":"321f32e6-7b33-4951-b273-a31c6ef459e4","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":55,"box":{"x":83,"y":728,"width":396,"height":11}},{"id":"cebd7440-baa4-4929-a275-e5e4da920bd6","block_type":"box","text":"markets decline or appear overvalued.","page_number":55,"box":{"x":83,"y":743,"width":244,"height":10}},{"id":"572cd7d6-2fd3-4fc0-aee8-6ae85b4a1279","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":55,"box":{"x":83,"y":766,"width":421,"height":11}},{"id":"3de03f74-7eca-4c39-b0e4-5be164a64c2a","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":55,"box":{"x":83,"y":780,"width":421,"height":11}},{"id":"5c5ea558-6b75-44d9-9f48-c2187454040a","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":55,"box":{"x":83,"y":794,"width":386,"height":11}},{"id":"f77c2b5c-82e3-4016-a852-e80d7b282c07","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":55,"box":{"x":83,"y":808,"width":370,"height":11}},{"id":"4b078e47-2adf-4334-a8cb-b726faaeea07","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":55,"box":{"x":83,"y":822,"width":356,"height":11}},{"id":"65d5d1ba-f725-4382-b396-c9e936ed109d","block_type":"box","text":"comparison to actively managed investment companies.","page_number":55,"box":{"x":83,"y":837,"width":359,"height":10}},{"id":"7ddd7cc2-aeb2-4f33-8e26-ba22a96b0be1","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":55,"box":{"x":84,"y":860,"width":411,"height":11}},{"id":"da6a6a7e-5b8f-4bce-8426-2ea2d644e8e7","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":55,"box":{"x":83,"y":874,"width":411,"height":11}},{"id":"12d204b6-1a5e-4ee9-8f69-727713727524","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":55,"box":{"x":549,"y":23,"width":424,"height":11}},{"id":"afcd7241-bc27-464d-8940-0c57510929a8","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":55,"box":{"x":549,"y":37,"width":410,"height":11}},{"id":"af9b65a6-09de-4874-8999-4ba17eed1140","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":55,"box":{"x":549,"y":51,"width":408,"height":11}},{"id":"352cb13b-712f-4411-b249-ac2213cc1816","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":55,"box":{"x":549,"y":66,"width":423,"height":11}},{"id":"e97eafc8-5d4a-4210-878d-b4272dc68ad6","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":55,"box":{"x":549,"y":80,"width":386,"height":11}},{"id":"529501eb-3a3b-4319-8caf-e9c9875785f8","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":55,"box":{"x":549,"y":94,"width":360,"height":11}},{"id":"63d82d31-ef7f-4ccc-aa64-93d672b3d486","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":55,"box":{"x":548,"y":108,"width":414,"height":11}},{"id":"9ca72874-1f53-44cf-ac32-56afabda204d","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":55,"box":{"x":549,"y":122,"width":410,"height":11}},{"id":"f62193aa-488e-4684-993c-2979369a8d0a","block_type":"box","text":"the components of the Underlying Index.","page_number":55,"box":{"x":549,"y":137,"width":259,"height":10}},{"id":"6418ac5e-6508-4bac-b2be-ca34b339dba3","block_type":"box","text":"The Fund generally will invest at least 90% of its assets in the","page_number":55,"box":{"x":549,"y":160,"width":389,"height":11}},{"id":"9705c9ba-d5a2-4a70-bd85-1c3cbfe49846","block_type":"box","text":"component securities of the Underlying Index and may invest up","page_number":55,"box":{"x":549,"y":174,"width":411,"height":11}},{"id":"66680fb0-74a4-4091-ae5c-949a25469ba7","block_type":"box","text":"to 10% of its assets in certain futures, options and swap contracts,","page_number":55,"box":{"x":549,"y":188,"width":423,"height":11}},{"id":"1eec5325-f5da-4d44-948b-443bb43bb68e","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":55,"box":{"x":549,"y":202,"width":392,"height":11}},{"id":"969ba181-94e7-42ee-819e-979673254dc7","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":55,"box":{"x":549,"y":216,"width":406,"height":11}},{"id":"c97e5688-1351-4923-9574-d70361854c70","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":55,"box":{"x":549,"y":231,"width":416,"height":11}},{"id":"c6fb6913-da76-4f99-846a-8f229d06ec04","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":55,"box":{"x":549,"y":245,"width":400,"height":11}},{"id":"effd8bc3-a0f3-49bf-a471-a37a1985fa8f","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":55,"box":{"x":549,"y":259,"width":409,"height":11}},{"id":"395a3bbd-308a-43d6-9a13-cd320d201285","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":55,"box":{"x":549,"y":273,"width":368,"height":11}},{"id":"056047e1-8130-467f-bce8-e3ce68c9ad6c","block_type":"box","text":"percentage of investments included in the Underlying Index. The","page_number":55,"box":{"x":549,"y":287,"width":411,"height":11}},{"id":"03547f1f-1d45-4aa0-8d69-84ca22c46b6b","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":55,"box":{"x":550,"y":302,"width":386,"height":10}},{"id":"d423a55e-7634-44a6-83c0-919c852bea59","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":55,"box":{"x":550,"y":316,"width":281,"height":11}},{"id":"c4d0cb7e-74a4-4bdd-8775-ba98e9614ea5","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":55,"box":{"x":549,"y":339,"width":411,"height":11}},{"id":"f9dd122a-9ca9-46f1-b962-f9bd213d30b1","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":55,"box":{"x":548,"y":353,"width":371,"height":11}},{"id":"112b6ed3-1a71-448c-8e82-03285bc2eef7","block_type":"box","text":"collateral received).","page_number":55,"box":{"x":549,"y":367,"width":125,"height":11}},{"id":"033243c6-7102-43ed-bf60-40d6f83f653a","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":55,"box":{"x":549,"y":391,"width":421,"height":10}},{"id":"208a8d2b-9569-43e3-b60d-347f9faa9193","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":55,"box":{"x":549,"y":405,"width":356,"height":8}},{"id":"2169de9c-0da3-4780-91d4-def64f5163df","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":55,"box":{"x":549,"y":419,"width":377,"height":11}},{"id":"98a3c1da-55b6-46e9-b38a-e8ed3b7dadfc","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":55,"box":{"x":550,"y":433,"width":415,"height":11}},{"id":"31f6ee47-1fd7-4b4e-bb5c-37942f41c9b9","block_type":"box","text":"value of the Underlying Index.","page_number":55,"box":{"x":548,"y":447,"width":190,"height":11}},{"id":"d92bf93e-bf1d-4cd0-94a9-8fc1976a997f","block_type":"box","text":"Industry Concentration Policy.","page_number":55,"box":{"x":550,"y":470,"width":209,"height":11}},{"id":"4198f456-9535-44b9-ad0d-e0d0af5d8cf5","block_type":"box","text":"The Fund will concentrate its","page_number":55,"box":{"x":764,"y":470,"width":184,"height":9}},{"id":"20778646-7bf9-415a-adf9-c020540dc95c","block_type":"box","text":"investments (","page_number":55,"box":{"x":549,"y":485,"width":86,"height":10}},{"id":"ad25cf1a-f4c2-4162-b0c0-1f1e294aa2d0","block_type":"box","text":"i.e.","page_number":55,"box":{"x":635,"y":485,"width":17,"height":8}},{"id":"80a17863-4038-43e9-ab82-c4337783395a","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":55,"box":{"x":655,"y":485,"width":264,"height":10}},{"id":"63661055-2ba9-47bf-89ef-53b0019a03f0","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":55,"box":{"x":549,"y":499,"width":394,"height":11}},{"id":"73b2bbb0-62fc-4e01-976e-f9796e3c16a0","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":55,"box":{"x":549,"y":513,"width":377,"height":11}},{"id":"73886ca4-b41e-467f-a412-cf0d6617b68e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":55,"box":{"x":549,"y":527,"width":389,"height":11}},{"id":"edebcad4-3b93-4010-aa59-e33e27489856","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":55,"box":{"x":549,"y":541,"width":389,"height":11}},{"id":"afdffb64-f83f-4045-ae0c-f5d27a899241","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":55,"box":{"x":549,"y":556,"width":410,"height":10}},{"id":"f7ce6a63-0ed9-4750-8be2-36e6a524b8fb","block_type":"box","text":"considered to be issued by members of any industry.","page_number":55,"box":{"x":549,"y":570,"width":337,"height":11}},{"id":"3aa480e1-b645-44b0-9eaf-0a6a4f550101","block_type":"box","text":"Summary of Principal Risks","page_number":55,"box":{"x":549,"y":599,"width":235,"height":13}},{"id":"5bba6488-70e3-4c15-b9db-b17381fbd41c","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":55,"box":{"x":549,"y":624,"width":362,"height":11}},{"id":"0b449781-de4a-4e02-b6b8-06cbbe0eaf52","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":55,"box":{"x":549,"y":638,"width":402,"height":11}},{"id":"142c84a3-61a3-4d12-a160-b628f13d2dcd","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":55,"box":{"x":549,"y":652,"width":396,"height":11}},{"id":"cc18472e-9f87-4c17-9ea1-0e8482d2fe0e","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":55,"box":{"x":549,"y":666,"width":376,"height":11}},{"id":"539ac388-ae95-4770-861a-dce425a20312","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":55,"box":{"x":549,"y":681,"width":392,"height":10}},{"id":"02403fcb-1a70-4428-9a3a-a3c72151d36a","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":55,"box":{"x":549,"y":695,"width":416,"height":11}},{"id":"3c68519c-1e53-4f7e-9adc-4839ffe36865","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":55,"box":{"x":549,"y":709,"width":388,"height":11}},{"id":"335434de-5810-4b3e-a3f8-4513e0f509b2","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":55,"box":{"x":549,"y":723,"width":425,"height":11}},{"id":"6035d47f-765e-475f-91fb-090e2785e5c3","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":55,"box":{"x":549,"y":737,"width":405,"height":11}},{"id":"670d5e40-b78a-484d-8795-dbc55e22d9f2","block_type":"box","text":"review each risk factor carefully.","page_number":55,"box":{"x":549,"y":751,"width":206,"height":11}},{"id":"c1ba31ef-1262-47c7-94c1-d453faf3b478","block_type":"box","text":"Risk of Investing in the U.S","page_number":55,"box":{"x":549,"y":775,"width":182,"height":10}},{"id":"be1f3aad-25ef-4ddc-9da2-87536edab5b9","block_type":"box","text":".","page_number":55,"box":{"x":732,"y":781,"width":2,"height":2}},{"id":"5d04724a-f4af-42a7-a398-ad1a257a35b2","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":55,"box":{"x":740,"y":775,"width":210,"height":11}},{"id":"5a872abd-d7e6-45b6-b875-350910bd9f09","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":55,"box":{"x":549,"y":789,"width":391,"height":11}},{"id":"0367503a-b94e-4a0c-bd96-e8d17ab98940","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":55,"box":{"x":549,"y":803,"width":423,"height":11}},{"id":"bec28798-5100-44a8-9a12-7ebb3e1e22a0","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":55,"box":{"x":550,"y":817,"width":412,"height":11}},{"id":"3bbf8a91-dff5-4ba6-ac57-384db7e3093a","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":55,"box":{"x":549,"y":831,"width":396,"height":11}},{"id":"c5676ca9-a38d-4042-8a8c-fc0e625f82a3","block_type":"box","text":"ESG Risk.","page_number":55,"box":{"x":549,"y":855,"width":63,"height":8}},{"id":"6d0ed3ab-0b12-4863-9100-3f3fddc010fe","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":55,"box":{"x":617,"y":855,"width":331,"height":10}},{"id":"be29d78b-7d40-4f7b-9cc5-57e5b30861b5","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":55,"box":{"x":549,"y":869,"width":399,"height":11}},{"id":"c159eab6-5b32-4163-9876-e6446e03d2a9","block_type":"box","text":"S-39","page_number":55,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a07e76c9-e7a2-4a1f-855c-16f4c3b300f3","block_type":"box","text":"types and number of investment opportunities available to the","page_number":56,"box":{"x":83,"y":23,"width":397,"height":11}},{"id":"8a758e8a-d5c9-4e6a-bfe1-5f1ff1d5ca6c","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":56,"box":{"x":84,"y":37,"width":396,"height":11}},{"id":"7c7f4589-7cfb-49be-9ba0-57b8271e75f7","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying","page_number":56,"box":{"x":82,"y":52,"width":421,"height":10}},{"id":"202c2f55-2e53-4793-b17c-db82a983a009","block_type":"box","text":"Index’s use of ESG criteria may result in the Fund investing in, or","page_number":56,"box":{"x":83,"y":66,"width":412,"height":11}},{"id":"86db3dbd-ecb6-4f08-b963-b3ca90f8a02a","block_type":"box","text":"allocating greater weight to, securities or market sectors that","page_number":56,"box":{"x":83,"y":80,"width":392,"height":11}},{"id":"ae81ad4e-5f63-4112-84a3-2716132856fc","block_type":"box","text":"underperform the market as a whole or underperform other funds","page_number":56,"box":{"x":83,"y":94,"width":420,"height":11}},{"id":"3f4604a8-f6a9-475a-8735-bf52f6d037b6","block_type":"box","text":"that use ESG criteria. In addition, the use of representative","page_number":56,"box":{"x":83,"y":108,"width":375,"height":11}},{"id":"b383818f-a49e-4192-aa16-5dfc835768e3","block_type":"box","text":"sampling may result in divergence of the Fund’s overall ESG","page_number":56,"box":{"x":83,"y":122,"width":381,"height":11}},{"id":"6fefdf7e-4afb-44e5-a404-a00807d64292","block_type":"box","text":"characteristics or ESG risk from those of the Underlying Index.","page_number":56,"box":{"x":83,"y":137,"width":399,"height":10}},{"id":"389fdfdf-5855-4264-b2c9-c902b2f35bf9","block_type":"box","text":"The Index Provider may evaluate security-level ESG data and, if","page_number":56,"box":{"x":82,"y":151,"width":403,"height":11}},{"id":"df61401e-c444-4f46-8519-57da9166dc63","block_type":"box","text":"applicable, ESG objectives or constraints that are relevant to the","page_number":56,"box":{"x":83,"y":165,"width":413,"height":11}},{"id":"a843a031-6992-49c3-b7bf-55ab89594861","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities","page_number":56,"box":{"x":83,"y":179,"width":407,"height":11}},{"id":"20af3ba9-bbc9-4a42-b9db-cf79be2426a8","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":56,"box":{"x":83,"y":193,"width":411,"height":11}},{"id":"eb81b454-1f65-47fd-8545-d1317ee2b9b4","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":56,"box":{"x":84,"y":207,"width":416,"height":11}},{"id":"794022b8-0f79-4b0d-94f0-fa7857a91388","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":56,"box":{"x":83,"y":222,"width":384,"height":10}},{"id":"f7a2aadb-4424-4c2e-aad2-08b6c51f285b","block_type":"box","text":"Provider. As a result, certain securities in the Underlying Index, or","page_number":56,"box":{"x":84,"y":236,"width":418,"height":11}},{"id":"043a3913-004e-44d5-83c0-43bcd1919b8d","block_type":"box","text":"the Underlying Index as a whole, may not meet the relevant ESG","page_number":56,"box":{"x":83,"y":250,"width":410,"height":11}},{"id":"cf0cec78-ebef-40c2-a020-35fc84f9fd20","block_type":"box","text":"objectives or constraints at all times.","page_number":56,"box":{"x":83,"y":264,"width":235,"height":11}},{"id":"b179c7d6-44b7-483c-8bc3-17a2f0e563a2","block_type":"box","text":"Equity Securities Risk","page_number":56,"box":{"x":83,"y":287,"width":147,"height":11}},{"id":"3b389a89-af26-4da4-b4b8-cff6403c69f5","block_type":"box","text":".","page_number":56,"box":{"x":230,"y":294,"width":3,"height":2}},{"id":"5b2f3479-0131-4b4f-a14b-d6954774585d","block_type":"box","text":"Equity securities are subject to changes","page_number":56,"box":{"x":239,"y":287,"width":254,"height":11}},{"id":"e678f250-f887-41c9-85fb-8702d23e1231","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":56,"box":{"x":83,"y":302,"width":422,"height":10}},{"id":"f129fe59-9c49-4d2c-a7c5-b077f3781078","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":56,"box":{"x":83,"y":316,"width":420,"height":11}},{"id":"9ca309c6-4f5e-4dae-8730-f7e803bc3017","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":56,"box":{"x":83,"y":330,"width":396,"height":11}},{"id":"7502bd7a-5f78-46d6-9a5c-59e1d90281f7","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":56,"box":{"x":83,"y":344,"width":359,"height":11}},{"id":"0b972407-221b-4cc5-b70a-1a9be36697f6","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":56,"box":{"x":83,"y":358,"width":390,"height":11}},{"id":"7bf2dd31-4c14-496c-8bc9-02f118eb2e88","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":56,"box":{"x":83,"y":373,"width":412,"height":10}},{"id":"b43f2482-5277-42e2-98a2-a34bf7b7c345","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":56,"box":{"x":83,"y":387,"width":372,"height":11}},{"id":"f8fec203-38cb-4469-a177-bb2b6623b158","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":56,"box":{"x":83,"y":401,"width":309,"height":11}},{"id":"84141cfb-04a0-4b4e-a79a-6721b48de7f5","block_type":"box","text":"Market Risk","page_number":56,"box":{"x":83,"y":424,"width":82,"height":9}},{"id":"568c40ee-d69c-476e-a39d-350310a7400e","block_type":"box","text":".","page_number":56,"box":{"x":165,"y":431,"width":2,"height":1}},{"id":"375571b4-2947-477c-b8c3-f5dca7930cbd","block_type":"box","text":"The Fund could lose money over short periods due","page_number":56,"box":{"x":172,"y":424,"width":323,"height":11}},{"id":"0b9507f8-fae5-4e21-923a-16a2e1cef400","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":56,"box":{"x":83,"y":438,"width":413,"height":11}},{"id":"30630bc9-6733-4c1f-8d03-90729e7e19fe","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":56,"box":{"x":83,"y":452,"width":382,"height":11}},{"id":"6b090d6e-80df-4141-b890-9d147f1759d9","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":56,"box":{"x":83,"y":467,"width":411,"height":10}},{"id":"fb486c38-b840-4f3c-8810-6f6bb1882ce1","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":56,"box":{"x":83,"y":481,"width":370,"height":11}},{"id":"9e10f565-7544-4cb3-9c08-86b806918809","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":56,"box":{"x":83,"y":495,"width":404,"height":11}},{"id":"52a57841-ad09-48b4-8ae1-8cf8fa596ba3","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":56,"box":{"x":83,"y":509,"width":395,"height":11}},{"id":"a86156cd-0e07-47bd-b29d-613f8031ef80","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":56,"box":{"x":83,"y":523,"width":395,"height":11}},{"id":"be39e27a-9c14-42fe-8d3b-f716969b12e2","block_type":"box","text":"NAV.","page_number":56,"box":{"x":84,"y":538,"width":27,"height":8}},{"id":"85fe4813-6679-4257-8ddd-487e0585a433","block_type":"box","text":"Index-Related Risk.","page_number":56,"box":{"x":83,"y":561,"width":129,"height":8}},{"id":"490aa34c-1f04-476d-84c8-14174274b543","block_type":"box","text":"The Index Provider may rely on various","page_number":56,"box":{"x":217,"y":561,"width":247,"height":11}},{"id":"16eb1bc4-7232-485c-855c-67cfcbdf4d31","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":56,"box":{"x":83,"y":575,"width":423,"height":11}},{"id":"3212449e-f6a4-4b0b-8cf2-bfd7ea1cc6fc","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":56,"box":{"x":83,"y":589,"width":391,"height":11}},{"id":"3deca4e9-a26a-430e-9706-164b6aa88367","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":56,"box":{"x":83,"y":603,"width":406,"height":11}},{"id":"85755c46-6a0b-491d-b5d1-9ba19688de31","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":56,"box":{"x":83,"y":617,"width":408,"height":11}},{"id":"5da902be-3fcb-4bbd-bf1f-16ca8c3c05fa","block_type":"box","text":"information will provide an accurate assessment of included","page_number":56,"box":{"x":83,"y":632,"width":384,"height":10}},{"id":"8fe2ba8a-a0ac-4c4c-837e-08b4a83cc71a","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":56,"box":{"x":83,"y":646,"width":387,"height":11}},{"id":"82855c48-8a93-41c6-85c5-39f2d37925f7","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":56,"box":{"x":83,"y":660,"width":366,"height":11}},{"id":"c7009ffd-f1c7-4d9f-ad08-b8169ef7e5b7","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":56,"box":{"x":83,"y":674,"width":377,"height":11}},{"id":"9a8bc12b-52ac-455a-92b6-f4cd6384dd70","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":56,"box":{"x":83,"y":688,"width":413,"height":11}},{"id":"e1a5a506-d51b-4522-9023-fac97b467ce3","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":56,"box":{"x":83,"y":703,"width":396,"height":10}},{"id":"2bbb29f0-ff02-488e-9012-6dd7f2bf04d2","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":56,"box":{"x":83,"y":717,"width":367,"height":10}},{"id":"3125706a-aa57-4e76-ad02-4c34b871a883","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":56,"box":{"x":83,"y":731,"width":400,"height":11}},{"id":"a5e322e0-36d7-4500-bce1-c26f16e2422f","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":56,"box":{"x":83,"y":745,"width":409,"height":11}},{"id":"063f9ad6-faef-48af-a0b8-e3cfd233cd1e","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":56,"box":{"x":83,"y":759,"width":414,"height":11}},{"id":"22e87d27-dac8-42b4-bda4-70a9d0e88afd","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":56,"box":{"x":83,"y":773,"width":362,"height":11}},{"id":"21506d36-9985-429f-9881-0c4906835113","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":56,"box":{"x":83,"y":788,"width":423,"height":10}},{"id":"fe225048-37b0-40a6-a54b-166c4d075162","block_type":"box","text":"Asset Class Risk.","page_number":56,"box":{"x":81,"y":811,"width":115,"height":8}},{"id":"ef5e2d30-00ed-4f2c-8ad8-9b94d7e00bdb","block_type":"box","text":"The securities and other assets in the","page_number":56,"box":{"x":202,"y":811,"width":239,"height":8}},{"id":"c8479264-d80a-4ef3-9c14-affc06b496a3","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":56,"box":{"x":83,"y":825,"width":406,"height":11}},{"id":"d9318bec-f6d5-476e-8598-2ed641340e21","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":56,"box":{"x":83,"y":839,"width":405,"height":11}},{"id":"888e2473-2936-43cf-9b84-baf0d30ee2d0","block_type":"box","text":"market, another index, or other asset classes.","page_number":56,"box":{"x":83,"y":853,"width":292,"height":10}},{"id":"aa71eed8-4267-4d77-a432-cd5ba229d1f4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":56,"box":{"x":548,"y":23,"width":290,"height":11}},{"id":"2bf18028-fe7f-4b4b-9ee4-0767b726aac4","block_type":"box","text":"An “Authorized","page_number":56,"box":{"x":847,"y":23,"width":93,"height":9}},{"id":"30b156d6-44e1-40e8-82cf-3e688743ee04","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":56,"box":{"x":550,"y":37,"width":379,"height":11}},{"id":"a41c25e2-88c4-4ebf-aa4d-4d098fc46a3a","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":56,"box":{"x":549,"y":51,"width":411,"height":11}},{"id":"4ff89798-69db-4766-8a50-e37f99c90ab7","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":56,"box":{"x":550,"y":66,"width":395,"height":10}},{"id":"2942fa4a-7840-4ad7-8f8d-bac4d7dad894","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":56,"box":{"x":550,"y":80,"width":399,"height":11}},{"id":"028dab95-073c-4f42-8e9a-5db8dcadb3ae","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":56,"box":{"x":549,"y":94,"width":407,"height":11}},{"id":"23c5bba0-82f7-433b-9ebc-8d27cd710833","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":56,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"daa9e2eb-6733-49aa-afd6-825e8b219371","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":56,"box":{"x":549,"y":122,"width":412,"height":11}},{"id":"f87f8c33-4ca6-4881-b795-e0322326398b","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":56,"box":{"x":549,"y":137,"width":403,"height":10}},{"id":"600dd8d9-56e2-4c7d-b6a0-6ee80191859f","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":56,"box":{"x":549,"y":151,"width":378,"height":11}},{"id":"62184fbd-3d69-476f-81a0-6fa47fc61c8c","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":56,"box":{"x":550,"y":165,"width":379,"height":11}},{"id":"ba49e988-19c6-42b2-92fb-68172647bba8","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":56,"box":{"x":549,"y":179,"width":404,"height":11}},{"id":"13ebea33-4ffe-44ea-831a-759f4b289ed0","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":56,"box":{"x":549,"y":193,"width":399,"height":11}},{"id":"1abc3b8e-d601-4691-afa9-6b1f0bc946ec","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":56,"box":{"x":550,"y":208,"width":391,"height":10}},{"id":"3588b7ac-b469-4385-9f4f-71f71caca27c","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":56,"box":{"x":549,"y":222,"width":408,"height":10}},{"id":"1f9ab7dc-7442-444b-9cb5-04aa4fc2a416","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":56,"box":{"x":549,"y":236,"width":273,"height":11}},{"id":"c782a731-e407-4285-be40-0bd18252ef8d","block_type":"box","text":"Concentration Risk.","page_number":56,"box":{"x":549,"y":259,"width":132,"height":9}},{"id":"f57bc706-76de-4558-8194-ee9232f972e6","block_type":"box","text":"The Fund may be susceptible to an","page_number":56,"box":{"x":687,"y":259,"width":221,"height":11}},{"id":"4530555a-f7f6-4c8c-afbc-132df7eef126","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":56,"box":{"x":549,"y":273,"width":419,"height":11}},{"id":"47548fdb-5ade-4c75-94d6-55d5bcc2e656","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":56,"box":{"x":549,"y":287,"width":408,"height":11}},{"id":"2b82051e-7938-4756-8ea8-d599e4464039","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":56,"box":{"x":549,"y":302,"width":418,"height":8}},{"id":"3ceea331-a349-40cd-8216-8a48d4b85ecb","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":56,"box":{"x":549,"y":316,"width":395,"height":10}},{"id":"0c096f04-cbf7-4c5d-8a67-0318cdbb6e8f","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":56,"box":{"x":549,"y":330,"width":388,"height":11}},{"id":"7bb8de04-e775-4513-a0ee-604e7b3663c0","block_type":"box","text":"asset classes.","page_number":56,"box":{"x":549,"y":344,"width":88,"height":9}},{"id":"f5b41b44-0a70-4d78-b91c-5a1fbb9f1f04","block_type":"box","text":"Issuer Risk","page_number":56,"box":{"x":549,"y":367,"width":75,"height":9}},{"id":"997a3528-009a-42db-a2ab-1bd799905087","block_type":"box","text":".","page_number":56,"box":{"x":624,"y":374,"width":3,"height":2}},{"id":"136152ee-ae5f-4a78-8252-9fe627ee8882","block_type":"box","text":"The performance of the Fund depends on the","page_number":56,"box":{"x":632,"y":367,"width":288,"height":11}},{"id":"843a8fd5-9086-4846-b269-ee8128d37ec1","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":56,"box":{"x":549,"y":381,"width":412,"height":11}},{"id":"127cbf55-6ca5-44d2-8d89-b167d2b43f07","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":56,"box":{"x":550,"y":396,"width":402,"height":10}},{"id":"c4a0ec7d-9533-4f32-8e2e-bcbe28b81743","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":56,"box":{"x":549,"y":410,"width":418,"height":11}},{"id":"4da62763-e413-454e-8b99-66cf7a75a478","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":56,"box":{"x":549,"y":424,"width":414,"height":11}},{"id":"3f418f3e-1bfe-4c5b-92b2-aeae6d6ee1c0","block_type":"box","text":"counterparty.","page_number":56,"box":{"x":549,"y":439,"width":84,"height":10}},{"id":"135ae10a-23bd-44b9-94df-ad89e3a144e2","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":56,"box":{"x":549,"y":461,"width":252,"height":11}},{"id":"b1c8215d-66be-4f54-9b99-e7bafbeb1e53","block_type":"box","text":"Large-capitalization","page_number":56,"box":{"x":808,"y":461,"width":124,"height":11}},{"id":"41cc46d9-20db-4453-8521-9d1a145fa75e","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":56,"box":{"x":549,"y":476,"width":352,"height":10}},{"id":"998d0f64-b320-429c-99a3-50025caa393f","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":56,"box":{"x":549,"y":490,"width":352,"height":11}},{"id":"873a9433-5829-49d0-a14d-2d5c2f7c9d4f","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":56,"box":{"x":549,"y":504,"width":405,"height":11}},{"id":"c65e518b-98f2-4f56-9ce7-414d60837bf5","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":56,"box":{"x":549,"y":518,"width":371,"height":11}},{"id":"dae32f4d-29e6-451c-821b-38bac95d839b","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":56,"box":{"x":549,"y":532,"width":340,"height":11}},{"id":"0566e22d-179b-4335-b6b8-bc79a0d580b0","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":56,"box":{"x":549,"y":546,"width":390,"height":11}},{"id":"bb51d86e-982b-4cb8-bd85-91ba64047679","block_type":"box","text":"overall performance of the broader securities markets.","page_number":56,"box":{"x":549,"y":561,"width":349,"height":10}},{"id":"a601bf0d-b677-46b7-af4f-e3fab49e36d4","block_type":"box","text":"Management Risk","page_number":56,"box":{"x":549,"y":584,"width":123,"height":11}},{"id":"85e8bfff-cf3b-425d-9bda-bb63dbe815b6","block_type":"box","text":".","page_number":56,"box":{"x":672,"y":590,"width":2,"height":2}},{"id":"e65b0e53-a24a-4624-8dc5-b643d5c98fd9","block_type":"box","text":"The Fund generally does not attempt to take","page_number":56,"box":{"x":679,"y":584,"width":283,"height":11}},{"id":"e5e7ace4-2c14-4756-95b2-e2f4153caa14","block_type":"box","text":"defensive positions under any market conditions, including","page_number":56,"box":{"x":549,"y":598,"width":376,"height":11}},{"id":"c63aa55b-39b2-4ff2-ad1b-eb9fd28e21cc","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":56,"box":{"x":549,"y":612,"width":362,"height":11}},{"id":"73a54b4c-d51a-41b7-9810-0045efc284c6","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":56,"box":{"x":550,"y":626,"width":387,"height":11}},{"id":"86cc154f-f6ad-4f55-954e-800a94cde3bb","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":56,"box":{"x":549,"y":641,"width":409,"height":10}},{"id":"3213b218-2f79-47ae-8710-e1bc8e0289a6","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":56,"box":{"x":549,"y":655,"width":419,"height":11}},{"id":"0580ebd3-dd2b-4c91-885d-ed08658edb6c","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":56,"box":{"x":549,"y":669,"width":420,"height":11}},{"id":"600f5e57-8518-45a4-a4d8-583975c9fbad","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":56,"box":{"x":549,"y":683,"width":403,"height":11}},{"id":"5a3813ad-cde3-4af9-974d-ca96394eee57","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":56,"box":{"x":549,"y":697,"width":323,"height":11}},{"id":"5e64f36f-6aff-4dfa-a430-b79119eb348b","block_type":"box","text":"Market Trading Risk","page_number":56,"box":{"x":549,"y":721,"width":136,"height":10}},{"id":"86553232-711b-4808-8376-e1e8f5adf074","block_type":"box","text":".","page_number":56,"box":{"x":685,"y":727,"width":2,"height":2}},{"id":"4da14d9d-88b6-4780-932f-2484a1a9d44d","block_type":"box","text":"The Fund faces numerous market trading","page_number":56,"box":{"x":692,"y":721,"width":264,"height":10}},{"id":"2350b22c-22d1-4f9a-ad32-e0c76a4cfc28","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":56,"box":{"x":549,"y":735,"width":394,"height":11}},{"id":"c31b09b4-6beb-4669-a293-f50489bc9c33","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":56,"box":{"x":549,"y":749,"width":401,"height":11}},{"id":"9af91ae9-ee66-4d5e-8029-7542710c6237","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":56,"box":{"x":549,"y":763,"width":404,"height":11}},{"id":"b407bbab-3a05-4b6b-8de9-fd7c2eeff969","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":56,"box":{"x":549,"y":777,"width":416,"height":11}},{"id":"f4bd8465-e44b-4131-abc1-afa29d995967","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":56,"box":{"x":549,"y":791,"width":404,"height":11}},{"id":"b2b24505-800d-419c-bccd-5063e55cbbed","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":56,"box":{"x":549,"y":806,"width":411,"height":10}},{"id":"1f81e7ca-ae68-42a6-a719-88beed2253c2","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":56,"box":{"x":549,"y":820,"width":397,"height":11}},{"id":"e1f1b8ee-495a-4ae1-8e97-a1a76a0cfa2c","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":56,"box":{"x":549,"y":834,"width":419,"height":11}},{"id":"d906cd3c-5e8d-4851-b87e-377a627c0be8","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":56,"box":{"x":549,"y":848,"width":413,"height":11}},{"id":"73d0b451-086c-4fb8-bdd7-42d4994dcd3a","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":56,"box":{"x":549,"y":862,"width":397,"height":11}},{"id":"f895f7d7-c4c6-47f1-a606-9be91fa6f83c","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":56,"box":{"x":549,"y":877,"width":316,"height":10}},{"id":"9448eecf-518f-4082-b037-ce80de691a89","block_type":"box","text":"S-40","page_number":56,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"6b51d330-5e2f-4440-94f2-67bb481f8017","block_type":"box","text":"Non-Diversification Risk","page_number":57,"box":{"x":83,"y":23,"width":165,"height":9}},{"id":"8dd66c7a-34e1-46f4-bb21-52ccd580528b","block_type":"box","text":".","page_number":57,"box":{"x":248,"y":30,"width":2,"height":2}},{"id":"46301a72-1198-4e7d-97c5-58f6be5b27e9","block_type":"box","text":"The Fund is classified as “non","page_number":57,"box":{"x":255,"y":23,"width":193,"height":9}},{"id":"04266b0f-6eed-4255-b7fb-be4e221aa78a","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":57,"box":{"x":83,"y":37,"width":377,"height":11}},{"id":"26d08ed2-38bb-4063-992d-aa72fb4e457c","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":57,"box":{"x":83,"y":51,"width":358,"height":11}},{"id":"c9b80056-e66d-4480-9a89-a53274e71504","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":57,"box":{"x":83,"y":66,"width":370,"height":11}},{"id":"38394c24-c8df-4aa8-96e6-8b0ad980399f","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":57,"box":{"x":83,"y":80,"width":422,"height":11}},{"id":"40330e97-ad30-439a-b936-350118273b01","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":57,"box":{"x":83,"y":94,"width":379,"height":11}},{"id":"e06c1637-e575-40c0-8f7c-d5fa59431f07","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":57,"box":{"x":83,"y":108,"width":375,"height":11}},{"id":"57e5e533-076c-4e26-83ce-7d12edebf24f","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":57,"box":{"x":83,"y":122,"width":418,"height":11}},{"id":"de8901af-0a22-4231-b748-9b71bd0c8319","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":57,"box":{"x":83,"y":137,"width":418,"height":10}},{"id":"5aa88cab-4731-4967-bbb5-b81fb2c71e8b","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":57,"box":{"x":83,"y":151,"width":209,"height":11}},{"id":"456df857-6a0d-460e-931f-97c64c050ed3","block_type":"box","text":"Operational and Technology Risks","page_number":57,"box":{"x":83,"y":174,"width":230,"height":11}},{"id":"50b51333-146c-4c8f-ae1f-9048ac5de131","block_type":"box","text":".","page_number":57,"box":{"x":314,"y":181,"width":2,"height":1}},{"id":"39b1c821-6b2d-4b20-981e-eb3f16385e82","block_type":"box","text":"The Fund is directly and","page_number":57,"box":{"x":321,"y":174,"width":151,"height":11}},{"id":"3413db5b-d2b5-4589-aa98-5f1aa4774d14","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":57,"box":{"x":83,"y":188,"width":368,"height":11}},{"id":"bc7a477b-a49b-46f7-bea3-165bba125407","block_type":"box","text":"including those related to human errors, processing errors,","page_number":57,"box":{"x":83,"y":202,"width":376,"height":11}},{"id":"9a167310-cffc-422e-b2a8-b1ba39d90844","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":57,"box":{"x":83,"y":216,"width":413,"height":11}},{"id":"b8f82d96-109e-4dd6-90ad-2a5dd1e6fa9b","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":57,"box":{"x":83,"y":231,"width":404,"height":11}},{"id":"d85bf8d6-17a3-407b-95e9-1a1a2a6f3284","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":57,"box":{"x":82,"y":245,"width":402,"height":11}},{"id":"c55432ae-7b4f-4de4-8c9d-a73c48d67e23","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":57,"box":{"x":83,"y":259,"width":376,"height":11}},{"id":"96f7387c-e832-4d88-ac2d-3159b72001a7","block_type":"box","text":"providers are required to have appropriate operational,","page_number":57,"box":{"x":83,"y":273,"width":350,"height":11}},{"id":"c2db81d4-2b6f-41ac-8a28-5dd2a025604a","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":57,"box":{"x":83,"y":287,"width":414,"height":11}},{"id":"b0ed3911-178a-4486-baa4-eebd08a4ad00","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":57,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"7e59ce8a-ecb7-4df5-b8d0-954a680d9950","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":57,"box":{"x":82,"y":316,"width":411,"height":11}},{"id":"f98c8f73-e6e9-485f-8351-9acc645eed23","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":57,"box":{"x":83,"y":330,"width":391,"height":8}},{"id":"b2f16170-effc-49fc-9262-7d7fb4ddc10d","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":57,"box":{"x":83,"y":344,"width":421,"height":11}},{"id":"ec3b116b-5602-4f97-a6f9-1508492537b4","block_type":"box","text":"investments in such issuers to lose value.","page_number":57,"box":{"x":83,"y":358,"width":264,"height":9}},{"id":"f4f00111-446c-49c0-91eb-722322d9d71e","block_type":"box","text":"Securities Lending Risk.","page_number":57,"box":{"x":82,"y":381,"width":162,"height":11}},{"id":"dc8312e8-3caa-43f8-9c0a-11f5ddfe6fe3","block_type":"box","text":"The Fund may engage in securities","page_number":57,"box":{"x":249,"y":382,"width":221,"height":10}},{"id":"17c1208c-f956-445f-9dfb-4948dc88ab24","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":57,"box":{"x":83,"y":396,"width":396,"height":11}},{"id":"1b65dbdd-7412-4e44-b7d4-118d06c2ac0d","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":57,"box":{"x":83,"y":410,"width":418,"height":11}},{"id":"93eaefae-00b4-4a6b-b26c-ec1dc23a29dd","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":57,"box":{"x":83,"y":424,"width":408,"height":11}},{"id":"d5a69c76-193e-4933-b355-50e51a9b70d0","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":57,"box":{"x":83,"y":438,"width":416,"height":11}},{"id":"8186aff0-6d38-49b8-8638-2bc7c40b3b4b","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":57,"box":{"x":83,"y":452,"width":389,"height":11}},{"id":"edf28684-0069-4094-9374-0042e9e3b800","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":57,"box":{"x":83,"y":467,"width":406,"height":8}},{"id":"9695f6ef-a946-4400-a3c5-73354ed86010","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":57,"box":{"x":83,"y":481,"width":301,"height":11}},{"id":"9b7b283b-6d59-49f1-8292-6b815bd679b9","block_type":"box","text":"Technology Companies Risk","page_number":57,"box":{"x":84,"y":504,"width":190,"height":11}},{"id":"db6d7cbb-7790-4888-9f51-d76b8375b081","block_type":"box","text":".","page_number":57,"box":{"x":274,"y":511,"width":2,"height":1}},{"id":"85d69222-30b0-4533-8f00-9ea58e1fa7e9","block_type":"box","text":"Technology companies and","page_number":57,"box":{"x":281,"y":504,"width":172,"height":11}},{"id":"0d7e2525-a665-4482-897d-b5cad8575c9a","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":57,"box":{"x":83,"y":518,"width":412,"height":11}},{"id":"d67d15ab-d2d4-401a-b7c1-3510460cefe0","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":57,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"1b080d93-c76b-4366-93c9-2049353bdc51","block_type":"box","text":"and personnel. These companies typically face intense","page_number":57,"box":{"x":549,"y":37,"width":348,"height":11}},{"id":"1f31dc66-f492-4c00-a3c9-8c7074cffae5","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":57,"box":{"x":549,"y":52,"width":418,"height":10}},{"id":"5c4a2397-2648-4091-a148-ed8e483875fa","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":57,"box":{"x":549,"y":66,"width":381,"height":10}},{"id":"81a4cd13-a2fb-4b06-ba46-fff8c6257c6c","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":57,"box":{"x":549,"y":80,"width":367,"height":11}},{"id":"79856443-9488-4ea4-aa86-e54896b803b5","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":57,"box":{"x":549,"y":94,"width":424,"height":11}},{"id":"d0b192bc-6b9c-488a-ae64-f76291ca4cf4","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":57,"box":{"x":549,"y":108,"width":368,"height":11}},{"id":"ba450ff2-a7cf-43de-8f85-a499e436a1b7","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":57,"box":{"x":549,"y":122,"width":384,"height":11}},{"id":"fe6bbc5b-41e3-42ef-9076-c487209f0be5","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":57,"box":{"x":549,"y":137,"width":384,"height":10}},{"id":"f07121a8-7270-476f-847d-9d93448dc8f2","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":57,"box":{"x":549,"y":151,"width":397,"height":11}},{"id":"9ad81309-8dd2-4e3b-a968-a505afc06db4","block_type":"box","text":"government or legal action.","page_number":57,"box":{"x":549,"y":165,"width":174,"height":11}},{"id":"6b83cd1e-1a04-45d6-afa1-aa347041e5f7","block_type":"box","text":"Tracking Error Risk","page_number":57,"box":{"x":550,"y":188,"width":128,"height":11}},{"id":"209716a9-ff87-4591-b97e-18294275844a","block_type":"box","text":".","page_number":57,"box":{"x":678,"y":195,"width":3,"height":2}},{"id":"6f61b814-1e2c-46b9-8cd5-bf9f74bb09fd","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":57,"box":{"x":686,"y":188,"width":284,"height":11}},{"id":"7304ab9d-e851-4316-bdb1-67ab091f62b4","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":57,"box":{"x":549,"y":202,"width":404,"height":11}},{"id":"85adb55a-c917-4bcb-b328-3be34f90732c","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":57,"box":{"x":549,"y":216,"width":425,"height":11}},{"id":"0adf3c9e-9ba7-463a-9714-ae949a50c30f","block_type":"box","text":"factors, including differences between the securities and other","page_number":57,"box":{"x":549,"y":231,"width":401,"height":11}},{"id":"7003f1e3-f5e9-4fa3-8332-7b8ac7b6f117","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":57,"box":{"x":549,"y":245,"width":381,"height":11}},{"id":"5fe3f233-9be7-4f7e-b568-5cdf9c1394ab","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":57,"box":{"x":550,"y":259,"width":396,"height":11}},{"id":"8cdb1f03-3b3a-4e04-99da-ea891782b9f5","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":57,"box":{"x":549,"y":273,"width":407,"height":10}},{"id":"c326ce19-4d95-4e22-8f2f-22a40545fc1b","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":57,"box":{"x":549,"y":287,"width":400,"height":11}},{"id":"d9bf06e9-87a4-4d44-bc0f-2b2fc3bc70b4","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":57,"box":{"x":549,"y":302,"width":421,"height":10}},{"id":"2fe7f0cf-d286-479b-97a2-c2bad9240829","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":57,"box":{"x":549,"y":316,"width":374,"height":11}},{"id":"6cc12154-2f71-478f-a9de-cb99453c7c60","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":57,"box":{"x":549,"y":330,"width":370,"height":11}},{"id":"fc3ab461-dc90-4cb3-81f9-ca7fc6ad7530","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":57,"box":{"x":549,"y":344,"width":372,"height":11}},{"id":"a4ef41ee-075b-4ac5-a4f9-7d6d6beb18ad","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":57,"box":{"x":549,"y":358,"width":420,"height":11}},{"id":"a225271c-65e8-45c6-9e50-309f9671728d","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":57,"box":{"x":549,"y":372,"width":387,"height":11}},{"id":"a1ac32f2-0df3-4e89-ac43-7d8650f0e5ee","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":57,"box":{"x":549,"y":387,"width":377,"height":10}},{"id":"9aa4ac35-4a7c-4ed5-90df-b751aee32db0","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":57,"box":{"x":549,"y":401,"width":380,"height":11}},{"id":"57142f32-f380-403f-8d39-d2881069e83b","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":57,"box":{"x":549,"y":415,"width":366,"height":11}},{"id":"fcb0fd0c-3584-418e-a771-6a59ff003c04","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":57,"box":{"x":549,"y":429,"width":414,"height":11}},{"id":"40ec813a-4764-49ae-9dce-4edbd42611cd","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":57,"box":{"x":550,"y":443,"width":386,"height":11}},{"id":"dc4913fb-4f32-41c6-a335-24aa40fefc19","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":57,"box":{"x":549,"y":458,"width":414,"height":10}},{"id":"ba5cf7d8-782e-488e-ae0d-b7063e3ce096","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":57,"box":{"x":549,"y":472,"width":420,"height":11}},{"id":"fa356054-b4db-4f7f-aa8a-75596b6123d3","block_type":"box","text":"unusual market conditions.","page_number":57,"box":{"x":549,"y":486,"width":172,"height":8}},{"id":"80dbac1f-b3eb-44d4-b776-7441dbaec24d","block_type":"box","text":"S-41","page_number":57,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"bce75144-1771-4c64-b05a-4bd6a08ad7ba","block_type":"box","text":"Performance Information","page_number":58,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"5087667f-bca4-4ed3-9380-5fe1602b9edf","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":58,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"692fe7ab-160f-4b54-9cd5-2408cb222b8c","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":58,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"fd40a7b4-dd1d-485c-b80b-16bf474560a2","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":58,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"1c69561c-5a09-4c9c-9bdb-f124bec24fa1","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":58,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"fa8c14c8-70c0-4c6c-ab34-ec239b045fdb","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":58,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"e14c62aa-33fe-42aa-b986-e0542b1a4584","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":58,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"6e31978f-0c00-4ca9-8ba7-56f4cb116d3d","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":58,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"48c99667-b341-435f-9e39-8f219b176a47","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":58,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"65eef9b7-3204-48b2-a0e0-2932b283bbaf","block_type":"box","text":"45%","page_number":58,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"ec606e7f-0055-47a1-affb-7b3062d61e37","block_type":"box","text":"30%","page_number":58,"box":{"x":332,"y":221,"width":21,"height":7}},{"id":"a3820764-7569-4c2d-8830-48761c083bdd","block_type":"box","text":"15%","page_number":58,"box":{"x":334,"y":240,"width":19,"height":7}},{"id":"9d95c78e-5e2a-4312-8099-36983ad4c644","block_type":"box","text":"0%","page_number":58,"box":{"x":339,"y":260,"width":14,"height":7}},{"id":"ae947f34-08a6-41df-8cf3-aa0971b95307","block_type":"box","text":"-15%","page_number":58,"box":{"x":328,"y":280,"width":25,"height":7}},{"id":"0cb0dbc4-21d2-489d-88a8-c98924fc43ac","block_type":"box","text":"-30%","page_number":58,"box":{"x":328,"y":299,"width":25,"height":7}},{"id":"ac84d6bc-408d-40f1-9c53-4df93b18f34e","block_type":"box","text":"2","page_number":58,"box":{"x":391,"y":321,"width":5,"height":7}},{"id":"6dc8a1ef-421a-4f5c-a1c8-66f10ed0ea1b","block_type":"box","text":"0","page_number":58,"box":{"x":397,"y":321,"width":6,"height":7}},{"id":"13d8a77a-3784-4249-b403-d470a4d627aa","block_type":"box","text":"2","page_number":58,"box":{"x":405,"y":321,"width":5,"height":7}},{"id":"284920ce-8552-4c51-b3e0-b7baa703dfc8","block_type":"box","text":"0","page_number":58,"box":{"x":412,"y":321,"width":5,"height":7}},{"id":"f3d98b49-0294-4387-98e4-441bfd540fee","block_type":"box","text":"2","page_number":58,"box":{"x":458,"y":321,"width":6,"height":7}},{"id":"22510449-8a22-44d0-a6e7-5c2540169b03","block_type":"box","text":"0","page_number":58,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"2580e9f9-35c2-4075-9adb-c6135b354ec3","block_type":"box","text":"21 2","page_number":58,"box":{"x":473,"y":321,"width":58,"height":7}},{"id":"ca764660-5422-48f9-b128-a763164e4632","block_type":"box","text":"0","page_number":58,"box":{"x":533,"y":321,"width":6,"height":7}},{"id":"0a9aaba1-16ef-4c00-bdb2-48b7100cbc76","block_type":"box","text":"22 2","page_number":58,"box":{"x":541,"y":321,"width":58,"height":7}},{"id":"ff92475b-b338-412c-a7d4-fc6d068a7f8f","block_type":"box","text":"0","page_number":58,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"3bbbcc31-973d-4ded-b275-fb842e0d161d","block_type":"box","text":"2","page_number":58,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"d5ad126d-3df1-4fec-bb13-6b899b6d753b","block_type":"box","text":"3","page_number":58,"box":{"x":616,"y":321,"width":5,"height":7}},{"id":"1fb863c5-1875-46fb-af2e-e48bf75c4ae2","block_type":"box","text":"2","page_number":58,"box":{"x":662,"y":321,"width":5,"height":7}},{"id":"3899236f-4925-4948-8a78-934a81996ee6","block_type":"box","text":"0","page_number":58,"box":{"x":669,"y":321,"width":6,"height":7}},{"id":"cee80a4e-c529-40b1-9d6a-b878f1f4f63b","block_type":"box","text":"2","page_number":58,"box":{"x":676,"y":321,"width":6,"height":7}},{"id":"75717ff9-3c70-4e6a-8f8d-b0b54102c086","block_type":"box","text":"4","page_number":58,"box":{"x":683,"y":321,"width":6,"height":7}},{"id":"955ef59c-c384-42bb-9164-b25aede09dee","block_type":"box","text":"18.76%","page_number":58,"box":{"x":389,"y":228,"width":32,"height":6}},{"id":"a3c4093d-2ca2-44c1-88d4-0b76995e4051","block_type":"box","text":"31.59%","page_number":58,"box":{"x":455,"y":211,"width":34,"height":6}},{"id":"584d7636-949b-49c5-a464-481a9e8790a4","block_type":"box","text":"-20.28%","page_number":58,"box":{"x":521,"y":293,"width":37,"height":6}},{"id":"392818f4-18f8-4b28-a36d-2c571c4f34e0","block_type":"box","text":"29.07%","page_number":58,"box":{"x":591,"y":214,"width":33,"height":6}},{"id":"2ef080cd-8f47-4c6a-a9b2-56fd7f2e9ec3","block_type":"box","text":"23.46%","page_number":58,"box":{"x":659,"y":222,"width":33,"height":6}},{"id":"4ab6c401-421e-4d35-b635-b88b2442a5fd","block_type":"box","text":"Return (%) Period Ended","page_number":58,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"d1e6d1a3-394c-4a23-b98e-1f15d694ebfe","block_type":"box","text":"Calendar Year-to-Date Return","page_number":58,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"981bb888-da15-4491-8086-fb52f9ced476","block_type":"box","text":"14.72% September 30, 2025","page_number":58,"box":{"x":562,"y":366,"width":177,"height":9}},{"id":"e4e0a748-469f-4bb3-b981-1470e29b4443","block_type":"box","text":"During the periods shown in the chart:","page_number":58,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"60281cad-e337-40a3-810f-000f1fb60362","block_type":"box","text":"Best Quarter 20.34% June 30, 2020","page_number":58,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"73f0083a-d9cb-41a5-bc38-19ad735dc6d2","block_type":"box","text":"Worst Quarter -18.43% March 31, 2020","page_number":58,"box":{"x":330,"y":404,"width":409,"height":9}},{"id":"3adbb952-99bd-44c7-b374-0be1605d158c","block_type":"box","text":"Average Annual Total Returns","page_number":58,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"164b521f-89ac-4ac4-a7ea-4016b10a4520","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":58,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"76447eef-9b04-48b3-afe0-b537eb271086","block_type":"box","text":"One Year Five Years","page_number":58,"box":{"x":704,"y":477,"width":140,"height":7}},{"id":"707afbaf-bf36-4978-bf6f-d04c6b0f70e0","block_type":"box","text":"Since Fund","page_number":58,"box":{"x":866,"y":464,"width":67,"height":7}},{"id":"415adee0-94ab-408b-a0d5-ec5af276c054","block_type":"box","text":"Inception","page_number":58,"box":{"x":871,"y":477,"width":57,"height":9}},{"id":"5873d8f4-dd1b-4200-86c2-e2afd822bc0e","block_type":"box","text":"(Inception Date: 5/7/2019)","page_number":58,"box":{"x":123,"y":495,"width":167,"height":9}},{"id":"26587b19-543c-4c49-b59c-7fbcc3b0f9f6","block_type":"box","text":"Return Before Taxes","page_number":58,"box":{"x":124,"y":506,"width":112,"height":8}},{"id":"6e97ac89-ba11-47c8-9632-17771b53f84c","block_type":"box","text":"23.46% 14.70% 15.58%","page_number":58,"box":{"x":712,"y":506,"width":207,"height":8}},{"id":"ff29ba39-b953-4df4-8657-e1ccf2f20a72","block_type":"box","text":"Return After Taxes on Distributions 23.13% 14.32% 15.18%","page_number":58,"box":{"x":124,"y":518,"width":795,"height":7}},{"id":"c8f12e79-ea9d-46c7-a8bf-5da746deb5cd","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 14.11% 11.75% 12.58%","page_number":58,"box":{"x":124,"y":529,"width":795,"height":8}},{"id":"581cb74e-7290-47c4-b5d1-8a0904253dee","block_type":"box","text":"MSCI USA Index","page_number":58,"box":{"x":124,"y":541,"width":99,"height":8}},{"id":"d5e363dd-e69b-469a-90a6-ff3222a69e4a","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 15.34%","page_number":58,"box":{"x":227,"y":541,"width":692,"height":10}},{"id":"843db7cc-d6fa-414c-80d6-3a7b0ae2d311","block_type":"box","text":"MSCI USA Extended ESG Leaders Index","page_number":58,"box":{"x":124,"y":553,"width":243,"height":7}},{"id":"9b2f30d9-8a3d-4036-bdc2-0e82fa9ce09b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":58,"box":{"x":371,"y":553,"width":303,"height":9}},{"id":"b40f3630-4c7e-4622-97e4-30868b0631aa","block_type":"box","text":"or taxes)","page_number":58,"box":{"x":137,"y":566,"width":48,"height":9}},{"id":"63a4fe13-6f4e-43e0-9af6-752c377fd0ad","block_type":"box","text":"23.60% 14.80% 15.70%","page_number":58,"box":{"x":712,"y":566,"width":207,"height":7}},{"id":"e5a7a4c5-6ab1-4f02-885f-c063f69a7615","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":58,"box":{"x":82,"y":596,"width":882,"height":10}},{"id":"4d186605-6f82-4050-afb6-bc1d114a03ec","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":58,"box":{"x":83,"y":610,"width":871,"height":11}},{"id":"b1cfdd7e-0ba7-4b72-a9d3-57ff7c6584b2","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":58,"box":{"x":83,"y":624,"width":860,"height":11}},{"id":"7a0d3cd3-6da6-4cd5-a94a-b2b0d5e5540b","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":58,"box":{"x":83,"y":638,"width":855,"height":11}},{"id":"643a0da7-78d2-4bd1-8e25-d34a5c9130d2","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":58,"box":{"x":83,"y":652,"width":883,"height":11}},{"id":"124ad79b-73bc-4b60-94ab-013502465cdd","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":58,"box":{"x":82,"y":666,"width":861,"height":11}},{"id":"6ca56abb-76be-4087-b63b-abfb55268abb","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":58,"box":{"x":83,"y":681,"width":359,"height":10}},{"id":"61e8fbe2-7e37-4bcc-a581-23fa3f2827a3","block_type":"box","text":"S-42","page_number":58,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2db2ee18-5246-4c53-a9cc-9368f49d7bd7","block_type":"box","text":"Management","page_number":59,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"9a3d0721-d1f8-42f0-acfe-7f81e657e2ab","block_type":"box","text":"Investment Adviser.","page_number":59,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"0b1c90ca-56bb-46ba-ba95-e8f15e5f5657","block_type":"box","text":"BlackRock Fund Advisors.","page_number":59,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"aa8bba3a-bf52-413a-b5de-dec36db0f1b6","block_type":"box","text":"Portfolio Managers.","page_number":59,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"bfaf7c55-3bed-4df2-97b4-98b6a985951d","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":59,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"abc472b3-d05b-4a4c-8c77-d3305ad1a8c8","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":59,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"947b1615-3a13-4af3-b4b9-85309bf835a4","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":59,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"13a9d98a-d1cd-4f18-a5bf-65f97f14abd0","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":59,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"5baeec3a-7cf8-4519-b6dc-f5f29030b637","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2019. Mr.","page_number":59,"box":{"x":84,"y":128,"width":396,"height":10}},{"id":"31fab6b2-1cd3-4f33-ac4f-94c3f8b56044","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":59,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"5bda35e4-4dc2-40e8-a84c-aad6cd5cf5f8","block_type":"box","text":"Managers of the Fund since 2025.","page_number":59,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"29a8cfe8-cde3-4ae6-a459-ed0079362f2e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":59,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"b929476e-7c59-491f-802d-2530be201513","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":59,"box":{"x":82,"y":210,"width":422,"height":11}},{"id":"f7d19c32-c8e6-4938-aeeb-d79d30081fea","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":59,"box":{"x":83,"y":224,"width":419,"height":11}},{"id":"84f5b934-d121-4fa1-b6e8-c67ef1a06d57","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":59,"box":{"x":83,"y":238,"width":400,"height":11}},{"id":"907039b9-669c-4670-a52d-fd48ad90260b","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":59,"box":{"x":83,"y":253,"width":392,"height":10}},{"id":"d08dcdec-9d5e-442e-8b04-9afab0927807","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":59,"box":{"x":83,"y":267,"width":418,"height":11}},{"id":"8de5ed50-5afa-4163-a273-7f067202a778","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":59,"box":{"x":83,"y":281,"width":364,"height":11}},{"id":"69069bdd-83f1-4f67-a77f-8250af4a9fe6","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":59,"box":{"x":83,"y":295,"width":404,"height":11}},{"id":"6d53156c-a8d5-47a2-94a0-36c0e72e9c4e","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":59,"box":{"x":83,"y":309,"width":412,"height":11}},{"id":"0a541137-4ef0-496a-9f9c-9b9a5b76e9e6","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":59,"box":{"x":82,"y":323,"width":387,"height":11}},{"id":"4bb8c7eb-8dd2-4119-8ee1-f28e64d9bf42","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":59,"box":{"x":83,"y":338,"width":394,"height":11}},{"id":"4d3e48e7-2379-4973-b08a-b130988da7cc","block_type":"box","text":"Tax Information","page_number":59,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"48d49010-7d9f-400d-939b-26cc22533ef9","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":59,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"4a76bad0-9adf-4a13-ab9d-1758feaa4bf0","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":59,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"95d56225-1179-4199-bc2f-384c8ee30cbb","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":59,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"eadfd5c3-14ff-4202-8a46-320cd9966c6a","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":59,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"f3661ea2-b3c0-4915-ac97-cccc454a5500","block_type":"box","text":"withdrawn.","page_number":59,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"b776c9e1-90e0-4b34-8568-3a741680e387","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":59,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"a1dab235-0b71-4508-938f-620b8ea8ffa5","block_type":"box","text":"Intermediaries","page_number":59,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"a1c868e7-8ac0-403d-97fb-c96dfc625c08","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":59,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"4dcdfd55-ea04-4593-b5a9-92db2b49a943","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":59,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"f4defcc3-9b99-46e6-a41e-5befc61815e6","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":59,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"31d7f0e7-b46e-40c2-8454-c264a8693b41","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":59,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"5f0036ce-8490-4344-92f2-1338a8a28877","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":59,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"80f7ae40-f35b-4c13-ab1d-b8582d1cbbb3","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":59,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"b529b7e0-820a-4bf8-a3de-aac7d23bcd29","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":59,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"4f956b8f-6de0-46c2-8f45-01be69ca21b7","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":59,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"470510dc-87af-41ed-b2d6-24a5d946af0d","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":59,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"92e16f3d-c4fc-4079-b8ea-aa8dc3636ff0","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":59,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"4265ec1f-4c29-44af-b57c-d3db3f27e020","block_type":"box","text":"information.","page_number":59,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"dce9c2e2-b47e-4dce-b3ae-996a66274caf","block_type":"box","text":"S-43","page_number":59,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e2e8fa4a-613c-4fc7-9c1e-65f9f46a8c55","block_type":"box","text":"iSHARES","page_number":60,"box":{"x":96,"y":24,"width":119,"height":15}},{"id":"efc32a55-f995-4b04-a8ff-2b3a17f65645","block_type":"box","text":"®","page_number":60,"box":{"x":218,"y":17,"width":10,"height":8}},{"id":"fd0945a2-1d9f-4cf4-b110-cf007daca306","block_type":"box","text":"PARIS-ALIGNED CLIMATE OPTIMIZED MSCI USA ETF","page_number":60,"box":{"x":240,"y":24,"width":722,"height":15}},{"id":"1663d635-28d0-497a-951a-6a4a1cf32565","block_type":"box","text":"Ticker: PABU Stock Exchange: Nasdaq","page_number":60,"box":{"x":289,"y":53,"width":473,"height":12}},{"id":"707400ce-c540-4c92-9775-1ab48c115722","block_type":"box","text":"Investment Objective","page_number":60,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"d019d7fe-a9a5-4e5e-9185-09763441e059","block_type":"box","text":"The iShares Paris-Aligned Climate Optimized MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":60,"box":{"x":82,"y":116,"width":868,"height":11}},{"id":"0a4cc3f7-693f-4d4e-b1e4-be83e4dc31f8","block_type":"box","text":"U.S. large- and mid-capitalization stocks that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate,","page_number":60,"box":{"x":83,"y":130,"width":861,"height":11}},{"id":"f14e251f-e125-4336-aa89-80168e543c43","block_type":"box","text":"following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to","page_number":60,"box":{"x":82,"y":144,"width":846,"height":11}},{"id":"1163f7b5-683f-41d2-9c01-3e720018b070","block_type":"box","text":"companies favorably positioned for the transition to a low-carbon economy.","page_number":60,"box":{"x":83,"y":158,"width":483,"height":11}},{"id":"a74253b5-be4c-4e7f-ba39-8e2e00f518b3","block_type":"box","text":"Fees and Expenses","page_number":60,"box":{"x":84,"y":188,"width":160,"height":13}},{"id":"172d55c9-0853-4b70-837d-ea84bc607dc9","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":60,"box":{"x":82,"y":213,"width":869,"height":10}},{"id":"9d1849da-3885-4e9f-90b9-4e9214e4b192","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":60,"box":{"x":83,"y":227,"width":867,"height":11}},{"id":"1206c75f-e809-45c9-b5af-4a7da6df4b6c","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":60,"box":{"x":83,"y":241,"width":889,"height":11}},{"id":"a6f36304-9608-4f61-8f57-b80648f6d809","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":60,"box":{"x":83,"y":255,"width":870,"height":11}},{"id":"d4b1e61b-3db7-4456-9466-4925c3b87410","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":60,"box":{"x":83,"y":269,"width":858,"height":11}},{"id":"e3818b9a-6edf-42f6-9f3b-aedfd345f7da","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":60,"box":{"x":83,"y":284,"width":450,"height":10}},{"id":"bfb540f9-37de-4df8-a855-45247e78b078","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":60,"box":{"x":82,"y":307,"width":883,"height":11}},{"id":"c259a7af-0c90-4acb-8f73-53b68ba7adbf","block_type":"box","text":"the tables and examples below.","page_number":60,"box":{"x":83,"y":321,"width":220,"height":11}},{"id":"791c1bb7-a1e6-4c9d-bae3-d5901977b799","block_type":"box","text":"Annual Fund Operating Expenses","page_number":60,"box":{"x":425,"y":341,"width":206,"height":10}},{"id":"338518b4-10b0-49eb-a2fb-bb1e89876224","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":60,"box":{"x":383,"y":351,"width":291,"height":10}},{"id":"e21d0469-099c-4210-ac0b-1a8d545b2045","block_type":"box","text":"percentage of the value of your investments)","page_number":60,"box":{"x":385,"y":362,"width":280,"height":9}},{"id":"72d8a8e0-c0e5-4f28-84d1-29d167f1aa44","block_type":"box","text":"1","page_number":60,"box":{"x":668,"y":361,"width":2,"height":4}},{"id":"545e1340-82bc-4f61-a195-7c2bf8db0349","block_type":"box","text":"Management","page_number":60,"box":{"x":170,"y":402,"width":80,"height":9}},{"id":"6c986ebe-f3d9-4dc7-91f9-fa58327f2d0d","block_type":"box","text":"Fees","page_number":60,"box":{"x":196,"y":412,"width":27,"height":8}},{"id":"616bc6c2-a850-4933-99f9-3a9bd09fc209","block_type":"box","text":"Distribution","page_number":60,"box":{"x":394,"y":391,"width":72,"height":8}},{"id":"9a6c3b09-db6d-4f08-a43d-4d1de252ed14","block_type":"box","text":"and Service","page_number":60,"box":{"x":394,"y":402,"width":72,"height":7}},{"id":"9248b722-b111-44a1-b38d-014f8b28fb66","block_type":"box","text":"(12b-1) Fees","page_number":60,"box":{"x":393,"y":412,"width":73,"height":10}},{"id":"b49a608a-9825-4bbd-97e7-a3fbc493ad8d","block_type":"box","text":"Other","page_number":60,"box":{"x":621,"y":402,"width":35,"height":7}},{"id":"e7943b3e-501e-47c7-9f91-5e751de2f2ac","block_type":"box","text":"Expenses","page_number":60,"box":{"x":610,"y":412,"width":57,"height":10}},{"id":"f3fa3494-cbe4-46c8-b7ae-8a1676a838e9","block_type":"box","text":"Total Annual","page_number":60,"box":{"x":810,"y":381,"width":76,"height":8}},{"id":"43830c0b-f367-4767-a375-b3f64401aaf4","block_type":"box","text":"Fund","page_number":60,"box":{"x":834,"y":392,"width":29,"height":7}},{"id":"c8d552c4-dea6-4c4f-86ea-0f4a1701f9cb","block_type":"box","text":"Operating","page_number":60,"box":{"x":818,"y":402,"width":61,"height":9}},{"id":"7ecb3360-54ac-48c1-b19f-8650ef615f60","block_type":"box","text":"Expenses","page_number":60,"box":{"x":820,"y":412,"width":58,"height":10}},{"id":"2c97c5eb-e09b-4ab0-9e93-aac2f9b035eb","block_type":"box","text":"0.10% None 0.00% 0.10%","page_number":60,"box":{"x":194,"y":432,"width":670,"height":7}},{"id":"6c91a4a1-49e4-4b5b-ad4a-3056e8a1f978","block_type":"box","text":"1","page_number":60,"box":{"x":112,"y":462,"width":2,"height":5}},{"id":"2e93eef4-99ad-44da-8451-0028eae9630c","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":60,"box":{"x":123,"y":464,"width":706,"height":9}},{"id":"1b357df9-585a-443e-a02f-13bb0917d019","block_type":"box","text":"Example.","page_number":60,"box":{"x":83,"y":483,"width":62,"height":11}},{"id":"7afb8fbb-508f-492d-aea3-680b4dea6b67","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":60,"box":{"x":150,"y":483,"width":800,"height":11}},{"id":"c8ae7eb5-d98c-4356-b55b-8c21ef0b8ccf","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":60,"box":{"x":82,"y":497,"width":891,"height":11}},{"id":"6f49a110-4045-4c17-800d-fc1d92817973","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":60,"box":{"x":83,"y":512,"width":862,"height":11}},{"id":"84c0c041-dcc9-4c9a-8bd3-a7d157c3a80e","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":60,"box":{"x":83,"y":526,"width":694,"height":11}},{"id":"1b46e31c-be3e-4684-bce1-98fa586b4c56","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":60,"box":{"x":195,"y":557,"width":668,"height":7}},{"id":"00d3783d-813a-4e3c-8608-2f0b31e9c382","block_type":"box","text":"$10 $32 $56 $128","page_number":60,"box":{"x":203,"y":576,"width":647,"height":9}},{"id":"7993b8f1-3104-4617-9b1d-c1a8f59abf5d","block_type":"box","text":"Portfolio Turnover.","page_number":60,"box":{"x":83,"y":616,"width":129,"height":9}},{"id":"80f1ef21-88f4-43d1-8be9-9e22fe6432d3","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":60,"box":{"x":216,"y":616,"width":287,"height":11}},{"id":"333bf217-79f4-4f96-a498-e544469c3b69","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":60,"box":{"x":83,"y":630,"width":420,"height":11}},{"id":"d5c82a62-89d8-4bd1-bc8f-a122279a17cc","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":60,"box":{"x":83,"y":644,"width":395,"height":11}},{"id":"f480401d-ef6b-4deb-a98b-1e0260dcaef2","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":60,"box":{"x":83,"y":659,"width":380,"height":11}},{"id":"4556f51d-e58a-46c9-a578-5f178c370957","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":60,"box":{"x":83,"y":673,"width":409,"height":10}},{"id":"2c5d5bbb-a817-4242-b45b-a38362029c6d","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":60,"box":{"x":83,"y":687,"width":368,"height":11}},{"id":"76848f22-08d7-4cd2-98eb-b32c0a17bdbd","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":60,"box":{"x":84,"y":701,"width":411,"height":11}},{"id":"7ca23786-4419-4ff2-b029-47ee1a3d483d","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 15% of the","page_number":60,"box":{"x":82,"y":715,"width":384,"height":11}},{"id":"4d31ce2f-51d5-402c-b34f-c22746633c92","block_type":"box","text":"average value of its portfolio.","page_number":60,"box":{"x":83,"y":730,"width":184,"height":10}},{"id":"8a829002-e64d-4422-bc53-bf598b85cf2e","block_type":"box","text":"Principal Investment Strategies","page_number":60,"box":{"x":84,"y":759,"width":268,"height":13}},{"id":"bfeb88f7-e284-4ce2-81ff-85b3cabab870","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA","page_number":60,"box":{"x":82,"y":784,"width":412,"height":8}},{"id":"0758728e-28b5-4f5c-a584-96bcabfa0dd9","block_type":"box","text":"Climate Paris Aligned Benchmark Extended Select Index (the","page_number":60,"box":{"x":83,"y":798,"width":387,"height":11}},{"id":"30ad86b6-cae5-4a3e-8c57-e79b86493fd2","block_type":"box","text":"“Underlying Index”), which has been developed by MSCI Inc. (the","page_number":60,"box":{"x":83,"y":812,"width":415,"height":11}},{"id":"0bfe1098-ffab-4ceb-bf91-949567903784","block_type":"box","text":"“Index Provider” or “MSCI”). The Underlying Index is composed of","page_number":60,"box":{"x":83,"y":826,"width":421,"height":11}},{"id":"970f0124-9008-4049-b187-596039777b46","block_type":"box","text":"U.S. large- and mid-capitalization stocks that are selected and","page_number":60,"box":{"x":83,"y":840,"width":397,"height":11}},{"id":"f0d7097b-3598-4876-bb38-332e7ab3be34","block_type":"box","text":"weighted so that, in the aggregate, the portfolio is compatible","page_number":60,"box":{"x":82,"y":855,"width":395,"height":10}},{"id":"efa64a2d-7c34-488b-ad45-41bb45aab98e","block_type":"box","text":"with the objectives of the Paris Agreement by following a","page_number":60,"box":{"x":82,"y":869,"width":363,"height":11}},{"id":"a30d2f4f-797b-41e2-a792-73da3fc6ace0","block_type":"box","text":"decarbonization trajectory, reducing exposure to climate-related","page_number":60,"box":{"x":549,"y":608,"width":412,"height":11}},{"id":"267ca80a-dc67-4494-905b-753a481335f5","block_type":"box","text":"transition and physical risks and increasing exposure to","page_number":60,"box":{"x":549,"y":623,"width":355,"height":10}},{"id":"8c8c0f30-f133-4783-8e49-785aea2bf0b8","block_type":"box","text":"companies favorably positioned for the transition to a low-carbon","page_number":60,"box":{"x":549,"y":637,"width":417,"height":11}},{"id":"fb710ee5-8b6e-453c-b225-1cf5ea3fffbb","block_type":"box","text":"economy. The Underlying Index aims to exceed the minimum","page_number":60,"box":{"x":549,"y":651,"width":388,"height":11}},{"id":"d07263a5-207a-498a-9cbc-033abd37e165","block_type":"box","text":"standards for a “Paris-Aligned Benchmark” (“PAB”) under the","page_number":60,"box":{"x":549,"y":665,"width":388,"height":11}},{"id":"febe2116-9c86-40a3-b374-d6e8e1bd0f40","block_type":"box","text":"European Union’s Low Carbon Benchmark Regulation. PABs are","page_number":60,"box":{"x":550,"y":679,"width":405,"height":11}},{"id":"de36fece-a8a0-4f75-a0c2-5e0bbaf7e8ef","block_type":"box","text":"designed to align with the principal objective of the Paris","page_number":60,"box":{"x":549,"y":693,"width":361,"height":11}},{"id":"2df2e5b4-59c1-44f2-a0ae-ad220c7949db","block_type":"box","text":"Agreement, which is to limit global warming in this century to well","page_number":60,"box":{"x":549,"y":708,"width":420,"height":11}},{"id":"39783aff-9196-42f6-a5fa-ffaf6b707d18","block_type":"box","text":"below 2 degrees Celsius, preferably to 1.5 degrees Celsius, above","page_number":60,"box":{"x":549,"y":722,"width":419,"height":11}},{"id":"2a62598d-3e39-46fc-a373-ff5a39e4fd2a","block_type":"box","text":"pre-industrial levels.","page_number":60,"box":{"x":549,"y":736,"width":129,"height":11}},{"id":"8a280340-d9a6-4aa4-bc66-6e578cda6b5d","block_type":"box","text":"The Index Provider begins with the MSCI USA Index (the “Parent","page_number":60,"box":{"x":549,"y":758,"width":410,"height":11}},{"id":"46e2e71b-5a82-49b7-a9c8-c1dc3bcc91ab","block_type":"box","text":"Index”) and excludes securities of the following issuers:","page_number":60,"box":{"x":550,"y":772,"width":353,"height":11}},{"id":"033bb1c7-0e9c-44d9-8c3f-36d3bc4eb5a3","block_type":"box","text":"•","page_number":60,"box":{"x":549,"y":795,"width":6,"height":4}},{"id":"cb72ddbb-57de-4c2f-bb34-f6ccb6a1db37","block_type":"box","text":"Companies involved in the business of tobacco;","page_number":60,"box":{"x":561,"y":794,"width":303,"height":11}},{"id":"0f026d68-5e22-4bac-9a12-91417e1db64b","block_type":"box","text":"•","page_number":60,"box":{"x":549,"y":817,"width":6,"height":4}},{"id":"39e7228a-5a15-463e-913a-c3ec7a314cd9","block_type":"box","text":"Companies involved with controversial or nuclear weapons;","page_number":60,"box":{"x":561,"y":816,"width":379,"height":11}},{"id":"e42f19bd-228c-470f-ab60-a7c3587019cd","block_type":"box","text":"•","page_number":60,"box":{"x":549,"y":839,"width":6,"height":4}},{"id":"8c8daa86-a406-4748-ab55-9042b1716d7a","block_type":"box","text":"Producers and retailers of civilian firearms; and","page_number":60,"box":{"x":561,"y":838,"width":301,"height":10}},{"id":"f22f86f0-0586-43e4-8151-874f68c57e97","block_type":"box","text":"S-44","page_number":60,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"2927fd92-6dc1-429b-b083-a85951408e7b","block_type":"box","text":"•","page_number":61,"box":{"x":83,"y":24,"width":6,"height":5}},{"id":"a93b2fbd-6c88-4d6b-8d70-411e6410c743","block_type":"box","text":"Companies involved in certain climate change-related activity","page_number":61,"box":{"x":95,"y":23,"width":393,"height":11}},{"id":"ed55f0ab-b184-41d6-8443-4f521ac2a9c0","block_type":"box","text":"such as thermal coal mining or sales, a wide range of oil- and gas","page_number":61,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"af33bc65-d2d5-428c-a60b-31b9d4ae73d7","block_type":"box","text":"related activities, certain types of power generation and the","page_number":61,"box":{"x":83,"y":51,"width":381,"height":11}},{"id":"49c3ad98-9f41-4038-96c1-6f7b684cf468","block_type":"box","text":"extraction of oil sands.","page_number":61,"box":{"x":83,"y":66,"width":144,"height":8}},{"id":"fb29ec9d-4ed2-4a53-9665-36beef1bb92a","block_type":"box","text":"Certain of these exclusions (e.g., controversial and nuclear","page_number":61,"box":{"x":83,"y":88,"width":376,"height":10}},{"id":"67509875-44d1-49cd-bc3f-af3d79d7a114","block_type":"box","text":"weapons) are categorical, and others are based on ownership or","page_number":61,"box":{"x":82,"y":102,"width":412,"height":11}},{"id":"de46a499-ffb4-4b51-ac53-d276c600bcf1","block_type":"box","text":"revenue thresholds.","page_number":61,"box":{"x":83,"y":116,"width":125,"height":8}},{"id":"c314dde0-1b8d-4fac-80de-364283f1a24c","block_type":"box","text":"The Index Provider also excludes companies that it determines","page_number":61,"box":{"x":82,"y":138,"width":401,"height":11}},{"id":"1ab0fb00-7665-42ab-8d33-bd0b30a10fa3","block_type":"box","text":"are involved in ongoing and “very severe” controversies related to","page_number":61,"box":{"x":83,"y":152,"width":420,"height":11}},{"id":"50ebd3e2-d26e-43fd-bb0e-a2baa63be7b3","block_type":"box","text":"the environmental, social or governance (“ESG”) impact of the","page_number":61,"box":{"x":83,"y":166,"width":397,"height":11}},{"id":"6ab684d0-cf6f-4615-93bc-283ed2b86aad","block_type":"box","text":"company’s actions, products or operations. To evaluate ESG","page_number":61,"box":{"x":83,"y":180,"width":383,"height":11}},{"id":"4bc114dc-57ec-4e0f-9c44-e83be0cdb098","block_type":"box","text":"controversies, the Index Provider monitors across five categories","page_number":61,"box":{"x":83,"y":195,"width":416,"height":10}},{"id":"ddd8ade4-0329-4741-a3e9-dda48c62c224","block_type":"box","text":"of ESG impact – environment, human rights and communities,","page_number":61,"box":{"x":83,"y":209,"width":396,"height":11}},{"id":"9e4e87df-b4a5-4fbe-8674-740aee899d13","block_type":"box","text":"labor rights and supply chain, customers and governance – and","page_number":61,"box":{"x":83,"y":223,"width":404,"height":11}},{"id":"8e37a336-cc8f-4122-92c7-eebca483d33c","block_type":"box","text":"28 sub-categories.","page_number":61,"box":{"x":83,"y":237,"width":119,"height":11}},{"id":"524db639-8694-42a7-b1ac-75a6d2e21a67","block_type":"box","text":"Companies that are involved in ongoing “severe” or “very severe”","page_number":61,"box":{"x":83,"y":259,"width":416,"height":11}},{"id":"3681c49c-c521-440e-b8c9-09fd3f530445","block_type":"box","text":"environmental controversies, as determined by the Index","page_number":61,"box":{"x":83,"y":273,"width":364,"height":11}},{"id":"75ef7318-2381-49e1-8700-d7c3af84d5d5","block_type":"box","text":"Provider, are also excluded. Environmental controversies can","page_number":61,"box":{"x":84,"y":287,"width":389,"height":11}},{"id":"afccffe6-c62b-495a-a80c-ae5f890e6904","block_type":"box","text":"relate to, among other things, toxic emissions and waste, water","page_number":61,"box":{"x":83,"y":302,"width":406,"height":10}},{"id":"60788d63-aff4-4461-9091-c0c1fc1fe1d6","block_type":"box","text":"stress, biodiversity and supply chain management.","page_number":61,"box":{"x":83,"y":316,"width":322,"height":11}},{"id":"55f8e870-fe59-4de0-9cd0-ac360e890475","block_type":"box","text":"The Index Provider excludes companies that are not assessed by","page_number":61,"box":{"x":82,"y":338,"width":414,"height":10}},{"id":"c390936e-2637-4b43-a98c-a4bb890fd3bb","block_type":"box","text":"the Index Provider regarding ESG controversies or environmental","page_number":61,"box":{"x":83,"y":352,"width":415,"height":11}},{"id":"8e7b96fa-85da-4a24-8b0f-324b8dd4bd3e","block_type":"box","text":"harm.","page_number":61,"box":{"x":83,"y":366,"width":35,"height":9}},{"id":"b543981b-4eee-4774-bf42-d91569950437","block_type":"box","text":"The Index Provider then uses an optimization process that applies","page_number":61,"box":{"x":82,"y":388,"width":421,"height":11}},{"id":"1e18b565-8d73-47e0-a0a9-fb6f1a3fba48","block_type":"box","text":"certain sustainability-related constraints to refine and determine","page_number":61,"box":{"x":83,"y":402,"width":412,"height":11}},{"id":"6c297ade-5801-4d85-8e9b-0daa0485f363","block_type":"box","text":"weights of the resulting portfolio, specifically addressing","page_number":61,"box":{"x":82,"y":416,"width":361,"height":11}},{"id":"c8b7722e-9f98-4c2e-8700-5cd7ced4eb63","block_type":"box","text":"objectives related to transition and physical risks and transition","page_number":61,"box":{"x":83,"y":431,"width":405,"height":10}},{"id":"d445d3ab-63c4-44ed-b8a0-841bb5e9325e","block_type":"box","text":"opportunities, as well as minimum and maximum weightings","page_number":61,"box":{"x":83,"y":445,"width":385,"height":11}},{"id":"ffb76d57-204b-4fc0-b86f-67d8f8e1af20","block_type":"box","text":"relative to the Parent Index, as summarized below. In order to","page_number":61,"box":{"x":83,"y":459,"width":393,"height":10}},{"id":"b05e9976-2a7f-41db-baee-c45b896e93cc","block_type":"box","text":"exceed the minimum standards for PABs, the Index Provider","page_number":61,"box":{"x":83,"y":473,"width":383,"height":10}},{"id":"ed58bdfc-08fe-4b94-8815-2e922515845c","block_type":"box","text":"targets the following index-level constraints at each semi-annual","page_number":61,"box":{"x":83,"y":487,"width":412,"height":11}},{"id":"7936eee8-4985-4d1c-bd2d-e81f5f81eca8","block_type":"box","text":"rebalancing:","page_number":61,"box":{"x":83,"y":501,"width":77,"height":11}},{"id":"f7970860-11ef-49a9-a04d-ea39416727a0","block_type":"box","text":"•","page_number":61,"box":{"x":83,"y":524,"width":6,"height":5}},{"id":"e952c9cc-0572-4f82-bb32-1bc2193e029e","block_type":"box","text":"At least a 50% reduction in greenhouse gas (“GHG”) intensity","page_number":61,"box":{"x":94,"y":523,"width":390,"height":11}},{"id":"7caee3cd-b6bf-4b18-b7be-631bb253866a","block_type":"box","text":"compared with the Parent Index, taking into account issuers’","page_number":61,"box":{"x":83,"y":538,"width":387,"height":10}},{"id":"4dd6ef82-e9f9-4fee-9d95-faa37035317a","block_type":"box","text":"Scope 1, 2 and 3 emissions (i.e., direct emissions from sources","page_number":61,"box":{"x":83,"y":552,"width":403,"height":10}},{"id":"f70ed2bd-6cad-4553-8a66-bda6208d6973","block_type":"box","text":"that an issuer owns or controls and indirect emissions from the","page_number":61,"box":{"x":83,"y":566,"width":404,"height":8}},{"id":"7c7886e7-df9b-422d-a317-54068f48a0ac","block_type":"box","text":"purchase of energy and a company’s value chain);","page_number":61,"box":{"x":83,"y":580,"width":318,"height":11}},{"id":"feba5870-25f3-4e72-8123-f6e8724e802e","block_type":"box","text":"•","page_number":61,"box":{"x":83,"y":603,"width":6,"height":4}},{"id":"b11d8090-d436-422f-addf-538aec2f942c","block_type":"box","text":"At least a 10% year-over-year reduction in the GHG intensity (or","page_number":61,"box":{"x":94,"y":602,"width":405,"height":11}},{"id":"023ba2fc-08ff-4dc0-819b-8ab128bb714f","block_type":"box","text":"decarbonization rate) of the Underlying Index itself; and","page_number":61,"box":{"x":83,"y":616,"width":355,"height":11}},{"id":"2b0d007b-d9bc-42c9-8d07-739d03bce5d8","block_type":"box","text":"•","page_number":61,"box":{"x":83,"y":639,"width":6,"height":4}},{"id":"75c1a2bb-89f2-4600-ba48-c2091760900a","block_type":"box","text":"A level of exposure to sectors with a high impact on climate","page_number":61,"box":{"x":94,"y":638,"width":381,"height":11}},{"id":"4916dbdc-92d3-40ed-9b94-708fd2251cb8","block_type":"box","text":"change (i.e., those sectors that are key to the low carbon","page_number":61,"box":{"x":83,"y":652,"width":364,"height":11}},{"id":"85a964a1-9910-4e2a-be66-1b2ee47444aa","block_type":"box","text":"transition) that is not less than the exposure in the Parent Index,","page_number":61,"box":{"x":83,"y":666,"width":410,"height":11}},{"id":"7fe62108-0b25-4608-977d-cc80ad839aa3","block_type":"box","text":"to ensure that such sectors are not underweighted in the","page_number":61,"box":{"x":83,"y":681,"width":364,"height":10}},{"id":"beb4197c-b0e2-4fc4-b6ed-2b90ca45308e","block_type":"box","text":"Underlying Index.","page_number":61,"box":{"x":83,"y":695,"width":110,"height":11}},{"id":"4ca8283a-af2e-40ee-8b48-1f324578b4bc","block_type":"box","text":"Additional sustainability-related constraints that are applied to the","page_number":61,"box":{"x":82,"y":717,"width":424,"height":11}},{"id":"0ebceb8a-bb1c-4556-b42e-4d5a3759c230","block_type":"box","text":"Underlying Index include, relative to the Parent Index:","page_number":61,"box":{"x":83,"y":731,"width":342,"height":11}},{"id":"7578e5a2-93ca-429d-9336-9560e1633a23","block_type":"box","text":"•","page_number":61,"box":{"x":83,"y":754,"width":6,"height":4}},{"id":"9f34a137-3f79-4b52-b6ba-338203cf7b0a","block_type":"box","text":"A reduction in overall potential carbon intensity;","page_number":61,"box":{"x":94,"y":753,"width":307,"height":11}},{"id":"0eb8c535-cfb5-4e69-a858-46cdcece49ac","block_type":"box","text":"•","page_number":61,"box":{"x":83,"y":776,"width":6,"height":4}},{"id":"db5e3bab-4b83-45b5-bf56-cdfe4c6ebe67","block_type":"box","text":"Lower overall exposure to physical risk arising from extreme","page_number":61,"box":{"x":95,"y":775,"width":385,"height":11}},{"id":"5041e71d-c63b-4fdb-ad66-54ef50e64b05","block_type":"box","text":"weather events;","page_number":61,"box":{"x":82,"y":789,"width":102,"height":10}},{"id":"3d635053-7bca-447a-beec-6162a8d1dc7e","block_type":"box","text":"•","page_number":61,"box":{"x":83,"y":812,"width":6,"height":4}},{"id":"875fb0d1-3657-4367-b5c3-d503c45a9c8c","block_type":"box","text":"Increased overall exposure to “green revenue” (i.e., from","page_number":61,"box":{"x":95,"y":811,"width":360,"height":11}},{"id":"c9fb625b-f807-4d00-9860-68326f6a2427","block_type":"box","text":"alternative energy, energy efficiency, sustainable water, green","page_number":61,"box":{"x":83,"y":825,"width":396,"height":11}},{"id":"28ac7517-5a55-4b10-97ae-a45448d5221e","block_type":"box","text":"building, pollution prevention and sustainable agriculture);","page_number":61,"box":{"x":83,"y":839,"width":371,"height":11}},{"id":"883adeb9-22af-4aff-92e7-fb5425cbc334","block_type":"box","text":"•","page_number":61,"box":{"x":83,"y":862,"width":6,"height":4}},{"id":"4ffb0a28-dc6c-480f-a3aa-54f48e0009e0","block_type":"box","text":"Increased overall exposure to companies setting credible","page_number":61,"box":{"x":95,"y":861,"width":365,"height":11}},{"id":"1b793f23-a111-4316-b15a-3952584e59a4","block_type":"box","text":"emissions targets;","page_number":61,"box":{"x":83,"y":875,"width":116,"height":11}},{"id":"6c85ef07-5b21-418c-ba64-890fdbad1b52","block_type":"box","text":"•","page_number":61,"box":{"x":549,"y":24,"width":6,"height":5}},{"id":"506d841b-28a1-4fed-9435-07df3f8b2f93","block_type":"box","text":"Lower overall exposure to companies facing risks related to the","page_number":61,"box":{"x":561,"y":23,"width":405,"height":11}},{"id":"42ed2461-84f9-446f-bc46-b13e0205a35a","block_type":"box","text":"low carbon transition; and","page_number":61,"box":{"x":549,"y":37,"width":166,"height":10}},{"id":"9cf0986c-675a-4516-a543-bbcd77a35b21","block_type":"box","text":"•","page_number":61,"box":{"x":549,"y":60,"width":6,"height":5}},{"id":"539d0067-af85-4817-850b-a9356526ddf3","block_type":"box","text":"Greater overall exposure to companies that may have transition","page_number":61,"box":{"x":561,"y":59,"width":412,"height":11}},{"id":"8f201b15-3b66-4afb-89d1-b79d82d89f62","block_type":"box","text":"related opportunities.","page_number":61,"box":{"x":549,"y":73,"width":137,"height":11}},{"id":"1ba54219-28a5-4780-8c4a-350eb41f77f1","block_type":"box","text":"In addition, an index constituent’s weight must be at least 0.01%","page_number":61,"box":{"x":550,"y":95,"width":410,"height":11}},{"id":"7d010b9e-0561-4670-84b2-43300736d699","block_type":"box","text":"and is restricted to the lower of +/- 2% or 20 times its weight in","page_number":61,"box":{"x":549,"y":109,"width":406,"height":11}},{"id":"081b92b5-b88c-4325-b4c2-a4d913847ee2","block_type":"box","text":"the Parent Index. The sector weights of the Underlying Index may","page_number":61,"box":{"x":549,"y":124,"width":416,"height":11}},{"id":"47808caa-0dc4-4227-947a-7771a03a2d22","block_type":"box","text":"not deviate more than +/- 5% from those of the Parent Index","page_number":61,"box":{"x":549,"y":138,"width":387,"height":10}},{"id":"74360825-7e0e-43c4-a0b9-facb18236ecf","block_type":"box","text":"(except for the energy sector).","page_number":61,"box":{"x":549,"y":152,"width":193,"height":11}},{"id":"ed80be3c-2b3e-4a62-9a3b-f30b2041e155","block_type":"box","text":"As of August 31, 2025, a significant portion of the Underlying","page_number":61,"box":{"x":549,"y":174,"width":389,"height":11}},{"id":"1e0d7fdf-1601-4720-800e-21659d3104c7","block_type":"box","text":"Index is represented by securities of companies in the technology","page_number":61,"box":{"x":550,"y":188,"width":419,"height":11}},{"id":"be9148a1-d404-40e1-b236-a6b4fe171be6","block_type":"box","text":"industry or sector. The components of the Underlying Index are","page_number":61,"box":{"x":549,"y":202,"width":403,"height":11}},{"id":"79b2e47f-c313-44e4-ad53-e866b2ebec9a","block_type":"box","text":"likely to change over time.","page_number":61,"box":{"x":549,"y":217,"width":167,"height":10}},{"id":"da8679c0-8366-4949-95be-c0bbbc9b7c48","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":61,"box":{"x":550,"y":240,"width":376,"height":11}},{"id":"f0284e94-9c72-4b45-8c8c-dd85ba07926f","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":61,"box":{"x":549,"y":254,"width":417,"height":11}},{"id":"742e93f8-7f24-4d46-baee-232fc82775cc","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":61,"box":{"x":549,"y":268,"width":396,"height":11}},{"id":"71d7e08a-8ca9-4872-be33-d2f4666f19e2","block_type":"box","text":"markets decline or appear overvalued.","page_number":61,"box":{"x":549,"y":282,"width":244,"height":11}},{"id":"174b2e62-f4f9-49e3-8da9-9ee71e86b4de","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":61,"box":{"x":550,"y":305,"width":420,"height":11}},{"id":"ce4945d5-f820-4765-8825-cfe00b08d1e0","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":61,"box":{"x":549,"y":320,"width":421,"height":10}},{"id":"4485731b-4bf9-4b74-83ff-29143601aa59","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":61,"box":{"x":549,"y":334,"width":386,"height":11}},{"id":"7d250089-6948-4251-8499-9dd765047a6a","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":61,"box":{"x":550,"y":348,"width":369,"height":11}},{"id":"1586bcdc-faa8-429b-ae58-3301cabfc49b","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":61,"box":{"x":549,"y":362,"width":356,"height":11}},{"id":"d970a57a-3e30-4337-a6df-dd76647b81c2","block_type":"box","text":"comparison to actively managed investment companies.","page_number":61,"box":{"x":549,"y":376,"width":359,"height":11}},{"id":"b0c9ecf4-f2bb-4b74-81ab-72af4ae8a2c2","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":61,"box":{"x":550,"y":400,"width":411,"height":10}},{"id":"2720c1f6-bdd1-40f5-bbb8-9f7b6054922c","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":61,"box":{"x":549,"y":414,"width":411,"height":11}},{"id":"299daa6d-3853-4021-a87b-d20529c85783","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":61,"box":{"x":549,"y":428,"width":424,"height":11}},{"id":"58cfd351-f49c-415a-b880-a62c993e3803","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":61,"box":{"x":549,"y":442,"width":410,"height":11}},{"id":"0fbd4ccc-448f-44ef-95c0-0ab30887971b","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":61,"box":{"x":549,"y":456,"width":408,"height":11}},{"id":"b1496eb5-6644-46f1-a039-7d83fa158e66","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":61,"box":{"x":549,"y":471,"width":423,"height":10}},{"id":"b53c71c1-496d-41a4-98a6-cdb7c65979b4","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":61,"box":{"x":549,"y":485,"width":386,"height":10}},{"id":"9c69d716-082a-4a91-b009-11961677277a","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":61,"box":{"x":549,"y":499,"width":360,"height":11}},{"id":"256e7b27-012e-441d-b8f4-64b24740032f","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":61,"box":{"x":548,"y":513,"width":414,"height":11}},{"id":"35d5f305-87dc-40a9-85d5-24916ad1bf2f","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":61,"box":{"x":549,"y":527,"width":410,"height":11}},{"id":"5fe9823d-4a91-457f-a5cd-467708138b2b","block_type":"box","text":"the components of the Underlying Index.","page_number":61,"box":{"x":549,"y":541,"width":259,"height":11}},{"id":"83d6d0bf-6cd8-4e81-bf14-960e70251f92","block_type":"box","text":"The Fund generally will invest at least 90% of its assets in the","page_number":61,"box":{"x":549,"y":565,"width":389,"height":10}},{"id":"bb2a452b-7292-4c1e-8c71-1f53fcbec188","block_type":"box","text":"component securities of the Underlying Index and may invest up","page_number":61,"box":{"x":549,"y":579,"width":411,"height":11}},{"id":"eddf6fc4-6cca-47dd-98ba-c23a89dde400","block_type":"box","text":"to 10% of its assets in certain futures, options and swap contracts,","page_number":61,"box":{"x":549,"y":593,"width":423,"height":11}},{"id":"dcbbb397-fc53-4288-bf8c-81f807d42664","block_type":"box","text":"cash and cash equivalents, including shares of money market","page_number":61,"box":{"x":549,"y":607,"width":392,"height":11}},{"id":"68b0c793-2d23-4601-9019-2a69bd00679a","block_type":"box","text":"funds advised by BFA or its affiliates, as well as in securities not","page_number":61,"box":{"x":549,"y":621,"width":406,"height":11}},{"id":"78af480a-87eb-4492-9bb0-0ada031ac252","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help","page_number":61,"box":{"x":549,"y":636,"width":416,"height":10}},{"id":"e1c54b68-08ef-41b2-abaa-ddf2ef9416f0","block_type":"box","text":"the Fund track the Underlying Index. Cash and cash equivalent","page_number":61,"box":{"x":549,"y":650,"width":400,"height":10}},{"id":"bfe2a2d1-9ec1-4212-90c1-dd3ed0732603","block_type":"box","text":"investments associated with a derivative position will be treated","page_number":61,"box":{"x":549,"y":664,"width":409,"height":11}},{"id":"95662494-1489-4d0b-b965-538b653723fb","block_type":"box","text":"as part of that position for the purposes of calculating the","page_number":61,"box":{"x":549,"y":678,"width":368,"height":11}},{"id":"5f031250-0cb3-447a-8ffc-487c7a0af132","block_type":"box","text":"percentage of investments included in the Underlying Index. The","page_number":61,"box":{"x":549,"y":692,"width":411,"height":11}},{"id":"c9f12b44-27c5-4bb4-9a32-00c3fbbd21fd","block_type":"box","text":"Fund seeks to track the investment results of the Underlying","page_number":61,"box":{"x":550,"y":706,"width":386,"height":11}},{"id":"a457d5f2-738d-4279-b168-0c5239dcb75e","block_type":"box","text":"Index before fees and expenses of the Fund.","page_number":61,"box":{"x":550,"y":721,"width":281,"height":10}},{"id":"beb82db1-ffad-4ab5-a64a-0cde2ef5a8cc","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":61,"box":{"x":549,"y":744,"width":411,"height":11}},{"id":"732bfb63-5b15-4adb-878a-952d99390600","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":61,"box":{"x":548,"y":758,"width":371,"height":11}},{"id":"e7a5c37c-9f96-4771-9361-9da142e2171e","block_type":"box","text":"collateral received).","page_number":61,"box":{"x":549,"y":772,"width":125,"height":11}},{"id":"3cc6180c-d480-4264-9824-35632adccc33","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":61,"box":{"x":549,"y":795,"width":421,"height":11}},{"id":"569cff34-035d-4e6f-8501-d618ec557b02","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":61,"box":{"x":549,"y":809,"width":356,"height":9}},{"id":"d3fffec3-f26c-4a83-ad4b-8454c5cdb796","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":61,"box":{"x":549,"y":824,"width":377,"height":11}},{"id":"6b889edf-d87d-4ffb-a492-f49eaf9feeb1","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":61,"box":{"x":550,"y":838,"width":415,"height":11}},{"id":"2d330568-fe20-40ef-9b11-840551751b9d","block_type":"box","text":"value of the Underlying Index.","page_number":61,"box":{"x":548,"y":852,"width":190,"height":11}},{"id":"cd765fbe-d4d9-4d6f-8b3b-ff431896f3a6","block_type":"box","text":"S-45","page_number":61,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"04c12ea1-2d4d-4a09-963f-0a3fde887f35","block_type":"box","text":"Industry Concentration Policy.","page_number":62,"box":{"x":83,"y":23,"width":210,"height":11}},{"id":"0d142d74-71d3-4d04-bcbb-3ab5e04f9ccc","block_type":"box","text":"The Fund will concentrate its","page_number":62,"box":{"x":298,"y":23,"width":184,"height":9}},{"id":"10cba9ed-02da-4814-bc5d-1254bed6bf69","block_type":"box","text":"investments (","page_number":62,"box":{"x":83,"y":37,"width":85,"height":11}},{"id":"01250750-0d36-4a3b-b3fb-10b86598baa9","block_type":"box","text":"i.e.","page_number":62,"box":{"x":169,"y":37,"width":17,"height":9}},{"id":"4e947848-45be-41a4-9bba-976e35d454ce","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":62,"box":{"x":189,"y":37,"width":264,"height":11}},{"id":"4364ca8d-eff9-4ecd-a625-3a337979d16b","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":62,"box":{"x":83,"y":51,"width":394,"height":11}},{"id":"ec56d07c-3a5c-4bb2-9aef-950ea8d73f76","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":62,"box":{"x":83,"y":66,"width":377,"height":11}},{"id":"cd2d0f94-d3d1-476c-a8ae-f9fff9b6a18f","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":62,"box":{"x":83,"y":80,"width":389,"height":11}},{"id":"057cfeaa-115f-4424-91d5-29337961a2d5","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":62,"box":{"x":83,"y":94,"width":389,"height":11}},{"id":"8557124a-4de0-4c26-b870-678868ecbb22","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":62,"box":{"x":83,"y":108,"width":410,"height":11}},{"id":"246e4e3f-e91b-4991-81d0-9dc5dcd7ac35","block_type":"box","text":"considered to be issued by members of any industry.","page_number":62,"box":{"x":83,"y":122,"width":337,"height":11}},{"id":"b50e201a-9809-4f98-a4d9-c4dabd957190","block_type":"box","text":"Summary of Principal Risks","page_number":62,"box":{"x":83,"y":151,"width":235,"height":14}},{"id":"90c98a23-5116-49cc-a581-e6cd6aa4d54e","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":62,"box":{"x":82,"y":177,"width":363,"height":10}},{"id":"e354aaf8-9744-48dd-9533-aae24c1e8c5b","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":62,"box":{"x":83,"y":191,"width":402,"height":10}},{"id":"aec21b32-5d6b-4355-b85e-8adbfdad9be9","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":62,"box":{"x":83,"y":205,"width":396,"height":11}},{"id":"f0940ab5-e562-4ae7-8658-512f786315ae","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":62,"box":{"x":83,"y":219,"width":376,"height":11}},{"id":"9c8f9e81-76f8-4092-9de3-aff5b6092cee","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":62,"box":{"x":83,"y":233,"width":392,"height":11}},{"id":"702b5412-6913-4fd6-a9b6-8cd4d34d77db","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":62,"box":{"x":83,"y":247,"width":416,"height":11}},{"id":"9511654e-8862-4e4f-afdf-63ce3784a520","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":62,"box":{"x":83,"y":262,"width":387,"height":10}},{"id":"b509a87d-80b2-48a9-a717-2fc8a21f7b15","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":62,"box":{"x":82,"y":276,"width":426,"height":11}},{"id":"36b83a70-ae0b-4c29-9605-5498696a7c10","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":62,"box":{"x":83,"y":290,"width":404,"height":11}},{"id":"9176951c-808d-441a-86d9-0a1b0096cafb","block_type":"box","text":"review each risk factor carefully.","page_number":62,"box":{"x":83,"y":304,"width":206,"height":11}},{"id":"b7c48842-8539-452a-8ade-3dd9561adf8d","block_type":"box","text":"Risk of Investing in the U.S","page_number":62,"box":{"x":83,"y":327,"width":182,"height":11}},{"id":"2a7e74ce-b974-4599-a33e-095ba708089c","block_type":"box","text":".","page_number":62,"box":{"x":266,"y":334,"width":2,"height":2}},{"id":"9813a696-1291-4cf2-8d91-e4794e0fa408","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":62,"box":{"x":274,"y":327,"width":210,"height":11}},{"id":"dbed99c1-0565-44a9-9f90-ce1310ce71bb","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":62,"box":{"x":83,"y":342,"width":391,"height":10}},{"id":"bf88da90-a77f-456f-8e38-3e71824e3cef","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":62,"box":{"x":83,"y":356,"width":423,"height":11}},{"id":"d5738504-28e9-4571-aa5c-248e0e0e3e87","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":62,"box":{"x":83,"y":370,"width":413,"height":11}},{"id":"9dfd7556-737a-447b-994c-7cb279e8a8f9","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":62,"box":{"x":82,"y":384,"width":397,"height":11}},{"id":"af3c3c78-c63a-4955-a730-4e759f831191","block_type":"box","text":"ESG Risk.","page_number":62,"box":{"x":83,"y":407,"width":62,"height":9}},{"id":"d32c8a2a-341f-48ff-bf02-3c5b78af1b0e","block_type":"box","text":"To the extent that the Underlying Index uses criteria","page_number":62,"box":{"x":151,"y":407,"width":331,"height":11}},{"id":"b48ccc9f-87cb-492d-bfa8-e88e43a8092e","block_type":"box","text":"related to the ESG characteristics of issuers, this may limit the","page_number":62,"box":{"x":83,"y":421,"width":399,"height":11}},{"id":"2fd7e5ad-1380-47bc-b8a2-10df64eec7d3","block_type":"box","text":"types and number of investment opportunities available to the","page_number":62,"box":{"x":83,"y":436,"width":397,"height":10}},{"id":"058c555b-4905-4fd0-8b6c-f18a1684e777","block_type":"box","text":"Fund and, as a result, the Fund may underperform other funds","page_number":62,"box":{"x":84,"y":450,"width":396,"height":11}},{"id":"b3608e23-2609-4d53-bbc4-1ff436f9e518","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying","page_number":62,"box":{"x":82,"y":464,"width":421,"height":11}},{"id":"6f0b2839-70d5-45ff-91de-78e5408aa5f4","block_type":"box","text":"Index’s use of ESG criteria may result in the Fund investing in, or","page_number":62,"box":{"x":83,"y":478,"width":412,"height":11}},{"id":"75abd5ad-9fda-498f-8132-1cafc651158e","block_type":"box","text":"allocating greater weight to, securities or market sectors that","page_number":62,"box":{"x":83,"y":492,"width":392,"height":11}},{"id":"770f676d-0658-4860-9709-97d5cf36cc91","block_type":"box","text":"underperform the market as a whole or underperform other funds","page_number":62,"box":{"x":83,"y":507,"width":420,"height":10}},{"id":"0cdec124-5188-442b-a64f-011c76a209bb","block_type":"box","text":"that use ESG criteria. In addition, the use of representative","page_number":62,"box":{"x":83,"y":521,"width":375,"height":10}},{"id":"61558014-eb84-4e14-9187-1419460cf449","block_type":"box","text":"sampling may result in divergence of the Fund’s overall ESG","page_number":62,"box":{"x":83,"y":535,"width":381,"height":11}},{"id":"d77f8c3a-ef54-4e7c-8f5b-ad1b08bd2275","block_type":"box","text":"characteristics or ESG risk from those of the Underlying Index.","page_number":62,"box":{"x":83,"y":549,"width":399,"height":11}},{"id":"543f8b2f-f3cb-44e2-9638-f6b9331cac3d","block_type":"box","text":"The Index Provider may evaluate security-level ESG data and, if","page_number":62,"box":{"x":82,"y":563,"width":403,"height":11}},{"id":"1651046a-de95-4cae-9252-b4cd6bafe516","block_type":"box","text":"applicable, ESG objectives or constraints that are relevant to the","page_number":62,"box":{"x":83,"y":577,"width":413,"height":11}},{"id":"136e5c9d-da8e-4738-b9d9-913870da5fff","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities","page_number":62,"box":{"x":83,"y":592,"width":407,"height":10}},{"id":"0698a795-52be-4c5a-95f5-8544066ab15d","block_type":"box","text":"included in the Underlying Index may cease to meet the relevant","page_number":62,"box":{"x":83,"y":606,"width":411,"height":11}},{"id":"595a549d-ce20-41d3-a21c-b581e02a6ab4","block_type":"box","text":"ESG criteria but may nevertheless remain in the Underlying Index","page_number":62,"box":{"x":84,"y":620,"width":416,"height":11}},{"id":"79f3cc34-36d2-4356-8249-8975a27b4dec","block_type":"box","text":"and the Fund until the next review or rebalance by the Index","page_number":62,"box":{"x":83,"y":634,"width":384,"height":11}},{"id":"022b6eec-4694-48df-a5e5-00a91503a482","block_type":"box","text":"Provider. As a result, certain securities in the Underlying Index, or","page_number":62,"box":{"x":84,"y":648,"width":418,"height":11}},{"id":"52e5609f-14d3-4c61-b378-0b9e9f7b6cf7","block_type":"box","text":"the Underlying Index as a whole, may not meet the relevant ESG","page_number":62,"box":{"x":83,"y":663,"width":410,"height":10}},{"id":"c0cb6088-4866-4fb9-942e-c1ffe3e53d85","block_type":"box","text":"objectives or constraints at all times.","page_number":62,"box":{"x":83,"y":677,"width":235,"height":10}},{"id":"95b8ac7f-d18d-4859-984c-5f4390202eef","block_type":"box","text":"Equity Securities Risk","page_number":62,"box":{"x":83,"y":700,"width":147,"height":11}},{"id":"4d1a1c98-07b0-4fa3-98e6-04f98f9fb099","block_type":"box","text":".","page_number":62,"box":{"x":230,"y":707,"width":3,"height":1}},{"id":"c92e6f46-d87b-4576-84f6-3e4c12bfcb91","block_type":"box","text":"Equity securities are subject to changes","page_number":62,"box":{"x":239,"y":700,"width":254,"height":11}},{"id":"0eb6a4af-6fc3-4b75-ba54-44f4e900812a","block_type":"box","text":"in value, and their values may be more volatile than those of other","page_number":62,"box":{"x":83,"y":714,"width":422,"height":11}},{"id":"3b43b230-b969-4c58-a771-f346afebb5e9","block_type":"box","text":"asset classes. The value of a security may decline for a number of","page_number":62,"box":{"x":83,"y":728,"width":420,"height":11}},{"id":"61f76595-a41a-4b1b-a52e-dcb5b36a58c2","block_type":"box","text":"reasons that may directly relate to the issuer as well as due to","page_number":62,"box":{"x":83,"y":743,"width":396,"height":10}},{"id":"2c10a743-3cd0-4ec5-aae4-0f15ddf5a90b","block_type":"box","text":"general industry or market conditions. Common stock is","page_number":62,"box":{"x":83,"y":757,"width":359,"height":10}},{"id":"817f3f86-3b95-4129-8166-7c0b1398daa6","block_type":"box","text":"subordinated to preferred securities and debt in a company’s","page_number":62,"box":{"x":83,"y":771,"width":390,"height":11}},{"id":"5a2eb720-734b-48f3-a172-464fdac4d047","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the","page_number":62,"box":{"x":83,"y":785,"width":412,"height":11}},{"id":"2a407f1b-a3af-46e7-b0f0-2d6cc443e506","block_type":"box","text":"greatest risk, with respect to dividends and any liquidation","page_number":62,"box":{"x":83,"y":799,"width":372,"height":11}},{"id":"3993250a-fbfb-48af-8bf8-95cb57b8a8d0","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":62,"box":{"x":83,"y":813,"width":309,"height":11}},{"id":"41756bcf-0219-4339-a2b8-9fd34ce02d5b","block_type":"box","text":"Market Risk","page_number":62,"box":{"x":83,"y":837,"width":82,"height":8}},{"id":"1c1f4ba0-2c77-44b5-b4d8-4b5f57f5b1b2","block_type":"box","text":".","page_number":62,"box":{"x":165,"y":843,"width":2,"height":2}},{"id":"53cf0d29-bdaf-4790-9c5a-36793dcebc08","block_type":"box","text":"The Fund could lose money over short periods due","page_number":62,"box":{"x":172,"y":837,"width":323,"height":10}},{"id":"25e409ca-4123-4ed8-8076-85320847cad0","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":62,"box":{"x":83,"y":851,"width":413,"height":11}},{"id":"c9e44e4c-5cd2-42a6-af5d-1abba8451dca","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":62,"box":{"x":83,"y":865,"width":382,"height":11}},{"id":"45982b56-5c3e-430f-8ff9-eb3eee26e592","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":62,"box":{"x":83,"y":879,"width":411,"height":11}},{"id":"c8480a3e-668f-49fe-92c9-6a072d5b540e","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":62,"box":{"x":549,"y":23,"width":370,"height":11}},{"id":"c2777f2d-aaa0-4f47-bd46-d1f0b0799100","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":62,"box":{"x":549,"y":37,"width":404,"height":11}},{"id":"83fb7b23-444e-4e9a-a68c-67cb159449d6","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":62,"box":{"x":549,"y":51,"width":395,"height":11}},{"id":"f9706fbd-2a35-421c-8f90-9ed704d4010c","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":62,"box":{"x":549,"y":66,"width":395,"height":10}},{"id":"fb419b7d-64a1-4bc1-8d4d-a3609747507b","block_type":"box","text":"NAV.","page_number":62,"box":{"x":550,"y":80,"width":27,"height":8}},{"id":"964c69ea-ce23-489d-906d-1b8dae1f1ce7","block_type":"box","text":"Index-Related Risk.","page_number":62,"box":{"x":549,"y":103,"width":129,"height":9}},{"id":"6a355dc3-ddf7-4b87-bca6-4174ea2cfd11","block_type":"box","text":"The Index Provider may rely on various","page_number":62,"box":{"x":683,"y":103,"width":247,"height":11}},{"id":"b6688dbc-1e7c-49fd-bf91-3a2835a41949","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":62,"box":{"x":549,"y":117,"width":423,"height":11}},{"id":"f6c34b92-8901-492b-9894-af9274033fff","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":62,"box":{"x":550,"y":131,"width":391,"height":11}},{"id":"2f9a73ec-b2c2-42a2-855e-bfa7276f26e4","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":62,"box":{"x":549,"y":146,"width":406,"height":10}},{"id":"d97b4546-ea78-4eff-978c-fc82de1fdaf5","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":62,"box":{"x":549,"y":160,"width":408,"height":11}},{"id":"2f1c6d52-6d0c-4144-940d-32c8e1cb6abf","block_type":"box","text":"information will provide an accurate assessment of included","page_number":62,"box":{"x":549,"y":174,"width":384,"height":11}},{"id":"069284cc-42cb-4aa8-ab6c-01d2c06e9045","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":62,"box":{"x":549,"y":188,"width":388,"height":11}},{"id":"04872ad4-6253-4314-8d03-1e872b545234","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":62,"box":{"x":549,"y":202,"width":366,"height":11}},{"id":"2afea046-e1f7-4b02-80c9-8c9b5ac26f2c","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":62,"box":{"x":549,"y":216,"width":377,"height":11}},{"id":"73d53134-93a7-4cd0-8205-bc387ffc5373","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":62,"box":{"x":549,"y":231,"width":413,"height":11}},{"id":"201e24a8-b9f8-4fef-86a4-b633b5f3549a","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":62,"box":{"x":549,"y":245,"width":396,"height":11}},{"id":"7b71f20f-d858-4fc5-8d17-10d66867888f","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":62,"box":{"x":549,"y":259,"width":367,"height":11}},{"id":"0bb38058-d0bd-418b-8d6c-37b8dc3bfc6e","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":62,"box":{"x":549,"y":273,"width":400,"height":11}},{"id":"4b400c3a-3206-47d5-9449-669b3f65e861","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":62,"box":{"x":549,"y":287,"width":409,"height":11}},{"id":"62ef7ec3-b663-4800-af00-0d09b3c95820","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":62,"box":{"x":549,"y":302,"width":414,"height":10}},{"id":"11124a34-7d7e-4ded-ba06-3b9cf435a2c3","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":62,"box":{"x":549,"y":316,"width":362,"height":11}},{"id":"7634d486-3410-434a-9f87-351c35270c4b","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":62,"box":{"x":550,"y":330,"width":422,"height":11}},{"id":"27b77b16-f45c-449c-a623-0090d7742219","block_type":"box","text":"Asset Class Risk.","page_number":62,"box":{"x":548,"y":353,"width":114,"height":9}},{"id":"d1cd76ba-5c75-48ef-a857-0270e9e6aa9f","block_type":"box","text":"The securities and other assets in the","page_number":62,"box":{"x":668,"y":353,"width":239,"height":9}},{"id":"99e95a1f-354b-423a-b9cd-1e8c3d05df94","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":62,"box":{"x":550,"y":367,"width":405,"height":11}},{"id":"53a02d03-c09a-4fd8-9918-d6019f2d3003","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":62,"box":{"x":549,"y":381,"width":405,"height":11}},{"id":"dc1af923-3996-401f-8fff-bf0bb732d64e","block_type":"box","text":"market, another index, or other asset classes.","page_number":62,"box":{"x":549,"y":396,"width":292,"height":10}},{"id":"ce94a7a5-b8e7-4ee7-8fa1-a26a6df75edf","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":62,"box":{"x":548,"y":419,"width":290,"height":11}},{"id":"d6cc81d2-7c10-4fc8-83d7-8c8af11132f6","block_type":"box","text":"An “Authorized","page_number":62,"box":{"x":847,"y":419,"width":93,"height":8}},{"id":"eaee9b1a-ed1c-405b-994d-b8ae5c309e87","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":62,"box":{"x":550,"y":433,"width":379,"height":11}},{"id":"ede3e0fd-ae85-4078-8ab3-87c88fce7b84","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":62,"box":{"x":549,"y":447,"width":411,"height":11}},{"id":"fc25d55f-504f-4f83-b764-e18f6e1c136d","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":62,"box":{"x":550,"y":461,"width":395,"height":11}},{"id":"4d912b13-d312-45e5-a681-d995291bd889","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":62,"box":{"x":550,"y":476,"width":399,"height":10}},{"id":"37fce5a2-f2e9-4d00-b5d7-fe0353df1729","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":62,"box":{"x":549,"y":490,"width":407,"height":11}},{"id":"ae5e9822-05d4-4e3c-b34c-d92064f04be5","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":62,"box":{"x":549,"y":504,"width":409,"height":11}},{"id":"5791eef1-0d8c-40f0-a9b4-b7c5089800d0","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":62,"box":{"x":549,"y":518,"width":412,"height":11}},{"id":"d6b8e8f1-3620-47ba-9de0-90bf750bab8c","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":62,"box":{"x":549,"y":532,"width":403,"height":11}},{"id":"ca99b4fa-5bc0-4b9b-9d75-0aee21e9ed04","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":62,"box":{"x":549,"y":546,"width":378,"height":11}},{"id":"e3e06008-e9d8-456e-9ee4-ae6ac8f05c97","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":62,"box":{"x":550,"y":561,"width":379,"height":11}},{"id":"888642dd-db24-4bfc-ad05-98e6fd67d31b","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":62,"box":{"x":549,"y":575,"width":404,"height":11}},{"id":"789c0a90-f751-48c7-a547-f63c04b37634","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":62,"box":{"x":549,"y":589,"width":399,"height":11}},{"id":"3858a878-ce1e-4529-b601-204578bb4917","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":62,"box":{"x":550,"y":603,"width":391,"height":11}},{"id":"82453b1b-237a-4b94-8794-3adc66e33ee7","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":62,"box":{"x":549,"y":617,"width":408,"height":11}},{"id":"86dfd79b-afad-4e2a-aa0b-42b4428d93b5","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":62,"box":{"x":549,"y":632,"width":273,"height":10}},{"id":"7297a4a4-546b-47e5-b2b7-e9d08bae47dc","block_type":"box","text":"Concentration Risk.","page_number":62,"box":{"x":549,"y":655,"width":132,"height":8}},{"id":"66c2dd39-fa7f-4123-8a09-890aa6983259","block_type":"box","text":"The Fund may be susceptible to an","page_number":62,"box":{"x":687,"y":655,"width":221,"height":11}},{"id":"fa08b5d3-f4a8-4fbb-955b-89daa2716f06","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":62,"box":{"x":549,"y":669,"width":419,"height":11}},{"id":"c7607232-6af4-4915-86b8-a48032bbc9c3","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":62,"box":{"x":549,"y":683,"width":408,"height":10}},{"id":"30ce4d08-8180-4d4a-80d8-2d1dbf96eeeb","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":62,"box":{"x":549,"y":697,"width":418,"height":9}},{"id":"d2cb5edb-96de-495d-93e6-c35932d00297","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":62,"box":{"x":549,"y":712,"width":395,"height":10}},{"id":"fb17b96b-ca7a-486f-9716-d357d2735c15","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":62,"box":{"x":549,"y":726,"width":388,"height":11}},{"id":"36497617-af31-498e-8924-1f96131b495c","block_type":"box","text":"asset classes.","page_number":62,"box":{"x":549,"y":740,"width":88,"height":8}},{"id":"28a34732-f68f-4c5a-bb97-77d4d184a771","block_type":"box","text":"Issuer Risk","page_number":62,"box":{"x":549,"y":763,"width":75,"height":9}},{"id":"38030087-715a-48b2-be55-ee2e096bffff","block_type":"box","text":".","page_number":62,"box":{"x":624,"y":770,"width":3,"height":2}},{"id":"3c5e6986-7e27-4173-9d0e-42f25b996e24","block_type":"box","text":"The performance of the Fund depends on the","page_number":62,"box":{"x":632,"y":763,"width":288,"height":11}},{"id":"27214343-5f78-42d2-aa57-1927e7e5f38c","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":62,"box":{"x":549,"y":777,"width":412,"height":11}},{"id":"122d0268-d553-42f4-849e-e5823e3a2271","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":62,"box":{"x":550,"y":791,"width":402,"height":11}},{"id":"0ae5fa0c-45a0-4bba-b50e-8777df9ce8dc","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":62,"box":{"x":549,"y":806,"width":418,"height":10}},{"id":"64f9f681-a470-409b-b704-23c0f498d529","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":62,"box":{"x":549,"y":820,"width":414,"height":11}},{"id":"7734f6a5-2fa5-4a8d-87fe-f88283357a96","block_type":"box","text":"counterparty.","page_number":62,"box":{"x":549,"y":835,"width":84,"height":10}},{"id":"c82ce793-fd8a-4f6b-883a-b792ae8979b2","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":62,"box":{"x":549,"y":857,"width":252,"height":11}},{"id":"5e37d5f6-9c03-4217-8393-62293501cfb6","block_type":"box","text":"Large-capitalization","page_number":62,"box":{"x":808,"y":857,"width":124,"height":11}},{"id":"307626e4-1e8f-4da1-b80f-f6cbd514298a","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":62,"box":{"x":549,"y":871,"width":352,"height":11}},{"id":"ccfa82a7-2717-46c4-8360-6ebbed88a668","block_type":"box","text":"S-46","page_number":62,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"96acd0da-1ba9-450d-a46d-7752dab31309","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":63,"box":{"x":83,"y":23,"width":352,"height":11}},{"id":"4f99748b-061d-49a0-a745-dfa397033769","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":63,"box":{"x":83,"y":37,"width":405,"height":11}},{"id":"3e436e1e-33dc-4e39-a8a0-bc6e5479384c","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":63,"box":{"x":83,"y":52,"width":371,"height":10}},{"id":"e4fc1cad-0230-4328-b0c9-37ecac31fa66","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":63,"box":{"x":83,"y":66,"width":339,"height":10}},{"id":"3cfa0639-33b0-4ad5-8d50-0998e41710dc","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":63,"box":{"x":83,"y":80,"width":390,"height":11}},{"id":"ac43ed05-4e8c-4ea6-ac02-10d58d8d409b","block_type":"box","text":"overall performance of the broader securities markets.","page_number":63,"box":{"x":83,"y":94,"width":349,"height":11}},{"id":"3786cd42-0902-4e12-a120-4514d61a749d","block_type":"box","text":"Management Risk","page_number":63,"box":{"x":83,"y":117,"width":122,"height":11}},{"id":"091dc637-49b8-4549-a318-43d5fdd00524","block_type":"box","text":".","page_number":63,"box":{"x":206,"y":124,"width":2,"height":2}},{"id":"222deda1-e9c4-495c-8b98-19dbd614addb","block_type":"box","text":"The Fund generally does not attempt to take","page_number":63,"box":{"x":213,"y":117,"width":283,"height":11}},{"id":"a322f043-1659-4ace-9d9d-c0453c22fbd7","block_type":"box","text":"defensive positions under any market conditions, including","page_number":63,"box":{"x":83,"y":131,"width":376,"height":11}},{"id":"397788df-7524-4b02-9463-ee727b6185e6","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":63,"box":{"x":83,"y":146,"width":362,"height":10}},{"id":"b5deb253-0534-41d0-a8f9-8f4c9216ff23","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":63,"box":{"x":83,"y":160,"width":388,"height":11}},{"id":"9b634c09-eb2b-401b-b0af-97eb800ea9a5","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":63,"box":{"x":83,"y":174,"width":409,"height":11}},{"id":"8f6c390a-3d44-435b-a177-63db1bc29ad3","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":63,"box":{"x":83,"y":188,"width":419,"height":11}},{"id":"ef95bf7f-f5f8-4ad8-8beb-e26bc301df2c","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":63,"box":{"x":82,"y":202,"width":420,"height":11}},{"id":"f80da9f1-3cb7-4e05-a7f8-b0376993265b","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":63,"box":{"x":83,"y":216,"width":402,"height":11}},{"id":"b4eec7c4-1dd8-4c18-ae91-fc267172c25d","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":63,"box":{"x":83,"y":231,"width":323,"height":10}},{"id":"ef7aa9df-2ac3-4a4d-a725-22703cf4cf49","block_type":"box","text":"Market Trading Risk","page_number":63,"box":{"x":83,"y":254,"width":136,"height":11}},{"id":"923ae574-acfb-4ca3-8aa5-2c77143156b1","block_type":"box","text":".","page_number":63,"box":{"x":219,"y":260,"width":2,"height":2}},{"id":"ab405449-283e-4c59-ae35-6942401c632f","block_type":"box","text":"The Fund faces numerous market trading","page_number":63,"box":{"x":226,"y":254,"width":263,"height":11}},{"id":"8dc176d4-fb34-42d1-a532-fb1e90322b6b","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":63,"box":{"x":83,"y":268,"width":394,"height":11}},{"id":"4a0c0458-7e31-4301-bf16-dccae4ba6804","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":63,"box":{"x":83,"y":282,"width":401,"height":11}},{"id":"a0f687a8-1acd-4e05-91e3-8e27bc9a37fb","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":63,"box":{"x":83,"y":296,"width":404,"height":11}},{"id":"3f376091-333b-482a-8bc7-5493c0106c0d","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":63,"box":{"x":83,"y":311,"width":416,"height":10}},{"id":"224ea7e3-141c-40e0-8978-2d648d76d2df","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":63,"box":{"x":82,"y":325,"width":405,"height":11}},{"id":"a3c146c2-18ba-43d8-9d34-1d7beacb02c6","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":63,"box":{"x":83,"y":339,"width":411,"height":11}},{"id":"71da7bc0-a1cd-4c6c-9c95-0743fa8a6239","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":63,"box":{"x":83,"y":353,"width":397,"height":11}},{"id":"926d70c4-67d8-4f15-a47d-cfdfd2a6b6f3","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":63,"box":{"x":83,"y":367,"width":419,"height":11}},{"id":"efc5bed8-371b-4345-ab4a-5b694d32a1fb","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":63,"box":{"x":83,"y":382,"width":412,"height":10}},{"id":"bdadc0b9-1426-4030-8a78-72c23b2cf9a0","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":63,"box":{"x":83,"y":396,"width":397,"height":11}},{"id":"e121c028-972f-4360-8b55-ffeff8012a74","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":63,"box":{"x":83,"y":410,"width":316,"height":11}},{"id":"c7b54a79-132e-44ae-b9a2-777722d051fd","block_type":"box","text":"Non-Diversification Risk","page_number":63,"box":{"x":83,"y":433,"width":165,"height":9}},{"id":"e1d31b21-0802-4d6b-b94a-d8e7a5cd3bfc","block_type":"box","text":".","page_number":63,"box":{"x":248,"y":440,"width":2,"height":2}},{"id":"0be601f7-627a-40b3-97e3-659a51a6af17","block_type":"box","text":"The Fund is classified as “non","page_number":63,"box":{"x":255,"y":433,"width":193,"height":9}},{"id":"34c18051-8b6a-4139-842b-72a073267512","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":63,"box":{"x":83,"y":447,"width":377,"height":11}},{"id":"d0e16f1f-903a-4889-a6ac-00f3621f4059","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":63,"box":{"x":83,"y":461,"width":358,"height":11}},{"id":"cdbb0001-fe92-4fef-9875-7ae2e38e23df","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":63,"box":{"x":83,"y":476,"width":370,"height":10}},{"id":"909321e5-63c2-4143-9866-cfe2e9f2b609","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":63,"box":{"x":83,"y":490,"width":422,"height":11}},{"id":"59b821c7-a1a6-4ebb-b14c-0873b71373f8","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":63,"box":{"x":83,"y":504,"width":379,"height":11}},{"id":"bc83591c-98e3-49c8-ae9a-6ca927306ab2","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":63,"box":{"x":83,"y":518,"width":375,"height":11}},{"id":"00d0d28b-e2b8-4397-9db3-f2dfd02059eb","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":63,"box":{"x":83,"y":532,"width":418,"height":11}},{"id":"3fc2136f-3e36-4229-bd3c-6d2163d04408","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":63,"box":{"x":83,"y":547,"width":418,"height":10}},{"id":"e17417bf-b026-4a1e-8a9a-e25d42e8c7cd","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":63,"box":{"x":83,"y":561,"width":209,"height":11}},{"id":"b42df0b8-4088-4ea1-96da-9521dcb3014d","block_type":"box","text":"Operational and Technology Risks","page_number":63,"box":{"x":83,"y":584,"width":230,"height":11}},{"id":"b7f2776b-b259-4365-9937-2a66792d8079","block_type":"box","text":".","page_number":63,"box":{"x":314,"y":590,"width":2,"height":2}},{"id":"7b424aca-4842-43c4-8748-e9212cb10f92","block_type":"box","text":"The Fund is directly and","page_number":63,"box":{"x":321,"y":584,"width":151,"height":11}},{"id":"2492997a-9134-4167-b97b-e3bab29bb483","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":63,"box":{"x":83,"y":598,"width":368,"height":11}},{"id":"9e405fc8-33c3-4beb-a579-642c03712ede","block_type":"box","text":"including those related to human errors, processing errors,","page_number":63,"box":{"x":83,"y":612,"width":376,"height":11}},{"id":"39df3182-6d61-4824-b278-b94e7447460f","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":63,"box":{"x":83,"y":626,"width":413,"height":11}},{"id":"1a3dd368-6111-4f0e-8e37-709c276ad869","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":63,"box":{"x":83,"y":641,"width":404,"height":10}},{"id":"a5840cf3-5b59-4110-b32f-4bfa9d8260b6","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":63,"box":{"x":82,"y":655,"width":402,"height":11}},{"id":"0c224f05-41bf-4d27-a91c-d779d197e5aa","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":63,"box":{"x":83,"y":669,"width":376,"height":11}},{"id":"ea4baf2e-2933-4226-b191-586a4e0e4b0f","block_type":"box","text":"providers are required to have appropriate operational,","page_number":63,"box":{"x":83,"y":683,"width":350,"height":11}},{"id":"5dff9cd9-e1c5-42f5-8085-1a750a88112a","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":63,"box":{"x":83,"y":697,"width":414,"height":11}},{"id":"c3cc1f81-f753-431d-b53f-94b2e807ed4c","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":63,"box":{"x":83,"y":712,"width":397,"height":10}},{"id":"130d4787-c6a7-40d4-b694-30e8cf28bcaf","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":63,"box":{"x":82,"y":726,"width":411,"height":11}},{"id":"42fdc98d-0fd1-4446-85dd-f779113a9e2b","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":63,"box":{"x":549,"y":23,"width":391,"height":9}},{"id":"ae5fd77d-45cc-4210-9b8f-a402f830698c","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":63,"box":{"x":549,"y":37,"width":422,"height":11}},{"id":"1131ba66-c774-4b90-8088-9ca3bcc1b991","block_type":"box","text":"investments in such issuers to lose value.","page_number":63,"box":{"x":549,"y":52,"width":264,"height":8}},{"id":"d5a4cd3b-94d2-4c7b-bd1c-b0c56779b6f4","block_type":"box","text":"Securities Lending Risk.","page_number":63,"box":{"x":548,"y":75,"width":162,"height":10}},{"id":"712f1bcb-0ec5-404e-8651-5d8b297911b5","block_type":"box","text":"The Fund may engage in securities","page_number":63,"box":{"x":716,"y":75,"width":221,"height":11}},{"id":"eba1318f-9477-4191-a0fc-8714c329030d","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":63,"box":{"x":549,"y":89,"width":397,"height":11}},{"id":"dab47477-c779-428e-8a78-02dfa1478a24","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":63,"box":{"x":549,"y":103,"width":418,"height":11}},{"id":"bfb20ea3-216c-4ab1-aae1-7c84c7b17c9f","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":63,"box":{"x":549,"y":117,"width":409,"height":11}},{"id":"8e5f6cfd-d9f0-4f54-b689-341faef4a735","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":63,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"32beb5ff-d991-4f72-be9a-8a5ade0ffbba","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":63,"box":{"x":549,"y":146,"width":389,"height":10}},{"id":"2515a3bc-0bdd-4172-95a7-47a2c8bdaf27","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":63,"box":{"x":549,"y":160,"width":406,"height":8}},{"id":"c21e50b2-bac4-4dbb-8183-a7ba5cf2b502","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":63,"box":{"x":549,"y":174,"width":301,"height":11}},{"id":"84e594ba-959a-452e-b8f0-72ed4cf3b27d","block_type":"box","text":"Technology Companies Risk","page_number":63,"box":{"x":550,"y":197,"width":190,"height":11}},{"id":"ca5ff89c-bcfb-43ab-8634-1bf4f937a391","block_type":"box","text":".","page_number":63,"box":{"x":740,"y":204,"width":3,"height":2}},{"id":"a27be3be-f26c-4b7b-b7a3-b4386bb4650e","block_type":"box","text":"Technology companies and","page_number":63,"box":{"x":748,"y":197,"width":172,"height":11}},{"id":"5b8a2cc0-78f3-496a-8974-a2ad9325b135","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":63,"box":{"x":549,"y":211,"width":413,"height":11}},{"id":"497f168b-b6b6-4451-9e6c-baa5f53450f9","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":63,"box":{"x":549,"y":226,"width":414,"height":10}},{"id":"3191c365-8518-405c-af8a-ddb0f1bc9849","block_type":"box","text":"and personnel. These companies typically face intense","page_number":63,"box":{"x":549,"y":240,"width":348,"height":11}},{"id":"92fdffa3-3660-409c-b873-83cdebc55f55","block_type":"box","text":"competition, potentially rapid product obsolescence and changes","page_number":63,"box":{"x":549,"y":254,"width":418,"height":11}},{"id":"17fff25e-861a-4335-9754-55baa9944502","block_type":"box","text":"in product cycles and customer preferences. They may face","page_number":63,"box":{"x":549,"y":268,"width":381,"height":11}},{"id":"0fdec50f-dc9d-4fb3-a924-bb16ec3a69d8","block_type":"box","text":"unexpected risks and costs associated with technological","page_number":63,"box":{"x":549,"y":282,"width":367,"height":11}},{"id":"61d03207-f56e-4a6e-93c7-5e28531bf66f","block_type":"box","text":"developments, such as artificial intelligence and machine learning.","page_number":63,"box":{"x":549,"y":296,"width":424,"height":11}},{"id":"5b24644c-89b1-46d0-bcb8-241bb7aba362","block_type":"box","text":"Technology companies also depend heavily on intellectual","page_number":63,"box":{"x":549,"y":311,"width":368,"height":10}},{"id":"906a1417-ef7a-4d36-b0f3-95f253fa7165","block_type":"box","text":"property rights and may be adversely affected by the loss or","page_number":63,"box":{"x":549,"y":325,"width":384,"height":11}},{"id":"80046ddc-cded-4814-9bb7-5d76cb6c8539","block_type":"box","text":"impairment of those rights. Technology companies may face","page_number":63,"box":{"x":549,"y":339,"width":384,"height":11}},{"id":"acd5da94-8166-4bde-b3b0-289399fa4c44","block_type":"box","text":"increased government scrutiny and may be subject to adverse","page_number":63,"box":{"x":549,"y":353,"width":397,"height":11}},{"id":"04948a00-32f9-437f-986a-89007913b5c0","block_type":"box","text":"government or legal action.","page_number":63,"box":{"x":549,"y":367,"width":174,"height":11}},{"id":"3421492d-7c91-4f38-ae5f-22b550c2c162","block_type":"box","text":"Tracking Error Risk","page_number":63,"box":{"x":550,"y":391,"width":128,"height":10}},{"id":"253483c2-8b7d-4ae1-99d1-e11c11f11520","block_type":"box","text":".","page_number":63,"box":{"x":678,"y":397,"width":3,"height":2}},{"id":"e1ebe539-cb90-47bf-ba7c-70a660a8aa2f","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":63,"box":{"x":686,"y":391,"width":284,"height":10}},{"id":"c732ccfd-8f84-4d5f-89f6-7912ceb6d677","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":63,"box":{"x":549,"y":405,"width":404,"height":11}},{"id":"0c57e050-d88b-4da8-9cc4-6e735c7e8a47","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":63,"box":{"x":549,"y":419,"width":425,"height":11}},{"id":"16a60689-d6a8-4d05-9ac7-6abcead48b43","block_type":"box","text":"factors, including differences between the securities and other","page_number":63,"box":{"x":549,"y":433,"width":401,"height":11}},{"id":"3fdbec18-9205-45ce-8f2a-856de27a02f5","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":63,"box":{"x":549,"y":447,"width":381,"height":11}},{"id":"588d8cfb-a471-4e82-bf63-70e68fb3edf9","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":63,"box":{"x":550,"y":461,"width":396,"height":11}},{"id":"f980b5bc-62d9-4cea-aa48-91ee85d861ed","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":63,"box":{"x":549,"y":476,"width":407,"height":10}},{"id":"0044202d-58c9-4560-a40c-288649d88c7f","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":63,"box":{"x":549,"y":490,"width":400,"height":11}},{"id":"e64f8e79-dd01-496b-ad25-d3b322f76fa5","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":63,"box":{"x":549,"y":504,"width":421,"height":11}},{"id":"3e527099-ffb2-46fa-9e35-bc4160466ef5","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":63,"box":{"x":549,"y":518,"width":374,"height":11}},{"id":"83f2597d-cf22-44e0-9d27-aa8388ba3f50","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":63,"box":{"x":549,"y":532,"width":370,"height":11}},{"id":"954cb2df-d0e6-472f-9a31-6bea8c2f9f70","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":63,"box":{"x":549,"y":547,"width":372,"height":10}},{"id":"3be75c11-ab80-48a4-8295-34f5a986b740","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":63,"box":{"x":549,"y":561,"width":420,"height":11}},{"id":"5580ff82-1618-48ec-b1ff-396efa6633cc","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":63,"box":{"x":549,"y":575,"width":387,"height":11}},{"id":"ac4fed19-3975-4a9f-b2e4-cb720ef1b934","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":63,"box":{"x":549,"y":589,"width":377,"height":11}},{"id":"cedc1a7b-e00a-4784-8d67-d8fafd4ddebb","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":63,"box":{"x":549,"y":603,"width":380,"height":11}},{"id":"d2c77157-708b-4ad2-8d68-e8691ccd8a02","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":63,"box":{"x":549,"y":617,"width":366,"height":11}},{"id":"2ec94dae-6cd5-4fc9-890d-fa86ae92761c","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":63,"box":{"x":549,"y":632,"width":414,"height":10}},{"id":"c438e162-fa90-48aa-84d5-0a7667bed069","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":63,"box":{"x":550,"y":646,"width":386,"height":11}},{"id":"1161c79c-9783-4515-ab97-ac9abc80ca26","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":63,"box":{"x":549,"y":660,"width":414,"height":11}},{"id":"b43902cd-8905-40ef-bc42-35fe9c86cd2a","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":63,"box":{"x":549,"y":674,"width":420,"height":11}},{"id":"e643b0eb-b1eb-42df-83c9-55c334f36337","block_type":"box","text":"unusual market conditions.","page_number":63,"box":{"x":549,"y":688,"width":172,"height":9}},{"id":"b6e1b506-ae98-4c59-8c2f-5d8095e6700b","block_type":"box","text":"S-47","page_number":63,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e232e0f8-642f-44bd-a425-b97f18e06326","block_type":"box","text":"Performance Information","page_number":64,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"00beed35-3ace-417b-b03a-78afa160c57e","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":64,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"e00d69df-1720-42e0-8227-68dd1e46a6a3","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":64,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"6861e82a-8ddf-4e5c-84bf-1035c2a23704","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":64,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"e230c54b-37d0-4851-b381-c42616accbc7","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":64,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"d9c5589f-baba-4261-b52d-36e77dc247c8","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":64,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"9502dd94-2503-4176-aafa-60416ac15168","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":64,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"38e43af0-0807-4ed2-a0d6-370287fb5e4e","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":64,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"6ea104ca-7211-402f-936e-cdc36b1a706e","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":64,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"68bf8b95-820e-46ff-98bb-7361d7ddfe64","block_type":"box","text":"40%","page_number":64,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"e2f69d35-a2a3-4dc4-bf0d-0be0dc605275","block_type":"box","text":"30%","page_number":64,"box":{"x":332,"y":226,"width":21,"height":7}},{"id":"8754e967-6401-498b-aa14-9b939f9a0608","block_type":"box","text":"20%","page_number":64,"box":{"x":332,"y":250,"width":21,"height":7}},{"id":"f6408dd1-fb9d-4a7e-98f8-f870bef9f54f","block_type":"box","text":"10%","page_number":64,"box":{"x":334,"y":275,"width":19,"height":7}},{"id":"7bf0c222-110b-4d2f-a46c-237876a7ddfc","block_type":"box","text":"0%","page_number":64,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"30f0f9de-c9ba-420a-a9b9-36dacd522856","block_type":"box","text":"2","page_number":64,"box":{"x":458,"y":321,"width":6,"height":7}},{"id":"4af1dd3b-1964-484a-90bd-cb801efe2ff1","block_type":"box","text":"0","page_number":64,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"3f326fd7-68f5-4b22-8cda-1660d7f98508","block_type":"box","text":"2","page_number":64,"box":{"x":473,"y":321,"width":5,"height":7}},{"id":"bf07e6d9-f91c-45bf-afcd-9dd157f6d20b","block_type":"box","text":"3","page_number":64,"box":{"x":480,"y":321,"width":5,"height":7}},{"id":"e2c3701f-02bf-438c-aa89-23982445d990","block_type":"box","text":"2","page_number":64,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"de135333-c767-48db-a736-b6e9a4bc10d8","block_type":"box","text":"0","page_number":64,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"2eb6b20e-3b8d-4ef2-aa57-30146ec950de","block_type":"box","text":"2","page_number":64,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"155c2bb8-213e-4e00-8e3b-296cb1e41805","block_type":"box","text":"4","page_number":64,"box":{"x":615,"y":321,"width":6,"height":7}},{"id":"d1c52ffc-9e67-44d2-a503-f1cee849fb4a","block_type":"box","text":"29.79%","page_number":64,"box":{"x":455,"y":219,"width":34,"height":6}},{"id":"eea62a3e-5099-44ae-85bd-5886ce7518cb","block_type":"box","text":"24.49%","page_number":64,"box":{"x":591,"y":231,"width":33,"height":7}},{"id":"202563ed-edb6-47a7-b99a-aaec7027183b","block_type":"box","text":"Return (%) Period Ended","page_number":64,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"2f9ff104-0bc9-4cd0-a53b-8bead7249116","block_type":"box","text":"Calendar Year-to-Date Return","page_number":64,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"afb0a347-d88e-42f5-8fbe-5d81708d8a7d","block_type":"box","text":"11.38% September 30, 2025","page_number":64,"box":{"x":562,"y":366,"width":177,"height":9}},{"id":"eaf15300-5522-49e1-844b-a5eab899dd55","block_type":"box","text":"During the period shown in the chart:","page_number":64,"box":{"x":318,"y":379,"width":232,"height":9}},{"id":"6b171603-ccb1-4d80-a92e-a9fbc8a304d5","block_type":"box","text":"Best Quarter 12.82% December 31, 2023","page_number":64,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"f8f47ea2-3411-4851-80d0-74905b1bd31e","block_type":"box","text":"Worst Quarter -4.34% September 30, 2023","page_number":64,"box":{"x":330,"y":404,"width":409,"height":10}},{"id":"ec479ac4-05b5-4868-bb6e-177aae30f7e8","block_type":"box","text":"Average Annual Total Returns","page_number":64,"box":{"x":425,"y":433,"width":206,"height":11}},{"id":"52614e90-fe5b-400f-b38f-d9b4973c6938","block_type":"box","text":"(for the periods ended December 31, 2024)","page_number":64,"box":{"x":378,"y":447,"width":301,"height":11}},{"id":"d2b9ebcb-7432-41f6-9668-3141dcadc635","block_type":"box","text":"One Year","page_number":64,"box":{"x":789,"y":477,"width":56,"height":7}},{"id":"960559a8-eaaf-4c11-9200-67b335dd3432","block_type":"box","text":"Since Fund","page_number":64,"box":{"x":866,"y":464,"width":67,"height":7}},{"id":"bfd2704d-2220-46b3-9c9b-f8268941210b","block_type":"box","text":"Inception","page_number":64,"box":{"x":871,"y":477,"width":57,"height":9}},{"id":"e0de92f1-3687-4755-b8ed-cac4c085f278","block_type":"box","text":"(Inception Date: 2/8/2022)","page_number":64,"box":{"x":123,"y":495,"width":171,"height":9}},{"id":"58e74aaa-9833-4e8f-9733-c1077bf65c87","block_type":"box","text":"Return Before Taxes","page_number":64,"box":{"x":124,"y":506,"width":112,"height":8}},{"id":"c16fb076-b315-4c7a-a616-3f057c454414","block_type":"box","text":"24.49% 10.39%","page_number":64,"box":{"x":797,"y":506,"width":123,"height":8}},{"id":"0e22e5c7-b688-4fa4-9e79-542ee2904b3c","block_type":"box","text":"Return After Taxes on Distributions","page_number":64,"box":{"x":124,"y":518,"width":197,"height":7}},{"id":"87153326-88b8-4208-abf1-126c37f2c606","block_type":"box","text":"24.15% 10.05%","page_number":64,"box":{"x":800,"y":518,"width":120,"height":7}},{"id":"eb7159ca-06cf-47d7-bd07-e9d26db7e650","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 14.68% 7.99%","page_number":64,"box":{"x":124,"y":529,"width":796,"height":8}},{"id":"6e3c0005-cf97-434d-94aa-70a7c8d94b37","block_type":"box","text":"MSCI USA Index","page_number":64,"box":{"x":124,"y":541,"width":99,"height":8}},{"id":"ffe4cf1e-4a55-4de8-b4f5-3f7cb4594b34","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 25.08% 11.07%","page_number":64,"box":{"x":227,"y":541,"width":693,"height":10}},{"id":"d6077eaa-bc66-4253-af7a-2eb67f38c01f","block_type":"box","text":"MSCI USA Climate Paris Aligned Benchmark Extended Select Index","page_number":64,"box":{"x":124,"y":553,"width":414,"height":9}},{"id":"c65a2c3a-7aca-4475-90bd-09d9a6a041db","block_type":"box","text":"(Returns do not reflect deductions for","page_number":64,"box":{"x":542,"y":553,"width":216,"height":9}},{"id":"4ad61ff6-bf13-4673-8f35-f0b4203a8037","block_type":"box","text":"fees, expenses or taxes)","page_number":64,"box":{"x":136,"y":565,"width":137,"height":10}},{"id":"eb9c5b6b-f30c-4f89-b238-4c18674b28c9","block_type":"box","text":"24.62% 10.47%","page_number":64,"box":{"x":797,"y":566,"width":123,"height":7}},{"id":"9b0d2ccf-7885-407b-9252-13b5689744b9","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":64,"box":{"x":82,"y":596,"width":882,"height":10}},{"id":"dc3480e8-900f-4d3b-a477-2a49e90350fa","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":64,"box":{"x":83,"y":610,"width":871,"height":11}},{"id":"2504d40b-0dfd-4cfc-9085-7ef23a6e7b0a","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":64,"box":{"x":83,"y":624,"width":860,"height":11}},{"id":"0273e8e1-3f81-4fce-a51b-38485273018a","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":64,"box":{"x":83,"y":638,"width":855,"height":11}},{"id":"11e8a347-5174-435c-bdca-6d78eaf32861","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":64,"box":{"x":83,"y":652,"width":883,"height":11}},{"id":"61c13ca9-abf1-4eac-9cf2-697a1084a995","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":64,"box":{"x":82,"y":666,"width":861,"height":11}},{"id":"392e3c10-2505-4129-b561-42794ad63435","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":64,"box":{"x":83,"y":681,"width":359,"height":10}},{"id":"cbb4c1c3-8ab2-41cc-951d-b0faf5aacdf7","block_type":"box","text":"S-48","page_number":64,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"9d9c5930-5e30-46ff-8ef8-8d4bbf8cedb9","block_type":"box","text":"Management","page_number":65,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"9be1efc9-748e-48c3-bd7f-1a2ff9b398f8","block_type":"box","text":"Investment Adviser.","page_number":65,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"a42cd9f9-d940-4343-87b2-f03e43b630b3","block_type":"box","text":"BlackRock Fund Advisors.","page_number":65,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"28a0005a-b91c-4afb-8251-07c19f33de8a","block_type":"box","text":"Portfolio Managers.","page_number":65,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"3e2cf0fd-9eff-4e4d-96a7-e359cd821713","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":65,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"ab972333-31cf-4bc2-94a3-e572cd8c76d3","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":65,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"b65b9afb-e085-431c-bf96-249f08250e3d","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":65,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"973f2285-756d-4c4c-b6ec-25c3e65cddbb","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":65,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"fcb9feba-2eff-4ac0-8aa1-382e04007377","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2022. Mr.","page_number":65,"box":{"x":84,"y":128,"width":399,"height":10}},{"id":"c5435497-2d9d-441b-8a7e-49892bf39573","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":65,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"f71ea6b3-6982-436f-af07-923e78040318","block_type":"box","text":"Managers of the Fund since 2025.","page_number":65,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"1df568cc-556d-4b0b-8bf2-38113d2d1062","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":65,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"1f0627cd-636e-4ee7-be11-a70bb8c25e45","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":65,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"3306ec25-2a39-4aeb-89e2-f3d339f18a92","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":65,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"1692621a-8712-4771-a37f-839288f00430","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":65,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"4dd68a76-c7cc-406a-a3bd-adf597d8ba4d","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":65,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"77d0c831-9c27-4035-a717-3d2038cdac3a","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":65,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"84241b72-301d-4066-b908-3d62e1f90adc","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":65,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"c0fd29e3-09f7-4e27-bd71-b22415485254","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":65,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"1383b178-0b3a-4d8d-9ff6-6740ac23976b","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":65,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"755f9355-35e5-48fa-8386-a04ffcfa599b","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":65,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"c04a8249-1db0-4d6b-bc81-6a08ffbf2efe","block_type":"box","text":"Tax Information","page_number":65,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"333115fe-7927-4c36-96d0-2be83d33e965","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":65,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"c98c7d06-a58d-44ec-bd97-d2e22f57e143","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":65,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"9b0a4e41-e597-4e10-b096-f83781ad7d82","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":65,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"f67d2db8-eeac-4c96-9889-6f329faa627c","block_type":"box","text":"individual retirement account (“IRA”), in which case, your","page_number":65,"box":{"x":549,"y":90,"width":364,"height":11}},{"id":"254a2ece-faf7-4e6d-afb1-3248c5118068","block_type":"box","text":"distributions generally will be taxed when withdrawn.","page_number":65,"box":{"x":549,"y":104,"width":337,"height":11}},{"id":"3ed58aa9-1a68-4d1a-a958-f15481fbcb90","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":65,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"1637106f-2aec-4eba-871c-7b3b033ab92f","block_type":"box","text":"Intermediaries","page_number":65,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"8434ad5c-4085-48b5-bebb-f3ba7824f3eb","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":65,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"c64e4a47-2fd2-4043-b16c-ac4a067f56aa","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":65,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"bb441d60-4755-4965-9b2e-f81a54e6fef8","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":65,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"7ce02c6f-b622-414d-bcb5-010504e10875","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":65,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"c0cab553-01e6-4f2e-859f-8f6b00b9f46c","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":65,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"58509fd6-d15a-4cbf-8f9a-2d776821c179","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":65,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"142fedd5-1ea6-46e8-bc1f-768571182033","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":65,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"8c621d91-a230-490f-9fec-fb756dbc4236","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":65,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"24317d32-0bc7-4797-b081-30a133f1b531","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":65,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"dc086f86-d373-48b3-9e2d-87ade677cff5","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":65,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"e16cff61-7e9f-458a-b418-682ed903e453","block_type":"box","text":"information.","page_number":65,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"a0771909-ed50-4ad2-b112-0b52ff0ccc36","block_type":"box","text":"S-49","page_number":65,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"00701562-0d7f-4388-99d5-551c3882b4da","block_type":"box","text":"More Information About the Funds","page_number":66,"box":{"x":78,"y":22,"width":340,"height":14}},{"id":"cea98858-e455-4949-958b-0ab32b432e98","block_type":"box","text":"This Prospectus contains important information about investing in the Funds listed below. Please read this Prospectus carefully before you","page_number":66,"box":{"x":76,"y":51,"width":885,"height":11}},{"id":"53dacb64-6251-4f57-8a25-e44586ad0454","block_type":"box","text":"make any investment decisions. Additional information regarding the Funds as well as other funds that are series of iShares Trust, iShares","page_number":66,"box":{"x":76,"y":66,"width":882,"height":11}},{"id":"610dcc2f-1e83-47e5-8c65-5342df930500","block_type":"box","text":"U.S. ETF Trust or iShares, Inc. (each, a “Fund”) is available at www.iShares.com.","page_number":66,"box":{"x":77,"y":80,"width":508,"height":11}},{"id":"5ac04a32-3f98-400e-845e-4f3cae5abb55","block_type":"box","text":"Each Fund’s investment objective and its Underlying Index may be changed without shareholder approval.","page_number":66,"box":{"x":77,"y":103,"width":675,"height":11}},{"id":"0826aab0-64b9-4f87-8db0-c6dbbe719179","block_type":"box","text":"Fund Underlying Index Investment Objective","page_number":66,"box":{"x":87,"y":134,"width":602,"height":11}},{"id":"e1ac8605-dd7d-4b07-99f2-eb2424c4d3b7","block_type":"box","text":"iShares Climate Conscious &","page_number":66,"box":{"x":87,"y":152,"width":183,"height":9}},{"id":"271633f2-144f-4fff-af94-2a1e7b625c00","block_type":"box","text":"Transition MSCI USA ETF","page_number":66,"box":{"x":86,"y":167,"width":160,"height":8}},{"id":"172a82d3-c4f2-42c9-9646-9dfc891809e9","block_type":"box","text":"MSCI USA Extended Climate","page_number":66,"box":{"x":314,"y":152,"width":182,"height":9}},{"id":"73a6c121-a92e-4398-8b32-53b5c5b2bfd5","block_type":"box","text":"Action Index","page_number":66,"box":{"x":313,"y":167,"width":79,"height":8}},{"id":"f836dd98-05d6-436f-ab3c-b24b78494a03","block_type":"box","text":"The iShares Climate Conscious & Transition MSCI USA ETF seeks","page_number":66,"box":{"x":539,"y":152,"width":416,"height":9}},{"id":"974b39fd-23f4-4abe-b001-f2c12e04eaf9","block_type":"box","text":"to track the investment results of an index composed of U.S. large","page_number":66,"box":{"x":539,"y":167,"width":430,"height":10}},{"id":"2ceac070-e8ea-4ec7-8b1f-0ad4cbe7a733","block_type":"box","text":"and mid-capitalization companies based on their positioning,","page_number":66,"box":{"x":540,"y":181,"width":388,"height":11}},{"id":"5517e411-6bbc-4e40-b0c1-d3cbfc0484a2","block_type":"box","text":"relative to their sector peers, with respect to the transition to a","page_number":66,"box":{"x":540,"y":195,"width":402,"height":11}},{"id":"b9ba4497-d57e-4ba1-8feb-837a8e4ffd9a","block_type":"box","text":"low-carbon economy, as determined by the Index Provider, based","page_number":66,"box":{"x":540,"y":209,"width":418,"height":11}},{"id":"ae60caa6-8683-4d77-b812-cf1a9fa2f198","block_type":"box","text":"primarily on current emissions intensity, emissions reduction","page_number":66,"box":{"x":540,"y":223,"width":389,"height":11}},{"id":"b7d4e42e-c439-4c15-ae6c-06367397b986","block_type":"box","text":"targets, green business revenue, and/or climate risk management.","page_number":66,"box":{"x":539,"y":237,"width":429,"height":11}},{"id":"be44dc1d-c90d-47d7-ad94-7cb2325817fd","block_type":"box","text":"iShares ESG Advanced MSCI","page_number":66,"box":{"x":87,"y":256,"width":183,"height":8}},{"id":"797a7a17-7b58-4759-9fc9-7c47e6e0bf94","block_type":"box","text":"USA ETF","page_number":66,"box":{"x":87,"y":270,"width":54,"height":8}},{"id":"00fd333f-3063-407d-aa6a-dc659583da9f","block_type":"box","text":"MSCI USA Choice ESG Screened","page_number":66,"box":{"x":314,"y":256,"width":209,"height":8}},{"id":"60522f17-f7f0-40d2-b143-88ab85d47db9","block_type":"box","text":"Index","page_number":66,"box":{"x":314,"y":270,"width":33,"height":8}},{"id":"c2f1f58d-4586-45ed-bfef-3c64c76c8ab9","block_type":"box","text":"The iShares ESG Advanced MSCI USA ETF seeks to track the","page_number":66,"box":{"x":539,"y":256,"width":389,"height":8}},{"id":"14ad371c-9082-439a-9053-7d69687eafd9","block_type":"box","text":"investment results of an index composed of large- and mid","page_number":66,"box":{"x":540,"y":270,"width":380,"height":11}},{"id":"7931a4c5-c379-4501-8c48-74b0c50b38be","block_type":"box","text":"capitalization U.S. companies that have a favorable environmental,","page_number":66,"box":{"x":540,"y":284,"width":426,"height":11}},{"id":"0a9be68f-0f88-406a-abbf-3755741e1d95","block_type":"box","text":"social and governance rating while applying extensive screens for","page_number":66,"box":{"x":540,"y":298,"width":419,"height":11}},{"id":"9fb95a17-2af6-4597-89d4-252ed83985b3","block_type":"box","text":"company involvement in controversial activities.","page_number":66,"box":{"x":540,"y":312,"width":307,"height":11}},{"id":"ad4e51b3-9e6c-4a29-bfda-d7aef1a2f29c","block_type":"box","text":"iShares ESG Aware MSCI USA","page_number":66,"box":{"x":87,"y":330,"width":193,"height":9}},{"id":"957a0b33-d1f8-4183-96e6-767a138db3cf","block_type":"box","text":"ETF","page_number":66,"box":{"x":87,"y":345,"width":22,"height":8}},{"id":"6be5a61a-0e73-4b3c-94fe-d60928c07311","block_type":"box","text":"MSCI USA Extended ESG Focus","page_number":66,"box":{"x":314,"y":330,"width":202,"height":9}},{"id":"9c985261-3033-4c68-80a4-75d6517f9c88","block_type":"box","text":"Index","page_number":66,"box":{"x":314,"y":345,"width":33,"height":8}},{"id":"59b2d537-b92c-45dd-b9d5-96b380bf2ef9","block_type":"box","text":"The iShares ESG Aware MSCI USA ETF seeks to track the","page_number":66,"box":{"x":539,"y":330,"width":367,"height":9}},{"id":"ef19cd7c-c66a-4081-9be4-f0db0f02084c","block_type":"box","text":"investment results of an index composed of U.S. companies that","page_number":66,"box":{"x":540,"y":344,"width":413,"height":11}},{"id":"e858fcca-958a-4154-af6e-f08e3224dfe8","block_type":"box","text":"have positive environmental, social and governance characteristics","page_number":66,"box":{"x":540,"y":359,"width":428,"height":10}},{"id":"2a097f22-2a3a-4cac-924f-c340a0109739","block_type":"box","text":"as identified by the index provider while exhibiting risk and return","page_number":66,"box":{"x":540,"y":373,"width":417,"height":11}},{"id":"08363b75-0eba-4407-9373-f1b1918f3ce3","block_type":"box","text":"characteristics similar to those of the parent index.","page_number":66,"box":{"x":540,"y":387,"width":325,"height":11}},{"id":"d471be34-1dc8-499d-86cb-5a3bdfe03ae6","block_type":"box","text":"iShares ESG Aware MSCI USA","page_number":66,"box":{"x":87,"y":405,"width":193,"height":9}},{"id":"e53d8825-f6b2-4be0-8835-c9e82f819973","block_type":"box","text":"Growth ETF","page_number":66,"box":{"x":87,"y":419,"width":73,"height":9}},{"id":"e5223285-8aa8-4302-838b-8eefff4e1c80","block_type":"box","text":"MSCI USA Growth Extended ESG","page_number":66,"box":{"x":314,"y":405,"width":210,"height":9}},{"id":"7357d5bf-ccb3-414a-8526-b0b8b06f526e","block_type":"box","text":"Focus Index","page_number":66,"box":{"x":314,"y":419,"width":75,"height":9}},{"id":"7a2ae654-dff4-400f-b924-f1c0dd0f97a5","block_type":"box","text":"The iShares ESG Aware MSCI USA Growth ETF seeks to track the","page_number":66,"box":{"x":539,"y":405,"width":417,"height":9}},{"id":"0c4766e5-b03e-42bf-b764-26fe06ea73bf","block_type":"box","text":"investment results of an index composed of U.S. large- and mid","page_number":66,"box":{"x":540,"y":419,"width":410,"height":11}},{"id":"4cf452a3-f07a-4339-ac2c-559f9c609655","block_type":"box","text":"capitalization equities that exhibit growth characteristics as well as","page_number":66,"box":{"x":540,"y":433,"width":428,"height":11}},{"id":"f81e0730-8401-48c8-8791-bf505552c544","block_type":"box","text":"positive environmental, social and governance characteristics, as","page_number":66,"box":{"x":540,"y":448,"width":416,"height":10}},{"id":"0fc98f90-1300-4d91-83d9-40d2abe32b48","block_type":"box","text":"identified by the index provider, and risk and return characteristics","page_number":66,"box":{"x":540,"y":462,"width":425,"height":11}},{"id":"866b5063-aef0-427d-a855-3b1e9437a8d2","block_type":"box","text":"similar to those of the parent index.","page_number":66,"box":{"x":540,"y":476,"width":227,"height":11}},{"id":"ad1bac8e-ac95-4e02-803a-5d777ae8b1d1","block_type":"box","text":"iShares ESG Aware MSCI USA","page_number":66,"box":{"x":87,"y":494,"width":193,"height":8}},{"id":"a74b255c-a228-4b42-8ebf-459daacb0e42","block_type":"box","text":"Small-Cap ETF","page_number":66,"box":{"x":87,"y":508,"width":92,"height":11}},{"id":"aecdda4f-7039-4865-9cdf-8aee20a49dc3","block_type":"box","text":"MSCI USA Small Cap Extended","page_number":66,"box":{"x":314,"y":494,"width":197,"height":11}},{"id":"a7d633d4-118a-45c6-a922-1192653b6567","block_type":"box","text":"ESG Focus Index","page_number":66,"box":{"x":314,"y":508,"width":106,"height":9}},{"id":"aef09a36-ca5c-4d4a-a415-adcba8f188c9","block_type":"box","text":"The iShares ESG Aware MSCI USA Small-Cap ETF seeks to track","page_number":66,"box":{"x":539,"y":494,"width":412,"height":11}},{"id":"4a6f8c9a-346f-4850-bd71-5ca440434ed1","block_type":"box","text":"the investment results of an optimized index designed to produce","page_number":66,"box":{"x":539,"y":508,"width":419,"height":11}},{"id":"9e9c5d8d-1584-44c9-9761-04b718e3170f","block_type":"box","text":"investment results comparable to a capitalization weighted index of","page_number":66,"box":{"x":540,"y":522,"width":432,"height":11}},{"id":"a8a2be17-e9f6-40fa-86a1-c44b4505102e","block_type":"box","text":"small-capitalization U.S. companies, while reflecting a higher","page_number":66,"box":{"x":540,"y":537,"width":389,"height":10}},{"id":"07d515ce-4c71-42fe-966f-51db5f7171ce","block_type":"box","text":"allocation to those companies with favorable environmental, social","page_number":66,"box":{"x":540,"y":551,"width":426,"height":10}},{"id":"b9b218c4-6254-423e-85f2-f51323497adf","block_type":"box","text":"and governance (“ESG”) profiles (as determined by the index","page_number":66,"box":{"x":540,"y":565,"width":388,"height":11}},{"id":"1b469a4b-7dbb-4de8-a777-00eeb127a1cf","block_type":"box","text":"provider).","page_number":66,"box":{"x":540,"y":579,"width":60,"height":11}},{"id":"f7ffce63-4cbe-489f-95c0-7a90ec865582","block_type":"box","text":"iShares ESG Aware MSCI USA","page_number":66,"box":{"x":87,"y":597,"width":193,"height":9}},{"id":"6a63177e-497b-44b4-8683-4deca7abfcd1","block_type":"box","text":"Value ETF","page_number":66,"box":{"x":86,"y":611,"width":62,"height":9}},{"id":"f01b7cda-04a3-4e0f-94d9-25668db39ac0","block_type":"box","text":"MSCI USA Value Extended ESG","page_number":66,"box":{"x":314,"y":597,"width":198,"height":9}},{"id":"9a374587-e9bd-4a8f-b921-d41afbabe74a","block_type":"box","text":"Focus Index","page_number":66,"box":{"x":314,"y":611,"width":75,"height":9}},{"id":"50ff8391-a83f-4bd7-8420-85fb92107bcd","block_type":"box","text":"The iShares ESG Aware MSCI USA Value ETF seeks to track the","page_number":66,"box":{"x":539,"y":597,"width":406,"height":9}},{"id":"5f99276e-865d-4bee-bd75-c0a5dd4aa895","block_type":"box","text":"investment results of an index composed of U.S. large- and mid","page_number":66,"box":{"x":540,"y":611,"width":410,"height":11}},{"id":"325edbac-d41b-48c0-90d9-f654529e0167","block_type":"box","text":"capitalization equities that exhibit value characteristics as well as","page_number":66,"box":{"x":540,"y":626,"width":417,"height":10}},{"id":"07a4176c-6346-4ef6-b344-a93e08bd1f1c","block_type":"box","text":"positive environmental, social and governance characteristics, as","page_number":66,"box":{"x":540,"y":640,"width":416,"height":11}},{"id":"6805febb-9d43-4aa1-aafc-79c8301f07f0","block_type":"box","text":"identified by the index provider, and risk and return characteristics","page_number":66,"box":{"x":540,"y":654,"width":425,"height":11}},{"id":"b905b380-c5ff-413a-a880-8781047ac68f","block_type":"box","text":"similar to those of the parent index.","page_number":66,"box":{"x":540,"y":668,"width":227,"height":11}},{"id":"15bbd763-520b-420d-bddc-81b2217107e8","block_type":"box","text":"iShares ESG MSCI USA Leaders","page_number":66,"box":{"x":87,"y":686,"width":203,"height":9}},{"id":"4634de41-f0bf-4d7c-9b3d-a13bcf221271","block_type":"box","text":"ETF","page_number":66,"box":{"x":87,"y":700,"width":22,"height":9}},{"id":"e2775ef0-5145-4662-81d8-11aeabe2bd4e","block_type":"box","text":"MSCI USA Extended ESG","page_number":66,"box":{"x":314,"y":686,"width":159,"height":9}},{"id":"6256a977-5b21-4a31-8cf5-cca086f6d6a3","block_type":"box","text":"Leaders Index","page_number":66,"box":{"x":314,"y":700,"width":88,"height":9}},{"id":"079330e7-2217-45a7-9972-19a367bf619e","block_type":"box","text":"The iShares ESG MSCI USA Leaders ETF seeks to track the","page_number":66,"box":{"x":539,"y":686,"width":378,"height":9}},{"id":"4f851f94-e94f-45a2-a44b-2ba8d899ff37","block_type":"box","text":"investment results of an index composed of U.S. large- and mid","page_number":66,"box":{"x":540,"y":700,"width":410,"height":11}},{"id":"452cc9b4-7bdf-4cf2-9492-3540a3c65ec5","block_type":"box","text":"capitalization stocks of companies with high environmental, social,","page_number":66,"box":{"x":540,"y":714,"width":426,"height":11}},{"id":"35e39d22-cddc-4b7f-bbc1-9b5fd0b3a309","block_type":"box","text":"and governance performance relative to their sector peers as","page_number":66,"box":{"x":540,"y":729,"width":392,"height":10}},{"id":"50e5f661-afaf-41e7-9c94-f87ed8fd29ea","block_type":"box","text":"determined by the index provider.","page_number":66,"box":{"x":540,"y":743,"width":214,"height":11}},{"id":"99256185-9fd1-4e22-b93d-04f8eb4789e9","block_type":"box","text":"iShares Paris-Aligned Climate","page_number":66,"box":{"x":87,"y":761,"width":187,"height":11}},{"id":"2f814f1d-d10a-4eeb-be10-e4ed6327f6b2","block_type":"box","text":"Optimized MSCI USA ETF","page_number":66,"box":{"x":87,"y":775,"width":162,"height":11}},{"id":"03d0b2c9-2718-4f03-98d6-33d442a51113","block_type":"box","text":"1","page_number":66,"box":{"x":252,"y":774,"width":2,"height":5}},{"id":"82d41efb-b9c8-48e9-b48b-db1c7c0c96af","block_type":"box","text":"MSCI USA Climate Paris Aligned","page_number":66,"box":{"x":314,"y":761,"width":205,"height":11}},{"id":"b00b91c0-1a11-4c0c-a9ac-5a9e6b632234","block_type":"box","text":"Benchmark Extended Select","page_number":66,"box":{"x":314,"y":775,"width":179,"height":9}},{"id":"2ce95a76-5153-40a1-a059-7d5f7a1ba56b","block_type":"box","text":"Index","page_number":66,"box":{"x":314,"y":789,"width":33,"height":9}},{"id":"3a425c98-3516-467e-8e0c-098cde5d0769","block_type":"box","text":"The iShares Paris-Aligned Climate Optimized MSCI USA ETF seeks","page_number":66,"box":{"x":539,"y":761,"width":423,"height":11}},{"id":"7f8dc5dc-590e-432d-a628-92c6f55b6eb7","block_type":"box","text":"to track the investment results of an index composed of U.S. large","page_number":66,"box":{"x":539,"y":775,"width":430,"height":11}},{"id":"f7a030ae-3600-4f57-aec0-0e47f8bc5178","block_type":"box","text":"and mid-capitalization stocks that is designed to be compatible","page_number":66,"box":{"x":540,"y":789,"width":403,"height":11}},{"id":"7a29872c-feea-49d9-b58e-ab4e1a20dfe6","block_type":"box","text":"with the objectives of the Paris Agreement by, in aggregate,","page_number":66,"box":{"x":539,"y":803,"width":381,"height":11}},{"id":"5ec47c39-410b-4517-ac12-a3cdc1e1e833","block_type":"box","text":"following a decarbonization trajectory, reducing exposure to","page_number":66,"box":{"x":539,"y":818,"width":385,"height":10}},{"id":"6329c9c3-86e5-4bb9-82c0-ee5531ec2f90","block_type":"box","text":"climate-related transition and physical risks and increasing","page_number":66,"box":{"x":540,"y":832,"width":376,"height":11}},{"id":"9e320c9c-c662-4115-b374-c563991a614a","block_type":"box","text":"exposure to companies favorably positioned for the transition to a","page_number":66,"box":{"x":540,"y":846,"width":421,"height":11}},{"id":"47e7f3c8-2e05-4685-be04-b42839146c81","block_type":"box","text":"low-carbon economy.","page_number":66,"box":{"x":540,"y":860,"width":136,"height":11}},{"id":"c5b5c713-fa61-4914-ad74-2fa4d5500fa8","block_type":"box","text":"1","page_number":66,"box":{"x":527,"y":921,"width":3,"height":8}},{"id":"42c69d6b-0264-4146-9abf-eed7d7e541de","block_type":"box","text":"1","page_number":67,"box":{"x":105,"y":23,"width":2,"height":4}},{"id":"4f2ddbb5-a57e-4d57-a38b-6442c1340579","block_type":"box","text":"On June 2, 2025, the name of the Fund changed from the iShares Paris-Aligned Climate MSCI USA ETF to the iShares Paris-Aligned Climate Optimized","page_number":67,"box":{"x":116,"y":24,"width":853,"height":10}},{"id":"a23445b2-6772-4990-8f69-6048cfe7f881","block_type":"box","text":"MSCI USA ETF.","page_number":67,"box":{"x":117,"y":34,"width":85,"height":8}},{"id":"9840018a-12d2-423d-8f9b-c0ab8dc7a122","block_type":"box","text":"ETFs are funds that trade like other publicly traded securities. Shares of each Fund are listed on a national securities exchange and trade in","page_number":67,"box":{"x":77,"y":54,"width":889,"height":11}},{"id":"b357ec08-df49-46f8-9d83-20274a1828c9","block_type":"box","text":"the secondary market at market prices that change throughout the day. The market price for a share of a Fund may be different from the","page_number":67,"box":{"x":76,"y":68,"width":873,"height":11}},{"id":"f37bc7a1-6ae2-43b7-bfc8-a109da7866bc","block_type":"box","text":"Fund’s most recent NAV.","page_number":67,"box":{"x":77,"y":82,"width":155,"height":9}},{"id":"064a4a33-f026-4f2d-acf5-c4556f80d2ef","block_type":"box","text":"Each Fund invests in a particular segment of the markets for securities and other instruments (as applicable) and is designed to be used as","page_number":67,"box":{"x":77,"y":106,"width":887,"height":10}},{"id":"58400936-6372-496e-b9a3-cb5432e29d20","block_type":"box","text":"part of broader asset allocation strategies. Accordingly, an investment in a Fund should not constitute a complete investment program. An","page_number":67,"box":{"x":76,"y":120,"width":885,"height":11}},{"id":"9aeef4a1-15a4-4b46-be81-303bdde06d49","block_type":"box","text":"investment in a Fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other","page_number":67,"box":{"x":76,"y":134,"width":863,"height":11}},{"id":"d92b8cb7-61f6-4002-81f4-072b8617c4ad","block_type":"box","text":"government agency, BFA or any of BFA’s affiliates.","page_number":67,"box":{"x":76,"y":148,"width":318,"height":11}},{"id":"5e974085-5585-4601-9535-99c8ba15d95c","block_type":"box","text":"Index Funds","page_number":67,"box":{"x":77,"y":171,"width":83,"height":9}},{"id":"8e756b60-1f4a-4840-bd26-51949c7f3326","block_type":"box","text":"A share of a Fund represents an ownership interest in an underlying portfolio of securities and other instruments (as applicable) that is","page_number":67,"box":{"x":76,"y":195,"width":861,"height":10}},{"id":"19c37241-2cfb-4144-9ea3-4045c3519ea3","block_type":"box","text":"intended to track the Fund’s Underlying Index. An index is a financial calculation, based on a grouping of financial instruments, and is not an","page_number":67,"box":{"x":76,"y":209,"width":894,"height":11}},{"id":"279a643e-d373-4576-84ef-bf5c0fdb506b","block_type":"box","text":"investment product, while each Fund is an actual investment portfolio. The performance of a Fund and that of its Underlying Index may vary","page_number":67,"box":{"x":76,"y":223,"width":893,"height":11}},{"id":"8993f6ec-eb9a-468a-bdcd-f4bfaced8652","block_type":"box","text":"for a number of reasons, including transaction costs, asset or currency valuations, corporate actions, timing variances and differences","page_number":67,"box":{"x":76,"y":237,"width":859,"height":11}},{"id":"24cae1bb-44c4-4a31-9705-50ef684fc456","block_type":"box","text":"between the composition of a Fund’s portfolio and that of the Underlying Index resulting from the Fund’s use of representative sampling or","page_number":67,"box":{"x":76,"y":251,"width":887,"height":11}},{"id":"da8e29c1-7579-406c-8716-86ecdaee5bf6","block_type":"box","text":"from legal restrictions (such as diversification requirements) that apply to the Fund but not to its Underlying Index.","page_number":67,"box":{"x":76,"y":265,"width":732,"height":11}},{"id":"e996b5be-5245-4e10-9381-e4d426d87e65","block_type":"box","text":"From time to time, the provider of the Underlying Index (“Index Provider”) may make changes to the index methodology or other adjustments","page_number":67,"box":{"x":77,"y":289,"width":901,"height":11}},{"id":"6dfd0da3-7ac6-421e-9a18-20edddfa25c3","block_type":"box","text":"to a Fund’s Underlying Index. Unless otherwise determined by BFA, any such change will be reflected in the calculation of the Underlying","page_number":67,"box":{"x":76,"y":303,"width":873,"height":11}},{"id":"eb829603-bed6-4ff2-8dd9-e276d8bbfc61","block_type":"box","text":"Index’s performance on a going-forward basis after the effective date of such change. Therefore, the performance of the Underlying Index","page_number":67,"box":{"x":77,"y":317,"width":881,"height":11}},{"id":"a3cd345a-34bf-4d36-99e3-819c243982fa","block_type":"box","text":"that is shown for periods prior to the effective date of any such change generally will not be recalculated or restated to reflect the change.","page_number":67,"box":{"x":76,"y":331,"width":883,"height":11}},{"id":"68c4a325-f401-4e3c-95aa-fb1002575a61","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Funds. “Representative sampling” is an indexing strategy that involves","page_number":67,"box":{"x":77,"y":354,"width":890,"height":11}},{"id":"32d9440d-4be4-409d-b087-9178b6c6fb18","block_type":"box","text":"investing in a representative sample of securities or other instruments that collectively has an investment profile similar to that of an","page_number":67,"box":{"x":76,"y":369,"width":848,"height":10}},{"id":"acbdf1aa-2bf2-4192-a8df-a4642ba394b5","block_type":"box","text":"applicable underlying index. Because the Funds use representative sampling, they can be expected to have a larger tracking error than if they","page_number":67,"box":{"x":76,"y":383,"width":905,"height":11}},{"id":"f059a6dc-6e0e-4909-bd6a-b635e5c865e1","block_type":"box","text":"used a replication indexing strategy. “Replication” is an indexing strategy in which a fund invests in substantially all of the components of its","page_number":67,"box":{"x":77,"y":397,"width":894,"height":11}},{"id":"e47df087-7174-42ba-87b8-160875caa327","block_type":"box","text":"underlying index in approximately the same proportions as in the underlying index.","page_number":67,"box":{"x":77,"y":411,"width":526,"height":11}},{"id":"5bfc5a42-2d02-4bf8-a1fd-b270b8d2a2a9","block_type":"box","text":"Additional Index Information – iShares Climate Conscious & Transition MSCI USA ETF","page_number":67,"box":{"x":76,"y":434,"width":596,"height":9}},{"id":"d7533dfb-fadc-4827-b49e-5eefe7a203cc","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index, which was developed by the Index Provider. The Underlying Index is","page_number":67,"box":{"x":76,"y":458,"width":891,"height":10}},{"id":"3d7119ae-fd30-4cad-bf12-a610a71e1a41","block_type":"box","text":"composed of U.S. large- and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the","page_number":67,"box":{"x":76,"y":472,"width":861,"height":11}},{"id":"3a9a2bb8-cc2b-467e-b3f1-834e5803cc08","block_type":"box","text":"transition to a low-carbon economy, as determined by MSCI. The Index Provider uses data provided by MSCI Solutions LLC and other","page_number":67,"box":{"x":76,"y":486,"width":853,"height":11}},{"id":"4900629a-8b8d-4422-a423-87a8c2ed5b85","block_type":"box","text":"sources to assess companies for eligibility for inclusion in the Underlying Index and to rank and select securities based primarily on current","page_number":67,"box":{"x":76,"y":500,"width":890,"height":11}},{"id":"12e25cd5-4408-4ac8-983b-a627d93eee78","block_type":"box","text":"emissions intensity, emissions reduction targets, green revenue, and/or climate risk management.","page_number":67,"box":{"x":76,"y":514,"width":632,"height":11}},{"id":"0019375b-a545-45d2-b843-f800e1f5189a","block_type":"box","text":"The Underlying Index seeks to reflect the overall sector composition of the Parent Index by including approximately 50% of the companies","page_number":67,"box":{"x":76,"y":537,"width":881,"height":11}},{"id":"6a8e82cf-fe59-4273-8a43-c88584ea190c","block_type":"box","text":"from each GICS sector in the Parent Index. The Parent Index is a float-adjusted market capitalization weighted index designed to measure the","page_number":67,"box":{"x":76,"y":552,"width":905,"height":11}},{"id":"d35a753d-4eae-4206-b4ec-2dea24817322","block_type":"box","text":"performance of the large- and mid-capitalization companies in the U.S. market, irrespective of their climate impact. As a result, the","page_number":67,"box":{"x":76,"y":566,"width":838,"height":11}},{"id":"1f488de3-6f6c-4da1-b02b-97841579a544","block_type":"box","text":"Underlying Index will include constituents from a broad range of sectors in the U.S. market, including sectors that have more climate impact","page_number":67,"box":{"x":77,"y":580,"width":896,"height":11}},{"id":"e0871ecf-9b7f-4a16-b5dc-acc6f0c20192","block_type":"box","text":"than other sectors.","page_number":67,"box":{"x":76,"y":594,"width":121,"height":9}},{"id":"5071fc75-8739-4062-8c23-b5d185c45e33","block_type":"box","text":"In constructing the Underlying Index, the Index Provider begins with the constituent universe of the Parent Index and applies several types of","page_number":67,"box":{"x":77,"y":617,"width":899,"height":11}},{"id":"69e01174-12a7-41cd-ac0e-2b7ca699d0bf","block_type":"box","text":"exclusionary screens, as described below.","page_number":67,"box":{"x":76,"y":632,"width":268,"height":10}},{"id":"392e8aad-5872-4b25-a497-391ff6a4a70c","block_type":"box","text":"The Index Provider excludes the securities of issuers that it identifies as being involved in any of the business activities summarized below","page_number":67,"box":{"x":76,"y":655,"width":882,"height":11}},{"id":"8e352e08-2001-4cee-b2ba-654838908789","block_type":"box","text":"(“business involvement screens”):","page_number":67,"box":{"x":77,"y":669,"width":215,"height":11}},{"id":"cd5589f3-bdfa-4e48-9a96-08d9ad670bc4","block_type":"box","text":"Companies that are classified as a “producer” of tobacco and companies that derive 5% or more aggregate revenue from the","page_number":67,"box":{"x":113,"y":687,"width":796,"height":11}},{"id":"c37086d8-adfb-415a-a540-862ab3e84409","block_type":"box","text":"production, distribution, retail, supply, and licensing of tobacco-related products.","page_number":67,"box":{"x":113,"y":701,"width":518,"height":11}},{"id":"f0fe3b3e-a324-438e-a241-f1e804303715","block_type":"box","text":"Companies with any tie to controversial weapons, which are defined by the Index Provider as cluster munitions, landmines, biological","page_number":67,"box":{"x":113,"y":719,"width":850,"height":11}},{"id":"b6a6cae3-eaf6-4357-9064-452cad5a4032","block_type":"box","text":"and chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons and non- detectable fragments.","page_number":67,"box":{"x":113,"y":733,"width":821,"height":11}},{"id":"bc110269-8f51-4b6f-b5a0-6bb87cd0abea","block_type":"box","text":"Companies deriving 1% or more revenue (reported or estimated) from the mining of thermal coal (including lignite, bituminous,","page_number":67,"box":{"x":113,"y":751,"width":809,"height":11}},{"id":"dce4226f-8ab4-4690-93d2-e830ed3bfc6c","block_type":"box","text":"anthracite and steam coal) and its sale to external parties. It excludes revenue from metallurgical coal, coal mined for internal power","page_number":67,"box":{"x":113,"y":766,"width":849,"height":11}},{"id":"0387c3ca-f9bd-4cc9-a5f8-517684066aca","block_type":"box","text":"generation, intra-company sales of mined thermal coal and revenue from coal trading (reported or estimated).","page_number":67,"box":{"x":113,"y":780,"width":703,"height":11}},{"id":"b393592f-7853-4f57-954d-a1c3b71152ec","block_type":"box","text":"Companies that own oil sands reserves, disclose evidence of deriving revenue from oil sands extraction and derive 5% or more revenue","page_number":67,"box":{"x":113,"y":798,"width":864,"height":11}},{"id":"28d5175e-a77a-49bd-afa3-15dc71ea8673","block_type":"box","text":"from such extraction. Companies that derive revenue from non-extraction activities (","page_number":67,"box":{"x":113,"y":812,"width":542,"height":11}},{"id":"a1ae7582-c57a-472d-8fe3-96747e4b152c","block_type":"box","text":"e.g.","page_number":67,"box":{"x":656,"y":814,"width":21,"height":9}},{"id":"73867c2a-7207-4bf0-a204-a1e36b8d2267","block_type":"box","text":", exploration, surveying, processing, refining)","page_number":67,"box":{"x":679,"y":812,"width":286,"height":11}},{"id":"9687a282-ae12-4bd8-aa2d-09a8e69f34a2","block_type":"box","text":"or intra-company sales are not excluded. Additionally, companies that own oil sands reserves with no associated revenue are not","page_number":67,"box":{"x":113,"y":826,"width":826,"height":11}},{"id":"1c335bdc-2667-431f-b4d2-98e6aa5f0f96","block_type":"box","text":"excluded.","page_number":67,"box":{"x":113,"y":841,"width":60,"height":8}},{"id":"5fab3d14-85a1-4f42-80f8-d2df7991ea32","block_type":"box","text":"Companies that manufacture nuclear warheads and/or whole nuclear missiles, including assembly and integration of warhead and","page_number":67,"box":{"x":113,"y":858,"width":835,"height":11}},{"id":"67cefd40-9dba-4aef-a998-a8d20e4af741","block_type":"box","text":"missile body; companies with contracts to operate/manage government-owned facilities that manufacture nuclear warheads and","page_number":67,"box":{"x":113,"y":873,"width":828,"height":11}},{"id":"ad32eb39-efad-4efa-a3d1-bad5bb819a82","block_type":"box","text":"missiles or their components; companies that manufacture components that were developed or are significantly modified for exclusive","page_number":67,"box":{"x":113,"y":887,"width":863,"height":11}},{"id":"9340a494-98d2-48b2-8662-4400880831f9","block_type":"box","text":"2","page_number":67,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"a4b70b6e-6d36-4877-95c8-b02192158a2a","block_type":"box","text":"use in nuclear weapons; companies that manufacture or assemble delivery platforms that were developed or significantly modified for","page_number":68,"box":{"x":113,"y":23,"width":858,"height":11}},{"id":"511e1cd0-1ab8-49ee-9548-4c81d631a7e4","block_type":"box","text":"the exclusive delivery of nuclear weapons; companies that provide auxiliary services related to nuclear weapons, such as repairing and","page_number":68,"box":{"x":113,"y":37,"width":861,"height":11}},{"id":"2acd9c65-8e9b-48a2-b614-1897f9c4969c","block_type":"box","text":"maintaining nuclear weapons, providing overhaul and upgrade services, stockpiling and stewardship, R&D work, testing and","page_number":68,"box":{"x":113,"y":52,"width":790,"height":10}},{"id":"dd90957c-c1f4-454b-8fd2-1dde1822f94b","block_type":"box","text":"simulations; companies with contracts to operate/manage government-owned facilities that conduct R&D, testing, simulations, and","page_number":68,"box":{"x":113,"y":66,"width":844,"height":11}},{"id":"b757bca5-35d5-41bd-bc83-cf1450801b07","block_type":"box","text":"other essential sciences on nuclear weapons; companies that manufacture components that were not developed or not significantly","page_number":68,"box":{"x":113,"y":80,"width":846,"height":11}},{"id":"fdfd3307-5da7-4b1b-aefd-8cf917af6ce7","block_type":"box","text":"modified for exclusive use in nuclear weapons but that can be used in nuclear weapons; companies that manufacture or assemble","page_number":68,"box":{"x":113,"y":94,"width":832,"height":11}},{"id":"82b3eb1d-7f34-438e-9126-9d25d1049ed5","block_type":"box","text":"delivery platforms that were not developed or not significantly modified for the exclusive delivery of nuclear weapons but that have the","page_number":68,"box":{"x":113,"y":108,"width":862,"height":11}},{"id":"e448f6a6-e796-44ea-bbe7-1d9872f55f14","block_type":"box","text":"capability to deliver nuclear weapons; and companies that manufacture components for nuclear-exclusive delivery platforms.","page_number":68,"box":{"x":113,"y":122,"width":801,"height":11}},{"id":"aff982a4-aa8f-4225-9f9b-c8a684d5b873","block_type":"box","text":"The Index Provider also excludes companies that it determines are directly involved in ongoing, “very severe” ESG controversies, defined as","page_number":68,"box":{"x":76,"y":146,"width":893,"height":10}},{"id":"749896c8-81a2-4f44-82ae-3de396c95d88","block_type":"box","text":"an instance or ongoing situation in which company operations and/or products allegedly are directly implicated in having a negative ESG","page_number":68,"box":{"x":76,"y":160,"width":875,"height":11}},{"id":"fba4aee0-1026-4b01-b3d3-9221fb78b576","block_type":"box","text":"impact, including alleged violations of laws, regulations, or accepted international norms (","page_number":68,"box":{"x":76,"y":174,"width":574,"height":11}},{"id":"e5942760-6d90-449f-85fd-f4efc2429c99","block_type":"box","text":"e.g.","page_number":68,"box":{"x":651,"y":176,"width":21,"height":9}},{"id":"8aa23ea2-7529-448a-9f1b-21a9359dc1ae","block_type":"box","text":", human rights violations or toxic emissions and","page_number":68,"box":{"x":674,"y":174,"width":304,"height":11}},{"id":"2ad1efc1-dc70-46b6-ba59-e63534e6a9fb","block_type":"box","text":"waste). To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact – environment, human rights and","page_number":68,"box":{"x":76,"y":188,"width":884,"height":11}},{"id":"b53dfd09-dc69-4ad2-a205-3e358264bc71","block_type":"box","text":"communities, labor rights and supply chain, customers and governance – and 28 sub-categories. The Index Provider also excludes","page_number":68,"box":{"x":76,"y":202,"width":832,"height":11}},{"id":"5f17149d-71da-47f4-9318-e1f798d8a8cb","block_type":"box","text":"companies that are not assessed by the Index Provider regarding ESG controversies.","page_number":68,"box":{"x":76,"y":217,"width":541,"height":10}},{"id":"50459803-ee87-4bc2-88a7-41536c7b5313","block_type":"box","text":"Another screen excludes issuers that have high “emissions intensity” or high “total potential carbon emissions,” meaning that the issuer is in","page_number":68,"box":{"x":76,"y":240,"width":900,"height":11}},{"id":"fb858867-eac8-4f7d-ac3e-bff110d2ede4","block_type":"box","text":"the worst 5% of the MSCI ACWI Index for the emissions metric, as determined by the Index Provider. However, high emitters are not excluded","page_number":68,"box":{"x":76,"y":254,"width":905,"height":11}},{"id":"fe1a3e52-f04c-4405-982e-2da6e77291ed","block_type":"box","text":"by this screen if they have emissions reduction targets that have been approved by SBTi. SBTi does not monitor whether companies modify","page_number":68,"box":{"x":76,"y":268,"width":890,"height":11}},{"id":"a22e28f1-30e9-419e-a2d4-68a34c54f747","block_type":"box","text":"their targets or make progress toward the targets. “Emissions intensity” is defined by the Index Provider as Scope 1+2+3 GHG emissions","page_number":68,"box":{"x":76,"y":282,"width":877,"height":11}},{"id":"0bfc12fb-f525-4711-a6a4-82a3799b5f60","block_type":"box","text":"(","page_number":68,"box":{"x":77,"y":297,"width":2,"height":10}},{"id":"53a23211-43ad-42ef-b4a0-66cab3991eec","block_type":"box","text":"i.e.","page_number":68,"box":{"x":80,"y":296,"width":17,"height":9}},{"id":"7f2ee33c-30eb-4bf4-978d-973bcabf8408","block_type":"box","text":", direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s","page_number":68,"box":{"x":100,"y":296,"width":848,"height":11}},{"id":"4f85e581-4347-4250-a394-b8266b29131c","block_type":"box","text":"value chain) as a percentage of the issuer’s enterprise value and cash. “Total potential carbon emissions” are the sum of the potential carbon","page_number":68,"box":{"x":76,"y":311,"width":902,"height":10}},{"id":"22b143ba-536a-4f7a-b7c1-5740de5a8424","block_type":"box","text":"emissions of the fossil fuel reserves, excluding metallurgical coal reserves, owned by an issuer, and are calculated only for companies that","page_number":68,"box":{"x":76,"y":325,"width":886,"height":11}},{"id":"d8ae8c08-13ca-4813-9b2b-c5de301d79b8","block_type":"box","text":"the Index Provider considers most likely to use their fossil fuel reserves for energy applications (","page_number":68,"box":{"x":76,"y":339,"width":615,"height":11}},{"id":"90828fc7-12e2-4a31-81bf-2e65462c82a5","block_type":"box","text":"i.e.","page_number":68,"box":{"x":692,"y":339,"width":17,"height":8}},{"id":"e0bc4ce7-dada-4286-b8cc-c9926b1edc68","block_type":"box","text":", burned or combusted to produce power","page_number":68,"box":{"x":711,"y":339,"width":262,"height":11}},{"id":"db64b0b4-b55c-4c44-b32e-189fe55b7f15","block_type":"box","text":"or heat). Issuers without data on their emissions intensity are excluded from the Underlying Index.","page_number":68,"box":{"x":76,"y":353,"width":628,"height":11}},{"id":"4314dd70-7293-4012-8e71-a012e22af9bd","block_type":"box","text":"The Index Provider also excludes issuers that are in the worst quartile of their GICS sector within the Parent Index based on their","page_number":68,"box":{"x":76,"y":376,"width":823,"height":11}},{"id":"0367254f-a576-43ab-92a1-fd99ed3e8d1d","block_type":"box","text":"management of climate change risks and opportunities (“climate risk management”). The Index Provider assesses issuers according to their","page_number":68,"box":{"x":76,"y":391,"width":895,"height":10}},{"id":"848f5893-4003-4cf7-9aad-2ae966baf065","block_type":"box","text":"management of one or more of the following factors, to which it assigns security-specific weights: carbon emissions, product carbon","page_number":68,"box":{"x":76,"y":405,"width":848,"height":11}},{"id":"44940c08-428d-4893-9183-17659fdd3689","block_type":"box","text":"footprint, climate change vulnerability, biodiversity and land use, and opportunities in clean tech, green building and renewable energy.","page_number":68,"box":{"x":76,"y":419,"width":861,"height":11}},{"id":"bd36549b-fb41-4ac4-97c8-6c24139a5a5a","block_type":"box","text":"Eligible securities are then evaluated according to a framework that assigns an initial “GHG Intensity Score,” which corresponds to the","page_number":68,"box":{"x":77,"y":442,"width":858,"height":11}},{"id":"067490d2-80e3-449f-94f3-85bacd890701","block_type":"box","text":"issuer’s sector-relative quartile position within the Parent Index based on its Scope 1+2+3 GHG intensity. The score may be improved with a","page_number":68,"box":{"x":76,"y":456,"width":895,"height":11}},{"id":"015a29cd-d839-47d7-a26d-d4c45a3b3441","block_type":"box","text":"one-quartile or two-quartile adjustment based on an issuer’s emissions reduction targets, emissions track record, green revenue or climate","page_number":68,"box":{"x":76,"y":470,"width":891,"height":11}},{"id":"b3fbeb8d-a840-4dee-86ec-927ec023ba8d","block_type":"box","text":"risk management, each as described further below. The final GHG Intensity Score, after any adjustment, is used for ranking and selecting","page_number":68,"box":{"x":77,"y":485,"width":875,"height":10}},{"id":"fa2421ed-2c3a-4a2f-82c3-04def9e6c5e2","block_type":"box","text":"securities for inclusion in the Underlying Index.","page_number":68,"box":{"x":76,"y":499,"width":299,"height":11}},{"id":"1bfb00a1-a60d-4818-9af0-236b8f3128ea","block_type":"box","text":"An issuer is credited with a two-quartile improvement in its GHG Intensity Score if the issuer either (i) has approved SBTs for emissions","page_number":68,"box":{"x":76,"y":522,"width":864,"height":11}},{"id":"b7780da7-26a1-40a1-997c-1b64d16d88a8","block_type":"box","text":"reduction or (ii) is assessed by the Index Provider as having a “credible track record” of reduced emissions. Approved SBTs are targets that","page_number":68,"box":{"x":77,"y":536,"width":888,"height":11}},{"id":"d512c297-eae2-40b4-ae12-0cd1906c4df0","block_type":"box","text":"have been determined by SBTi to align with certain criteria set by SBTi based on climate science. As noted above, SBTi does not monitor","page_number":68,"box":{"x":77,"y":550,"width":870,"height":11}},{"id":"5d92f46f-93a9-48d7-9ed7-28020f053ade","block_type":"box","text":"whether companies modify their targets or make progress toward the targets.","page_number":68,"box":{"x":76,"y":565,"width":497,"height":10}},{"id":"33c35e6a-6493-41b1-b4b8-41c66f41697a","block_type":"box","text":"To be considered to have a credible track record of emissions reduction, an issuer must meet the following criteria: (i) have published","page_number":68,"box":{"x":76,"y":588,"width":853,"height":11}},{"id":"a47d8223-509d-4b26-96d6-26dbca177a13","block_type":"box","text":"emissions data; (ii) have a published (not approved or validated) emissions reduction target; (iii) over the past four years, have an average","page_number":68,"box":{"x":76,"y":602,"width":881,"height":11}},{"id":"464e9de7-4d31-4952-9881-d153b6d23d25","block_type":"box","text":"yearly emissions reduction of at least 2%; and (iv) be ranked in the best quartile of all sector peers in the Parent Index with an average 2% or","page_number":68,"box":{"x":76,"y":616,"width":894,"height":11}},{"id":"1aa9b8dc-9505-4fa4-b33c-bd12202d463f","block_type":"box","text":"greater yearly emissions reduction over the past four years. An issuer’s average yearly emissions change is calculated as a geometric","page_number":68,"box":{"x":76,"y":630,"width":853,"height":11}},{"id":"ef4e5afb-9f97-4cc6-adc4-07321a82e38f","block_type":"box","text":"average of the last three year-over-year changes. Issuers with less than four years of emissions data are not evaluated on the credible track","page_number":68,"box":{"x":76,"y":644,"width":893,"height":11}},{"id":"370fd9ff-b664-4dd3-a1b2-9c5cd24d1dc7","block_type":"box","text":"record metric.","page_number":68,"box":{"x":77,"y":659,"width":89,"height":8}},{"id":"ab435467-96db-42c1-bd39-cacce5a6cce2","block_type":"box","text":"For the remaining eligible securities, the GHG Intensity Score is improved by one quartile for any issuer that is within the best quartile, on a","page_number":68,"box":{"x":77,"y":682,"width":888,"height":11}},{"id":"36849194-bd4f-4238-9810-28c4b5de6087","block_type":"box","text":"sector-relative basis within the Parent Index, for either (i) climate risk management or (ii) “green revenue,” each as determined by the Index","page_number":68,"box":{"x":76,"y":696,"width":893,"height":11}},{"id":"f2721b20-fb87-40ea-94b0-1f3b95942caf","block_type":"box","text":"Provider. An issuer must have at least 5% green revenue to receive the improvement to its GHG Intensity Score. “Green revenue” is defined","page_number":68,"box":{"x":77,"y":710,"width":888,"height":11}},{"id":"ae84ec5d-7bfc-4437-9cf1-c18664ca45cb","block_type":"box","text":"as the cumulative revenue percentage that a company derives from alternative energy, energy efficiency, sustainable water, green building,","page_number":68,"box":{"x":76,"y":724,"width":891,"height":11}},{"id":"c8eb3fc8-4d3c-48eb-9d4e-1312957c121f","block_type":"box","text":"pollution prevention and sustainable agriculture.","page_number":68,"box":{"x":76,"y":739,"width":308,"height":10}},{"id":"c1e2d762-2f20-4947-9d04-50dc13fcab36","block_type":"box","text":"Eligible securities of each GICS sector are sorted in ascending order of their final GHG Intensity Score (after any improvement) and","page_number":68,"box":{"x":77,"y":762,"width":836,"height":11}},{"id":"ff9368cc-544c-4bf5-ab56-fcc6ae6918dc","block_type":"box","text":"descending order of float-adjusted market capitalization. For each sector, securities are selected from the top until the total number of","page_number":68,"box":{"x":76,"y":776,"width":863,"height":11}},{"id":"5aafbf71-2573-46b5-a143-b5ae6a702a8d","block_type":"box","text":"selected securities (by count) is approximately 50% of the number of securities in that sector in the Parent Index. Any securities selected in","page_number":68,"box":{"x":76,"y":790,"width":890,"height":11}},{"id":"00037000-2ba8-41cf-adba-713886f041f9","block_type":"box","text":"this step that are producers of civilian firearms or ammunition, as determined by the Index Provider, are removed from the Underlying Index.","page_number":68,"box":{"x":76,"y":804,"width":897,"height":11}},{"id":"cc89f370-d371-46f6-a98e-bb5a26eff492","block_type":"box","text":"The Parent Index weights of the remaining selected securities are renormalized to 100%. Sector weights are limited to +/- 5% the weight of","page_number":68,"box":{"x":76,"y":828,"width":887,"height":10}},{"id":"478ae6ca-423b-4f84-b345-908d4a8db674","block_type":"box","text":"that sector in the Parent Index, and individual issuer weights are capped at 5% of the Underlying Index.","page_number":68,"box":{"x":76,"y":842,"width":655,"height":11}},{"id":"b5e2c896-df32-430f-87d9-c686a26ce076","block_type":"box","text":"3","page_number":68,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"77657906-44c3-463f-a653-fa38f409a4a2","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced in May and November. The business involvement and firearms exclusionary screens are","page_number":69,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"d93806b6-2b08-4ccb-abe6-740ac8537d17","block_type":"box","text":"reviewed quarterly. The ESG controversy screen is reviewed monthly. Existing constituents that meet the exclusion criteria are deleted from","page_number":69,"box":{"x":77,"y":37,"width":892,"height":11}},{"id":"e1b93ada-ff92-4b6f-94c4-4ed45ce1e902","block_type":"box","text":"the Underlying Index, and the weights of the remaining constituents are renormalized to 100%.","page_number":69,"box":{"x":76,"y":51,"width":603,"height":11}},{"id":"e972ef65-8cd3-446f-b023-307657fed52e","block_type":"box","text":"Additional Index Information – iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":69,"box":{"x":76,"y":75,"width":604,"height":11}},{"id":"48bc03d1-c909-4a8c-9c7b-a35b5c3c8c27","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index, which has been developed by the Index Provider. The Underlying","page_number":69,"box":{"x":76,"y":98,"width":872,"height":11}},{"id":"58a41ce3-d74c-424c-b930-435714d24dc7","block_type":"box","text":"Index is composed of U.S. large- and mid-capitalization stocks that are selected and weighted so that, in the aggregate, the portfolio is","page_number":69,"box":{"x":77,"y":112,"width":860,"height":11}},{"id":"4b81b58b-f004-4db4-a70a-d9fa4ca376ff","block_type":"box","text":"compatible with the objectives of the Paris Agreement by following a decarbonization trajectory, reducing exposure to climate-related","page_number":69,"box":{"x":76,"y":126,"width":856,"height":11}},{"id":"e92f64c9-8c19-42ff-9e69-d82bfdc46750","block_type":"box","text":"transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy.","page_number":69,"box":{"x":76,"y":140,"width":843,"height":11}},{"id":"a259589e-15dc-49e3-9252-f94890b474b4","block_type":"box","text":"The Underlying Index aims to exceed the minimum standards for a PAB under the European Union’s (“EU’s”) Low Carbon Benchmark","page_number":69,"box":{"x":76,"y":164,"width":846,"height":10}},{"id":"41ac28d8-2593-4ff0-aa15-4b6a9bfa2f28","block_type":"box","text":"Regulation. PABs are designed to align with the principal objective of the Paris Agreement, which is to limit global warming in this century to","page_number":69,"box":{"x":77,"y":178,"width":893,"height":11}},{"id":"9c0bf654-9d0a-4302-ab94-11c00bb4daa6","block_type":"box","text":"well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, above pre-industrial levels. Providers of PABs must use the 1.5 degrees","page_number":69,"box":{"x":76,"y":192,"width":866,"height":11}},{"id":"8e4cff51-3cc1-4b56-9d02-96c0fabcfeba","block_type":"box","text":"Celsius scenario (with no or limited overshoot,","page_number":69,"box":{"x":76,"y":206,"width":296,"height":11}},{"id":"574c279f-600a-4d81-b274-4d1ce8276e3e","block_type":"box","text":"i.e.","page_number":69,"box":{"x":377,"y":206,"width":17,"height":9}},{"id":"e30963ca-5c15-4060-9002-8260383c2a42","block_type":"box","text":", a temporary rise above 1.5 degrees Celsius) as the reference temperature scenario to","page_number":69,"box":{"x":396,"y":206,"width":556,"height":11}},{"id":"56685de5-04c9-43f0-925b-84bd028cde4f","block_type":"box","text":"design the index methodology.","page_number":69,"box":{"x":76,"y":220,"width":195,"height":11}},{"id":"8a168fbd-fcda-4765-9cce-64954802b601","block_type":"box","text":"The Index Provider begins with the Parent Index and excludes the securities of issuers that it identifies as being involved in any of the","page_number":69,"box":{"x":76,"y":244,"width":850,"height":10}},{"id":"9d438e57-05bf-4b7a-944a-72a42b89540a","block_type":"box","text":"business activities summarized below:","page_number":69,"box":{"x":76,"y":258,"width":244,"height":8}},{"id":"a0cd01e9-b604-41a9-b4fc-75373b3ed21b","block_type":"box","text":"Producing tobacco; deriving 5% or more aggregate revenue from the production, distribution, retail and supply of tobacco-related","page_number":69,"box":{"x":114,"y":276,"width":825,"height":11}},{"id":"35cac16c-8510-4875-8c06-115582c2af19","block_type":"box","text":"products; or owning at least 20% of, or being at least 50% owned by, a tobacco company.","page_number":69,"box":{"x":113,"y":290,"width":568,"height":11}},{"id":"90becf56-fb24-4f63-9fce-847aab1054e4","block_type":"box","text":"Producing cluster bombs, landmines, depleted uranium, chemical or biological weapons, blinding laser weapons, non-detectable","page_number":69,"box":{"x":114,"y":308,"width":819,"height":11}},{"id":"06ee05b3-07f5-4c23-8a50-2078313ceaa2","block_type":"box","text":"fragments or incendiary weapons; producing key components of cluster bombs, landmines, depleted uranium weapons, or chemical or","page_number":69,"box":{"x":113,"y":322,"width":862,"height":11}},{"id":"12529da5-a0e2-40b9-af23-b0cb00bc4880","block_type":"box","text":"biological weapons; owning 20% or more (50% for financial companies) of a weapons or components producer; or being 50% or more","page_number":69,"box":{"x":113,"y":336,"width":849,"height":11}},{"id":"cf873025-044d-49f9-a2f0-7c21b289fb19","block_type":"box","text":"owned by a company involved in weapons or components production.","page_number":69,"box":{"x":113,"y":351,"width":445,"height":10}},{"id":"7b3dda9d-d4b1-40a8-89f5-71c88ff74dec","block_type":"box","text":"Manufacturing of the following, regardless of whether intended for exclusive use in nuclear weapons: nuclear warheads, whole nuclear","page_number":69,"box":{"x":114,"y":369,"width":860,"height":10}},{"id":"8d6e1834-f2b7-4f45-8554-af2ae128c4f5","block_type":"box","text":"missiles, nuclear weapon delivery systems or components, or providing auxiliary services related to nuclear weapons.","page_number":69,"box":{"x":113,"y":383,"width":752,"height":11}},{"id":"dc32619b-576d-4e2a-aee3-26d8264463b6","block_type":"box","text":"Producing firearms or small arms ammunitions for civilian markets or deriving 5% or more revenue, or $20 million or more revenue,","page_number":69,"box":{"x":114,"y":400,"width":837,"height":12}},{"id":"da428b5d-f3f4-4411-9aa8-ffe120def73d","block_type":"box","text":"from the production or distribution (wholesale or retail) of such firearms or ammunition.","page_number":69,"box":{"x":113,"y":415,"width":561,"height":11}},{"id":"c23b04ad-7a38-4238-a69a-5fe6b00aec3a","block_type":"box","text":"Deriving 1% or more revenue from thermal coal mining or sales to external parties, but excluding all revenue from metallurgical coal,","page_number":69,"box":{"x":114,"y":433,"width":844,"height":11}},{"id":"160a0a38-31e1-4bf4-8cb6-6d29ddeb01e3","block_type":"box","text":"coal mined for internal power generation, intra-company sales of mined thermal coal and coal trading.","page_number":69,"box":{"x":113,"y":447,"width":652,"height":11}},{"id":"78bcd3e1-9ab3-4cf2-aadd-1c4173fbee77","block_type":"box","text":"Deriving 10% or more revenue from oil- or gas-related activities, including distribution, equipment, production, transportation or","page_number":69,"box":{"x":114,"y":465,"width":815,"height":11}},{"id":"2a7aacd8-f23c-46b3-8109-809399fc3b68","block_type":"box","text":"refining, but excluding biofuel production, sales and trading.","page_number":69,"box":{"x":113,"y":479,"width":383,"height":11}},{"id":"72f8f0ec-1b7d-4fec-bf6c-0e67160ad475","block_type":"box","text":"Deriving 50% or more revenue from power generation based on thermal coal, liquid fuel or natural gas.","page_number":69,"box":{"x":114,"y":498,"width":653,"height":10}},{"id":"f48aa668-25d3-48bb-87aa-66aac0289285","block_type":"box","text":"Deriving 5% or more revenue from oil sands extraction.","page_number":69,"box":{"x":114,"y":516,"width":349,"height":10}},{"id":"07cfd0d8-91ac-453e-8a40-907d26fab341","block_type":"box","text":"The Index Provider also excludes companies that it determines are involved in ongoing and “very severe” controversies related to the ESG","page_number":69,"box":{"x":76,"y":539,"width":881,"height":11}},{"id":"7b1cd708-4594-4290-89b3-d67d79713d32","block_type":"box","text":"impact of the company’s actions, products or operations. The Index Provider defines a controversy as an instance or ongoing situation in","page_number":69,"box":{"x":76,"y":553,"width":873,"height":11}},{"id":"0400520b-9d7b-48cf-9b27-1999e6160e10","block_type":"box","text":"which company operations and/or products allegedly have a negative ESG impact, including alleged violations of laws, regulations or","page_number":69,"box":{"x":76,"y":567,"width":852,"height":11}},{"id":"04d33763-f2ca-4a38-8ba0-823976a91355","block_type":"box","text":"accepted international norms. To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact –","page_number":69,"box":{"x":76,"y":581,"width":826,"height":11}},{"id":"00f09776-f587-4eee-86b9-a6647b09b0b5","block_type":"box","text":"environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories.","page_number":69,"box":{"x":76,"y":596,"width":823,"height":10}},{"id":"55d2c0a4-f201-4f28-ae58-40ba5bfe00fa","block_type":"box","text":"The Index Provider also excludes companies that are directly involved in ongoing severe or very severe environmental controversies;","page_number":69,"box":{"x":76,"y":619,"width":847,"height":11}},{"id":"fcae6b63-5654-4b95-9d13-b519e71bf459","block_type":"box","text":"companies that have settled most but not all stakeholder concerns related to their direct involvement in very severe environmental","page_number":69,"box":{"x":76,"y":633,"width":838,"height":11}},{"id":"5a76d0d6-8114-4e1c-b54c-cfd730da8afd","block_type":"box","text":"controversies; and companies that are indirectly involved in very severe environmental controversies, each as determined by the Index","page_number":69,"box":{"x":76,"y":647,"width":863,"height":11}},{"id":"f1668663-bf0b-4277-a8a8-eacccabdaefe","block_type":"box","text":"Provider. Environmental controversies can relate to, among other things, toxic emissions and waste, water stress, biodiversity and supply","page_number":69,"box":{"x":77,"y":661,"width":877,"height":11}},{"id":"70e9796a-4636-4a35-a10b-4f403e7c7cb2","block_type":"box","text":"chain management.","page_number":69,"box":{"x":76,"y":675,"width":125,"height":11}},{"id":"a161d5eb-3909-4669-bf85-44cd3028303e","block_type":"box","text":"The Index Provider excludes companies that are not assessed by the Index Provider regarding ESG controversies or environmental harm.","page_number":69,"box":{"x":76,"y":699,"width":874,"height":10}},{"id":"7282b6ba-fca9-4672-96f5-e532991ebde0","block_type":"box","text":"The Index Provider then refines the set of remaining securities by applying a number of sustainability-related constraints. In order to exceed","page_number":69,"box":{"x":76,"y":722,"width":893,"height":11}},{"id":"b5f52fd8-f019-4a42-a5f5-492f4e05cda1","block_type":"box","text":"the minimum standards for PABs, the Index Provider targets the following index-level constraints at each semi-annual rebalancing:","page_number":69,"box":{"x":76,"y":736,"width":833,"height":11}},{"id":"43ac2a7a-f75d-433d-bfe1-12d484136aee","block_type":"box","text":"At least a 50% reduction in GHG intensity compared with the Parent Index, taking into account issuers’ Scope 1, 2 and 3 emissions (","page_number":69,"box":{"x":113,"y":754,"width":843,"height":11}},{"id":"c31d0f1e-12ca-48be-bb03-8ed0095ffc45","block_type":"box","text":"i.e.","page_number":69,"box":{"x":956,"y":754,"width":18,"height":9}},{"id":"32129663-437f-4d19-a695-126248f7a402","block_type":"box","text":",","page_number":69,"box":{"x":976,"y":761,"width":2,"height":3}},{"id":"2422d02a-35dc-4cb4-b815-77e7b1a95d4c","block_type":"box","text":"direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s","page_number":69,"box":{"x":113,"y":768,"width":840,"height":11}},{"id":"5c99a29b-d0a7-4d94-93d4-1393143fa737","block_type":"box","text":"value chain);","page_number":69,"box":{"x":113,"y":782,"width":79,"height":11}},{"id":"3a1c1cab-b6c4-4e38-99b0-f483fdb8a98c","block_type":"box","text":"At least a 10% year-over-year reduction in the GHG intensity (or decarbonization rate) of the Underlying Index itself; and","page_number":69,"box":{"x":113,"y":800,"width":764,"height":11}},{"id":"cc1f07e1-9748-4fa1-9e2f-4e43d30bd588","block_type":"box","text":"A level of exposure to sectors with a high impact on climate change (","page_number":69,"box":{"x":113,"y":819,"width":440,"height":10}},{"id":"531bdb13-8db3-40b4-afc3-ba1c1541db11","block_type":"box","text":"i.e.","page_number":69,"box":{"x":554,"y":819,"width":17,"height":8}},{"id":"72426f06-d601-4788-8403-cb6c01a3323b","block_type":"box","text":", those sectors that are key to the low carbon transition) that is","page_number":69,"box":{"x":573,"y":819,"width":404,"height":10}},{"id":"7d051631-8bfd-4122-aed9-999721e8a246","block_type":"box","text":"not less than the exposure in the Parent Index, to ensure that such sectors are not underweighted in the Underlying Index.","page_number":69,"box":{"x":113,"y":833,"width":781,"height":11}},{"id":"ad7d9be2-8ea5-4b02-8a44-0d1d497e12f4","block_type":"box","text":"In addition, each of the following index-level constraints related to sustainability is applied in constructing the Underlying Index and at each","page_number":69,"box":{"x":77,"y":856,"width":889,"height":11}},{"id":"e9dab53d-6340-45fa-b202-0e62e1c843d4","block_type":"box","text":"semi-annual rebalancing:","page_number":69,"box":{"x":76,"y":870,"width":160,"height":11}},{"id":"2eadff95-39ad-4371-8f17-84a1263c0972","block_type":"box","text":"4","page_number":69,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"b71b4360-67e3-434e-b7b3-77ed47c560d1","block_type":"box","text":"At least a 20% increase, relative to the Parent Index, in the aggregate weight of companies that publish emissions reduction targets,","page_number":70,"box":{"x":113,"y":23,"width":843,"height":11}},{"id":"a88e59b7-2864-4251-8ed7-c66beb2e9c5b","block_type":"box","text":"that publish their annual emissions levels and that have reduced their GHG intensity by at least 7% over each of the last three years.","page_number":70,"box":{"x":113,"y":37,"width":843,"height":11}},{"id":"8d146120-ddf8-4fcf-8dc4-b5a29759e33d","block_type":"box","text":"At least a 50% reduction, relative to the Parent Index, in overall weighted average potential carbon intensity, generally assessed based","page_number":70,"box":{"x":113,"y":55,"width":857,"height":11}},{"id":"c7eb2414-4a84-4236-b5b3-a303df8807e0","block_type":"box","text":"on emissions that could be generated if the proven and probable fossil fuel reserves owned by the companies in the portfolio were","page_number":70,"box":{"x":113,"y":70,"width":834,"height":10}},{"id":"46713f1e-6985-493a-bc39-6788f64650db","block_type":"box","text":"burned. For newly added index constituents where data is not yet available, the Index Provider uses zero fossil fuel reserves.","page_number":70,"box":{"x":113,"y":84,"width":795,"height":11}},{"id":"e56ca69b-43dd-4563-83cd-4be2364df7aa","block_type":"box","text":"At least a 50% reduction, relative to the Parent Index, in overall exposure to physical risk arising from extreme weather events.","page_number":70,"box":{"x":113,"y":102,"width":808,"height":11}},{"id":"bac0c9fa-0a18-4c3f-ade3-1ba6833f80df","block_type":"box","text":"At least a 10% increase, relative to the Parent Index, in the aggregate “low carbon transition” (“LCT”) score, which at the constituent","page_number":70,"box":{"x":113,"y":120,"width":843,"height":11}},{"id":"8b1c9063-6b69-43dd-a568-32620c73359b","block_type":"box","text":"level measures a company’s exposure to and management of risks and opportunities related to the low carbon transition. The target","page_number":70,"box":{"x":114,"y":134,"width":844,"height":11}},{"id":"4d7dd940-1d1a-4174-93fd-935e3a9c9a3f","block_type":"box","text":"increase would result in a lower overall exposure to companies facing transition-related risks and/or a higher overall exposure to","page_number":70,"box":{"x":113,"y":148,"width":826,"height":11}},{"id":"fb5deb69-8976-458a-a5d0-bbbc442820b5","block_type":"box","text":"companies that may have transition-related opportunities.","page_number":70,"box":{"x":113,"y":162,"width":371,"height":11}},{"id":"f6e39574-e9af-4e1b-b5e2-022b1d0557de","block_type":"box","text":"At least a 100% increase, relative to the Parent Index, in overall exposure to “green revenue,” defined as the cumulative revenue from","page_number":70,"box":{"x":113,"y":180,"width":850,"height":11}},{"id":"6f5298b3-16d7-427c-86e6-1ed8cd153402","block_type":"box","text":"alternative energy, energy efficiency, sustainable water, green building, pollution prevention and sustainable agriculture.","page_number":70,"box":{"x":113,"y":195,"width":768,"height":10}},{"id":"4db0ee26-7f45-49ae-887f-ffb67ada9fd4","block_type":"box","text":"A ratio of weighted average green revenue to weighted average “brown revenue” that is at least four times that of the Parent Index,","page_number":70,"box":{"x":113,"y":213,"width":838,"height":10}},{"id":"7f86bdf1-6b08-48bd-9a97-949193f836a7","block_type":"box","text":"with “brown revenue” defined as revenue from the mining of thermal coal or its sale to external parties; the extraction, production or","page_number":70,"box":{"x":113,"y":227,"width":849,"height":11}},{"id":"c1838b23-2ed0-4b91-a003-3b159625f99d","block_type":"box","text":"refining of conventional and unconventional oil and gas; and power generation based on thermal coal, liquid fuel or natural gas.","page_number":70,"box":{"x":113,"y":241,"width":812,"height":11}},{"id":"1707fa39-a98c-4a7f-b35f-1fea88eb3dc8","block_type":"box","text":"At each semi-annual index rebalancing, the Index Provider applies constituent-level constraints that aim to ensure replicability and","page_number":70,"box":{"x":76,"y":264,"width":834,"height":11}},{"id":"df888fda-b11d-4a71-8d4f-7b8e233f7c2a","block_type":"box","text":"investability, including the following:","page_number":70,"box":{"x":76,"y":278,"width":231,"height":11}},{"id":"64709360-99f3-4681-8a14-55b0f4052562","block_type":"box","text":"An index constituent’s weight is restricted to the lower of +/- 2% or 20 times the constituent’s weight in the Parent Index;","page_number":70,"box":{"x":113,"y":296,"width":777,"height":11}},{"id":"7185e635-1c1f-4e2c-80cb-91513e465a60","block_type":"box","text":"An index constituent’s minimum weight is 0.01%;","page_number":70,"box":{"x":113,"y":314,"width":311,"height":11}},{"id":"1ac5e6a0-6024-4e36-b963-203a1944119b","block_type":"box","text":"The sector weights of the Underlying Index do not deviate more than +/- 5% from those of the Parent Index (except for the energy","page_number":70,"box":{"x":113,"y":333,"width":830,"height":10}},{"id":"afa2a2c5-5fa1-4df2-8d26-92c29921984e","block_type":"box","text":"sector); and","page_number":70,"box":{"x":113,"y":347,"width":75,"height":11}},{"id":"86a14eec-97cc-4ff7-8c56-38a1526757b1","block_type":"box","text":"The one-way turnover of the Underlying Index is capped at 5%.","page_number":70,"box":{"x":113,"y":365,"width":397,"height":11}},{"id":"4116d575-5eb7-4845-90b2-ba0c5bc31eef","block_type":"box","text":"5","page_number":70,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"cd9dc778-c578-4d6e-ae0a-b14d7406c59d","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":71,"box":{"x":76,"y":22,"width":455,"height":14}},{"id":"704eec28-860c-417b-9a67-78d28af0b845","block_type":"box","text":"Each Fund is subject to various risks, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet","page_number":71,"box":{"x":77,"y":51,"width":888,"height":11}},{"id":"faae1ed4-4da2-472b-be02-445dad9df5da","block_type":"box","text":"its investment objective. Each Fund discloses its portfolio holdings daily at www.iShares.com. You could lose all or part of your investment in","page_number":71,"box":{"x":76,"y":66,"width":899,"height":11}},{"id":"e10663f9-6a39-4431-bf8d-96964190d55e","block_type":"box","text":"a Fund, which could underperform other investments. The table below identifies the principal and other (non-principal) risks that apply to","page_number":71,"box":{"x":76,"y":80,"width":876,"height":11}},{"id":"7475e130-6b38-44e2-a48b-1ed08d2eb607","block_type":"box","text":"each Fund. A Fund that invests in an underlying fund (“Underlying Fund”) also may be indirectly exposed to these risks through such","page_number":71,"box":{"x":76,"y":94,"width":844,"height":11}},{"id":"3601dabe-080e-48d8-97ab-751c4baaa981","block_type":"box","text":"investment. A description of each risk is provided after the table.","page_number":71,"box":{"x":76,"y":108,"width":414,"height":11}},{"id":"7590ea5a-7c59-49c9-9d22-fb612b8332a8","block_type":"box","text":"iShares","page_number":71,"box":{"x":331,"y":131,"width":51,"height":9}},{"id":"35af81fb-7937-4900-a612-acdf6d60fd26","block_type":"box","text":"Climate","page_number":71,"box":{"x":330,"y":143,"width":53,"height":9}},{"id":"e7a9956b-0b10-4d7e-8bf9-317c29b93d38","block_type":"box","text":"Conscious &","page_number":71,"box":{"x":314,"y":155,"width":85,"height":8}},{"id":"7f796071-0778-4257-873e-c08f2160ca8c","block_type":"box","text":"Transition","page_number":71,"box":{"x":322,"y":166,"width":68,"height":9}},{"id":"4723d343-6518-4745-a0e5-66c9f67954b4","block_type":"box","text":"MSCI USA ETF","page_number":71,"box":{"x":307,"y":178,"width":100,"height":8}},{"id":"cdc0bdba-46c6-4a35-8fca-e97a6d675019","block_type":"box","text":"iShares ESG","page_number":71,"box":{"x":428,"y":155,"width":84,"height":8}},{"id":"5e347588-0ead-4500-a144-f5972b38c7ea","block_type":"box","text":"Advanced MSCI","page_number":71,"box":{"x":414,"y":166,"width":109,"height":9}},{"id":"d60b4d19-829e-4f23-9150-f33315675b6e","block_type":"box","text":"USA ETF","page_number":71,"box":{"x":441,"y":178,"width":58,"height":8}},{"id":"e19b0d54-59d0-47dc-9fa1-7f244e0b34e2","block_type":"box","text":"iShares ESG","page_number":71,"box":{"x":541,"y":155,"width":84,"height":8}},{"id":"608ce733-b7c9-4cc9-91ac-73c2c787b754","block_type":"box","text":"Aware MSCI","page_number":71,"box":{"x":540,"y":166,"width":85,"height":9}},{"id":"f1b2ea0d-4b2a-4ca8-9c13-c4fb54d45a16","block_type":"box","text":"USA ETF","page_number":71,"box":{"x":555,"y":178,"width":58,"height":8}},{"id":"6382d3ad-3b86-4ac1-9b38-0b97ec94214e","block_type":"box","text":"iShares ESG","page_number":71,"box":{"x":655,"y":143,"width":83,"height":9}},{"id":"b073580f-164e-485a-b6f9-c47a3df1c946","block_type":"box","text":"Aware MSCI","page_number":71,"box":{"x":654,"y":155,"width":84,"height":8}},{"id":"8202e443-9b1f-4103-b5fa-ca0cac312728","block_type":"box","text":"USA Growth","page_number":71,"box":{"x":655,"y":166,"width":83,"height":9}},{"id":"33f0d6e5-91fc-4b42-9d25-f5de0672cbba","block_type":"box","text":"ETF","page_number":71,"box":{"x":685,"y":178,"width":24,"height":8}},{"id":"7b054320-81da-4b5c-b4c6-6bf6c8f48832","block_type":"box","text":"iShares","page_number":71,"box":{"x":784,"y":143,"width":51,"height":9}},{"id":"b364f4e8-d83b-4009-8a4e-c33c1557a66a","block_type":"box","text":"ESG Aware","page_number":71,"box":{"x":772,"y":155,"width":76,"height":8}},{"id":"33d6b721-35fb-4c63-bd7c-add2c463b751","block_type":"box","text":"MSCI USA","page_number":71,"box":{"x":775,"y":166,"width":70,"height":9}},{"id":"8b6c3a60-15ad-477d-bea7-45be8a640334","block_type":"box","text":"Small-Cap ETF","page_number":71,"box":{"x":760,"y":178,"width":100,"height":11}},{"id":"5dbfbabe-9fb0-409d-a6f8-89e654cbcf81","block_type":"box","text":"iShares ESG","page_number":71,"box":{"x":881,"y":155,"width":84,"height":8}},{"id":"d97c1c49-22d0-4796-a392-96586b463200","block_type":"box","text":"Aware MSCI","page_number":71,"box":{"x":880,"y":166,"width":84,"height":9}},{"id":"f91feb5f-84c7-465e-9536-42cbc3cbdbe3","block_type":"box","text":"USA Value ETF","page_number":71,"box":{"x":873,"y":178,"width":101,"height":8}},{"id":"016f0adb-655c-4d22-b6b5-19c375730332","block_type":"box","text":"Principal Risk |","page_number":71,"box":{"x":102,"y":203,"width":101,"height":12}},{"id":"0a8b7a0d-a697-46a5-8c40-c510d1bf1514","block_type":"box","text":"•","page_number":71,"box":{"x":209,"y":205,"width":6,"height":4}},{"id":"344e2554-b6bc-41a7-99aa-a4d8745c5d7c","block_type":"box","text":"Other Risk","page_number":71,"box":{"x":221,"y":204,"width":74,"height":8}},{"id":"95f32310-bfa8-46a9-a563-c7c9bc55bd52","block_type":"box","text":"Asset Class Risk","page_number":71,"box":{"x":81,"y":229,"width":105,"height":9}},{"id":"401b3a6f-f503-4e8d-ae6a-8295b39b8842","block_type":"box","text":"Assets Under Management","page_number":71,"box":{"x":81,"y":248,"width":173,"height":10}},{"id":"db2fa78a-1f77-4232-9297-9229bef6ad43","block_type":"box","text":"(AUM) Risk","page_number":71,"box":{"x":82,"y":262,"width":71,"height":10}},{"id":"c3ece0a8-a4ba-4f72-a414-7f6826d90b12","block_type":"box","text":"Authorized Participant","page_number":71,"box":{"x":81,"y":280,"width":142,"height":10}},{"id":"9e06f0d1-6dfb-4620-92d2-24d1780539d6","block_type":"box","text":"Concentration Risk","page_number":71,"box":{"x":82,"y":294,"width":121,"height":8}},{"id":"7459c02a-017a-4207-99b4-a43bf45462c0","block_type":"box","text":"Close-Out Risk for Qualified","page_number":71,"box":{"x":82,"y":312,"width":176,"height":8}},{"id":"be3cc6a3-3ac3-42be-88ca-c75f688c2b56","block_type":"box","text":"Financial Contracts","page_number":71,"box":{"x":82,"y":326,"width":122,"height":9}},{"id":"948591fd-1c23-4ac5-91da-6df641c70274","block_type":"box","text":"••••••","page_number":71,"box":{"x":354,"y":320,"width":572,"height":4}},{"id":"b45c2d91-010a-48d8-a68f-6d6e3eb7dcb0","block_type":"box","text":"Communications Companies Risk","page_number":71,"box":{"x":82,"y":344,"width":214,"height":11}},{"id":"19d91250-dc6a-4504-a068-16b99b75d5e2","block_type":"box","text":"• •• •","page_number":71,"box":{"x":354,"y":345,"width":572,"height":5}},{"id":"bb87c8f2-110e-460b-9674-5547b3824c81","block_type":"box","text":"Concentration Risk","page_number":71,"box":{"x":82,"y":362,"width":121,"height":9}},{"id":"bc4c31a6-a48b-4238-85f5-87e3731f01b6","block_type":"box","text":"Consumer Goods and Services","page_number":71,"box":{"x":82,"y":380,"width":195,"height":9}},{"id":"b44988b7-6628-4ad0-9911-e974b610eb3f","block_type":"box","text":"Companies Risk","page_number":71,"box":{"x":82,"y":394,"width":101,"height":11}},{"id":"af969616-f4fb-44ac-9aab-4718136061ba","block_type":"box","text":"•","page_number":71,"box":{"x":467,"y":388,"width":6,"height":5}},{"id":"dccbf4f0-012d-464d-b753-367c2b8d142e","block_type":"box","text":"•","page_number":71,"box":{"x":694,"y":388,"width":5,"height":5}},{"id":"4957fa66-e28b-4bad-b1a6-24c317991461","block_type":"box","text":"•","page_number":71,"box":{"x":920,"y":388,"width":6,"height":5}},{"id":"afec1dc3-694d-4ee7-984f-54491f3278b3","block_type":"box","text":"Energy Companies Risk","page_number":71,"box":{"x":82,"y":412,"width":149,"height":11}},{"id":"a23e3845-d87a-4f87-8341-9cbba9a69c67","block_type":"box","text":"•","page_number":71,"box":{"x":920,"y":414,"width":6,"height":4}},{"id":"49194d4a-34c6-4df2-8654-5a2facb8ac69","block_type":"box","text":"Equity Securities Risk","page_number":71,"box":{"x":82,"y":431,"width":137,"height":10}},{"id":"d7022ed6-3e6f-4e36-ab57-0e55e43906d9","block_type":"box","text":"ESG Risk","page_number":71,"box":{"x":82,"y":449,"width":56,"height":8}},{"id":"2f3d59e6-28ea-451e-94b9-8b61401e740c","block_type":"box","text":"Financial Companies Risk","page_number":71,"box":{"x":82,"y":467,"width":162,"height":10}},{"id":"f81dbc3f-6b92-4602-893f-8d9f31f82d2d","block_type":"box","text":"•","page_number":71,"box":{"x":354,"y":468,"width":5,"height":4}},{"id":"7e5dfd0f-eb2f-4e31-aa9f-94f15e8661fb","block_type":"box","text":"••","page_number":71,"box":{"x":580,"y":468,"width":119,"height":4}},{"id":"b9c099cd-8a01-4e18-b732-a1ba3854571d","block_type":"box","text":"Geographic and Security Risks","page_number":71,"box":{"x":82,"y":485,"width":194,"height":10}},{"id":"9bb77bc2-d907-420c-b6ad-b0720817bf35","block_type":"box","text":"••••••","page_number":71,"box":{"x":354,"y":486,"width":572,"height":4}},{"id":"5f8486ef-c8eb-4872-9b84-f7febf359d27","block_type":"box","text":"Growth Securities Risk","page_number":71,"box":{"x":82,"y":503,"width":144,"height":8}},{"id":"7c9e9570-2d57-4296-bd14-a7e05d166945","block_type":"box","text":"Healthcare Companies Risk","page_number":71,"box":{"x":82,"y":521,"width":176,"height":11}},{"id":"42db57e0-8245-430d-9215-ff44b25c2d52","block_type":"box","text":"••••••","page_number":71,"box":{"x":354,"y":522,"width":572,"height":4}},{"id":"956702e7-76a2-4e2f-bb65-69e963941ef3","block_type":"box","text":"Illiquid Investments Risk","page_number":71,"box":{"x":82,"y":539,"width":154,"height":11}},{"id":"fc52ef03-d512-4894-9c94-53d7bdfbb123","block_type":"box","text":"••••••","page_number":71,"box":{"x":354,"y":540,"width":572,"height":4}},{"id":"2e299477-a0fe-4622-9367-d914c37ae1a5","block_type":"box","text":"Index-Related Risk","page_number":71,"box":{"x":82,"y":557,"width":118,"height":8}},{"id":"786186ce-ce1c-4dd9-b3e5-cd13e775d892","block_type":"box","text":"Industrial Companies Risk","page_number":71,"box":{"x":82,"y":575,"width":165,"height":11}},{"id":"27d40b76-e32e-4bfb-bce7-0aeb27ab80e4","block_type":"box","text":"••••","page_number":71,"box":{"x":354,"y":576,"width":345,"height":4}},{"id":"e3529bf6-2039-438b-b93f-1e848743c1b0","block_type":"box","text":"•","page_number":71,"box":{"x":920,"y":576,"width":6,"height":4}},{"id":"ead8e0dd-b858-4c54-911a-0ae2b3752c8f","block_type":"box","text":"Issuer Risk","page_number":71,"box":{"x":82,"y":593,"width":68,"height":8}},{"id":"dc76c8c9-5869-4472-a199-b9bd5cf02e24","block_type":"box","text":"Large-Capitalization Companies","page_number":71,"box":{"x":82,"y":611,"width":203,"height":11}},{"id":"531038d8-53c0-4ad5-b0aa-0c4f5298d6f1","block_type":"box","text":"Risk","page_number":71,"box":{"x":82,"y":625,"width":26,"height":9}},{"id":"33b9ec36-c7a6-416b-9824-07e1bec1dc83","block_type":"box","text":"Large Shareholder and Large","page_number":71,"box":{"x":82,"y":643,"width":189,"height":11}},{"id":"a849f86e-d951-4714-a2ef-8dbe2443d22f","block_type":"box","text":"Scale Redemption Risk","page_number":71,"box":{"x":82,"y":657,"width":146,"height":11}},{"id":"68fc4768-f649-4df0-9b83-099a2a7e003e","block_type":"box","text":"••••••","page_number":71,"box":{"x":354,"y":651,"width":572,"height":5}},{"id":"1bca6224-dde8-4c8f-aebd-67d764ad548c","block_type":"box","text":"Management Risk","page_number":71,"box":{"x":82,"y":675,"width":114,"height":11}},{"id":"1be68936-0f84-45c5-9cf9-fa58140a0f67","block_type":"box","text":"Market Risk","page_number":71,"box":{"x":82,"y":694,"width":75,"height":8}},{"id":"89c0c7fd-2fa0-4487-8c4a-bf4c2f70b714","block_type":"box","text":"Market Trading Risk","page_number":71,"box":{"x":82,"y":712,"width":125,"height":10}},{"id":"fb360b97-dd80-4d43-afbf-476bd733dd53","block_type":"box","text":"Mid-Capitalization Companies","page_number":71,"box":{"x":82,"y":730,"width":191,"height":10}},{"id":"2487d3b0-8cfd-4070-855b-22a5bdf88fc9","block_type":"box","text":"Risk","page_number":71,"box":{"x":82,"y":744,"width":26,"height":8}},{"id":"ac68c859-b4cc-438c-b4e2-233407dc3435","block_type":"box","text":"•","page_number":71,"box":{"x":354,"y":738,"width":5,"height":4}},{"id":"8c9dfadf-2b9d-4a3d-8699-fd827c2669df","block_type":"box","text":"••","page_number":71,"box":{"x":580,"y":738,"width":119,"height":4}},{"id":"284ffee5-8384-41c1-8da1-98724789f2a9","block_type":"box","text":"Non-Diversification Risk","page_number":71,"box":{"x":82,"y":762,"width":153,"height":8}},{"id":"171e412e-860d-41fc-9e17-bceb2393f69e","block_type":"box","text":"Operational and Technology Risks","page_number":71,"box":{"x":82,"y":780,"width":214,"height":11}},{"id":"d5d14e90-6a25-4836-9723-56b578382dfe","block_type":"box","text":"Ownership Limitations Risk","page_number":71,"box":{"x":82,"y":798,"width":173,"height":11}},{"id":"3274f808-a837-48ff-bcdc-809da84e89b8","block_type":"box","text":"••••••","page_number":71,"box":{"x":354,"y":799,"width":572,"height":4}},{"id":"3d29afe6-6161-43c0-8f2a-04222fdb750d","block_type":"box","text":"Real Estate Companies Risk","page_number":71,"box":{"x":82,"y":816,"width":177,"height":11}},{"id":"a379b106-5a6e-4acd-b30c-cdb66e84a814","block_type":"box","text":"•","page_number":71,"box":{"x":807,"y":817,"width":5,"height":4}},{"id":"9156ce19-6abd-44bf-a902-002eb46a74fe","block_type":"box","text":"Risk of Investing in the U.S.","page_number":71,"box":{"x":82,"y":834,"width":174,"height":11}},{"id":"269a23b3-f548-42bd-a1ec-61fa2ac32e5a","block_type":"box","text":"Securities Lending Risk","page_number":71,"box":{"x":82,"y":852,"width":148,"height":11}},{"id":"24372f8f-e36d-4e8a-a416-2d2b545fdd56","block_type":"box","text":"6","page_number":71,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"a0af16d2-5f73-499f-8c0d-3d72af84012a","block_type":"box","text":"iShares","page_number":72,"box":{"x":331,"y":23,"width":51,"height":9}},{"id":"080f149b-e409-4690-9148-272923743564","block_type":"box","text":"Climate","page_number":72,"box":{"x":330,"y":35,"width":53,"height":8}},{"id":"16a41e37-2de2-4144-818c-1c674584e163","block_type":"box","text":"Conscious &","page_number":72,"box":{"x":314,"y":46,"width":85,"height":9}},{"id":"2494e545-e71c-4e8d-af99-8e3a6ee86f0e","block_type":"box","text":"Transition","page_number":72,"box":{"x":322,"y":58,"width":68,"height":8}},{"id":"c20ab4c9-f284-4334-ae21-4c6b0ff2dba5","block_type":"box","text":"MSCI USA ETF","page_number":72,"box":{"x":307,"y":70,"width":100,"height":8}},{"id":"f2af5ea6-2243-4cec-b8f8-514733e53e02","block_type":"box","text":"iShares ESG","page_number":72,"box":{"x":428,"y":46,"width":84,"height":9}},{"id":"b614b02f-1c53-40dc-aa2c-dbbadd9657af","block_type":"box","text":"Advanced MSCI","page_number":72,"box":{"x":414,"y":58,"width":109,"height":8}},{"id":"0897f4e1-02f6-4cda-9a60-e95ba5fbe910","block_type":"box","text":"USA ETF","page_number":72,"box":{"x":441,"y":70,"width":58,"height":8}},{"id":"dc626485-a944-4222-9062-804bdee7fea4","block_type":"box","text":"iShares ESG","page_number":72,"box":{"x":541,"y":46,"width":84,"height":9}},{"id":"4cf9395e-0801-45e9-987c-a7c78dec264e","block_type":"box","text":"Aware MSCI","page_number":72,"box":{"x":540,"y":58,"width":85,"height":8}},{"id":"fbe53934-d18c-4b7d-9cd0-32d57b83961b","block_type":"box","text":"USA ETF","page_number":72,"box":{"x":555,"y":70,"width":58,"height":8}},{"id":"6d28edac-1419-4092-9a78-57a0b262efa6","block_type":"box","text":"iShares ESG","page_number":72,"box":{"x":655,"y":35,"width":83,"height":8}},{"id":"b6695d5b-2049-4272-bb02-d617edacd081","block_type":"box","text":"Aware MSCI","page_number":72,"box":{"x":654,"y":46,"width":84,"height":9}},{"id":"b5c5725a-e9ea-4cce-a4a6-9830c02c7146","block_type":"box","text":"USA Growth","page_number":72,"box":{"x":655,"y":58,"width":83,"height":8}},{"id":"823e73c3-61f6-4266-9971-c8229ff83362","block_type":"box","text":"ETF","page_number":72,"box":{"x":685,"y":70,"width":24,"height":8}},{"id":"d8c1a48d-74b1-4833-aa8a-188e9d663184","block_type":"box","text":"iShares","page_number":72,"box":{"x":784,"y":35,"width":51,"height":8}},{"id":"d52c493b-95bd-4404-99b5-0516141317a9","block_type":"box","text":"ESG Aware","page_number":72,"box":{"x":772,"y":46,"width":76,"height":9}},{"id":"554c38dc-b172-4836-9eed-45ad8cb6ca06","block_type":"box","text":"MSCI USA","page_number":72,"box":{"x":775,"y":58,"width":70,"height":8}},{"id":"ea559555-3903-447e-9260-f3ecb3e2b9ff","block_type":"box","text":"Small-Cap ETF","page_number":72,"box":{"x":760,"y":70,"width":100,"height":10}},{"id":"9bd0f3fc-097d-437a-b092-659258259a24","block_type":"box","text":"iShares ESG","page_number":72,"box":{"x":881,"y":46,"width":84,"height":9}},{"id":"d1e57ac3-56c8-483c-8abe-83c54ba34da7","block_type":"box","text":"Aware MSCI","page_number":72,"box":{"x":880,"y":58,"width":84,"height":8}},{"id":"3a62e5b1-f821-4ad6-b9c9-d35d40edf57b","block_type":"box","text":"USA Value ETF","page_number":72,"box":{"x":873,"y":70,"width":101,"height":8}},{"id":"5b168e65-bab1-48e7-9608-6a0571782608","block_type":"box","text":"Principal Risk |","page_number":72,"box":{"x":102,"y":95,"width":101,"height":12}},{"id":"37b7ff55-8fa6-469d-b604-fcc0448b6f28","block_type":"box","text":"•","page_number":72,"box":{"x":209,"y":96,"width":6,"height":5}},{"id":"bfb32f98-a300-4850-b30e-df4687f50ff1","block_type":"box","text":"Other Risk","page_number":72,"box":{"x":221,"y":95,"width":74,"height":9}},{"id":"6583eadc-c456-43a3-b085-f3b7f4afa652","block_type":"box","text":"Small-Capitalization Companies","page_number":72,"box":{"x":82,"y":121,"width":202,"height":11}},{"id":"e3b6eb21-8e3e-4a95-b52a-44b553d734fb","block_type":"box","text":"Risk","page_number":72,"box":{"x":82,"y":135,"width":26,"height":9}},{"id":"af01f949-a411-4105-b996-84af3a8c967c","block_type":"box","text":"Small Fund Risk","page_number":72,"box":{"x":82,"y":153,"width":101,"height":9}},{"id":"8cad854b-c9ae-4078-b8b2-84ee19f1153c","block_type":"box","text":"Technology Companies Risk","page_number":72,"box":{"x":81,"y":171,"width":178,"height":11}},{"id":"9bd76fe7-9059-4383-b1cd-f6b7cc85175f","block_type":"box","text":"••","page_number":72,"box":{"x":807,"y":173,"width":119,"height":4}},{"id":"35bad045-6135-48cb-a6d2-a6c477bca8c1","block_type":"box","text":"Thematic Investing Risk","page_number":72,"box":{"x":81,"y":189,"width":151,"height":11}},{"id":"1df1311b-e18c-47ee-ba35-4461826a3823","block_type":"box","text":"Tracking Error Risk","page_number":72,"box":{"x":81,"y":208,"width":119,"height":10}},{"id":"68df80c9-f24b-458f-b62d-e4c2f7377c82","block_type":"box","text":"Value Securities Risk","page_number":72,"box":{"x":81,"y":226,"width":133,"height":8}},{"id":"f7a24a68-465f-4b6e-b3d9-245060918627","block_type":"box","text":"iShares ESG MSCI","page_number":72,"box":{"x":688,"y":283,"width":125,"height":8}},{"id":"1ce00a08-f6df-4585-bf13-818004247468","block_type":"box","text":"USA Leaders ETF","page_number":72,"box":{"x":692,"y":294,"width":118,"height":9}},{"id":"721a5da9-65d1-46ca-9c0d-eed2cfcaa0fc","block_type":"box","text":"iShares Paris","page_number":72,"box":{"x":856,"y":259,"width":95,"height":9}},{"id":"cea77f3e-c152-44ea-95a3-0c2e3f369d44","block_type":"box","text":"Aligned Climate","page_number":72,"box":{"x":848,"y":271,"width":110,"height":11}},{"id":"1c81c4b2-34b2-4a9b-ac97-0787fa1944a2","block_type":"box","text":"Optimized MSCI USA","page_number":72,"box":{"x":831,"y":283,"width":145,"height":10}},{"id":"95b93f8d-a3f0-474e-8606-548b9016828e","block_type":"box","text":"ETF","page_number":72,"box":{"x":892,"y":294,"width":24,"height":9}},{"id":"472d2e61-fecc-4818-bb35-306ffc59a293","block_type":"box","text":"Principal Risk |","page_number":72,"box":{"x":102,"y":320,"width":101,"height":11}},{"id":"d99aa024-c17f-4b54-ad68-12bcf392c175","block_type":"box","text":"•","page_number":72,"box":{"x":209,"y":321,"width":6,"height":5}},{"id":"84b8f8cf-0da3-49c4-b98d-8d2ab8e1b43b","block_type":"box","text":"Other Risk","page_number":72,"box":{"x":221,"y":320,"width":74,"height":8}},{"id":"ad6de7cd-d30b-4185-92a2-e339b301f788","block_type":"box","text":"Asset Class Risk","page_number":72,"box":{"x":81,"y":346,"width":105,"height":8}},{"id":"140f4101-5973-4751-8e6e-b9d80485e154","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":72,"box":{"x":81,"y":364,"width":249,"height":11}},{"id":"6e6c2002-dcc8-4705-91a3-a43fe9c12349","block_type":"box","text":"Authorized Participant Concentration Risk","page_number":72,"box":{"x":81,"y":382,"width":268,"height":11}},{"id":"2a271c26-09d0-478d-8c7d-547ab9daa653","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts","page_number":72,"box":{"x":82,"y":400,"width":304,"height":8}},{"id":"4295cea9-b4fb-47be-ac74-8d70be2d76c9","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":401,"width":158,"height":4}},{"id":"147f5470-2289-4cbd-b4a0-01fff760e07e","block_type":"box","text":"Communications Companies Risk","page_number":72,"box":{"x":82,"y":418,"width":214,"height":11}},{"id":"e09534af-b994-49be-8ab5-b0f44414e82c","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":419,"width":158,"height":4}},{"id":"629e4c2c-f522-4885-b8a8-6b07c460ee15","block_type":"box","text":"Concentration Risk","page_number":72,"box":{"x":82,"y":436,"width":121,"height":8}},{"id":"e5561df3-a592-4041-8920-8abd6f8bb7f7","block_type":"box","text":"Consumer Goods and Services Companies Risk","page_number":72,"box":{"x":82,"y":454,"width":302,"height":11}},{"id":"a10ae83e-9a09-45fb-a251-7ce193630ddc","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":455,"width":158,"height":4}},{"id":"802d9d6d-3f16-4b7f-bed5-d8bb53a56d85","block_type":"box","text":"Energy Companies Risk","page_number":72,"box":{"x":82,"y":472,"width":149,"height":11}},{"id":"484e1008-f0f1-4d56-a7ea-066b5625ef6d","block_type":"box","text":"Equity Securities Risk","page_number":72,"box":{"x":82,"y":490,"width":137,"height":11}},{"id":"93bdd2c4-08a3-4325-8cb9-fd193f1742de","block_type":"box","text":"ESG Risk","page_number":72,"box":{"x":82,"y":508,"width":56,"height":9}},{"id":"08764237-df51-4582-854f-409b7e20d176","block_type":"box","text":"Financial Companies Risk","page_number":72,"box":{"x":82,"y":526,"width":162,"height":11}},{"id":"a58dffe9-36db-4111-b47d-6dc888b0709f","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":527,"width":158,"height":5}},{"id":"cacf614d-953b-413a-b629-d5a98241cd2c","block_type":"box","text":"Geographic and Security Risks","page_number":72,"box":{"x":82,"y":544,"width":194,"height":11}},{"id":"ffcd4b31-f303-4ccf-9fc2-8a6b46c1e7c7","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":545,"width":158,"height":5}},{"id":"ae250623-b1aa-4d99-acf4-ac9e0856bdee","block_type":"box","text":"Growth Securities Risk","page_number":72,"box":{"x":82,"y":562,"width":144,"height":9}},{"id":"b2c81498-f1f5-4c38-89a0-4ef21660ae4f","block_type":"box","text":"Healthcare Companies Risk","page_number":72,"box":{"x":82,"y":580,"width":176,"height":11}},{"id":"74808edf-d11d-4a0b-ac91-21035aa38de0","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":581,"width":158,"height":5}},{"id":"60c0dfcc-e1dd-46b3-a839-49dd36e40bf5","block_type":"box","text":"Illiquid Investments Risk","page_number":72,"box":{"x":82,"y":598,"width":154,"height":11}},{"id":"153dad2a-d899-4d9b-87f2-8cbd4e9487c2","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":600,"width":158,"height":4}},{"id":"9a180ac7-6ef6-4e6c-9126-ef0b5eadbba8","block_type":"box","text":"Index-Related Risk","page_number":72,"box":{"x":82,"y":616,"width":118,"height":9}},{"id":"ea020cd8-e656-4a23-a3f0-f8bd3103fcb7","block_type":"box","text":"Industrial Companies Risk","page_number":72,"box":{"x":82,"y":635,"width":165,"height":10}},{"id":"d8b46aa0-e0eb-4a5d-86ef-4d77909edd2a","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":636,"width":158,"height":4}},{"id":"865f26de-ec8d-438c-a690-778606e4d204","block_type":"box","text":"Issuer Risk","page_number":72,"box":{"x":82,"y":653,"width":68,"height":8}},{"id":"b41c3990-c27f-425d-9448-fd54355d4355","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":72,"box":{"x":82,"y":671,"width":234,"height":10}},{"id":"4ecc09e4-9db0-49b9-b1ec-065b852fe1ad","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":72,"box":{"x":82,"y":689,"width":337,"height":10}},{"id":"b51792a5-43a6-4fbf-b4b2-e12c601000fd","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":690,"width":158,"height":4}},{"id":"4b601d72-cadb-428b-921f-d5ff32e29e92","block_type":"box","text":"Management Risk","page_number":72,"box":{"x":82,"y":707,"width":114,"height":11}},{"id":"5b45725d-d54d-4a6a-93bc-ff67f3c04838","block_type":"box","text":"Market Risk","page_number":72,"box":{"x":82,"y":725,"width":75,"height":8}},{"id":"70e8ca89-ad1a-4740-8b57-c2ff03c0f11c","block_type":"box","text":"Market Trading Risk","page_number":72,"box":{"x":82,"y":743,"width":125,"height":11}},{"id":"fc3a9903-3c51-45a4-a985-09d55930cdfa","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":72,"box":{"x":82,"y":761,"width":222,"height":11}},{"id":"e3271b68-150c-483f-b823-12c304443717","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":762,"width":158,"height":4}},{"id":"f4736b19-a62b-445f-886c-3aa5c7a2cd90","block_type":"box","text":"Non-Diversification Risk","page_number":72,"box":{"x":82,"y":779,"width":153,"height":8}},{"id":"6129ce0a-598f-4e4d-9953-ac60894df6da","block_type":"box","text":"Operational and Technology Risks","page_number":72,"box":{"x":82,"y":797,"width":214,"height":11}},{"id":"eb58c5b5-619d-49fc-b0a8-f96e1a1c2825","block_type":"box","text":"Ownership Limitations Risk","page_number":72,"box":{"x":82,"y":815,"width":173,"height":11}},{"id":"a55f7ccf-774b-4251-972c-985d9c88f91e","block_type":"box","text":"••","page_number":72,"box":{"x":748,"y":816,"width":158,"height":4}},{"id":"d4f5b6c4-00ca-40c3-ac0c-395611a71ab9","block_type":"box","text":"Real Estate Companies Risk","page_number":72,"box":{"x":82,"y":833,"width":177,"height":11}},{"id":"c4572d02-cdbe-41b3-b62a-d74396044da4","block_type":"box","text":"•","page_number":72,"box":{"x":900,"y":834,"width":6,"height":4}},{"id":"e4fc799d-f0db-424f-a43b-17f4af00b1e3","block_type":"box","text":"Risk of Investing in the U.S.","page_number":72,"box":{"x":82,"y":851,"width":174,"height":11}},{"id":"99ad1713-944a-42dd-ac0f-eedde125cdee","block_type":"box","text":"Securities Lending Risk","page_number":72,"box":{"x":82,"y":869,"width":148,"height":11}},{"id":"42a91641-9356-4924-bd72-64d57aab69e0","block_type":"box","text":"7","page_number":72,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"fd4c65c3-b3aa-4614-b9f5-59235e6b57ed","block_type":"box","text":"iShares ESG MSCI","page_number":73,"box":{"x":688,"y":46,"width":125,"height":9}},{"id":"6ad9a54f-ec1f-474a-87ab-f20b7a458329","block_type":"box","text":"USA Leaders ETF","page_number":73,"box":{"x":692,"y":58,"width":118,"height":8}},{"id":"af73990f-c243-4f17-9669-05173675002a","block_type":"box","text":"iShares Paris","page_number":73,"box":{"x":856,"y":23,"width":95,"height":9}},{"id":"dfb6581c-784a-4de1-b516-608a57695b99","block_type":"box","text":"Aligned Climate","page_number":73,"box":{"x":848,"y":35,"width":110,"height":11}},{"id":"095b8f3e-82b4-4aec-b89c-204cd7315105","block_type":"box","text":"Optimized MSCI USA","page_number":73,"box":{"x":831,"y":46,"width":145,"height":11}},{"id":"1a6b5846-e37f-466a-8adc-c89281b65bca","block_type":"box","text":"ETF","page_number":73,"box":{"x":892,"y":58,"width":24,"height":8}},{"id":"f2437040-5d90-4bf2-a8e5-c71129078e64","block_type":"box","text":"Principal Risk |","page_number":73,"box":{"x":102,"y":83,"width":101,"height":12}},{"id":"27afb0e1-7e24-49fe-ad41-b696747ba0a2","block_type":"box","text":"•","page_number":73,"box":{"x":209,"y":85,"width":6,"height":4}},{"id":"de4991bb-5d20-4703-b5e9-f9fe56d5779f","block_type":"box","text":"Other Risk","page_number":73,"box":{"x":221,"y":84,"width":74,"height":8}},{"id":"38112645-2c13-4b70-9121-03dd6af0238d","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":73,"box":{"x":82,"y":110,"width":233,"height":10}},{"id":"bf1f7374-d0cb-40dd-bd20-0951d8051fa2","block_type":"box","text":"Small Fund Risk","page_number":73,"box":{"x":82,"y":128,"width":101,"height":8}},{"id":"6ab1f22b-83dc-4902-8e9f-4c37ccdc87d0","block_type":"box","text":"Technology Companies Risk","page_number":73,"box":{"x":81,"y":146,"width":178,"height":10}},{"id":"63e7a437-d523-42a8-b307-838820cc5be7","block_type":"box","text":"Thematic Investing Risk","page_number":73,"box":{"x":81,"y":164,"width":151,"height":10}},{"id":"0b86092f-959a-47a8-9f43-b832b850f109","block_type":"box","text":"Tracking Error Risk","page_number":73,"box":{"x":81,"y":182,"width":119,"height":11}},{"id":"dde204ee-cc71-4101-b131-f23554bb5c2d","block_type":"box","text":"Value Securities Risk","page_number":73,"box":{"x":81,"y":200,"width":133,"height":8}},{"id":"5fe0e3d7-482b-4e75-8f78-757da0274d6d","block_type":"box","text":"Asset Class Risk.","page_number":73,"box":{"x":76,"y":234,"width":117,"height":8}},{"id":"3b110207-8e7b-402d-9977-537eb9f7b6d1","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":73,"box":{"x":198,"y":234,"width":706,"height":10}},{"id":"135ef859-dce2-475d-836d-08877abc7e1a","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":73,"box":{"x":76,"y":248,"width":878,"height":11}},{"id":"c6525a00-1f41-4b72-ba12-1cc13dcabfbc","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":73,"box":{"x":76,"y":262,"width":869,"height":11}},{"id":"fc95ec3e-0824-4216-bc22-00c8860d0aad","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":73,"box":{"x":76,"y":276,"width":857,"height":11}},{"id":"34dcb470-ac09-411d-a025-e4bad84757b5","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":73,"box":{"x":76,"y":290,"width":900,"height":11}},{"id":"e71b1376-cf6c-4a38-ba83-3afc1364678c","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":73,"box":{"x":76,"y":304,"width":512,"height":11}},{"id":"be709ed1-b391-4d2b-838e-73245ce18e7b","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":73,"box":{"x":76,"y":328,"width":273,"height":10}},{"id":"5e353887-7eaf-4a9c-b6ae-e8e34efefc8b","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":73,"box":{"x":355,"y":328,"width":613,"height":11}},{"id":"cd409eb5-3bc4-445b-857c-a968cdff28cf","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":73,"box":{"x":76,"y":342,"width":879,"height":11}},{"id":"fc566d75-24ef-4710-97ba-fe925fac1103","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":73,"box":{"x":76,"y":356,"width":841,"height":11}},{"id":"e478e5a6-4445-4006-a5cc-debf045a9496","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":73,"box":{"x":76,"y":370,"width":426,"height":11}},{"id":"57eb9964-0066-4166-9182-c7077947847c","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":73,"box":{"x":76,"y":393,"width":296,"height":11}},{"id":"eb3bed09-48f2-4bdf-a5f1-8c44ec0e5027","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":73,"box":{"x":378,"y":393,"width":578,"height":11}},{"id":"71e54fa5-5f9a-4412-a678-3a902c64f014","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":73,"box":{"x":76,"y":408,"width":894,"height":10}},{"id":"c223821d-d94a-41c4-a842-36f2cfc4c165","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":73,"box":{"x":76,"y":422,"width":882,"height":11}},{"id":"0e6c16ed-dac9-4275-8081-772c850f2a0e","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":73,"box":{"x":76,"y":436,"width":888,"height":11}},{"id":"7fb6a4aa-fa26-48fd-88af-bda573bd85a5","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":73,"box":{"x":76,"y":450,"width":889,"height":11}},{"id":"9589620c-a4ca-4ccd-bd89-205baea09965","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":73,"box":{"x":77,"y":464,"width":885,"height":11}},{"id":"59d95cdf-6ca7-4d4e-91f0-0e4a19003718","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":73,"box":{"x":76,"y":479,"width":893,"height":10}},{"id":"0680c186-97c6-49d5-99ea-f2e2df1055da","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":73,"box":{"x":76,"y":493,"width":521,"height":11}},{"id":"8613e193-1386-400e-8653-4a420079f97b","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":73,"box":{"x":76,"y":516,"width":336,"height":8}},{"id":"2417ca1f-4222-49f3-9cd1-5f0adfdf448c","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":73,"box":{"x":418,"y":516,"width":562,"height":11}},{"id":"29316dc5-a980-4756-b2eb-c9438533f4df","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":73,"box":{"x":76,"y":530,"width":880,"height":11}},{"id":"79ab196e-1076-42b5-804b-8f1ab234ae24","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":73,"box":{"x":76,"y":544,"width":881,"height":11}},{"id":"100665b2-e071-4d92-80ff-a727a4b6b4c2","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":73,"box":{"x":76,"y":558,"width":896,"height":11}},{"id":"52380447-97f2-49cd-9ecc-d4c558682b21","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":73,"box":{"x":76,"y":573,"width":889,"height":10}},{"id":"29154fb7-acc2-4465-a5d8-a561ed6ea218","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":73,"box":{"x":76,"y":587,"width":903,"height":11}},{"id":"789e0c51-8c68-4cbf-b1c4-9adaca9de31c","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":73,"box":{"x":76,"y":601,"width":231,"height":8}},{"id":"0c4c34b3-b0f0-4765-9d3f-6b63c5ca5a30","block_type":"box","text":"Communications Companies Risk.","page_number":73,"box":{"x":76,"y":624,"width":236,"height":11}},{"id":"7a456988-d6c7-4277-bb66-2579f58b94b9","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":73,"box":{"x":317,"y":624,"width":633,"height":11}},{"id":"64b33451-1d9f-4d7c-aa47-728ec372caed","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":73,"box":{"x":76,"y":638,"width":863,"height":11}},{"id":"9d75959e-8937-4793-8075-782dac561f7c","block_type":"box","text":"intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new","page_number":73,"box":{"x":76,"y":653,"width":897,"height":10}},{"id":"f69982a9-2ff2-4260-9864-31ae1a21fa46","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":73,"box":{"x":76,"y":667,"width":868,"height":11}},{"id":"2a17586b-07c8-4cf9-b24a-7f578af318d3","block_type":"box","text":"business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer","page_number":73,"box":{"x":76,"y":681,"width":881,"height":11}},{"id":"6c59e946-a3c1-4f34-b3ca-be089c051137","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":73,"box":{"x":76,"y":695,"width":694,"height":11}},{"id":"50b54800-b722-49d8-8f9f-4c2c42375458","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":73,"box":{"x":76,"y":718,"width":880,"height":11}},{"id":"020d15d7-83b7-44a6-a3d2-3d5ca04eb422","block_type":"box","text":"complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These","page_number":73,"box":{"x":76,"y":732,"width":897,"height":11}},{"id":"13c5f729-e276-4e0c-934a-7f5735d0a393","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on","page_number":73,"box":{"x":76,"y":747,"width":898,"height":11}},{"id":"20ece100-0b95-45d4-b8bc-1ebe312e85c9","block_type":"box","text":"patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.","page_number":73,"box":{"x":76,"y":761,"width":805,"height":11}},{"id":"fe77ce16-3b5d-40f7-95bf-8df7fdc713af","block_type":"box","text":"Concentration Risk.","page_number":73,"box":{"x":76,"y":784,"width":136,"height":9}},{"id":"5e82b7be-91cb-42a0-80a6-51c53027990a","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":73,"box":{"x":217,"y":784,"width":744,"height":11}},{"id":"4fa6c701-2d49-4575-b799-1f7e7cd25173","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":73,"box":{"x":76,"y":798,"width":903,"height":10}},{"id":"aa62b45a-c31d-4c06-98d0-8265119df0cf","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":73,"box":{"x":76,"y":812,"width":853,"height":11}},{"id":"1306af54-c8b9-4a58-9228-fb79f74603d4","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":73,"box":{"x":76,"y":827,"width":897,"height":10}},{"id":"3d0cd3ba-aa60-4889-8657-704371db5ff0","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":73,"box":{"x":76,"y":841,"width":905,"height":11}},{"id":"03a6d45f-446a-4146-b7b8-26b2d2bb00e6","block_type":"box","text":"its investments.","page_number":73,"box":{"x":76,"y":855,"width":100,"height":8}},{"id":"307b33b4-09f0-49ee-ac32-4a5d165afac9","block_type":"box","text":"8","page_number":73,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"e53b27c8-ca90-4f60-91ae-f5c8db9c6ac2","block_type":"box","text":"Consumer Goods and Services Com","page_number":74,"box":{"x":76,"y":23,"width":247,"height":9}},{"id":"a6e7dcac-3b67-41ac-8b66-c0f96c7d668d","block_type":"box","text":"panies Risk.","page_number":74,"box":{"x":325,"y":23,"width":83,"height":11}},{"id":"8ab296a9-6fac-46a1-8605-efa38abe49f3","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":74,"box":{"x":414,"y":23,"width":561,"height":11}},{"id":"46db0dd6-ae3c-4020-936e-fbbfad148acb","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":74,"box":{"x":76,"y":37,"width":897,"height":11}},{"id":"01aaec63-d1e5-4191-b961-494cf68135fb","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":74,"box":{"x":76,"y":51,"width":860,"height":11}},{"id":"edcea6e3-0b40-48cf-a473-52ebfb1a2e8d","block_type":"box","text":"adverse impact on consumer companies.","page_number":74,"box":{"x":76,"y":66,"width":262,"height":10}},{"id":"b769b058-a226-469e-9096-485511208280","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":74,"box":{"x":76,"y":89,"width":849,"height":11}},{"id":"45acac19-cdc5-43e1-a842-9c1732b3913f","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":74,"box":{"x":76,"y":103,"width":883,"height":11}},{"id":"11ca8789-c335-4f68-8889-070d49921785","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":74,"box":{"x":76,"y":117,"width":856,"height":11}},{"id":"d19dec35-8001-4012-aabd-ef3d764a4d04","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":74,"box":{"x":76,"y":131,"width":561,"height":11}},{"id":"a0686953-0bdd-4fe2-b32f-78e9ae69aa71","block_type":"box","text":"Energy Companies Risk.","page_number":74,"box":{"x":77,"y":155,"width":165,"height":10}},{"id":"2926fbeb-d012-4e09-9376-8d1fd2a31d55","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":74,"box":{"x":247,"y":155,"width":695,"height":10}},{"id":"398afd0f-04e9-4af0-84c4-2a5e94f3b92e","block_type":"box","text":"demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations, war or","page_number":74,"box":{"x":76,"y":169,"width":904,"height":11}},{"id":"83f7c52d-cc98-496a-9541-d1120221de78","block_type":"box","text":"other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i","page_number":74,"box":{"x":76,"y":183,"width":898,"height":11}},{"id":"32018ded-608b-4705-864b-03da4a3a612b","block_type":"box","text":"s","page_number":74,"box":{"x":976,"y":185,"width":6,"height":6}},{"id":"4c56e79a-5e4d-402c-bd3c-8fde26a567a3","block_type":"box","text":"subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws.","page_number":74,"box":{"x":76,"y":197,"width":880,"height":11}},{"id":"e78cd24d-e355-48a2-bb3c-718dc9bf8341","block_type":"box","text":"Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the performance of","page_number":74,"box":{"x":77,"y":211,"width":866,"height":11}},{"id":"ed350999-2af2-4f9e-b40b-2603889da56a","block_type":"box","text":"energy companies.","page_number":74,"box":{"x":76,"y":226,"width":120,"height":10}},{"id":"119482e6-46e8-44ef-86d8-14334de8a49e","block_type":"box","text":"Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and","page_number":74,"box":{"x":77,"y":249,"width":892,"height":11}},{"id":"d3f696a4-2ab7-448f-bdcd-da1852a5bf98","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":74,"box":{"x":76,"y":263,"width":878,"height":11}},{"id":"0ded0efd-0cb3-4edc-8362-f11035db4a9f","block_type":"box","text":"may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a","page_number":74,"box":{"x":76,"y":277,"width":885,"height":11}},{"id":"a6314beb-fc12-46a4-9a60-dcc08e8aedac","block_type":"box","text":"history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The","page_number":74,"box":{"x":77,"y":291,"width":866,"height":11}},{"id":"39d13be0-0c59-428d-8f31-862bfe32c2c2","block_type":"box","text":"operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks,","page_number":74,"box":{"x":76,"y":305,"width":883,"height":11}},{"id":"44ebc2bf-2a0d-464c-a1c9-b0f4a30a6097","block_type":"box","text":"accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.","page_number":74,"box":{"x":76,"y":320,"width":800,"height":10}},{"id":"8f541566-265b-4439-a722-03b38b757324","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to","page_number":74,"box":{"x":76,"y":343,"width":837,"height":11}},{"id":"2b839905-4a02-41c2-a6a7-7f1be0c3880e","block_type":"box","text":"disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and","page_number":74,"box":{"x":76,"y":357,"width":882,"height":11}},{"id":"4a0007df-a42b-435a-adbb-ee4576c88f2a","block_type":"box","text":"demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on","page_number":74,"box":{"x":76,"y":371,"width":899,"height":11}},{"id":"f504f857-5921-4c8a-bca1-b71fb0323def","block_type":"box","text":"business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of","page_number":74,"box":{"x":76,"y":385,"width":860,"height":11}},{"id":"026d316b-6529-436e-b27e-84ee659b589a","block_type":"box","text":"current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The","page_number":74,"box":{"x":76,"y":400,"width":868,"height":10}},{"id":"217194f0-0d7a-48da-87de-e62853d18f25","block_type":"box","text":"effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.","page_number":74,"box":{"x":76,"y":414,"width":867,"height":11}},{"id":"e8a249ca-7d7e-4519-a877-164994157742","block_type":"box","text":"Equity Securities Risk.","page_number":74,"box":{"x":77,"y":437,"width":154,"height":11}},{"id":"6477b8ff-15ef-4f15-9963-9db4aba1fb9d","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":74,"box":{"x":237,"y":437,"width":732,"height":11}},{"id":"f4850b46-b9f8-44b7-9938-48a2eb0a4fc9","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":74,"box":{"x":76,"y":451,"width":877,"height":11}},{"id":"4fc0128e-cb64-43ec-9165-601c527a3550","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":74,"box":{"x":76,"y":465,"width":905,"height":11}},{"id":"4fb3062e-0d62-4a0d-a0d8-6ac79df079ad","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":74,"box":{"x":76,"y":479,"width":875,"height":11}},{"id":"94f86982-0a9d-461b-8acf-486dd83ad47d","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":74,"box":{"x":76,"y":494,"width":812,"height":11}},{"id":"f399cb25-7439-4bb4-9cb5-9f746f9ab11e","block_type":"box","text":"ESG Risk.","page_number":74,"box":{"x":77,"y":517,"width":64,"height":8}},{"id":"d61a09d9-0cb0-4db2-a59b-b1d0d1e6d277","block_type":"box","text":"To the extent that a Fund’s Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and","page_number":74,"box":{"x":146,"y":517,"width":836,"height":11}},{"id":"1b5c016d-3d19-4812-884b-49a5ae4f59ad","block_type":"box","text":"number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index","page_number":74,"box":{"x":76,"y":531,"width":888,"height":11}},{"id":"cd47aa59-879d-4388-a782-61a579a66d63","block_type":"box","text":"does not use ESG criteria. An Underlying Index’s use of ESG criteria may result in a Fund investing in, or allocating greater weight to,","page_number":74,"box":{"x":76,"y":545,"width":846,"height":11}},{"id":"d77b9cbf-c5c0-4fa0-bfaa-c406e90a43d1","block_type":"box","text":"securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use","page_number":74,"box":{"x":76,"y":559,"width":901,"height":11}},{"id":"67fdfb04-8c6e-489e-b89a-27d72b93addb","block_type":"box","text":"of representative sampling may result in the divergence of a Fund’s overall ESG characteristics or ESG risk from those of the Underlying","page_number":74,"box":{"x":76,"y":574,"width":869,"height":10}},{"id":"f012472c-7177-4362-81af-25bb3de3314b","block_type":"box","text":"Index.","page_number":74,"box":{"x":77,"y":588,"width":36,"height":8}},{"id":"ae91917a-8271-42ba-99c3-e2e049967347","block_type":"box","text":"An Index Provider evaluates securities for inclusion and/or weighting in such an Underlying Index based on ESG criteria and data provided by","page_number":74,"box":{"x":76,"y":611,"width":903,"height":11}},{"id":"9235b16b-9a4b-4acf-a600-4b82fa8ebc59","block_type":"box","text":"the Index Provider or third parties. The Index Provider’s evaluation of securities’ ESG characteristics depends on these criteria and data,","page_number":74,"box":{"x":76,"y":625,"width":869,"height":11}},{"id":"c60f815f-a86c-4ee4-a81f-4147b834fcfb","block_type":"box","text":"which may vary by index provider, and no assurance can be given that they will be complete, accurate or current. In addition, an Index","page_number":74,"box":{"x":76,"y":639,"width":857,"height":11}},{"id":"a610aa84-fc5c-4e1c-a197-3d15dcfaf7c6","block_type":"box","text":"Provider may evaluate security-level ESG data (including ratings) and, if applicable, ESG objectives or constraints that are relevant to an","page_number":74,"box":{"x":77,"y":654,"width":867,"height":10}},{"id":"788fe0fc-3d7e-47e8-97bd-496e310df5dc","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities included in an Underlying Index may cease to meet the relevant ESG criteria","page_number":74,"box":{"x":77,"y":668,"width":898,"height":11}},{"id":"8be9aed2-c204-46c4-8f1d-9fc06a242c07","block_type":"box","text":"but may nevertheless remain in the Underlying Index and in the Fund using the Underlying Index until the next review or rebalance by the","page_number":74,"box":{"x":76,"y":682,"width":875,"height":11}},{"id":"3e4d43cf-6769-40b8-8249-06be13ce777c","block_type":"box","text":"Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG","page_number":74,"box":{"x":77,"y":696,"width":871,"height":11}},{"id":"aef4e4f3-bf52-4f2a-a4ab-802a632ee42a","block_type":"box","text":"objectives or constraints at all times. If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA","page_number":74,"box":{"x":76,"y":710,"width":903,"height":11}},{"id":"7a6c0158-51af-427e-af7c-4280234c5fcb","block_type":"box","text":"accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or","page_number":74,"box":{"x":76,"y":724,"width":872,"height":11}},{"id":"8bc7f0a5-f9d2-46eb-b8ef-f0f0555188f4","block_type":"box","text":"constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index","page_number":74,"box":{"x":76,"y":739,"width":868,"height":10}},{"id":"c6aff06c-475a-41d6-8f39-9796670545fa","block_type":"box","text":"between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or","page_number":74,"box":{"x":76,"y":753,"width":900,"height":11}},{"id":"42f37916-92e6-4d77-8f98-eff0c5e6c653","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":74,"box":{"x":76,"y":767,"width":286,"height":8}},{"id":"ff9883c5-ab3c-45d1-8b0f-4183b3cfeddc","block_type":"box","text":"The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and","page_number":74,"box":{"x":76,"y":790,"width":844,"height":11}},{"id":"7f4dc056-540c-496c-a21e-248cef82c058","block_type":"box","text":"information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the","page_number":74,"box":{"x":76,"y":804,"width":895,"height":11}},{"id":"4460bdf7-35f5-4b4d-909c-5d56b87f5f11","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":74,"box":{"x":77,"y":819,"width":446,"height":10}},{"id":"2293bfc6-5a8b-4149-9177-866e0a8b27fb","block_type":"box","text":"Financial Companies Risk.","page_number":74,"box":{"x":77,"y":842,"width":180,"height":10}},{"id":"ec547a01-81cc-4530-8159-7940d8c8e43d","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":74,"box":{"x":263,"y":842,"width":689,"height":11}},{"id":"f17bf1fa-6916-409c-8958-6f028d2c3097","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":74,"box":{"x":76,"y":856,"width":892,"height":11}},{"id":"c73fd3cb-063a-4b5f-87e4-b4ec1e2b7299","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":74,"box":{"x":76,"y":870,"width":891,"height":11}},{"id":"3bffd4a0-dc16-469e-b652-c57ac3a44879","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":74,"box":{"x":76,"y":884,"width":888,"height":11}},{"id":"ebba2a84-8fe7-41d6-a807-d1e079e8fdbf","block_type":"box","text":"9","page_number":74,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"12a86f3f-dea8-44d0-9972-e90304b64106","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":75,"box":{"x":77,"y":23,"width":870,"height":11}},{"id":"30e5487b-764f-4ae2-b23e-a021e16b6fcd","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":75,"box":{"x":77,"y":37,"width":766,"height":11}},{"id":"4846f697-85db-4c60-8017-87f07e04caa6","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":75,"box":{"x":77,"y":61,"width":890,"height":10}},{"id":"0c67ed11-01a2-43e9-ba5d-2a7a5c278bac","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":75,"box":{"x":76,"y":75,"width":848,"height":11}},{"id":"df2a8f23-f292-4d5f-9a06-77611bad66a7","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":75,"box":{"x":76,"y":89,"width":884,"height":11}},{"id":"0fa3300b-e020-4b90-bd4d-52833a624c55","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":75,"box":{"x":76,"y":103,"width":889,"height":11}},{"id":"984a33c7-e93d-4c0a-adaa-f7a2637f5f36","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":75,"box":{"x":76,"y":117,"width":856,"height":11}},{"id":"75da6f7a-4b10-44cf-a8c2-65fbfb5f9101","block_type":"box","text":"financial sector generally.","page_number":75,"box":{"x":76,"y":131,"width":162,"height":11}},{"id":"cfef9603-5371-4623-9523-c02d3b66e66d","block_type":"box","text":"Geographic and Security Risks.","page_number":75,"box":{"x":76,"y":155,"width":216,"height":10}},{"id":"2e9011e2-94ec-4e79-98a2-6f6c7b7c35b1","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":75,"box":{"x":298,"y":155,"width":668,"height":10}},{"id":"f3b779fe-c208-4668-a2af-2681d767f346","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":75,"box":{"x":76,"y":169,"width":885,"height":11}},{"id":"3a71fb31-1a42-4e33-aae5-1bc4e7e83d69","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":75,"box":{"x":76,"y":183,"width":840,"height":11}},{"id":"d40edc9e-7927-4098-a7c7-9443adec22e7","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":75,"box":{"x":76,"y":197,"width":845,"height":11}},{"id":"f4ad7b5f-46eb-4674-ab88-5d8f049127d4","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":75,"box":{"x":76,"y":211,"width":570,"height":11}},{"id":"68fff424-b537-449b-b585-3b58edec4c21","block_type":"box","text":"Growth Securities Risk.","page_number":75,"box":{"x":76,"y":235,"width":162,"height":8}},{"id":"42149442-6c3e-467a-bd92-1edffa3ce2e0","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be greater than the","page_number":75,"box":{"x":244,"y":235,"width":727,"height":10}},{"id":"08e38086-c91e-4cd9-a4c4-d35da6cbf4d2","block_type":"box","text":"market in general and whose revenue growth is expected to continue for an extended period of time. Growth securities may trade at higher","page_number":75,"box":{"x":76,"y":249,"width":891,"height":11}},{"id":"f6bcfe4a-8b7e-4dfa-9d24-847a00fcad34","block_type":"box","text":"multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in market","page_number":75,"box":{"x":76,"y":263,"width":876,"height":11}},{"id":"16e4e93c-30ec-41e6-af9f-e836726d3a0d","block_type":"box","text":"value. The prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and significantly","page_number":75,"box":{"x":76,"y":277,"width":899,"height":11}},{"id":"76e07f8f-4da9-4f60-986d-1988ecc5bc52","block_type":"box","text":"in reaction to negative news. Growth securities may underperform value securities and other types of assets as well as the overall stock","page_number":75,"box":{"x":76,"y":291,"width":870,"height":11}},{"id":"5af99cb7-7d81-441e-b7dc-6f59d884d16e","block_type":"box","text":"market. Under certain market conditions, growth securities have performed better during the later stages of economic recovery, although","page_number":75,"box":{"x":76,"y":305,"width":881,"height":11}},{"id":"29c20b20-45ac-4d4b-8307-7c044c20888a","block_type":"box","text":"there is no assurance that they will continue to do so. Growth securities typically do not pay a dividend, which can help cushion stock prices","page_number":75,"box":{"x":76,"y":320,"width":896,"height":10}},{"id":"2291e91d-c8a1-4614-b11e-35b79acf8f03","block_type":"box","text":"in market downturns and reduce potential losses. Growth securities may go in and out of favor over time, which could affect the performance","page_number":75,"box":{"x":76,"y":334,"width":904,"height":11}},{"id":"c25dabca-b24c-4a41-b56d-3a1f44522ce2","block_type":"box","text":"of a Fund with such holdings.","page_number":75,"box":{"x":76,"y":348,"width":185,"height":11}},{"id":"85207237-bd82-4bf6-ba14-7cc8ef3ae488","block_type":"box","text":"Healthcare Companies Risk.","page_number":75,"box":{"x":77,"y":371,"width":194,"height":11}},{"id":"6808fdd3-3945-404f-a9b4-a84eae316fc9","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":75,"box":{"x":276,"y":371,"width":688,"height":11}},{"id":"4df2e64f-50c7-4a40-b4c8-43d0b17e8a64","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":75,"box":{"x":76,"y":385,"width":879,"height":11}},{"id":"161edb14-9292-4a9c-bbea-9c1b97740042","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":75,"box":{"x":76,"y":400,"width":899,"height":10}},{"id":"ea6888db-f94a-4ba1-8ac1-9ce6cf17dee9","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":75,"box":{"x":76,"y":414,"width":888,"height":11}},{"id":"1c03c4d1-67b2-4023-ba1d-1691b09fe2be","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":75,"box":{"x":76,"y":428,"width":891,"height":11}},{"id":"be32d8b8-f4f4-4ddc-b352-ad14bad77184","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":75,"box":{"x":76,"y":442,"width":882,"height":11}},{"id":"2d4bfc53-b3b9-4a9c-ace4-e207533470a5","block_type":"box","text":"product liability and similar claims.","page_number":75,"box":{"x":76,"y":456,"width":221,"height":11}},{"id":"65913a3b-3945-4438-b055-af7e7a9d3bd8","block_type":"box","text":"Illiquid Investments Risk.","page_number":75,"box":{"x":77,"y":479,"width":174,"height":11}},{"id":"0fc34f10-f0cb-4c77-b2c4-571e368c7906","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":75,"box":{"x":256,"y":479,"width":719,"height":11}},{"id":"aa2462e7-4232-4745-b74b-1cefe6a7b30a","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":75,"box":{"x":76,"y":494,"width":883,"height":11}},{"id":"bc63e1e4-91d3-47cb-aeef-0f09e1a2cc1b","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":75,"box":{"x":76,"y":508,"width":885,"height":11}},{"id":"f96ebb48-83a0-48da-9c02-a7b47e782369","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":75,"box":{"x":76,"y":522,"width":902,"height":11}},{"id":"b33e066a-afb2-45f4-aec8-8700926f0685","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":75,"box":{"x":76,"y":536,"width":890,"height":11}},{"id":"c19c30ca-4b36-4516-ac39-93ae9377183a","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":75,"box":{"x":77,"y":550,"width":751,"height":11}},{"id":"2a07b8e8-fdac-493e-8b75-3ac15b6b96e1","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":75,"box":{"x":77,"y":574,"width":884,"height":10}},{"id":"992ad4d8-26b1-48ea-9d2c-4b8808a620c2","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":75,"box":{"x":76,"y":588,"width":900,"height":11}},{"id":"b6d2b2f3-5b83-4bc0-bb8d-886d49319272","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":75,"box":{"x":76,"y":602,"width":867,"height":11}},{"id":"1623d03a-c220-4fce-a0ce-67420c53cb1f","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":75,"box":{"x":77,"y":625,"width":900,"height":11}},{"id":"d134df2c-34ae-4b58-9b3b-213dfa374d07","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":75,"box":{"x":76,"y":639,"width":890,"height":11}},{"id":"39a382e7-9c7c-4fb4-841f-0866e4ed0660","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":75,"box":{"x":76,"y":654,"width":828,"height":10}},{"id":"74d19e85-f09a-470f-af3d-8a83f3f1e515","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":75,"box":{"x":77,"y":668,"width":873,"height":11}},{"id":"7b280fb9-5238-439e-b8d0-4c03f51d58df","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":75,"box":{"x":77,"y":682,"width":887,"height":11}},{"id":"f0380e56-275d-4c51-a46b-1926ea458c69","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":75,"box":{"x":77,"y":696,"width":896,"height":11}},{"id":"30e654bc-0d4b-4023-a8df-3426f7ff4de2","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":75,"box":{"x":76,"y":710,"width":869,"height":11}},{"id":"82b61ea8-9984-4f3e-b936-75b24d2b4c32","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":75,"box":{"x":77,"y":724,"width":886,"height":11}},{"id":"ae0e429c-8323-42d9-b837-7226e5b93761","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":75,"box":{"x":77,"y":739,"width":858,"height":10}},{"id":"6cce9348-2991-474d-ae72-5de96cb82607","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":75,"box":{"x":76,"y":753,"width":254,"height":11}},{"id":"fee21ffa-b5a5-41d4-b543-218db042a7c1","block_type":"box","text":"Index-Related Risk.","page_number":75,"box":{"x":77,"y":776,"width":132,"height":8}},{"id":"a3748810-2a90-45ee-a7f7-c1eafa3cdcee","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":75,"box":{"x":214,"y":776,"width":728,"height":11}},{"id":"69dd0044-63bb-4846-8373-7f7ae69b3a8f","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":75,"box":{"x":76,"y":790,"width":869,"height":11}},{"id":"02669a6e-68ed-4db3-a55f-0f9e1bbd308c","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":75,"box":{"x":77,"y":804,"width":872,"height":11}},{"id":"6bfefa65-f5ca-4b1a-a5af-9707802708b2","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":75,"box":{"x":77,"y":819,"width":862,"height":10}},{"id":"0f808198-d375-4246-9dcd-0cd06622bc7d","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":75,"box":{"x":76,"y":833,"width":897,"height":11}},{"id":"f5497162-4aa0-49aa-b161-f15ab36d3491","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":75,"box":{"x":76,"y":847,"width":881,"height":11}},{"id":"60a3ff46-32a3-40ad-b9bc-69230e35d5bf","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":75,"box":{"x":76,"y":870,"width":852,"height":11}},{"id":"8b6da126-2c42-4507-b661-8ab159a1ccfc","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":75,"box":{"x":76,"y":884,"width":850,"height":11}},{"id":"d250b8e1-9d7b-47f4-91ea-ff802bb468c0","block_type":"box","text":"10","page_number":75,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"302eec31-876d-4489-86fe-de7658725acc","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":76,"box":{"x":76,"y":23,"width":877,"height":11}},{"id":"2abc6ef1-ef1d-45bd-a20a-48aff26570e6","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":76,"box":{"x":76,"y":37,"width":906,"height":11}},{"id":"941a66f3-0862-4b15-8579-31c83f4e9fa9","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":76,"box":{"x":76,"y":51,"width":904,"height":11}},{"id":"5c8feeaf-2c10-41bc-9f19-1c007401939d","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":76,"box":{"x":76,"y":66,"width":894,"height":11}},{"id":"d47fc549-470a-46e5-af70-3cbde4542789","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":76,"box":{"x":76,"y":80,"width":877,"height":11}},{"id":"c130b596-aa5f-44af-b9ce-42334feb918a","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":76,"box":{"x":76,"y":94,"width":881,"height":11}},{"id":"0e5ce3f2-fc06-4c6f-aa88-7f5cf252e479","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":76,"box":{"x":76,"y":108,"width":844,"height":11}},{"id":"41ba0fa5-d3b2-40d0-b014-86dfbd4092f1","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":76,"box":{"x":77,"y":122,"width":879,"height":11}},{"id":"0a3e3c05-2200-41cc-8f71-5a84d81983c9","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":76,"box":{"x":76,"y":137,"width":340,"height":10}},{"id":"41fe6827-8c7c-4199-976e-1368925bf3d7","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":76,"box":{"x":77,"y":160,"width":857,"height":11}},{"id":"34103733-75c7-442b-951b-185e18eb2026","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":76,"box":{"x":77,"y":174,"width":880,"height":11}},{"id":"09e553b6-99a4-4dc5-a073-eb13c669062a","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":76,"box":{"x":76,"y":188,"width":902,"height":11}},{"id":"7d07316a-917e-47af-8a87-723e82a53e9a","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":76,"box":{"x":76,"y":202,"width":905,"height":11}},{"id":"fef8523b-91bb-4d29-aff6-8117864d02ba","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":76,"box":{"x":76,"y":216,"width":889,"height":11}},{"id":"4539dfb5-47dc-42a7-a2b8-2cc4ecfeb7dc","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":76,"box":{"x":76,"y":231,"width":890,"height":11}},{"id":"79b4ce0f-fc89-4da1-899c-e601fddd2ae7","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":76,"box":{"x":76,"y":245,"width":723,"height":11}},{"id":"a9d622bc-8cbd-4acb-a420-0d69fede26cd","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":76,"box":{"x":77,"y":268,"width":899,"height":11}},{"id":"f6ea5ee9-11f5-4856-9541-78710d200328","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":76,"box":{"x":76,"y":282,"width":876,"height":11}},{"id":"83cc6b6a-8468-4049-85eb-70e0023739e5","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":76,"box":{"x":76,"y":296,"width":865,"height":11}},{"id":"7017091c-8aa1-4489-bf45-4cfb13891c46","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":76,"box":{"x":76,"y":311,"width":897,"height":10}},{"id":"e3845a39-38ec-4bb0-a060-046e4aef7329","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":76,"box":{"x":76,"y":325,"width":213,"height":11}},{"id":"311ea11a-a261-4a36-8f73-13b084b5824d","block_type":"box","text":"Industrial Companies Risk.","page_number":76,"box":{"x":77,"y":348,"width":184,"height":11}},{"id":"02e90f10-62cb-4e3d-9591-5e8a71525e11","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":76,"box":{"x":267,"y":348,"width":673,"height":11}},{"id":"e074f045-61fc-473e-93c7-354777c7a8f8","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":76,"box":{"x":76,"y":362,"width":889,"height":11}},{"id":"0a97dda3-a9ed-44b4-84f9-71bb3748c668","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":76,"box":{"x":76,"y":376,"width":878,"height":11}},{"id":"eb39673e-c340-4a14-9616-b7d39fd8ccb7","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":76,"box":{"x":76,"y":391,"width":873,"height":10}},{"id":"d622e1a8-cfa3-4ae9-be10-10a1fcb27d24","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":76,"box":{"x":76,"y":405,"width":902,"height":11}},{"id":"1dd440ad-7152-4493-a886-39b3e2b5b458","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":76,"box":{"x":76,"y":419,"width":872,"height":11}},{"id":"2f195ed2-5498-4302-95ce-6a267065ed35","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":76,"box":{"x":77,"y":433,"width":881,"height":11}},{"id":"cdf0581e-abc2-426c-ba14-4784fbd73ec9","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":76,"box":{"x":76,"y":447,"width":892,"height":11}},{"id":"e186d671-2452-4280-a326-18ffb78a8bf6","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":76,"box":{"x":76,"y":461,"width":322,"height":11}},{"id":"823395e8-ec6d-4f94-854b-997d657f90b7","block_type":"box","text":"Issuer Risk.","page_number":76,"box":{"x":77,"y":485,"width":79,"height":8}},{"id":"b7a3dc28-53fe-46b8-a2b1-76885f4ff4c9","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":76,"box":{"x":161,"y":485,"width":755,"height":10}},{"id":"5607fd72-a04e-4231-a3fe-354c4aa1ec75","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":76,"box":{"x":76,"y":499,"width":861,"height":11}},{"id":"12f47b32-690a-421a-a4a8-73319dd69fd6","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":76,"box":{"x":76,"y":513,"width":406,"height":11}},{"id":"5a84a12a-5016-4ea9-b5e6-884d1debfa00","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":76,"box":{"x":77,"y":536,"width":256,"height":11}},{"id":"efa905a0-8ff9-4b96-aa49-93f48317fc57","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":76,"box":{"x":340,"y":536,"width":630,"height":11}},{"id":"05c2135f-624b-430f-bde0-a556becbbb3c","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":76,"box":{"x":76,"y":550,"width":881,"height":11}},{"id":"1457022d-08d3-40ec-85b6-152500cb5fdc","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":76,"box":{"x":76,"y":565,"width":890,"height":10}},{"id":"164f356a-a627-44c7-a27b-17337b7a0316","block_type":"box","text":"performance of the broader securities markets.","page_number":76,"box":{"x":76,"y":579,"width":303,"height":11}},{"id":"3c243779-c92a-41db-a853-a31f61a43146","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":76,"box":{"x":77,"y":602,"width":368,"height":11}},{"id":"c4bb2f6d-a68e-4a10-91e2-c1d8c74a613e","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":76,"box":{"x":450,"y":602,"width":518,"height":11}},{"id":"0663ef7f-a998-4f27-85c6-e66d51f2ecf2","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":76,"box":{"x":76,"y":616,"width":875,"height":11}},{"id":"a47fa091-6ebf-44e7-9a1b-726bdea98306","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":76,"box":{"x":76,"y":630,"width":899,"height":11}},{"id":"2ae9deaf-b6b4-4994-a755-4809f71eed82","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":76,"box":{"x":76,"y":644,"width":901,"height":11}},{"id":"dbbb4d4a-d4bd-4b2b-926b-5274996ebda7","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":76,"box":{"x":76,"y":659,"width":888,"height":11}},{"id":"48d7ceb9-9e0c-44ba-a569-9797dd1addad","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":76,"box":{"x":76,"y":673,"width":882,"height":11}},{"id":"d3b0050f-0b35-46f2-a86a-a903aa06053f","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":76,"box":{"x":76,"y":687,"width":889,"height":11}},{"id":"95a19ee3-45e2-4200-a130-f7a79e2b7345","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":76,"box":{"x":76,"y":701,"width":906,"height":11}},{"id":"5c7b65eb-fa12-45c0-8879-2fc0a3951b65","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":76,"box":{"x":76,"y":715,"width":904,"height":11}},{"id":"24811663-37b0-482e-b516-cb936f807cc9","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":76,"box":{"x":76,"y":730,"width":855,"height":10}},{"id":"590e220c-4e54-4dd1-aada-72bb424d4c25","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":76,"box":{"x":77,"y":744,"width":892,"height":11}},{"id":"8f2fe459-b2b5-4d75-b726-57b37a2b0935","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":76,"box":{"x":77,"y":758,"width":901,"height":11}},{"id":"acc69c4e-6bbc-430b-b2b5-5dab9139c5b3","block_type":"box","text":"to price.","page_number":76,"box":{"x":76,"y":772,"width":52,"height":11}},{"id":"44a6f8b2-370d-46c9-96b0-dfc0b49b2e9f","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":76,"box":{"x":76,"y":795,"width":840,"height":11}},{"id":"8a7ad4de-1599-4eed-9ac0-65cb0864f4f6","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":76,"box":{"x":76,"y":809,"width":898,"height":11}},{"id":"062782ca-e82e-4f85-a08d-80a6da14b65b","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":76,"box":{"x":76,"y":824,"width":878,"height":11}},{"id":"16f00e7e-0f51-4d54-ad56-828bed8bc128","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":76,"box":{"x":76,"y":838,"width":792,"height":11}},{"id":"56e2a3b0-74c8-4eef-ade8-38b37019d2e1","block_type":"box","text":"Management Risk.","page_number":76,"box":{"x":77,"y":861,"width":126,"height":11}},{"id":"d63f7725-39b5-49b2-9267-ae88627c515e","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":76,"box":{"x":208,"y":861,"width":757,"height":11}},{"id":"f09c13c1-1afe-4d2c-9b6d-eaa6867c780b","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":76,"box":{"x":76,"y":875,"width":863,"height":11}},{"id":"989df5af-93d5-4022-986b-f3efd69240f2","block_type":"box","text":"11","page_number":76,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"c31139a2-18fc-4ca0-8d1f-2b866b0a5cba","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":77,"box":{"x":76,"y":23,"width":864,"height":11}},{"id":"4acea9dc-d0dd-4d9c-89e4-d256f8c96dc0","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":77,"box":{"x":77,"y":37,"width":898,"height":11}},{"id":"fe18af4a-5f6c-4ba3-8c24-cdc1b19abc8f","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":77,"box":{"x":76,"y":51,"width":837,"height":11}},{"id":"ca2c8e5f-c607-4a44-8755-f579cd88a8a8","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":77,"box":{"x":77,"y":66,"width":888,"height":11}},{"id":"b98efbcb-46be-4984-9521-a3820a4ad024","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":77,"box":{"x":77,"y":80,"width":883,"height":11}},{"id":"7260dbc0-30b4-4565-90eb-b12349e7853c","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":77,"box":{"x":76,"y":94,"width":889,"height":11}},{"id":"572d7379-2870-4d40-b1de-96a348900216","block_type":"box","text":"its investment objective.","page_number":77,"box":{"x":76,"y":108,"width":156,"height":11}},{"id":"9e4732d7-ebf1-4798-84c5-4807a47183aa","block_type":"box","text":"Market Risk.","page_number":77,"box":{"x":77,"y":131,"width":85,"height":9}},{"id":"acf4d87a-11e6-48a4-929e-d6e05e871e36","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":77,"box":{"x":167,"y":131,"width":764,"height":11}},{"id":"5ba6dd74-fabe-4dcc-a4f8-db42d9ff7907","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":77,"box":{"x":76,"y":146,"width":879,"height":10}},{"id":"644e12ed-15e2-45ed-8dbb-f18b61622a2e","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":77,"box":{"x":76,"y":160,"width":884,"height":11}},{"id":"b5237e4f-fc0f-4e71-b4cb-b91686fc9f40","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":77,"box":{"x":76,"y":174,"width":904,"height":11}},{"id":"7bf8a807-9439-41ed-93a0-64958940ab64","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":77,"box":{"x":76,"y":188,"width":858,"height":11}},{"id":"b6b97fd1-7720-45a2-972d-2a516922fa93","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":77,"box":{"x":76,"y":202,"width":869,"height":11}},{"id":"a1744142-0e19-46f8-83a5-2594b84c689d","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":77,"box":{"x":76,"y":216,"width":885,"height":11}},{"id":"b92337ec-9dab-42fc-9b4f-6feb04558edc","block_type":"box","text":"and assets.","page_number":77,"box":{"x":76,"y":231,"width":71,"height":8}},{"id":"80f35d59-1b03-480d-ac44-116493203174","block_type":"box","text":"Market Trading Risk.","page_number":77,"box":{"x":77,"y":254,"width":140,"height":11}},{"id":"82016794-c025-49b9-acbd-678bb3b5697a","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":77,"box":{"x":222,"y":254,"width":753,"height":11}},{"id":"7ae72746-03e3-48ef-a420-8faad7e98489","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":77,"box":{"x":76,"y":268,"width":896,"height":11}},{"id":"76dbe1cd-4f77-4b52-af3d-c2a4d3bb27aa","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":77,"box":{"x":76,"y":282,"width":877,"height":11}},{"id":"84142d08-9e1a-4d60-b718-acd2a730a24b","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":77,"box":{"x":77,"y":296,"width":446,"height":11}},{"id":"cb20f864-4dad-4508-b536-9e87e7479b57","block_type":"box","text":"Absence of an Active Primary Market.","page_number":77,"box":{"x":75,"y":320,"width":236,"height":10}},{"id":"47f7ccdc-f26d-42dc-a327-dbae65a625fd","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":77,"box":{"x":317,"y":320,"width":663,"height":10}},{"id":"2a731372-53ed-4c84-9693-8cd53d127a4e","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":77,"box":{"x":76,"y":334,"width":826,"height":11}},{"id":"2d225960-16b7-41a9-8939-a51991f477f7","block_type":"box","text":"Secondary Listing Risks.","page_number":77,"box":{"x":76,"y":357,"width":151,"height":11}},{"id":"6ea70983-855c-4753-902a-c7083507178c","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":77,"box":{"x":233,"y":357,"width":732,"height":11}},{"id":"f94ae886-cbb6-4bea-87e7-f083486fcd4c","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":77,"box":{"x":76,"y":371,"width":841,"height":11}},{"id":"7c7514c5-b8cb-403d-a8df-185e09729a31","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":77,"box":{"x":76,"y":385,"width":890,"height":11}},{"id":"596b0e37-6aa5-49a1-803f-ab2aee20fca4","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":77,"box":{"x":76,"y":400,"width":880,"height":10}},{"id":"10bb09b4-748f-46c1-8ea2-c41436fe05a7","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":77,"box":{"x":76,"y":414,"width":872,"height":11}},{"id":"b4c7a93f-65e5-40f9-a26d-54287e249c53","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":77,"box":{"x":76,"y":428,"width":897,"height":11}},{"id":"a311cf7c-eb60-42a9-ac02-7663dba80e48","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":77,"box":{"x":76,"y":442,"width":862,"height":11}},{"id":"82715654-3ad5-4b84-bf4e-5bac61299575","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":77,"box":{"x":76,"y":456,"width":579,"height":11}},{"id":"91d9b275-cb80-4d53-84e1-9457f0d28979","block_type":"box","text":"Secondary Market Trading Risk.","page_number":77,"box":{"x":76,"y":479,"width":196,"height":11}},{"id":"cdc61d82-08f4-499b-a7fc-c20247b75cae","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":77,"box":{"x":279,"y":479,"width":703,"height":11}},{"id":"2e609271-394b-45d4-809a-621539b3a21b","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":77,"box":{"x":76,"y":494,"width":896,"height":11}},{"id":"2c129c31-ac17-4721-ab8f-d3ce0dba081e","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":77,"box":{"x":76,"y":508,"width":880,"height":11}},{"id":"d16d1797-f472-435b-ad24-7cc679b2eabf","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":77,"box":{"x":76,"y":522,"width":900,"height":11}},{"id":"90ea2b72-3ac7-4581-9de5-1390b8f98c3c","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":77,"box":{"x":76,"y":536,"width":893,"height":11}},{"id":"26e35182-5a6e-49a4-b200-0a9ed7313ca5","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":77,"box":{"x":76,"y":550,"width":581,"height":11}},{"id":"2523c5c3-b73d-46f7-851f-0e2205a04f28","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":77,"box":{"x":77,"y":574,"width":900,"height":10}},{"id":"59a6cebb-aedc-4c53-800c-ae1005a74c6c","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":77,"box":{"x":76,"y":588,"width":547,"height":11}},{"id":"9d59d404-f97e-45a8-a3d4-ecf131d3873a","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":77,"box":{"x":76,"y":611,"width":894,"height":11}},{"id":"9ee7507f-4a5f-4d07-bc6c-22dbf732a55e","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":77,"box":{"x":76,"y":625,"width":905,"height":11}},{"id":"b25317aa-5f74-4045-9b7a-8a9f71862909","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":77,"box":{"x":77,"y":639,"width":874,"height":11}},{"id":"a2bb0de4-4fc7-41f4-a77d-a8a0d73a69d8","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":77,"box":{"x":76,"y":654,"width":890,"height":10}},{"id":"b34f5a7c-16c7-4072-9276-cecbc156d313","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":77,"box":{"x":76,"y":668,"width":857,"height":11}},{"id":"fb7fdf50-5dcc-4678-bec5-bcf8c55f4a50","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":77,"box":{"x":76,"y":682,"width":891,"height":11}},{"id":"467caba7-3a88-43fc-a6ea-b65252f0c24a","block_type":"box","text":"substantial trading losses.","page_number":77,"box":{"x":76,"y":696,"width":166,"height":11}},{"id":"3b1f83a9-6eb0-456d-8e33-33719b6682a9","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":77,"box":{"x":76,"y":719,"width":874,"height":11}},{"id":"ad156022-b3da-4428-9c09-04f128050446","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":77,"box":{"x":76,"y":733,"width":893,"height":11}},{"id":"c56d3623-3bd6-4135-b5d8-6ad01164eb55","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":77,"box":{"x":76,"y":748,"width":658,"height":10}},{"id":"5f5804ae-6890-4cbb-9b20-e090dca48174","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":77,"box":{"x":76,"y":771,"width":310,"height":11}},{"id":"24febe15-8c6d-4ba2-a15c-e7a5c4b3b96e","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":77,"box":{"x":385,"y":771,"width":572,"height":11}},{"id":"d4e55350-9113-429c-acd1-ca10ed1c793b","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":77,"box":{"x":77,"y":785,"width":852,"height":11}},{"id":"467cedc3-e7d4-4af9-b651-a718d1cc1a5e","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":77,"box":{"x":76,"y":799,"width":892,"height":11}},{"id":"fd1ce03a-22b1-471c-bf73-59c725cec5f5","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":77,"box":{"x":77,"y":813,"width":885,"height":11}},{"id":"842bdb70-6232-4e2d-8897-6131dbabd09c","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":77,"box":{"x":76,"y":828,"width":792,"height":10}},{"id":"d45ddc5d-432b-4eda-98d4-d23575c629be","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":77,"box":{"x":77,"y":851,"width":886,"height":11}},{"id":"8b001cbe-34de-442c-b336-8daf2dc913be","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":77,"box":{"x":77,"y":865,"width":891,"height":11}},{"id":"6de8a0c1-9142-468d-978a-47a81b8eccb0","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":77,"box":{"x":76,"y":879,"width":899,"height":11}},{"id":"332bd171-dcef-4124-a429-742411af36e8","block_type":"box","text":"12","page_number":77,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"b5474c7f-2d07-4ac7-b68b-535bc3ca5035","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":78,"box":{"x":77,"y":23,"width":899,"height":11}},{"id":"98bc59a7-e602-48c6-a301-6bc20bccbcf7","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":78,"box":{"x":76,"y":37,"width":878,"height":11}},{"id":"2eed858d-124e-4601-9ad6-73b7a1edfe26","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":78,"box":{"x":76,"y":52,"width":902,"height":10}},{"id":"be984afb-3450-4abe-830f-be34f9180eac","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":78,"box":{"x":76,"y":66,"width":891,"height":11}},{"id":"bf1e4351-9326-467f-af95-a23c44550ef9","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":78,"box":{"x":76,"y":80,"width":849,"height":11}},{"id":"2fcf4c62-6e07-4e2f-a38e-563286868d7c","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":78,"box":{"x":76,"y":94,"width":622,"height":11}},{"id":"90a14aae-c850-4756-b482-7152506707bc","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":78,"box":{"x":76,"y":117,"width":245,"height":11}},{"id":"d4812e45-6f36-475e-a0fb-7690b12ec7ca","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":78,"box":{"x":328,"y":117,"width":636,"height":11}},{"id":"0b4554b1-c00c-4759-a849-f7685cf8326c","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":78,"box":{"x":76,"y":131,"width":853,"height":11}},{"id":"3743216f-c698-47f0-b99f-ba20537ba783","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":78,"box":{"x":76,"y":146,"width":895,"height":10}},{"id":"79f9c9bc-eb04-4445-ac3f-db7403eba53b","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":78,"box":{"x":76,"y":160,"width":865,"height":11}},{"id":"1c0d070a-391c-47c6-97d2-37e22bcc08b9","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":78,"box":{"x":76,"y":174,"width":885,"height":11}},{"id":"a0969e92-b68b-4cb4-b1c5-f3f52f9478c3","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":78,"box":{"x":77,"y":188,"width":891,"height":11}},{"id":"bbd7fb38-f930-457e-8efe-891994669414","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":78,"box":{"x":76,"y":202,"width":901,"height":11}},{"id":"402820f9-1405-48c8-8936-782475082eea","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":78,"box":{"x":76,"y":216,"width":858,"height":11}},{"id":"edcefe18-5be1-4ace-a104-fc29a7f79345","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":78,"box":{"x":77,"y":231,"width":418,"height":11}},{"id":"7d7c7be8-c9d8-4fcf-afe2-1aedc7dd7c84","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":78,"box":{"x":77,"y":254,"width":243,"height":11}},{"id":"a0209bfb-2446-4ddf-b825-e237fa2ed5fe","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":78,"box":{"x":326,"y":254,"width":607,"height":11}},{"id":"e14c219e-ef0e-49ed-b513-1692080fb69e","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":78,"box":{"x":76,"y":268,"width":875,"height":11}},{"id":"0ddf1cd9-5f3f-4e6d-aaea-a1d27ea4288f","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":78,"box":{"x":76,"y":282,"width":847,"height":11}},{"id":"5fbaa82d-da8b-48e5-9b22-a86ecb7412e0","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":78,"box":{"x":76,"y":296,"width":889,"height":11}},{"id":"7adaf2fa-791a-4733-b2e5-dc4b365ce30c","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":78,"box":{"x":76,"y":311,"width":882,"height":10}},{"id":"8a18565b-fc07-493b-8f0c-9f5629742864","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":78,"box":{"x":76,"y":325,"width":473,"height":11}},{"id":"575ba04c-c8ec-454f-bde3-c4e82c8cf027","block_type":"box","text":"Non-Diversification Risk.","page_number":78,"box":{"x":77,"y":348,"width":170,"height":9}},{"id":"7ecfb9cf-5149-4cdc-96a4-de9adac73e32","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":78,"box":{"x":252,"y":348,"width":711,"height":11}},{"id":"bd8bd001-4ea4-465f-bd2a-467abe3467ed","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":78,"box":{"x":76,"y":362,"width":855,"height":11}},{"id":"344d67ef-d8ff-4c1c-bbd7-0aa09957e6d0","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":78,"box":{"x":76,"y":376,"width":886,"height":11}},{"id":"1bd9511f-95f6-470c-a866-d7a88133c36c","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":78,"box":{"x":76,"y":391,"width":879,"height":10}},{"id":"86bf0682-a062-4d15-b7b9-c327edace0fd","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":78,"box":{"x":77,"y":405,"width":390,"height":11}},{"id":"3d971f93-7b27-4fce-b495-2a4c04e3ec08","block_type":"box","text":"Operational and Technology Risks.","page_number":78,"box":{"x":76,"y":428,"width":239,"height":11}},{"id":"2791e916-f2e0-4b79-8b1a-8cf17d083d40","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":78,"box":{"x":320,"y":428,"width":648,"height":11}},{"id":"f8bbe11d-a25d-4c84-872e-3a439592fc3c","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":78,"box":{"x":76,"y":442,"width":842,"height":11}},{"id":"c76f0f6d-713b-41fe-9531-77d2f8062264","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":78,"box":{"x":76,"y":456,"width":877,"height":11}},{"id":"721b76ae-cd2e-4249-abf7-294ea82e17b8","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":78,"box":{"x":76,"y":470,"width":844,"height":11}},{"id":"a77afb28-6bae-4fd1-84bf-85bbf5559188","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":78,"box":{"x":76,"y":485,"width":866,"height":10}},{"id":"2a3f5861-7423-43a5-a255-1f17c5425db8","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":78,"box":{"x":76,"y":499,"width":892,"height":11}},{"id":"d0cccc38-0f96-4441-a772-76d56cfb4d41","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":78,"box":{"x":76,"y":513,"width":889,"height":11}},{"id":"0f3ec165-2d0f-4e0e-bbb6-bfa0f0137f7b","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":78,"box":{"x":76,"y":527,"width":870,"height":11}},{"id":"3ff93984-b9bf-4ea6-94e9-8cb3c7d4b1b0","block_type":"box","text":"risks.","page_number":78,"box":{"x":77,"y":541,"width":32,"height":9}},{"id":"0cd45423-4ef3-452e-8068-74e5510f0c9b","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":78,"box":{"x":76,"y":565,"width":895,"height":10}},{"id":"1f57e53e-5466-4bfa-85b1-3163a7eb6837","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":78,"box":{"x":76,"y":579,"width":878,"height":11}},{"id":"685009b6-6dc0-4026-a687-b182741ef9b0","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":78,"box":{"x":76,"y":593,"width":905,"height":11}},{"id":"b8d9892f-2c08-4602-9932-1f6bb731fe53","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":78,"box":{"x":76,"y":607,"width":885,"height":11}},{"id":"603bc5c3-0c8c-4f07-a50b-943b5df9366b","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":78,"box":{"x":76,"y":621,"width":828,"height":11}},{"id":"8ebeda26-7d00-490b-9c6c-7e88588a5f1b","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":78,"box":{"x":76,"y":635,"width":898,"height":11}},{"id":"1ef34d82-6b2e-4aa5-9a71-83bbd4a3637c","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":78,"box":{"x":76,"y":650,"width":884,"height":10}},{"id":"ebc86225-b2fc-4f3c-8c49-0809472e8120","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":78,"box":{"x":77,"y":664,"width":880,"height":11}},{"id":"c3a78c5a-b3f1-48fc-a1cd-13100983de5b","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":78,"box":{"x":77,"y":678,"width":898,"height":11}},{"id":"2c36c3c8-0d1b-4f55-809d-e0ef3e9c9899","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":78,"box":{"x":76,"y":692,"width":866,"height":11}},{"id":"4691f473-46cb-4eca-b320-0bf7bb2836b8","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":78,"box":{"x":76,"y":706,"width":906,"height":11}},{"id":"8197bc62-46a8-4435-980d-a61f00deeead","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":78,"box":{"x":76,"y":721,"width":904,"height":10}},{"id":"ab647659-9d35-4c11-b006-4b1fc501172e","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":78,"box":{"x":76,"y":735,"width":885,"height":11}},{"id":"49715116-ca9f-4ead-8e16-b42afa127a0d","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":78,"box":{"x":77,"y":749,"width":872,"height":11}},{"id":"2250580b-cac1-435f-8080-1b1fec164476","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":78,"box":{"x":76,"y":763,"width":855,"height":11}},{"id":"5a0dc8bd-449e-46c8-b5ed-d4c4b0e9b11a","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":78,"box":{"x":76,"y":777,"width":857,"height":11}},{"id":"9a2b7163-7076-4c35-9122-ed879ca37cc6","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":78,"box":{"x":76,"y":791,"width":897,"height":11}},{"id":"06c98fb1-b60a-476f-b4e3-af4df60ed019","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":78,"box":{"x":76,"y":806,"width":886,"height":10}},{"id":"7cf96bb8-3db3-4659-b62b-4ff60d8a9c0f","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":78,"box":{"x":76,"y":820,"width":876,"height":11}},{"id":"1b978498-973b-4ddc-8e49-674ddf82aa0c","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":78,"box":{"x":76,"y":834,"width":585,"height":11}},{"id":"97bdaf73-bcad-4190-af36-cb42fa774a51","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":78,"box":{"x":76,"y":857,"width":864,"height":11}},{"id":"da0ae98c-7d95-4d1e-821d-8c9436149c0b","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":78,"box":{"x":76,"y":871,"width":889,"height":11}},{"id":"db22301a-b747-4d79-b080-8d95991fa813","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":78,"box":{"x":77,"y":886,"width":839,"height":10}},{"id":"5f928965-2d77-4e5f-8d2e-c9a49a796058","block_type":"box","text":"13","page_number":78,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"9d2f1d80-e73a-4f30-a7e2-7694f0e19256","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":79,"box":{"x":76,"y":23,"width":862,"height":11}},{"id":"c9734cc0-5d7c-491e-8f44-90f04fa14ab1","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":79,"box":{"x":77,"y":37,"width":863,"height":11}},{"id":"52f2e147-1074-4b2a-abc6-eb3fb09dadcf","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":79,"box":{"x":76,"y":51,"width":871,"height":11}},{"id":"46cf1f44-98ae-4e68-ac45-35e77a4d25da","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":79,"box":{"x":76,"y":66,"width":895,"height":10}},{"id":"48bd5066-99d2-4fe7-ade3-807ee5a4a5dc","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":79,"box":{"x":76,"y":80,"width":882,"height":11}},{"id":"b4fede36-bda8-4db1-9601-58ce731a3c5b","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":79,"box":{"x":76,"y":94,"width":659,"height":11}},{"id":"8faf5ec9-5f7e-4f0d-8c5b-909d0879679a","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":79,"box":{"x":77,"y":117,"width":830,"height":11}},{"id":"46a54af4-d76d-4530-b0ad-a11a84aac507","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":79,"box":{"x":75,"y":131,"width":905,"height":11}},{"id":"90404b72-423d-4197-9d0f-25eacfdb0a77","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":79,"box":{"x":77,"y":146,"width":756,"height":10}},{"id":"24b9cae6-e07a-4227-b021-e4bbb77d97b8","block_type":"box","text":"Ownership Limitations Risk.","page_number":79,"box":{"x":76,"y":169,"width":195,"height":11}},{"id":"931fbc5b-5e48-4561-bb5e-002f0e7fd182","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":79,"box":{"x":277,"y":169,"width":697,"height":11}},{"id":"156ff582-071e-44cf-b49f-e1c4d4695bfe","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":79,"box":{"x":77,"y":183,"width":900,"height":11}},{"id":"da9aca52-9b11-4247-9fa8-1b615a093f98","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":79,"box":{"x":76,"y":197,"width":851,"height":11}},{"id":"9f712fe1-b6cd-4343-8626-c8d08c02c7b2","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":79,"box":{"x":77,"y":211,"width":866,"height":11}},{"id":"63469758-06b7-42d9-b938-0c81563b3803","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":79,"box":{"x":76,"y":226,"width":903,"height":10}},{"id":"1b1ea404-8e79-4295-a443-3eae8874e1dc","block_type":"box","text":"holdings.","page_number":79,"box":{"x":77,"y":240,"width":55,"height":11}},{"id":"e3831aff-2e49-4de9-bc96-85ca42a4d1b8","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":79,"box":{"x":77,"y":263,"width":851,"height":11}},{"id":"431e2640-2198-4450-b77e-db69f0cc4f3b","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":79,"box":{"x":76,"y":277,"width":890,"height":11}},{"id":"442fb255-b246-4cc6-ace7-d42d45a5981b","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":79,"box":{"x":76,"y":291,"width":870,"height":11}},{"id":"e3c5c2de-e086-481a-92c3-38258023a93d","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":79,"box":{"x":76,"y":305,"width":884,"height":11}},{"id":"9f33536a-04e6-429c-b563-d262a7413e0a","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":79,"box":{"x":76,"y":320,"width":906,"height":10}},{"id":"0b306ec6-1546-4e82-9b3d-8ed104c5956b","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":79,"box":{"x":76,"y":334,"width":886,"height":11}},{"id":"44f0c7ea-02e6-48e1-8a9c-26b137a2b95f","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":79,"box":{"x":76,"y":348,"width":896,"height":11}},{"id":"3dea9177-a49f-4ae1-b5a2-c73bf6ee3dc2","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":79,"box":{"x":76,"y":371,"width":885,"height":11}},{"id":"9691c166-1917-422c-882f-f21749a367d8","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":79,"box":{"x":76,"y":385,"width":854,"height":11}},{"id":"cfc373ef-8f9c-41c6-b09c-32ed7aadeebb","block_type":"box","text":"disapproval that was obtained.","page_number":79,"box":{"x":76,"y":400,"width":195,"height":10}},{"id":"39f726a2-8f70-4319-81e3-be71f19d3de6","block_type":"box","text":"Real Estate Companies Risk.","page_number":79,"box":{"x":77,"y":423,"width":196,"height":11}},{"id":"9a82bba2-7b2a-4a51-8f73-3256881dc105","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":79,"box":{"x":279,"y":423,"width":649,"height":11}},{"id":"ec5c0006-ba83-4baa-b3d0-5e68c4d61323","block_type":"box","text":"companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":79,"box":{"x":76,"y":437,"width":903,"height":11}},{"id":"60caf068-dac2-48de-83e4-5ef946d8777f","block_type":"box","text":"the risks from the way that such companies operate. Real estate companies and property values may be adversely affected by regulations","page_number":79,"box":{"x":76,"y":451,"width":883,"height":11}},{"id":"9c37d625-8492-46d2-829a-cd7264031019","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":79,"box":{"x":76,"y":465,"width":897,"height":11}},{"id":"dac6de5b-1cf3-4f6b-bc39-62d60ea7af48","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":79,"box":{"x":77,"y":480,"width":329,"height":10}},{"id":"e6f06ee8-8f63-4844-9833-43a98fbdcc6b","block_type":"box","text":"Real estate is highly sensitive to general and local economic conditions and can be subject to intense competition and periodic overbuilding.","page_number":79,"box":{"x":77,"y":503,"width":897,"height":11}},{"id":"6495785a-2aef-4205-b15d-ecadeb64ab93","block_type":"box","text":"Real estate companies may own a limited number of properties and concentrate their investments in a particular geographic region, industry","page_number":79,"box":{"x":77,"y":517,"width":900,"height":11}},{"id":"38fb8730-f0e8-4040-8472-56bcee881c80","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":79,"box":{"x":76,"y":531,"width":409,"height":11}},{"id":"c11f7985-52af-4758-b4dd-7e0c3c16ee55","block_type":"box","text":"e.g.","page_number":79,"box":{"x":487,"y":533,"width":20,"height":9}},{"id":"a80f7c4e-a893-416d-861d-3d4d8d457cc0","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":79,"box":{"x":510,"y":531,"width":446,"height":11}},{"id":"52085a97-5370-4ad9-9ce0-b56df292902a","block_type":"box","text":"type may lead to decreases in property values, leasing declines and defaults by borrowers or tenants. In the event of a default, a real estate","page_number":79,"box":{"x":76,"y":545,"width":891,"height":11}},{"id":"76ff1923-cf0a-49f0-a9ca-8ed81e7a22c1","block_type":"box","text":"company may experience substantial delays and costs in enforcing its rights with respect to the property and protecting its investment. In","page_number":79,"box":{"x":76,"y":559,"width":882,"height":11}},{"id":"c46b46ef-3774-4187-962e-82563f74d4af","block_type":"box","text":"addition, because real estate is relatively illiquid, a company may be constrained in its ability to diversify or liquidate its investments in","page_number":79,"box":{"x":76,"y":574,"width":858,"height":10}},{"id":"98bd2beb-6953-4211-8c2a-fbbc8fbc6733","block_type":"box","text":"response to economic conditions or other events.","page_number":79,"box":{"x":77,"y":588,"width":316,"height":11}},{"id":"65c887b6-3cf6-4d2f-9c38-11b6e2d38b9d","block_type":"box","text":"Real estate companies may depend on the management skills of a few key individuals and may have limited financial resources. They may be","page_number":79,"box":{"x":77,"y":611,"width":900,"height":11}},{"id":"700a96fc-7e39-4a6b-9e3b-6e8d2f724f1b","block_type":"box","text":"highly leveraged, which can magnify losses, and interest rate increases can make it difficult for them, as well as borrowers and tenants, to","page_number":79,"box":{"x":77,"y":625,"width":881,"height":11}},{"id":"302d25c5-3683-4d3c-9991-e3dfd55640a0","block_type":"box","text":"obtain debt financing and meet payment obligations. Declining interest rates could result in increased prepayment on loans and require","page_number":79,"box":{"x":76,"y":639,"width":867,"height":11}},{"id":"577731d1-aeaa-4f58-bc4e-6fb67a262886","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":79,"box":{"x":77,"y":654,"width":343,"height":10}},{"id":"973011d2-7c39-4176-8288-8d0f1d03ddf3","block_type":"box","text":"Certain real estate companies, such as REITs, could fail to qualify for favorable tax or regulatory treatment, which could produce adverse","page_number":79,"box":{"x":76,"y":677,"width":875,"height":11}},{"id":"bb84a104-e5fa-4094-a936-44b418630963","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":79,"box":{"x":76,"y":691,"width":492,"height":11}},{"id":"9979cf3a-b546-4b9f-bdb0-b0e9e1ed45a9","block_type":"box","text":"Risk of Investing in the U.S.","page_number":79,"box":{"x":77,"y":714,"width":190,"height":11}},{"id":"d9199d10-bbab-4939-a502-4e28e00d175a","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":79,"box":{"x":273,"y":714,"width":683,"height":11}},{"id":"9625766c-b431-4dbc-b3bb-ba2a0b99bc6a","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":79,"box":{"x":76,"y":728,"width":897,"height":11}},{"id":"c19cb867-beb8-4409-a551-9d868974e724","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":79,"box":{"x":76,"y":742,"width":902,"height":11}},{"id":"dc98ee25-91d0-4a3f-b0e0-4bdade7dfd1a","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":79,"box":{"x":76,"y":757,"width":887,"height":10}},{"id":"5c898225-b28b-4df2-9f0d-7b6350b4a64e","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":79,"box":{"x":76,"y":771,"width":894,"height":11}},{"id":"b5d336ec-0290-422e-ba1b-1e920d83f9cf","block_type":"box","text":"financial markets or issuers.","page_number":79,"box":{"x":76,"y":785,"width":179,"height":8}},{"id":"0be2a73d-dab5-4665-a253-71a30ad851c5","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":79,"box":{"x":76,"y":808,"width":868,"height":11}},{"id":"eb5560d1-9322-41bb-8b20-d61111f29ce0","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":79,"box":{"x":77,"y":822,"width":867,"height":11}},{"id":"c868fc54-8293-43b7-b43c-9ed7c655c0db","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":79,"box":{"x":76,"y":837,"width":868,"height":10}},{"id":"12196d4f-e2ea-4da2-af13-f4fc2676d665","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":79,"box":{"x":77,"y":851,"width":899,"height":11}},{"id":"7d6cb938-e8a8-4c7e-89bb-2dc11aa39a78","block_type":"box","text":"system.","page_number":79,"box":{"x":76,"y":866,"width":49,"height":10}},{"id":"02ab774d-f826-4195-aa3c-f56581392340","block_type":"box","text":"14","page_number":79,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"17e6d4c3-3d47-433c-b9e7-7267e53cf32e","block_type":"box","text":"Securities Lending Risk.","page_number":80,"box":{"x":76,"y":23,"width":166,"height":11}},{"id":"68740819-67b9-4de9-8b07-6ebd1cd13606","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":80,"box":{"x":247,"y":23,"width":730,"height":11}},{"id":"dc9e05da-ae64-4aed-9dd0-6eaa3ec61031","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":80,"box":{"x":76,"y":37,"width":898,"height":11}},{"id":"49e1ae73-df86-45fa-acbb-759cba5786e6","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":80,"box":{"x":76,"y":51,"width":892,"height":11}},{"id":"f1b3621d-1e02-4b0c-9ebd-e1fc8c284aae","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":80,"box":{"x":76,"y":66,"width":403,"height":11}},{"id":"74a7ccd9-10a0-458a-9b03-073691e4d752","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":80,"box":{"x":76,"y":89,"width":257,"height":11}},{"id":"540acaf4-467a-4fe8-8d3e-8e3a7cc5cc74","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":80,"box":{"x":339,"y":89,"width":617,"height":11}},{"id":"f252935c-08ef-4a29-92e7-e7c40d9a3da1","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":80,"box":{"x":76,"y":103,"width":863,"height":11}},{"id":"c84b95eb-398a-4a1a-994f-4433ebbd10ac","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":80,"box":{"x":76,"y":117,"width":868,"height":11}},{"id":"a0e66ea6-6278-4047-8ba4-9a9828e094ed","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":80,"box":{"x":76,"y":131,"width":895,"height":11}},{"id":"7c933c8c-efb1-4a88-a7e6-c81cfbb57096","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":80,"box":{"x":77,"y":146,"width":898,"height":10}},{"id":"13b6a9a7-84dc-4aec-b869-13bd429a1ca3","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":80,"box":{"x":76,"y":160,"width":900,"height":11}},{"id":"73cbdf70-6eb9-4c63-ad11-26e3c166eebc","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":80,"box":{"x":77,"y":174,"width":885,"height":11}},{"id":"d5bd9e50-97e4-434b-85d0-59ae10f71d94","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":80,"box":{"x":76,"y":188,"width":354,"height":11}},{"id":"8d38361f-5290-455b-b66b-f93265020842","block_type":"box","text":"Small Fund Risk.","page_number":80,"box":{"x":76,"y":211,"width":114,"height":9}},{"id":"e77aa8e9-7248-44a0-9821-2552b2a12613","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":80,"box":{"x":195,"y":211,"width":704,"height":11}},{"id":"f0bd778d-fb83-409c-898f-30a98a5d750c","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, a Fund","page_number":80,"box":{"x":76,"y":226,"width":904,"height":10}},{"id":"d372cfe9-31c8-4d3a-a218-ddac62b398eb","block_type":"box","text":"may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from","page_number":80,"box":{"x":76,"y":240,"width":898,"height":11}},{"id":"9d2a900f-494e-433d-a240-c87ad5c1b2f7","block_type":"box","text":"the listing exchange, the Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a","page_number":80,"box":{"x":76,"y":254,"width":873,"height":11}},{"id":"c761ab35-1bfc-4492-a191-b9869ac64759","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":80,"box":{"x":77,"y":268,"width":710,"height":11}},{"id":"b93026ba-8287-4d83-abd5-d034ce4c5336","block_type":"box","text":"Technology Companies Risk.","page_number":80,"box":{"x":76,"y":291,"width":198,"height":11}},{"id":"5bb18a06-0130-478f-af6a-9641773e5352","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":80,"box":{"x":278,"y":291,"width":693,"height":11}},{"id":"b57f2928-2764-4601-b99e-67f446e971fb","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":80,"box":{"x":77,"y":305,"width":882,"height":11}},{"id":"a0a838c4-311c-4375-8c8b-879f6819bdc2","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":80,"box":{"x":76,"y":320,"width":888,"height":10}},{"id":"e9315ac4-321e-4650-b4ab-901f981e023e","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":80,"box":{"x":76,"y":334,"width":905,"height":11}},{"id":"59325ab9-bbea-474a-83a8-e038081f8f14","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":80,"box":{"x":76,"y":348,"width":891,"height":11}},{"id":"d199856a-2c03-426b-90d8-8a4ad0c6e6bf","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":80,"box":{"x":76,"y":362,"width":868,"height":11}},{"id":"c578a4c9-608d-4d1d-93e0-c4a44ff032bc","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":80,"box":{"x":76,"y":376,"width":898,"height":11}},{"id":"5ca4f0d1-b84e-44e2-bb5e-2b0c35d5ea8b","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":80,"box":{"x":76,"y":391,"width":738,"height":10}},{"id":"c86a2d92-563c-48bd-88d4-b561baee2e27","block_type":"box","text":"Thematic Investing Risk.","page_number":80,"box":{"x":76,"y":414,"width":169,"height":11}},{"id":"0168c6a0-cbfc-40f2-9277-f02f6f88f2c6","block_type":"box","text":"A Fund relies on the Index Provider to identify securities that reflect the relevant themes and sub-themes for","page_number":80,"box":{"x":250,"y":414,"width":695,"height":11}},{"id":"464f044d-b193-4dc9-bce0-b1be2ba4fd18","block_type":"box","text":"inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the intended theme and sub-theme","page_number":80,"box":{"x":76,"y":428,"width":897,"height":11}},{"id":"7fca4f65-79df-4a01-bce6-d20e741df6a3","block_type":"box","text":"exposures. The Fund’s performance may suffer if such securities are not correctly identified, if a theme or sub-theme develops in an","page_number":80,"box":{"x":76,"y":442,"width":844,"height":11}},{"id":"d55e79dc-f670-4bd7-ad8f-cda9864e162f","block_type":"box","text":"unexpected manner, or if securities in the Underlying Index do not benefit from the development of a theme or sub-theme. A Fund’s","page_number":80,"box":{"x":77,"y":456,"width":842,"height":11}},{"id":"90324587-36b3-4afa-a9b8-5823c40b0889","block_type":"box","text":"performance may also be impacted if securities that are not related to the theme or sub-theme are included in the Underlying Index.","page_number":80,"box":{"x":76,"y":470,"width":846,"height":11}},{"id":"d7b51ea2-d676-447f-b357-8afc8919de9e","block_type":"box","text":"Tracking Error Risk.","page_number":80,"box":{"x":76,"y":494,"width":135,"height":10}},{"id":"1f046ed7-21f9-47b9-916d-5e445c0f10a7","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":80,"box":{"x":216,"y":494,"width":749,"height":11}},{"id":"9c4b2af3-0a2f-418b-bdd4-058efc7318c2","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and","page_number":80,"box":{"x":76,"y":508,"width":871,"height":11}},{"id":"0496e9d1-309c-4087-888a-e60b15050a3c","block_type":"box","text":"other assets held in a Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value","page_number":80,"box":{"x":76,"y":522,"width":897,"height":11}},{"id":"84a300bb-8760-4251-8ec5-de3ed837406e","block_type":"box","text":"securities and other assets; transaction costs and other expenses incurred by a Fund that the Underlying Index does not incur; a Fund’s","page_number":80,"box":{"x":76,"y":536,"width":868,"height":11}},{"id":"cec1ffee-570f-43b0-bab7-ff820e7c5cf8","block_type":"box","text":"holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by a Fund or","page_number":80,"box":{"x":77,"y":550,"width":823,"height":11}},{"id":"86e60747-5fdb-44ad-a62c-abccec1dbe72","block_type":"box","text":"distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends","page_number":80,"box":{"x":76,"y":565,"width":905,"height":10}},{"id":"38388fa1-3f13-44ad-b7a7-15fe9526e4f6","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain pass","page_number":80,"box":{"x":77,"y":579,"width":901,"height":11}},{"id":"f601f64e-6542-4953-a6e7-bcf0e29de555","block_type":"box","text":"through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":80,"box":{"x":76,"y":593,"width":869,"height":11}},{"id":"6489385b-d31b-430f-9859-911768a87dbd","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution; and impacts to a Fund of complying with","page_number":80,"box":{"x":76,"y":607,"width":884,"height":11}},{"id":"1762938b-f1f7-4e4b-a729-ff4dedf7c70f","block_type":"box","text":"certain regulatory requirements or limits. A Fund that tracks an index composed of a large number of securities or other assets may","page_number":80,"box":{"x":76,"y":621,"width":844,"height":11}},{"id":"d9583981-c71e-4625-9df7-3c6af8e4ced1","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. Tracking error risk may be heightened during times of","page_number":80,"box":{"x":76,"y":635,"width":851,"height":11}},{"id":"42a1f86f-d04f-4dbd-aad0-723e9baf30d9","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":80,"box":{"x":76,"y":650,"width":401,"height":10}},{"id":"8caef186-0cc3-4269-abbc-eb0f1179b53c","block_type":"box","text":"Value Securities Risk.","page_number":80,"box":{"x":76,"y":673,"width":149,"height":8}},{"id":"3ea1be33-f653-4266-9a16-b40bf617616e","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities may decline","page_number":80,"box":{"x":230,"y":673,"width":739,"height":11}},{"id":"3d29e623-fb05-4315-b9cd-73ae235bad5e","block_type":"box","text":"in price or fail to appreciate for long periods of time, and they may never realize their full potential value because the market fails to","page_number":80,"box":{"x":76,"y":687,"width":842,"height":11}},{"id":"b2c8e1ba-c397-4686-998b-81e1d7994765","block_type":"box","text":"recognize the stock’s intrinsic worth. Value securities may underperform growth securities and other types of assets as well as the overall","page_number":80,"box":{"x":77,"y":701,"width":880,"height":11}},{"id":"bb504998-0e76-449b-9123-548555f01957","block_type":"box","text":"stock market. Although value securities have generally performed better than non-value securities during periods of economic recovery,","page_number":80,"box":{"x":76,"y":715,"width":871,"height":11}},{"id":"4856d505-14b5-40b6-8d2a-2bfec43dcbdf","block_type":"box","text":"there is no assurance that they will continue to do so. Value securities may go in and out of favor over time, which could affect the","page_number":80,"box":{"x":76,"y":730,"width":832,"height":10}},{"id":"7b2cf00f-4c35-4a2b-af10-4a49d435caf6","block_type":"box","text":"performance of a Fund with such holdings.","page_number":80,"box":{"x":76,"y":744,"width":271,"height":11}},{"id":"c6fe35c4-28da-430f-8004-586de2e374d1","block_type":"box","text":"Portfolio Holdings Information","page_number":80,"box":{"x":78,"y":773,"width":296,"height":17}},{"id":"80818fbd-8856-47e8-94e1-65a922953380","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":80,"box":{"x":76,"y":802,"width":896,"height":11}},{"id":"7cf9d62f-73b3-4b4f-8f54-d67aa5518cc5","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":80,"box":{"x":76,"y":816,"width":906,"height":11}},{"id":"031e48f2-30aa-4ec8-98d5-8531dc010ac8","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":80,"box":{"x":77,"y":830,"width":893,"height":11}},{"id":"6fb2d727-9465-4d0e-b8a0-ae1eef4cdba3","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":80,"box":{"x":76,"y":844,"width":256,"height":11}},{"id":"2fddff3d-fa51-4f6d-aa7f-1ef000e06f1e","block_type":"box","text":"15","page_number":80,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"40edabf0-e73f-430c-a946-0f9d5c69ba27","block_type":"box","text":"Management of the Funds","page_number":81,"box":{"x":78,"y":22,"width":258,"height":17}},{"id":"6747bf9d-8205-4707-aae0-5a0b23e61987","block_type":"box","text":"Investment Adviser","page_number":81,"box":{"x":77,"y":51,"width":135,"height":9}},{"id":"11c50ef7-81e2-4611-b73d-3df4d0fc0cf4","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":81,"box":{"x":76,"y":75,"width":839,"height":11}},{"id":"e8a224c7-b51b-4e76-b2ed-bb6cf9e8fd83","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":81,"box":{"x":76,"y":89,"width":899,"height":11}},{"id":"a187dd29-3ec5-48e3-b1d5-49a67fc41a61","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":81,"box":{"x":76,"y":103,"width":886,"height":11}},{"id":"b6bd07d6-1ee2-479d-a03c-dc090d74c569","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":81,"box":{"x":77,"y":117,"width":852,"height":11}},{"id":"72eaad62-fb6c-4d22-9605-552ab247e5b9","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105.","page_number":81,"box":{"x":77,"y":140,"width":901,"height":11}},{"id":"aa349352-d898-4c14-a708-a73b8c60d420","block_type":"box","text":"As of September 30, 2025, BFA and its affiliates provided investment advisory services for assets of approximately $13.5 trillion.","page_number":81,"box":{"x":76,"y":154,"width":823,"height":11}},{"id":"a1f4b6d5-2306-4521-ac69-0ed2774ed9d0","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":81,"box":{"x":77,"y":178,"width":887,"height":11}},{"id":"dcfe35c8-89f6-4b8b-b3d3-845a0b4cdb68","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":81,"box":{"x":76,"y":192,"width":885,"height":11}},{"id":"a6237119-8aa5-43f4-b62f-5ca8af7662cf","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":81,"box":{"x":76,"y":206,"width":892,"height":11}},{"id":"53b103cb-06d4-4f5a-ba33-82e861ba089a","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":81,"box":{"x":76,"y":220,"width":886,"height":11}},{"id":"907fad56-8b4b-4d8e-83d8-74cc37c563d6","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":81,"box":{"x":76,"y":235,"width":299,"height":10}},{"id":"a4313494-8917-4b66-9dcb-912c2a2e826f","block_type":"box","text":"Fees and Expenses","page_number":81,"box":{"x":77,"y":258,"width":131,"height":11}},{"id":"07f4430a-5bbc-42bb-8a5b-6c52bf02fc95","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":81,"box":{"x":77,"y":281,"width":867,"height":11}},{"id":"33133f27-a208-4f38-bbd1-84ab3fc09371","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":81,"box":{"x":76,"y":295,"width":858,"height":11}},{"id":"b8ddf0e0-26e2-4593-8424-d87240119a1d","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":81,"box":{"x":76,"y":309,"width":891,"height":11}},{"id":"a7a76f6f-75ce-4025-a57a-fe86d72b751b","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Directors who are not","page_number":81,"box":{"x":76,"y":323,"width":843,"height":11}},{"id":"48667d08-5154-4713-a49b-dd7b83c61a9d","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":81,"box":{"x":76,"y":338,"width":886,"height":11}},{"id":"e9ed7256-2426-48c1-a9cb-0d6653f7e68f","block_type":"box","text":"and Expenses, if any.","page_number":81,"box":{"x":76,"y":352,"width":132,"height":11}},{"id":"bea98f1b-72c6-4d89-a8e5-1311c71067d9","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":81,"box":{"x":76,"y":375,"width":886,"height":11}},{"id":"f124f20c-d64b-44af-a660-a81e85cd7225","block_type":"box","text":"BFA is available in the Funds’ Form N-CSR filed with the SEC for the period ended August 31 and in the applicable financial statements and","page_number":81,"box":{"x":77,"y":389,"width":885,"height":11}},{"id":"3ab5f750-44c4-47a6-8d6a-c76399c67afd","block_type":"box","text":"additional information documents posted at www.iShares.com.","page_number":81,"box":{"x":76,"y":403,"width":402,"height":11}},{"id":"31545eba-c3d7-4e3a-a36b-426c59596ace","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended August 31, 2025, BFA was paid a management fee from each","page_number":81,"box":{"x":77,"y":427,"width":871,"height":10}},{"id":"44792085-4d3a-4e06-8d5b-571be451f489","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. If","page_number":81,"box":{"x":77,"y":441,"width":892,"height":11}},{"id":"9cc1f3f8-6feb-4cde-966b-44b598f09eca","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees for a Fund, the contractual waiver may be terminated prior to its","page_number":81,"box":{"x":77,"y":455,"width":873,"height":11}},{"id":"eb2f6060-1884-4951-bbe9-0d2acd505bfd","block_type":"box","text":"expiration date only upon written agreement of the Trust and BFA. In addition, BFA may from time to time voluntarily waive and/or reimburse","page_number":81,"box":{"x":76,"y":469,"width":900,"height":11}},{"id":"1b3fb645-cdce-4926-9777-3b966ecb1fb0","block_type":"box","text":"fees or expenses to reduce a Fund’s total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, if any). Any such","page_number":81,"box":{"x":76,"y":483,"width":877,"height":11}},{"id":"0851e036-2c45-4ea4-9f62-d4cf30676192","block_type":"box","text":"voluntary waiver or reimbursement may be eliminated by BFA at any time.","page_number":81,"box":{"x":76,"y":498,"width":471,"height":10}},{"id":"c4a797e9-ed6f-4a81-ab35-9bce296f9573","block_type":"box","text":"Fund Management Fee","page_number":81,"box":{"x":87,"y":529,"width":571,"height":11}},{"id":"2247eac3-639f-4d80-a9c5-d000be20d560","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF 0.08%","page_number":81,"box":{"x":87,"y":547,"width":491,"height":8}},{"id":"81ba9224-b6ee-46e3-aafd-3b0390cc2290","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF 0.10%","page_number":81,"box":{"x":87,"y":565,"width":488,"height":8}},{"id":"2d4b764d-e356-4bb5-ac0c-0f3e010c8fe1","block_type":"box","text":"iShares ESG Aware MSCI USA ETF 0.15%","page_number":81,"box":{"x":87,"y":583,"width":487,"height":8}},{"id":"9faeba99-6fcc-4143-870a-8ec6fbd35f4b","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF 0.18%","page_number":81,"box":{"x":87,"y":601,"width":487,"height":8}},{"id":"4bc03d24-ab75-4cc0-ab16-7c713db2a1ff","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF 0.17%","page_number":81,"box":{"x":87,"y":619,"width":487,"height":11}},{"id":"d109e523-4e3c-41c9-99d2-7128dae7c1ee","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF 0.18%","page_number":81,"box":{"x":87,"y":637,"width":487,"height":9}},{"id":"4b6010c2-000e-423b-9cea-f61c575a4c7e","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF 0.10%","page_number":81,"box":{"x":87,"y":655,"width":488,"height":9}},{"id":"9bd57e95-ed0f-439d-87c5-31010937841a","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF 0.10%","page_number":81,"box":{"x":87,"y":673,"width":488,"height":11}},{"id":"167ffc43-6389-4230-9133-c1b97120fe3a","block_type":"box","text":"Portfolio Managers","page_number":81,"box":{"x":77,"y":703,"width":131,"height":11}},{"id":"b9be2a3a-26a9-49f6-bd4b-ef83c9faca28","block_type":"box","text":"The Portfolio Managers for each Fund are responsible for various functions related to portfolio management, including, but not limited to,","page_number":81,"box":{"x":76,"y":726,"width":877,"height":11}},{"id":"f18e67a0-86f6-4151-af28-4df641d5f185","block_type":"box","text":"investing cash inflows, coordinating with members of their respective portfolio management teams to focus on certain asset classes,","page_number":81,"box":{"x":76,"y":741,"width":850,"height":10}},{"id":"f0f394b5-d39a-4ed0-8f29-ef69524627f4","block_type":"box","text":"implementing investment strategy, researching and reviewing investment strategy and overseeing members of their respective teams who","page_number":81,"box":{"x":76,"y":755,"width":885,"height":11}},{"id":"b60f6b81-9990-457a-9d37-2e6d7039479d","block_type":"box","text":"have more limited responsibilities.","page_number":81,"box":{"x":77,"y":769,"width":217,"height":11}},{"id":"3fcb711a-2b9e-4eb4-9a97-0feded8841ab","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White are primarily responsible for the day-to-day management of the Funds.","page_number":81,"box":{"x":75,"y":792,"width":854,"height":11}},{"id":"88a1d5e1-5cd3-48c9-99ed-1b0b9c7fda64","block_type":"box","text":"Jennifer Hsui has been employed by BFA or its affiliates as a senior portfolio manager since 2007. She is a Managing Director of BlackRock,","page_number":81,"box":{"x":75,"y":815,"width":890,"height":11}},{"id":"d8d82d8a-5d7f-404c-8445-9fbd0e4cd08b","block_type":"box","text":"Inc.","page_number":81,"box":{"x":77,"y":830,"width":21,"height":8}},{"id":"79c04a6e-3345-4706-a09c-b6c86d1841e4","block_type":"box","text":"Peter Sietsema has been employed by BFA or its affiliates as a portfolio manager since 2007. He is a Director of BlackRock, Inc.","page_number":81,"box":{"x":77,"y":853,"width":814,"height":11}},{"id":"109ccec8-878d-4b1f-b65b-f3a52bf7bf3a","block_type":"box","text":"Matt Waldron has been employed by BFA or its affiliates as a portfolio manager since 2003. He is a Managing Director of BlackRock, Inc.","page_number":81,"box":{"x":77,"y":876,"width":872,"height":11}},{"id":"bd94c3b3-f1a4-46c4-b126-629d3988afa9","block_type":"box","text":"16","page_number":81,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"565da8de-eb32-4856-8df9-91cbb1d3abb8","block_type":"box","text":"Steven White has been employed by BFA or its affiliates as a portfolio manager since 2013. He is a Director of BlackRock, Inc.","page_number":82,"box":{"x":76,"y":23,"width":801,"height":11}},{"id":"a7734b5b-514e-430a-97ff-8c6356d94a3a","block_type":"box","text":"Each Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed by the Portfolio","page_number":82,"box":{"x":77,"y":46,"width":863,"height":11}},{"id":"8dd44ede-6f93-4944-bcdb-79632a713caa","block_type":"box","text":"Managers and the Portfolio Managers’ ownership (if any) of shares of the Funds.","page_number":82,"box":{"x":77,"y":61,"width":511,"height":10}},{"id":"d7ca97e9-53f0-40a9-9609-2be3736cc81a","block_type":"box","text":"Administrator, Custodian and Transfer Agent","page_number":82,"box":{"x":76,"y":84,"width":312,"height":11}},{"id":"4f1fd93f-0325-401a-a59f-ed21a9c0e069","block_type":"box","text":"The administrator, custodian and transfer agent for each Fund is indicated in the table below.","page_number":82,"box":{"x":76,"y":107,"width":594,"height":11}},{"id":"21f8603f-6880-4345-b021-4ef54d2f6733","block_type":"box","text":"Fund","page_number":82,"box":{"x":87,"y":162,"width":33,"height":8}},{"id":"a492a187-8ebe-42a2-ad76-28f19864baf9","block_type":"box","text":"The Bank of","page_number":82,"box":{"x":498,"y":138,"width":83,"height":9}},{"id":"b3217e26-8274-4cab-966a-9b7b6e7b3503","block_type":"box","text":"New York","page_number":82,"box":{"x":500,"y":150,"width":65,"height":8}},{"id":"6bf216ff-8021-452e-a093-f3af1e993d2a","block_type":"box","text":"Mellon Citibank, N.A.","page_number":82,"box":{"x":500,"y":161,"width":214,"height":12}},{"id":"18e34397-4b5f-41e8-9932-a3d49668dc61","block_type":"box","text":"JPMorgan","page_number":82,"box":{"x":740,"y":138,"width":66,"height":11}},{"id":"e73f952c-9e08-4159-87aa-73f39bbb162a","block_type":"box","text":"Chase Bank,","page_number":82,"box":{"x":741,"y":150,"width":85,"height":11}},{"id":"f1ad9483-a2bd-4cb9-ad1f-8f252018b0a0","block_type":"box","text":"N.A.","page_number":82,"box":{"x":741,"y":162,"width":27,"height":8}},{"id":"870cc674-bcad-4c11-a0b5-7b98a7c1f453","block_type":"box","text":"State Street","page_number":82,"box":{"x":862,"y":138,"width":83,"height":9}},{"id":"0261daa4-0b51-443a-b9c9-784beee95e96","block_type":"box","text":"Bank and Trust","page_number":82,"box":{"x":862,"y":150,"width":104,"height":8}},{"id":"cd114d46-7669-477c-9fae-919408f5af14","block_type":"box","text":"Company","page_number":82,"box":{"x":862,"y":161,"width":64,"height":11}},{"id":"d3b94c9c-187c-453c-a434-af658d1e7c2f","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF*","page_number":82,"box":{"x":87,"y":179,"width":355,"height":9}},{"id":"960d58b1-4ee3-4b02-908a-0577d17187fd","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF*","page_number":82,"box":{"x":87,"y":198,"width":250,"height":8}},{"id":"e9f90df1-6798-46ed-a1b2-368c9745c27e","block_type":"box","text":"iShares ESG Aware MSCI USA ETF*","page_number":82,"box":{"x":87,"y":216,"width":227,"height":8}},{"id":"d325b11a-f1d3-4c69-bdc0-e95804823e7d","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF*","page_number":82,"box":{"x":87,"y":234,"width":278,"height":8}},{"id":"bf0b5679-a618-4e64-9758-b42f6a1409fb","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF*","page_number":82,"box":{"x":87,"y":252,"width":297,"height":10}},{"id":"f2174b70-719e-40c8-979b-72b20828d841","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF*","page_number":82,"box":{"x":87,"y":270,"width":266,"height":8}},{"id":"fe621a01-860c-47df-9e23-83228ff12ab2","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF*","page_number":82,"box":{"x":87,"y":288,"width":238,"height":8}},{"id":"84ee8235-02b8-4b9e-8a08-13bfd23090b7","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF*","page_number":82,"box":{"x":87,"y":306,"width":362,"height":11}},{"id":"082d3cb9-9004-4f65-9c13-8a6ab438e673","block_type":"box","text":"* JPMorgan Chase Bank, N.A. serves as custodian for the Fund in connection with certain securities lending activities.","page_number":82,"box":{"x":103,"y":328,"width":672,"height":9}},{"id":"e809bc86-5698-484e-9fab-08adaf9482fd","block_type":"box","text":"Conflicts of Interest","page_number":82,"box":{"x":76,"y":347,"width":139,"height":9}},{"id":"acc0450d-e60b-4c53-8ae9-d3137f88889a","block_type":"box","text":"The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries (collectively, the “Affiliates”)), and their respec","page_number":82,"box":{"x":76,"y":371,"width":874,"height":10}},{"id":"c6d0eaf7-a632-42ef-81a5-80dd23735d7a","block_type":"box","text":"tive","page_number":82,"box":{"x":951,"y":371,"width":22,"height":8}},{"id":"d83c7277-4059-46b4-9c91-0625c08cc437","block_type":"box","text":"directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could","page_number":82,"box":{"x":76,"y":385,"width":827,"height":11}},{"id":"1621fa39-7ac8-45e9-97f0-0d9a1915fb19","block_type":"box","text":"disadvantage a Fund and its shareholders.","page_number":82,"box":{"x":76,"y":399,"width":269,"height":11}},{"id":"2b6795a4-9c91-4e67-8819-77089937b7c7","block_type":"box","text":"BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and in the ordinary","page_number":82,"box":{"x":77,"y":422,"width":899,"height":11}},{"id":"c7d23083-1fad-47ff-85c9-a8f53065a6d4","block_type":"box","text":"course of business may engage in activities in which their interests or the interests of other clients may conflict with those of a Fund. BFA","page_number":82,"box":{"x":76,"y":436,"width":879,"height":11}},{"id":"76421cda-b77d-443d-84b2-1439ced10317","block_type":"box","text":"and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity trading","page_number":82,"box":{"x":76,"y":450,"width":858,"height":11}},{"id":"3154c2d3-d0de-4109-9c7e-cbfc874b02f2","block_type":"box","text":"advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and","page_number":82,"box":{"x":76,"y":465,"width":903,"height":11}},{"id":"730fd141-355e-4098-92d0-2702f067692f","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":82,"box":{"x":76,"y":479,"width":856,"height":11}},{"id":"6a0c3e9e-b139-49a7-9218-8071dd227de3","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":82,"box":{"x":77,"y":502,"width":902,"height":11}},{"id":"eb61079a-077f-4f31-98f7-3b5f7238e9ec","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":82,"box":{"x":76,"y":516,"width":890,"height":11}},{"id":"f31c0eca-fe16-4c35-a24f-0dd2142e702c","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":82,"box":{"x":77,"y":530,"width":855,"height":11}},{"id":"7852c7bd-a86e-4036-bbce-2fec2235f6fd","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":82,"box":{"x":76,"y":545,"width":868,"height":10}},{"id":"f1619d6b-f8bd-4013-bc73-3e92fd134e9f","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":82,"box":{"x":76,"y":559,"width":855,"height":11}},{"id":"88c8b86f-986c-4b59-8b0e-7db082fae6a0","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":82,"box":{"x":76,"y":573,"width":861,"height":11}},{"id":"17fab41f-fc67-47cb-b216-6d612f38e5e4","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":82,"box":{"x":76,"y":587,"width":411,"height":11}},{"id":"15926c2c-2cbe-4350-94c4-c574ec934ee9","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":82,"box":{"x":76,"y":610,"width":891,"height":11}},{"id":"3033729c-2886-4ae3-a5f7-f27492fb05d8","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":82,"box":{"x":76,"y":625,"width":864,"height":10}},{"id":"812ee348-e55b-4ed5-8a4d-22cba0f4d38b","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":82,"box":{"x":76,"y":639,"width":845,"height":11}},{"id":"7d91e922-0ca0-4c3a-8515-08f286516843","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":82,"box":{"x":76,"y":653,"width":695,"height":11}},{"id":"590c8801-d0e3-46c0-9754-bf538dbcf2a5","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":82,"box":{"x":76,"y":676,"width":871,"height":11}},{"id":"8735af15-a5a4-4336-ac7e-f60d016e387f","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":82,"box":{"x":77,"y":690,"width":347,"height":11}},{"id":"3f3f703d-a007-43c6-a778-d16e2e9f97b1","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":82,"box":{"x":77,"y":713,"width":891,"height":11}},{"id":"48cb30c1-6575-400c-b40d-fefdf6898a4a","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":82,"box":{"x":76,"y":728,"width":873,"height":10}},{"id":"ebe666b2-3ba3-4752-9693-a8030d07ea5c","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":82,"box":{"x":76,"y":742,"width":903,"height":11}},{"id":"48cbe132-ef0e-475b-b268-d502ba41f321","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":82,"box":{"x":76,"y":756,"width":897,"height":11}},{"id":"4e6d2491-b9ba-4f9c-af91-beaed70eca3a","block_type":"box","text":"possible.","page_number":82,"box":{"x":76,"y":770,"width":56,"height":11}},{"id":"6b5ecc77-3694-45f1-bb40-b126e920a0ef","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":82,"box":{"x":77,"y":793,"width":888,"height":11}},{"id":"53364fcd-abcf-4812-82b3-cccbf4a0dc16","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":82,"box":{"x":76,"y":808,"width":857,"height":10}},{"id":"2ff779fa-2c68-4cca-8682-a922654688fb","block_type":"box","text":"employees or clients.","page_number":82,"box":{"x":76,"y":822,"width":135,"height":11}},{"id":"811fbf3c-70ee-46a4-a724-2a19cc7129c7","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":82,"box":{"x":77,"y":845,"width":876,"height":11}},{"id":"f553e8d2-2ca5-4ac4-9520-34b3e5d6ccf0","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":82,"box":{"x":76,"y":859,"width":851,"height":11}},{"id":"db9db1c0-35a9-495f-aa17-b05479b11e29","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":82,"box":{"x":76,"y":873,"width":440,"height":11}},{"id":"290994be-38a7-4661-a7ef-99829766d909","block_type":"box","text":"17","page_number":82,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"d812bb47-6b34-4a31-ba02-18e9c6e2659a","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":83,"box":{"x":76,"y":23,"width":901,"height":11}},{"id":"3d270c98-2357-4c28-87ea-3d12e04c042c","block_type":"box","text":"such restrictions.","page_number":83,"box":{"x":76,"y":37,"width":110,"height":9}},{"id":"ec0edb56-18d3-4759-8a31-7e39efb67d73","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":83,"box":{"x":77,"y":61,"width":863,"height":10}},{"id":"0d482e8b-41c9-4b10-bfe1-e7ae78489dc1","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":83,"box":{"x":77,"y":75,"width":854,"height":11}},{"id":"a1cfdc22-c632-461f-a305-6bb4b9d5e3b7","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":83,"box":{"x":77,"y":89,"width":862,"height":11}},{"id":"82cacb6f-5af2-47e8-bd01-a25d37daf317","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":83,"box":{"x":77,"y":103,"width":876,"height":11}},{"id":"97f29fa6-b851-4af3-ab4a-5b80ac4d4814","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":83,"box":{"x":76,"y":117,"width":363,"height":11}},{"id":"031e86fc-8637-4741-b881-64dd383b1379","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":83,"box":{"x":77,"y":140,"width":894,"height":11}},{"id":"d8b59545-ee63-4e53-a37f-e319278ae812","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":83,"box":{"x":76,"y":155,"width":860,"height":10}},{"id":"9ff5bbcc-1413-46d6-99e5-5d2a22c603fa","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":83,"box":{"x":77,"y":169,"width":854,"height":11}},{"id":"2212d5f7-32b0-4c0f-b538-2bb1a6b7c9d3","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":83,"box":{"x":76,"y":183,"width":894,"height":11}},{"id":"3cc6e93f-7eab-4fd1-aba2-4c93ed39dfe8","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":83,"box":{"x":76,"y":197,"width":871,"height":11}},{"id":"a8cfd90f-c07e-4205-b730-2a4588326d77","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":83,"box":{"x":76,"y":211,"width":848,"height":11}},{"id":"7e19fdfb-a317-4638-adfe-736266484a12","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":83,"box":{"x":77,"y":226,"width":342,"height":10}},{"id":"bcc3ebcf-d637-4245-852d-c25fb842804a","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":83,"box":{"x":77,"y":249,"width":893,"height":11}},{"id":"e5ac177c-072b-4b11-b294-3b14d153d01d","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":83,"box":{"x":76,"y":263,"width":885,"height":11}},{"id":"2db2a4e8-4083-49d9-a676-0391f61e3599","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":83,"box":{"x":76,"y":277,"width":897,"height":11}},{"id":"76a52071-f2d2-42ba-b1f0-62305172c386","block_type":"box","text":"licensees.","page_number":83,"box":{"x":77,"y":291,"width":61,"height":9}},{"id":"32850209-5f67-43f4-8cca-2666a81f8c05","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":83,"box":{"x":76,"y":314,"width":875,"height":11}},{"id":"fc3717c0-3e8d-4fad-9609-9fa2a725cf44","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":83,"box":{"x":76,"y":329,"width":886,"height":10}},{"id":"f169754b-c4ac-43f6-9f16-5ab76373556e","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":83,"box":{"x":76,"y":343,"width":326,"height":8}},{"id":"d1b4c0be-3815-4a19-889b-3dac74dba5fe","block_type":"box","text":"Shareholder Information","page_number":83,"box":{"x":77,"y":372,"width":240,"height":13}},{"id":"42b38a7c-0fd8-4639-87c3-1c6adccab49a","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":83,"box":{"x":75,"y":401,"width":821,"height":11}},{"id":"e7215ae6-3e77-4145-aae3-b0848dad7510","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":83,"box":{"x":78,"y":415,"width":383,"height":11}},{"id":"fc938487-b8f2-4133-a1f7-e31fb385b170","block_type":"box","text":"Buying and Selling Shares","page_number":83,"box":{"x":77,"y":438,"width":180,"height":11}},{"id":"5d2deb4a-7e36-4f27-85a5-86fbf352fbc0","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":83,"box":{"x":76,"y":461,"width":839,"height":11}},{"id":"f097399d-bb28-48b3-8915-316677b15854","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":83,"box":{"x":76,"y":476,"width":584,"height":10}},{"id":"7cb929eb-bec6-4947-8a08-3fccd686052b","block_type":"box","text":"i.e","page_number":83,"box":{"x":661,"y":476,"width":14,"height":8}},{"id":"ea541b21-7692-4702-9a96-986ed9f6e3fe","block_type":"box","text":"., financial institutions that are authorized to","page_number":83,"box":{"x":677,"y":476,"width":282,"height":10}},{"id":"19027b4e-b562-4278-af0d-aa09d8896dc1","block_type":"box","text":"participate in such transactions), as described in the","page_number":83,"box":{"x":76,"y":490,"width":335,"height":11}},{"id":"a213fb73-c242-43c2-8c7f-9d2937f2c6c2","block_type":"box","text":"Creations and Redemptions","page_number":83,"box":{"x":417,"y":490,"width":173,"height":11}},{"id":"05a81404-ea5c-43f5-81b2-797ccbf83584","block_type":"box","text":"section below.","page_number":83,"box":{"x":595,"y":490,"width":90,"height":8}},{"id":"0e8ef4d9-df56-40d6-8628-45ef41b2d2c7","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":83,"box":{"x":77,"y":513,"width":904,"height":11}},{"id":"32a1324b-3ea7-45cd-8487-85b938f0cf86","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":83,"box":{"x":77,"y":527,"width":860,"height":11}},{"id":"cf168025-b053-41df-a2bc-71edc0ca54a9","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":83,"box":{"x":76,"y":541,"width":857,"height":11}},{"id":"784951a4-c5db-4ffd-8409-5c2ff436ee87","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":83,"box":{"x":76,"y":556,"width":598,"height":10}},{"id":"fd2e4e35-5477-4fcd-be96-ee6608baea4a","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":83,"box":{"x":77,"y":579,"width":899,"height":11}},{"id":"52dbd867-dff1-46f8-a404-5d89ab0105e7","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":83,"box":{"x":76,"y":593,"width":869,"height":11}},{"id":"e0274f69-49b7-4f1f-9fb5-2d307d4dd6bf","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":83,"box":{"x":76,"y":607,"width":888,"height":11}},{"id":"0289fd6b-466f-453b-8226-576177ee5d19","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":83,"box":{"x":76,"y":621,"width":884,"height":11}},{"id":"83341c13-fe9b-40b4-8f5e-a44f9977e9fa","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":83,"box":{"x":76,"y":635,"width":904,"height":11}},{"id":"d81d85a6-5f3b-4492-acc2-986ff685c915","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":83,"box":{"x":76,"y":650,"width":897,"height":10}},{"id":"3f0bc3fe-2783-4b7a-950a-3ca0d0e45551","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":83,"box":{"x":76,"y":664,"width":887,"height":11}},{"id":"702849d1-524b-406e-bd12-fdc0b313f965","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":83,"box":{"x":76,"y":678,"width":713,"height":11}},{"id":"5ec2a96f-7871-44bb-9eb3-ea15885722bb","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":83,"box":{"x":76,"y":701,"width":902,"height":11}},{"id":"3f4d6c08-60ec-492d-a33e-a8d2fcf1934a","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":83,"box":{"x":76,"y":715,"width":856,"height":11}},{"id":"f3b05d7a-4b61-4cbe-a009-b059bb794bea","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":83,"box":{"x":77,"y":730,"width":612,"height":10}},{"id":"1f77d2cd-d4ef-4d54-aa1a-1d23f6d54788","block_type":"box","text":"Investments in Investment Companies","page_number":83,"box":{"x":77,"y":753,"width":268,"height":11}},{"id":"6ae0153e-f6ed-4a72-909f-050555aab592","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":83,"box":{"x":76,"y":776,"width":873,"height":11}},{"id":"654a374f-ec36-4c3f-8647-8cf8f68573f1","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":83,"box":{"x":76,"y":790,"width":889,"height":11}},{"id":"a2181ab4-c7e0-4aea-9662-a88d6ff193e8","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":83,"box":{"x":76,"y":804,"width":847,"height":11}},{"id":"89eedcf1-287c-486f-8773-880fe5e9e601","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":83,"box":{"x":76,"y":819,"width":897,"height":10}},{"id":"d30d860d-0616-4cd1-a84a-c9a3d226303f","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":83,"box":{"x":76,"y":833,"width":890,"height":11}},{"id":"42d2bfca-00dd-4d08-b7b2-7c2be3258137","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":83,"box":{"x":76,"y":847,"width":904,"height":11}},{"id":"b649846f-81aa-4c0e-9bc8-e30948bcfdb2","block_type":"box","text":"investment companies and companies controlled by them.","page_number":83,"box":{"x":76,"y":861,"width":374,"height":11}},{"id":"6e9d200a-6ab8-47cd-926b-18de4bb5df84","block_type":"box","text":"18","page_number":83,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"bb3b1cfe-44e7-46cd-967f-cbd01a2ec691","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":84,"box":{"x":77,"y":23,"width":867,"height":11}},{"id":"f19ed609-b7ee-42aa-8bdd-9e468fd704b2","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":84,"box":{"x":78,"y":37,"width":871,"height":11}},{"id":"5988243f-eb2d-432a-811d-2043f0b59055","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":84,"box":{"x":77,"y":51,"width":855,"height":11}},{"id":"d7d0d3b1-5c9a-44eb-9a44-b8fe6531a5b2","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":84,"box":{"x":76,"y":66,"width":874,"height":11}},{"id":"b9b666bd-07e4-404b-b520-f9c0c033b20b","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":84,"box":{"x":78,"y":80,"width":894,"height":11}},{"id":"74bd65cb-321e-4e47-a97e-6d55415c33bb","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":84,"box":{"x":76,"y":94,"width":367,"height":11}},{"id":"eb123df6-ed8d-4f88-ab63-a0838c959761","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":84,"box":{"x":77,"y":117,"width":883,"height":11}},{"id":"06f14101-58d9-4e95-b1cf-d7f77cda2b83","block_type":"box","text":"SEC no-action relief.","page_number":84,"box":{"x":76,"y":131,"width":130,"height":9}},{"id":"0ef5fba5-c9a2-40ae-a579-e9b1ea205f5f","block_type":"box","text":"Book Entry","page_number":84,"box":{"x":77,"y":155,"width":76,"height":10}},{"id":"583daa94-acd6-4aa5-81d6-e0f0b875da62","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":84,"box":{"x":76,"y":178,"width":892,"height":11}},{"id":"f0f51020-4f05-4a12-ae6c-413e9d7298d9","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":84,"box":{"x":76,"y":192,"width":832,"height":11}},{"id":"7d955e80-9ba9-418b-a8c7-6408f96bd29e","block_type":"box","text":"outstanding shares of the Funds.","page_number":84,"box":{"x":76,"y":206,"width":209,"height":11}},{"id":"e62d45ec-741d-4cff-986e-5ea7a08b071e","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":84,"box":{"x":77,"y":229,"width":885,"height":11}},{"id":"987be429-6f1f-4381-a21a-227d9f0a752c","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":84,"box":{"x":76,"y":244,"width":863,"height":10}},{"id":"9a264c5c-3561-422f-9725-7ab5c5faa9c6","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":84,"box":{"x":77,"y":258,"width":888,"height":11}},{"id":"cf3a8eb1-1ba7-4018-9ba2-ae2f5f575da8","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":84,"box":{"x":76,"y":272,"width":874,"height":11}},{"id":"224dbaad-f53e-4dc8-8c51-623bd06e5a78","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":84,"box":{"x":77,"y":286,"width":899,"height":11}},{"id":"a76c5557-d536-41f0-bd9f-a2de72c6a1c1","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":84,"box":{"x":76,"y":300,"width":330,"height":11}},{"id":"ec9da21b-4db9-4bfe-80ef-89f8a7c4a196","block_type":"box","text":"Share Prices","page_number":84,"box":{"x":76,"y":323,"width":87,"height":9}},{"id":"20dc7c82-2551-40a8-843e-d0ad767a6c1b","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":84,"box":{"x":76,"y":347,"width":894,"height":11}},{"id":"a29615f8-d151-44d7-bbe9-f559d8fc0631","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":84,"box":{"x":76,"y":361,"width":876,"height":11}},{"id":"383da10a-20ba-4a9e-83a2-e6e85ec47b54","block_type":"box","text":"conditions.","page_number":84,"box":{"x":76,"y":375,"width":69,"height":9}},{"id":"3daa2dea-bfcf-4072-bb07-4c305b88631f","block_type":"box","text":"Determination of Net Asset Value","page_number":84,"box":{"x":77,"y":398,"width":233,"height":9}},{"id":"4a6cec91-c07e-4344-9287-307332ee85a1","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":84,"box":{"x":76,"y":421,"width":872,"height":11}},{"id":"d2f2f226-7199-4c61-adf4-a3caf0fb3c83","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":84,"box":{"x":76,"y":436,"width":904,"height":10}},{"id":"0c054247-c56b-40fa-b6be-958ccf957e4f","block_type":"box","text":"on prices at the time of closing.","page_number":84,"box":{"x":76,"y":450,"width":201,"height":11}},{"id":"8cc0e801-ac31-4d5d-a9a8-4b9513740cd9","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":84,"box":{"x":76,"y":473,"width":883,"height":11}},{"id":"3edefa1b-01a5-401a-b17a-c4af22c9bf6d","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":84,"box":{"x":76,"y":487,"width":554,"height":11}},{"id":"28e5a457-f1f3-4ae0-b5e7-15073bd8c348","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":84,"box":{"x":76,"y":510,"width":501,"height":11}},{"id":"78e40db3-bcdb-4455-a93f-9f318a027c47","block_type":"box","text":"i.e","page_number":84,"box":{"x":578,"y":510,"width":14,"height":9}},{"id":"da619fb9-8406-418f-a84b-3d92c852f9e2","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":84,"box":{"x":594,"y":510,"width":353,"height":11}},{"id":"a58bb26b-946f-4eb4-95e2-bd41da02e97e","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":84,"box":{"x":77,"y":525,"width":857,"height":10}},{"id":"94153eb3-1c3e-4926-8ef1-81e1138b5dec","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":84,"box":{"x":77,"y":539,"width":883,"height":11}},{"id":"c0f0ea92-5711-49d3-aedb-a74f23c52d43","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":84,"box":{"x":77,"y":553,"width":881,"height":11}},{"id":"87a364a7-8ca2-44a9-812d-5cc3099b1199","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":84,"box":{"x":77,"y":576,"width":867,"height":11}},{"id":"88c94235-5b1d-4e88-b648-db7cb798de4d","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":84,"box":{"x":76,"y":590,"width":896,"height":11}},{"id":"75583e18-4f9b-4794-86aa-8a107651fdbe","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":84,"box":{"x":77,"y":605,"width":903,"height":10}},{"id":"7bdf2752-9723-4f99-8337-f15298a331b0","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":84,"box":{"x":76,"y":619,"width":897,"height":11}},{"id":"8db44baa-5067-4e99-a664-c26d9bce191b","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":84,"box":{"x":76,"y":633,"width":887,"height":11}},{"id":"0ad14552-8969-4ada-93a4-1e543ddcac6b","block_type":"box","text":"price.","page_number":84,"box":{"x":76,"y":647,"width":35,"height":11}},{"id":"d4e64179-191b-43d0-9c65-c98eae0bb466","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":84,"box":{"x":77,"y":670,"width":904,"height":11}},{"id":"d4fb51d9-9475-4710-9053-4ae1b3f3a31e","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":84,"box":{"x":76,"y":684,"width":891,"height":11}},{"id":"ae554941-3541-412d-9192-35f61d67a937","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":84,"box":{"x":76,"y":699,"width":861,"height":10}},{"id":"d0987bee-f94d-4195-b49b-caae2e7b487d","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":84,"box":{"x":76,"y":713,"width":901,"height":11}},{"id":"9091e01a-949f-4029-845f-b5167ab9a124","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":84,"box":{"x":77,"y":727,"width":904,"height":11}},{"id":"9ee5ccda-0acb-4548-a93d-f9277b389d2d","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":84,"box":{"x":77,"y":741,"width":899,"height":11}},{"id":"53e2fd44-c593-4d2b-94e5-e5d901737ab5","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":84,"box":{"x":77,"y":755,"width":902,"height":11}},{"id":"d664d7c6-7277-48b2-b0f2-0852fd488e0f","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":84,"box":{"x":77,"y":770,"width":491,"height":10}},{"id":"4ff5c657-fe21-4a6d-bc2a-b6d7e092b382","block_type":"box","text":"Generally, trading in certain instruments (","page_number":84,"box":{"x":76,"y":793,"width":265,"height":11}},{"id":"d80ee2e9-7865-416a-8df5-46e493fbf6b4","block_type":"box","text":"e.g","page_number":84,"box":{"x":343,"y":795,"width":19,"height":9}},{"id":"edae219d-dc57-412a-a99c-5cd4f357eacb","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":84,"box":{"x":362,"y":793,"width":599,"height":11}},{"id":"fb35cc4a-15c9-43ea-af3d-46804871bebd","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":84,"box":{"x":76,"y":807,"width":869,"height":11}},{"id":"7ba9f9cc-988c-47f0-8b29-67fe5ee88e14","block_type":"box","text":"determined as of such times.","page_number":84,"box":{"x":76,"y":821,"width":185,"height":9}},{"id":"e5302c2d-177a-423f-b048-f2bfd2ac2ab4","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":84,"box":{"x":77,"y":844,"width":885,"height":11}},{"id":"a45ed3e6-15c8-40d7-b651-028526870e4b","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":84,"box":{"x":76,"y":858,"width":901,"height":11}},{"id":"a2a51d5d-c5e2-41fc-aaf4-1fb4520fe324","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":84,"box":{"x":76,"y":873,"width":904,"height":11}},{"id":"c4d422e1-b184-463d-b091-b8a8fa1bf1e5","block_type":"box","text":"a Fund’s pricing time.","page_number":84,"box":{"x":76,"y":887,"width":136,"height":11}},{"id":"e329f53a-3797-48c0-a70b-ba60ab31502e","block_type":"box","text":"19","page_number":84,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"7a6da0ce-5ac9-4b47-9c54-33e4b9b8cc30","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":85,"box":{"x":76,"y":23,"width":877,"height":11}},{"id":"415e1fd6-686e-45f0-a2b1-10894ea7bb15","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":85,"box":{"x":76,"y":37,"width":392,"height":11}},{"id":"ccc24375-96fe-42fe-84c6-bb851c2cac48","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":85,"box":{"x":76,"y":61,"width":837,"height":10}},{"id":"1ad0979d-9593-4336-a543-0e4ef5b2deca","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":85,"box":{"x":76,"y":75,"width":874,"height":11}},{"id":"778520cf-e2ea-471d-9e20-992621a3b426","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":85,"box":{"x":76,"y":89,"width":879,"height":11}},{"id":"ab301367-90db-4c65-ba8c-c6d33db27339","block_type":"box","text":"length transaction.","page_number":85,"box":{"x":77,"y":103,"width":118,"height":11}},{"id":"46ef72f6-712d-4aed-8cd5-84716dff80c9","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":85,"box":{"x":77,"y":126,"width":531,"height":11}},{"id":"deae454d-c06d-4037-b125-dbdd35bd7b0e","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":85,"box":{"x":113,"y":144,"width":582,"height":11}},{"id":"4266f77d-8f17-4c86-bd22-4da678b424aa","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":85,"box":{"x":113,"y":162,"width":767,"height":11}},{"id":"e2a62409-97b4-421b-bcc7-364c3943c07c","block_type":"box","text":"An asset or liability is thinly traded;","page_number":85,"box":{"x":113,"y":180,"width":223,"height":11}},{"id":"22cc5203-43f4-4bc4-b35d-55550d3eddb9","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":85,"box":{"x":113,"y":198,"width":508,"height":11}},{"id":"95f86b1a-ecea-4bfd-a875-28b8a545edbe","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":85,"box":{"x":113,"y":217,"width":853,"height":10}},{"id":"7620eb5e-3c14-40b8-bc86-49ee5cdb6679","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":85,"box":{"x":76,"y":240,"width":874,"height":11}},{"id":"d7952fc4-4be8-4f77-b8d9-d83839d97eab","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":85,"box":{"x":76,"y":254,"width":876,"height":11}},{"id":"4e8dab83-a1b9-43b5-adb9-2c4a16935794","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":85,"box":{"x":76,"y":268,"width":246,"height":9}},{"id":"e4b1849f-fcdb-435f-95c4-1705ae3c8dc8","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":85,"box":{"x":76,"y":291,"width":890,"height":11}},{"id":"bb7d8f20-4a86-475d-b2a2-3b4e3ea72a52","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":85,"box":{"x":76,"y":305,"width":888,"height":11}},{"id":"c2b1c3e3-d6ad-4507-9149-54b2165c3eb4","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":85,"box":{"x":76,"y":320,"width":896,"height":10}},{"id":"d949e205-94f2-4047-92a5-0e17908f205e","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":85,"box":{"x":77,"y":334,"width":870,"height":11}},{"id":"07e69b71-8ab8-4782-ba5e-7b6e5a6ecf0e","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":85,"box":{"x":77,"y":348,"width":414,"height":11}},{"id":"93ff728d-c7a8-43bb-90d7-7a2efded42a5","block_type":"box","text":"Dividends and Distributions","page_number":85,"box":{"x":77,"y":371,"width":192,"height":9}},{"id":"dc5b9d84-d088-4c18-8e47-955af610efe6","block_type":"box","text":"General Policies.","page_number":85,"box":{"x":76,"y":394,"width":103,"height":9}},{"id":"bf7ef1fe-5fb8-42a2-9989-53b25ebc17fb","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":85,"box":{"x":185,"y":394,"width":782,"height":11}},{"id":"51387667-febc-4fb4-86f1-8a61966b5ec2","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":85,"box":{"x":77,"y":409,"width":887,"height":10}},{"id":"bbe84a3b-7bfa-4b56-bf2f-eea323934c72","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":85,"box":{"x":76,"y":423,"width":904,"height":11}},{"id":"e88549de-4c51-46c2-8ba9-10cae088549f","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":85,"box":{"x":76,"y":437,"width":893,"height":11}},{"id":"d79c3f2c-7113-449d-9533-4f9b664dd731","block_type":"box","text":"or realized gains.","page_number":85,"box":{"x":76,"y":451,"width":107,"height":11}},{"id":"5407e44f-71b8-425a-98db-1a5f5a6f50a3","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":85,"box":{"x":77,"y":474,"width":885,"height":11}},{"id":"dfee8300-abc6-4d3c-b6de-a1c0d23302b3","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":85,"box":{"x":76,"y":489,"width":856,"height":10}},{"id":"9f1a8250-13a2-4601-a5a3-bed905d00bb1","block_type":"box","text":"received from the Funds.","page_number":85,"box":{"x":77,"y":503,"width":157,"height":8}},{"id":"c1ff0ff7-446d-4510-bc1f-6f5b1c6ab01a","block_type":"box","text":"Dividend Reinvestment Service.","page_number":85,"box":{"x":76,"y":526,"width":197,"height":8}},{"id":"c4affa81-0c10-496b-b115-a389c29f2d5d","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":85,"box":{"x":280,"y":526,"width":667,"height":11}},{"id":"14fc1239-2d9a-4a3d-8c84-52352d2dbeb3","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":85,"box":{"x":77,"y":540,"width":899,"height":11}},{"id":"6982f9a4-faf8-4b2c-82fe-d5a55b3d84e9","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":85,"box":{"x":76,"y":554,"width":869,"height":11}},{"id":"04ec5349-7a5d-48ad-8a68-2511d1b3b113","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":85,"box":{"x":76,"y":568,"width":895,"height":11}},{"id":"4271f415-9ab5-4ed1-9ccd-f3363e3de382","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":85,"box":{"x":76,"y":583,"width":617,"height":10}},{"id":"94b7de72-61cb-47de-b697-54c071f42463","block_type":"box","text":"Note on Tax Information.","page_number":85,"box":{"x":76,"y":606,"width":167,"height":8}},{"id":"da569de2-a392-44fc-894d-97a9a2f072f3","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":85,"box":{"x":249,"y":606,"width":723,"height":11}},{"id":"1d7ad4ea-1ae1-458b-b52f-9955a695e40b","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":85,"box":{"x":76,"y":620,"width":905,"height":11}},{"id":"ac42dee0-16d7-4c38-9981-8e9a1b70b365","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":85,"box":{"x":76,"y":634,"width":893,"height":11}},{"id":"44efa621-c00c-4253-8c16-dc02a29f485d","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":85,"box":{"x":76,"y":648,"width":893,"height":11}},{"id":"c4b5fb8a-88c2-4b0d-82cd-a7321b5feb80","block_type":"box","text":"laws.","page_number":85,"box":{"x":76,"y":663,"width":30,"height":8}},{"id":"283d0964-db75-4942-8e51-476e2f441df6","block_type":"box","text":"Taxes","page_number":85,"box":{"x":76,"y":686,"width":38,"height":8}},{"id":"453c384c-725b-4874-a15c-2b35ecaec1f0","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":85,"box":{"x":76,"y":709,"width":874,"height":11}},{"id":"7070da91-d7cb-4610-b587-9f2bba558de1","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":85,"box":{"x":76,"y":723,"width":877,"height":11}},{"id":"1cd5110a-0053-46af-a882-a9f9f987987d","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":85,"box":{"x":76,"y":737,"width":895,"height":11}},{"id":"4585d57a-89ce-44c9-98e1-3378c8640f2b","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":85,"box":{"x":76,"y":751,"width":594,"height":11}},{"id":"cdb11c08-9d17-4042-a6a1-dcba7982d7a8","block_type":"box","text":"Taxes on Fund Distributions","page_number":85,"box":{"x":76,"y":775,"width":194,"height":8}},{"id":"bd54ef3e-0b8e-4a52-91ba-477844302a5b","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":85,"box":{"x":76,"y":798,"width":863,"height":11}},{"id":"859e5e44-fd4f-4f02-9328-1b40328714a6","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":85,"box":{"x":76,"y":812,"width":873,"height":11}},{"id":"0d0e9616-7eba-4bbf-a2cd-6e43c20089b7","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":85,"box":{"x":76,"y":826,"width":713,"height":11}},{"id":"213125cb-2fd4-4378-a876-7692f23e4bae","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":85,"box":{"x":77,"y":849,"width":902,"height":11}},{"id":"fb0b9491-a439-4613-87d8-dffbb10ddeaf","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":85,"box":{"x":76,"y":864,"width":365,"height":10}},{"id":"d3c36736-e94f-4dac-a83f-c1954f3e8a65","block_type":"box","text":"20","page_number":85,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"0d804ae8-e54b-43d3-80f4-28aad4bb77ba","block_type":"box","text":"Capital Gains.","page_number":86,"box":{"x":76,"y":23,"width":86,"height":11}},{"id":"9d4249d8-a5d0-44e4-acda-9a3102f8bdb7","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":86,"box":{"x":169,"y":23,"width":785,"height":11}},{"id":"f0d5de2d-6cf1-4f0b-84df-eddf4fca2595","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":86,"box":{"x":76,"y":37,"width":857,"height":11}},{"id":"9e91f8c7-ae37-4f83-88de-bfede2d34151","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":86,"box":{"x":76,"y":51,"width":878,"height":11}},{"id":"cac2d5c4-49af-4e4d-ac47-80d4a3129fd2","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":86,"box":{"x":77,"y":66,"width":871,"height":11}},{"id":"9969ac37-3ac1-4dd8-b717-2eb1209f107e","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":86,"box":{"x":76,"y":80,"width":892,"height":11}},{"id":"545f3e89-3449-4b89-a4d4-ab7697f7ccff","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":86,"box":{"x":76,"y":94,"width":878,"height":11}},{"id":"0647b786-e877-499c-bb6b-9975604c682a","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":86,"box":{"x":77,"y":108,"width":289,"height":11}},{"id":"bf0d8a18-672a-48fb-a260-59c796e19819","block_type":"box","text":"Return of Capital.","page_number":86,"box":{"x":76,"y":131,"width":108,"height":11}},{"id":"bb482259-667d-4896-a766-ebb296771079","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":86,"box":{"x":191,"y":131,"width":775,"height":11}},{"id":"19e2416c-e7b7-4c98-8c57-9a002c88f69a","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":86,"box":{"x":76,"y":146,"width":904,"height":10}},{"id":"b7a570da-f400-41d7-9895-fd1b596b6f69","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":86,"box":{"x":76,"y":160,"width":888,"height":11}},{"id":"1696473a-5721-4eea-8af8-a11f31852687","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":86,"box":{"x":76,"y":174,"width":843,"height":11}},{"id":"14534e44-6c5c-4b6a-8bf3-fa669fb7c1eb","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":86,"box":{"x":76,"y":188,"width":874,"height":11}},{"id":"48a4eb00-47ba-4002-afbc-6ba07691e7d2","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":86,"box":{"x":76,"y":202,"width":803,"height":11}},{"id":"e12e6d6c-e194-4eb9-a4a5-bd3f0d75bc31","block_type":"box","text":"Qualified Dividend Income.","page_number":86,"box":{"x":76,"y":226,"width":167,"height":8}},{"id":"3ad1f099-4b40-447a-a1d8-a3d37ff0059e","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":86,"box":{"x":249,"y":226,"width":702,"height":10}},{"id":"08e05edf-37ec-46a1-b1d4-d897ca973930","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":86,"box":{"x":76,"y":240,"width":848,"height":11}},{"id":"c644ceb6-1d27-48da-b7c0-ead018c168a6","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":86,"box":{"x":76,"y":254,"width":846,"height":11}},{"id":"3c0da5f4-3a7d-43fa-ac5b-9d0151de2e03","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":86,"box":{"x":76,"y":268,"width":872,"height":11}},{"id":"86e64149-2f97-474b-b999-217ab306f089","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":86,"box":{"x":76,"y":282,"width":892,"height":11}},{"id":"551fd0cf-5654-43b3-9740-117e98254f64","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":86,"box":{"x":76,"y":296,"width":886,"height":11}},{"id":"5540bfd1-170f-4784-a96b-fd30b0ab1a1b","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":86,"box":{"x":76,"y":311,"width":854,"height":10}},{"id":"1c6f0621-3771-476b-be0b-dd0cc950d78a","block_type":"box","text":"company.","page_number":86,"box":{"x":76,"y":327,"width":60,"height":9}},{"id":"ab727b87-0efa-482d-8dc6-bad428ca1c55","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":86,"box":{"x":77,"y":348,"width":904,"height":11}},{"id":"744b5c18-1300-4980-a974-244ba58109a5","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":86,"box":{"x":76,"y":362,"width":901,"height":11}},{"id":"dc8a583b-8b61-4bd0-82e3-29aacd93ad4f","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":86,"box":{"x":76,"y":376,"width":865,"height":11}},{"id":"c3ca4c55-9c89-4123-bac0-ff82d2df6bde","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":86,"box":{"x":76,"y":391,"width":895,"height":10}},{"id":"125ad18b-aab8-4d75-830c-8b23eff35dfb","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":86,"box":{"x":76,"y":405,"width":428,"height":11}},{"id":"dbce0b1a-1cdd-4320-b9ce-95257747959f","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":86,"box":{"x":77,"y":428,"width":891,"height":11}},{"id":"44faaaaa-0a6a-454c-bd9b-d58746bc2cc2","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":86,"box":{"x":77,"y":442,"width":861,"height":11}},{"id":"d4f5ff67-8064-48cb-8ced-c5fa37253160","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":86,"box":{"x":76,"y":456,"width":883,"height":11}},{"id":"744bfe50-b82e-44b6-bdcd-efae690efcf0","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":86,"box":{"x":76,"y":470,"width":682,"height":11}},{"id":"28dc0535-62fe-4d57-9b14-b6c9e32b1878","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":86,"box":{"x":77,"y":494,"width":872,"height":11}},{"id":"82be872a-f91e-4e7f-8725-1b3190431fce","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":86,"box":{"x":77,"y":508,"width":603,"height":11}},{"id":"10bf00d1-4091-44a8-802d-9939c39972e0","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":86,"box":{"x":76,"y":531,"width":876,"height":11}},{"id":"d49053f9-483e-4d75-afa5-fb37138bede7","block_type":"box","text":"Medicare Tax.","page_number":86,"box":{"x":76,"y":554,"width":85,"height":9}},{"id":"90d9afb1-3185-4164-927f-35ae9026ba5b","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":86,"box":{"x":167,"y":554,"width":791,"height":11}},{"id":"adf65112-2f31-4cd8-ac40-77233d89630f","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":86,"box":{"x":76,"y":568,"width":876,"height":11}},{"id":"2a4069d5-8751-4365-bceb-92a8abec632e","block_type":"box","text":"trusts.","page_number":86,"box":{"x":76,"y":583,"width":40,"height":8}},{"id":"8426703d-33ed-42b9-9195-fd639f73d513","block_type":"box","text":"Alternative Minimum Tax.","page_number":86,"box":{"x":75,"y":606,"width":157,"height":8}},{"id":"94cf1900-8968-4d6d-9974-e99a83a63b14","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":86,"box":{"x":238,"y":606,"width":738,"height":11}},{"id":"68407099-52f6-4b7d-9824-747211256cd2","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":86,"box":{"x":76,"y":620,"width":833,"height":11}},{"id":"ea222b54-8e0a-4774-8c3d-298571584406","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":86,"box":{"x":76,"y":634,"width":877,"height":11}},{"id":"45ba3f50-82b0-4c82-90c9-a9a7dbe986c3","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":86,"box":{"x":77,"y":648,"width":903,"height":11}},{"id":"4ba1d8e2-1dc1-47df-b747-1aa0d2933b4c","block_type":"box","text":"liability and the regular income tax liability.","page_number":86,"box":{"x":77,"y":663,"width":271,"height":10}},{"id":"0a1c0f0f-8afb-4f6c-82b2-70570422393e","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":86,"box":{"x":76,"y":686,"width":406,"height":11}},{"id":"78f32c45-df6b-4f20-bf87-7880d6289d8f","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":86,"box":{"x":76,"y":709,"width":892,"height":11}},{"id":"aff1136c-41cb-49f8-b0eb-ae96b6549b10","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":86,"box":{"x":76,"y":723,"width":874,"height":11}},{"id":"d4440c02-c36c-4433-b3e2-6b52b94a9ac3","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":86,"box":{"x":76,"y":737,"width":864,"height":11}},{"id":"c87eb835-3d2c-4813-b9cb-bab6b3d9964d","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":86,"box":{"x":76,"y":752,"width":895,"height":10}},{"id":"c91cfc6c-197b-4ab5-b40f-9d9bfb579399","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":86,"box":{"x":77,"y":766,"width":896,"height":11}},{"id":"97c6741b-4661-4782-b244-a0bba4a723de","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":86,"box":{"x":76,"y":780,"width":905,"height":11}},{"id":"2c124a28-5871-41fb-b14a-fbd5afdb5474","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":86,"box":{"x":76,"y":794,"width":707,"height":11}},{"id":"5f25da75-638b-4bb8-8c9b-7cbe79f48f11","block_type":"box","text":"Market Discount Bonds","page_number":86,"box":{"x":77,"y":817,"width":162,"height":9}},{"id":"be3f5086-56ec-430d-af27-fc01e2d119f7","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":86,"box":{"x":76,"y":840,"width":898,"height":11}},{"id":"becf5f95-4947-4d68-a02d-f48ca51c71ae","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":86,"box":{"x":76,"y":855,"width":903,"height":10}},{"id":"c849f3e1-85b4-40be-a493-184624ef5862","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":86,"box":{"x":76,"y":869,"width":898,"height":11}},{"id":"ab9dfc6d-6fc6-48eb-a82d-b43dc6d3b091","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":86,"box":{"x":76,"y":883,"width":626,"height":11}},{"id":"6b9eb94f-7a4e-4ca0-aa6c-ec9182f70345","block_type":"box","text":"21","page_number":86,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"1ab66aef-52a0-4cba-885c-feab6037214d","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":87,"box":{"x":77,"y":23,"width":307,"height":11}},{"id":"74461f7d-f43b-4462-8e3f-0546daa40e51","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":87,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"ac1ded38-998d-4cd8-96ae-6655417d45b4","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":87,"box":{"x":76,"y":61,"width":860,"height":10}},{"id":"36a387f4-c04f-435c-9c21-b205d18abd28","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":87,"box":{"x":77,"y":75,"width":852,"height":11}},{"id":"2d87878d-ba9f-4d99-9095-91a56f0f2528","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":87,"box":{"x":76,"y":89,"width":863,"height":11}},{"id":"c26764ff-23c4-4f80-b635-b5cc285d21e6","block_type":"box","text":"Non-U.S. Income Taxes","page_number":87,"box":{"x":77,"y":112,"width":158,"height":9}},{"id":"87893013-a19d-4612-a662-4ac9f1c8f0bd","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":87,"box":{"x":77,"y":135,"width":837,"height":11}},{"id":"15f0fb24-489f-4631-bd82-5ed62a9487c9","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":87,"box":{"x":76,"y":149,"width":863,"height":11}},{"id":"d81ff276-8cee-49f2-8421-e6c651bd76d8","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":87,"box":{"x":77,"y":164,"width":865,"height":10}},{"id":"9b7eef3c-16aa-4639-a9c3-1ac053fef31d","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":87,"box":{"x":77,"y":178,"width":875,"height":11}},{"id":"97039bdb-461b-4deb-ad81-710546c8f986","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":87,"box":{"x":77,"y":192,"width":895,"height":11}},{"id":"4887bff2-1d5d-4acd-bc07-f27521971fa2","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":87,"box":{"x":76,"y":206,"width":888,"height":11}},{"id":"d74c0b08-aa3f-440c-a7c2-7d1642be7e31","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":87,"box":{"x":76,"y":220,"width":875,"height":11}},{"id":"e5408bb0-0e24-4d7f-ab7c-7ce8d0585cd6","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":87,"box":{"x":76,"y":235,"width":896,"height":10}},{"id":"125ed616-a81b-4d61-982c-2c8d0ff2770e","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":87,"box":{"x":76,"y":249,"width":635,"height":11}},{"id":"06c8871f-0907-4926-b137-e81c6b960df5","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":87,"box":{"x":77,"y":272,"width":896,"height":11}},{"id":"18c4347d-ef11-4f56-9b92-bb9b19a1492b","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":87,"box":{"x":76,"y":286,"width":903,"height":11}},{"id":"d017a197-20d6-46dc-8f12-2ac494592237","block_type":"box","text":"could be reduced.","page_number":87,"box":{"x":76,"y":300,"width":114,"height":9}},{"id":"45ca6cb2-be70-4610-a3da-2a072e3e6239","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":87,"box":{"x":77,"y":323,"width":853,"height":11}},{"id":"698261f8-c3ce-44c4-bba7-3fe55a51dda4","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":87,"box":{"x":76,"y":338,"width":900,"height":10}},{"id":"7d4c3b48-3be4-486f-a4fa-52acaa4bae5b","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":87,"box":{"x":76,"y":352,"width":876,"height":11}},{"id":"48f60b66-bd9b-4b03-8d3a-b03bc9fe011d","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":87,"box":{"x":76,"y":366,"width":509,"height":11}},{"id":"5974329c-b4ae-42c8-94de-d7b3ebe1fe0a","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":87,"box":{"x":77,"y":389,"width":879,"height":11}},{"id":"615d7922-c672-4f37-9cba-acb118409b28","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":87,"box":{"x":76,"y":403,"width":407,"height":11}},{"id":"00643735-c9a8-441b-856b-97caf0d9275d","block_type":"box","text":"Non-U.S. Shareholders","page_number":87,"box":{"x":77,"y":427,"width":156,"height":8}},{"id":"21b50820-4da7-49c0-b322-21e0961aada9","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":87,"box":{"x":77,"y":450,"width":888,"height":11}},{"id":"76c00c6b-41fc-4de7-8c03-ae56e80820e9","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":87,"box":{"x":77,"y":464,"width":904,"height":11}},{"id":"0de8ddb6-86fb-4194-86f9-8f5f9ffd10a8","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":87,"box":{"x":77,"y":478,"width":868,"height":11}},{"id":"1cfb8abc-64e1-4ff8-9414-b2e9bebef3f7","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by the Fund as capital","page_number":87,"box":{"x":76,"y":492,"width":886,"height":11}},{"id":"d80f3f32-9fb3-4a27-b9eb-e9d25fcb548c","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":87,"box":{"x":76,"y":507,"width":499,"height":10}},{"id":"77a467e6-05ac-42cf-b4f5-a25a327127b6","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":87,"box":{"x":76,"y":530,"width":896,"height":11}},{"id":"9a0bc6ed-2452-4ea4-9bf8-72bcf8e26ca8","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":87,"box":{"x":76,"y":544,"width":894,"height":11}},{"id":"eda6cf49-028a-406c-8dca-cdd5c45f5360","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":87,"box":{"x":77,"y":558,"width":262,"height":11}},{"id":"8cd0a6b0-28e6-4df0-8d95-de10177182e6","block_type":"box","text":"Backup Withholding","page_number":87,"box":{"x":77,"y":581,"width":139,"height":11}},{"id":"9e314a2e-1daf-4e97-aa73-20a8176d0e09","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":87,"box":{"x":77,"y":605,"width":890,"height":10}},{"id":"749b3bce-34aa-4372-88e7-126e6f3b0e58","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":87,"box":{"x":76,"y":619,"width":789,"height":11}},{"id":"3a27fbf4-4c10-4e29-9605-4e850938957c","block_type":"box","text":"Securities Lending","page_number":87,"box":{"x":76,"y":642,"width":129,"height":11}},{"id":"7ee0946d-b8ba-4fd3-aeba-749b91b6c998","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":87,"box":{"x":77,"y":665,"width":901,"height":11}},{"id":"788b63a7-2318-4fcc-8801-864ccba1ff9d","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":87,"box":{"x":76,"y":679,"width":892,"height":11}},{"id":"0df84398-a258-4c53-a49d-1c254dc289ed","block_type":"box","text":"through by the Fund.","page_number":87,"box":{"x":76,"y":694,"width":132,"height":10}},{"id":"2044e684-2ec0-4358-b317-a80a28b393a7","block_type":"box","text":"Fund of Funds","page_number":87,"box":{"x":77,"y":717,"width":98,"height":8}},{"id":"a5c60d96-38ce-4f0a-9f62-0a34463b14a9","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":87,"box":{"x":77,"y":740,"width":844,"height":11}},{"id":"ca035497-21d0-4f05-99aa-c5caec4a07c8","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":87,"box":{"x":76,"y":754,"width":870,"height":11}},{"id":"6dee84a5-b3da-415e-95b3-ea21c98dca03","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":87,"box":{"x":77,"y":768,"width":864,"height":11}},{"id":"43602c8d-eef4-418c-839c-3a277daf6800","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":87,"box":{"x":76,"y":782,"width":643,"height":11}},{"id":"f1993313-f115-4ef6-9817-efc0cab69f05","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":87,"box":{"x":76,"y":806,"width":350,"height":10}},{"id":"3d6de715-5092-4672-afa3-6913a31cc9ff","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":87,"box":{"x":76,"y":829,"width":876,"height":11}},{"id":"bcf4d7ad-b661-40bc-9501-80dbd6bbaf7d","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":87,"box":{"x":77,"y":843,"width":896,"height":11}},{"id":"8043dfb4-e6b0-43d1-a19b-ae0d67e92eaa","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":87,"box":{"x":76,"y":857,"width":870,"height":11}},{"id":"217fc017-8384-4b2d-bf79-85816a314bd9","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":87,"box":{"x":77,"y":871,"width":892,"height":11}},{"id":"ac3e381a-9729-4ef5-ad09-34946c3d40f6","block_type":"box","text":"22","page_number":87,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"fce7c8b8-f133-459e-a67e-0a24ba1ac23c","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":88,"box":{"x":76,"y":23,"width":892,"height":11}},{"id":"2ce3e963-9c48-4bfd-a545-aecb71380930","block_type":"box","text":"contribution tax mentioned above.","page_number":88,"box":{"x":76,"y":37,"width":219,"height":9}},{"id":"ff6275ee-ba43-4096-9f2b-cde76bb6ea33","block_type":"box","text":"Creations and Redemptions","page_number":88,"box":{"x":76,"y":61,"width":193,"height":10}},{"id":"17d2c54c-b4ea-4d6b-8dc3-ece77ba3d73a","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":88,"box":{"x":77,"y":84,"width":693,"height":11}},{"id":"4a649a19-a76a-4ec8-b272-f898320fcc6e","block_type":"box","text":"i.e.","page_number":88,"box":{"x":771,"y":84,"width":17,"height":8}},{"id":"9290252d-8675-4927-9355-88d1242b64c6","block_type":"box","text":", market makers, large","page_number":88,"box":{"x":790,"y":84,"width":143,"height":11}},{"id":"d4f922f1-d318-4af6-afb1-bd98a8de3d5c","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":88,"box":{"x":76,"y":98,"width":866,"height":11}},{"id":"f19303eb-2af3-4152-830a-ffe96a3d070c","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":88,"box":{"x":76,"y":112,"width":650,"height":11}},{"id":"f65c35b7-61c1-4b26-b2ed-560fcba77971","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":88,"box":{"x":77,"y":135,"width":832,"height":11}},{"id":"d01a2db6-7cb0-4fdc-ba3b-1a9591323016","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":88,"box":{"x":76,"y":149,"width":891,"height":11}},{"id":"79da5c58-6189-4bf1-b90d-90d7c794a100","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":88,"box":{"x":76,"y":164,"width":874,"height":10}},{"id":"3f342f4b-020e-420c-8cbf-04988931355e","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":88,"box":{"x":76,"y":178,"width":904,"height":11}},{"id":"5dba1f15-c7f5-46a2-bb43-df66e9e95909","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":88,"box":{"x":76,"y":201,"width":875,"height":11}},{"id":"d1b07278-aead-4583-9cd5-1871605c56ff","block_type":"box","text":"cash.","page_number":88,"box":{"x":76,"y":215,"width":33,"height":9}},{"id":"e5613221-1ded-4586-998a-5c30ef5aaf29","block_type":"box","text":"In-Kind","page_number":88,"box":{"x":76,"y":238,"width":45,"height":9}},{"id":"f15acca2-70ce-477c-bcdb-3ff94a01b5c5","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":88,"box":{"x":122,"y":238,"width":860,"height":11}},{"id":"f8f077ee-9b49-4edb-8778-642f0300a6e7","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":88,"box":{"x":76,"y":253,"width":898,"height":10}},{"id":"40689787-d26d-49fe-b1a8-e737686df517","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":88,"box":{"x":77,"y":267,"width":851,"height":11}},{"id":"c6ae5c7e-8837-4fd0-a7fc-b5a328cfe4ef","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":88,"box":{"x":76,"y":281,"width":686,"height":11}},{"id":"5b29618b-774a-47fd-90e0-a2f7bf207b29","block_type":"box","text":"Partial Cash","page_number":88,"box":{"x":76,"y":304,"width":74,"height":9}},{"id":"b6975223-067c-4e45-8dd3-dc4165f76622","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":88,"box":{"x":152,"y":304,"width":806,"height":11}},{"id":"9ed14881-3203-4988-8f5b-84977c5b6852","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":88,"box":{"x":76,"y":318,"width":870,"height":11}},{"id":"9d8d1bf1-eb74-4526-b8e3-935977da3207","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":88,"box":{"x":77,"y":333,"width":870,"height":10}},{"id":"88cb4872-197e-4631-906c-9188d614bf77","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":88,"box":{"x":77,"y":347,"width":380,"height":11}},{"id":"c923a0c7-f4d3-4d2c-984d-e6b323f67c80","block_type":"box","text":"All Cash","page_number":88,"box":{"x":75,"y":370,"width":51,"height":8}},{"id":"fa1c4ea7-4c87-41f5-a5d2-0e22781c8699","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":88,"box":{"x":128,"y":370,"width":833,"height":11}},{"id":"0a52e87e-9c90-476b-b19a-ed94689c4b84","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":88,"box":{"x":76,"y":384,"width":869,"height":11}},{"id":"60473227-d0a1-442f-afe6-5a43a1df5424","block_type":"box","text":"specified amount of cash.","page_number":88,"box":{"x":76,"y":398,"width":164,"height":11}},{"id":"22448aab-c077-49fe-826a-0518ec57974c","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":88,"box":{"x":76,"y":421,"width":845,"height":11}},{"id":"da6e66e2-04c6-4370-a85e-163271d57ad0","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":88,"box":{"x":76,"y":436,"width":408,"height":10}},{"id":"ce05dd51-9f51-4670-8b8c-c3043d2f127f","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. In certain","page_number":88,"box":{"x":77,"y":459,"width":855,"height":11}},{"id":"8388a639-6295-40b0-832a-e23ce798975e","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":88,"box":{"x":76,"y":473,"width":455,"height":11}},{"id":"3aaa8403-fbec-4a61-aab5-9cb47d03a107","block_type":"box","text":"e.g.","page_number":88,"box":{"x":532,"y":475,"width":21,"height":9}},{"id":"66dbb832-cff5-42c0-83a7-9cd7b7dc8735","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":88,"box":{"x":555,"y":473,"width":354,"height":11}},{"id":"25dc6e65-52be-411b-bbb4-f095b655386a","block_type":"box","text":"Fund","page_number":88,"box":{"x":87,"y":504,"width":33,"height":9}},{"id":"82372344-8f4e-474c-8e50-54672e6eba9a","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":88,"box":{"x":621,"y":504,"width":296,"height":9}},{"id":"4ba26fc3-8b65-4e48-b156-80f7d4b4b5d5","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":88,"box":{"x":87,"y":522,"width":348,"height":9}},{"id":"cc1c5dac-1c62-4bbc-a071-aa3f12c19564","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF","page_number":88,"box":{"x":87,"y":540,"width":243,"height":9}},{"id":"f2cdfa6d-bd8d-4ca7-8b74-25daa387e65d","block_type":"box","text":"iShares ESG Aware MSCI USA ETF","page_number":88,"box":{"x":87,"y":558,"width":220,"height":9}},{"id":"6024b79a-fd01-400d-842e-e87763ddfa99","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF","page_number":88,"box":{"x":87,"y":577,"width":270,"height":8}},{"id":"7b3df8fe-320a-4e0f-85f4-8c9b4727f51a","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF","page_number":88,"box":{"x":87,"y":595,"width":290,"height":10}},{"id":"2019b9ab-e909-4653-b522-5ea0fb5d9533","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF","page_number":88,"box":{"x":87,"y":613,"width":259,"height":8}},{"id":"e35cb597-1f05-46bc-8d3c-47f5087e0506","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF","page_number":88,"box":{"x":87,"y":631,"width":231,"height":8}},{"id":"ae85eb60-86dc-452a-8d8a-28ba01880c76","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":88,"box":{"x":87,"y":649,"width":355,"height":11}},{"id":"eddfa284-05ae-4a55-8ebe-68778c10b0a9","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of a Fund’s NAV after a creation or redemption order","page_number":88,"box":{"x":76,"y":679,"width":897,"height":10}},{"id":"5c3f8486-2a31-48b3-90ca-b94990668cbf","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. In the event of a system failure or other interruption, including","page_number":88,"box":{"x":76,"y":693,"width":905,"height":11}},{"id":"e2523e6e-931c-400c-bef1-c1bbba5cb80e","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":88,"box":{"x":76,"y":707,"width":849,"height":11}},{"id":"1ac67bb9-96ec-4cb4-ab1b-32800c338a32","block_type":"box","text":"instructions or may not be executed at all.","page_number":88,"box":{"x":76,"y":721,"width":269,"height":11}},{"id":"755658dc-1d96-4e89-ba51-36877d7fc0da","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":88,"box":{"x":76,"y":744,"width":854,"height":11}},{"id":"1f9b349d-7c7e-49c0-9b1d-5f8af4e93721","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":88,"box":{"x":77,"y":759,"width":310,"height":10}},{"id":"ec350cbf-5ac4-40a3-9029-4740c8a5aecb","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":88,"box":{"x":76,"y":782,"width":848,"height":11}},{"id":"8c1a5477-662f-4dc3-9721-1031fb844c28","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":88,"box":{"x":76,"y":796,"width":876,"height":11}},{"id":"b02a9a98-87bf-4b02-aebf-34046d30524e","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":88,"box":{"x":76,"y":810,"width":894,"height":11}},{"id":"0940271e-354a-4b18-b986-79404f417c81","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":88,"box":{"x":76,"y":824,"width":898,"height":11}},{"id":"d55c5bb7-2dc2-4232-a937-ebd5f8b162b4","block_type":"box","text":"taken certain measures (","page_number":88,"box":{"x":76,"y":839,"width":158,"height":10}},{"id":"fd7eb0ea-b1de-41dc-9cc6-9c5fbd4ee367","block_type":"box","text":"e.g.","page_number":88,"box":{"x":235,"y":841,"width":21,"height":8}},{"id":"5fe01da2-5a25-497d-a19e-0d4e57aad13f","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":88,"box":{"x":259,"y":839,"width":694,"height":10}},{"id":"f1fc9c63-04b3-43ed-b376-9525b261f2c7","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":88,"box":{"x":76,"y":853,"width":835,"height":10}},{"id":"1686615e-dd65-4d39-abd7-7ed31cf48740","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":88,"box":{"x":77,"y":867,"width":894,"height":11}},{"id":"163eb20b-f30f-4438-84e3-0e3e781eb2df","block_type":"box","text":"23","page_number":88,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"03ab1290-9fdd-4104-9278-6e17c084d093","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":89,"box":{"x":76,"y":23,"width":900,"height":11}},{"id":"c5ae502a-9bb9-4f68-8b89-d36ed6d808d3","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":89,"box":{"x":77,"y":37,"width":892,"height":11}},{"id":"14f2ed17-f050-4124-861d-347c575034b5","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":89,"box":{"x":76,"y":61,"width":898,"height":10}},{"id":"c4c8f691-2236-4c4b-bf90-f270f83e211b","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":89,"box":{"x":76,"y":75,"width":896,"height":11}},{"id":"8866f332-be3a-4acd-b6ee-db7ef07a61f6","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":89,"box":{"x":76,"y":89,"width":844,"height":11}},{"id":"5813af4d-fc2b-44ed-b923-164c710a4b24","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":89,"box":{"x":76,"y":103,"width":885,"height":11}},{"id":"acae3e23-75ea-46c9-b040-2c0faf1711d1","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":89,"box":{"x":76,"y":117,"width":838,"height":11}},{"id":"946ba7fe-f390-4fad-ab52-fae0d7a6081f","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":89,"box":{"x":77,"y":140,"width":886,"height":11}},{"id":"4241df88-e19e-45e0-bc9c-bc13978b14a1","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":89,"box":{"x":77,"y":155,"width":902,"height":10}},{"id":"90627d5a-a96e-408b-8374-af03ef56d2f3","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":89,"box":{"x":76,"y":169,"width":868,"height":11}},{"id":"e0208e1c-98e1-4ccc-87ff-df34d62ba45e","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":89,"box":{"x":76,"y":183,"width":901,"height":11}},{"id":"2c167ff4-7a91-4b00-b269-49c67b57a059","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":89,"box":{"x":76,"y":197,"width":464,"height":11}},{"id":"e182a184-3de4-42e5-acac-465d0d7029e4","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":89,"box":{"x":77,"y":220,"width":868,"height":11}},{"id":"ededf070-65d2-4aa4-86dc-3a96d23c5bc0","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":89,"box":{"x":76,"y":235,"width":889,"height":10}},{"id":"ede42804-7d04-4396-a91e-3aec357fce36","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery","page_number":89,"box":{"x":78,"y":249,"width":892,"height":11}},{"id":"849e43fb-18c5-4039-bb04-964695cd8a89","block_type":"box","text":"of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to","page_number":89,"box":{"x":76,"y":263,"width":892,"height":11}},{"id":"4896d47f-2543-4461-a6e7-1b43a8ab2b48","block_type":"box","text":"transactions on a national securities exchange.","page_number":89,"box":{"x":76,"y":277,"width":300,"height":11}},{"id":"dd115938-73d9-42c2-b87e-32572d363d40","block_type":"box","text":"Householding","page_number":89,"box":{"x":77,"y":300,"width":95,"height":11}},{"id":"1ef06f86-baad-4e87-b2de-6468d86defca","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery, based on the preference of the individual","page_number":89,"box":{"x":77,"y":323,"width":903,"height":11}},{"id":"28bbb284-f1c1-45aa-8a77-dcf84ff048a9","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":89,"box":{"x":76,"y":338,"width":880,"height":11}},{"id":"cd8f9107-f5d8-4fbc-b634-ea2a612af82f","block_type":"box","text":"accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":89,"box":{"x":76,"y":352,"width":862,"height":11}},{"id":"2ce90b81-2425-431c-89ba-adb35e1b1667","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":89,"box":{"x":77,"y":366,"width":855,"height":11}},{"id":"fe830352-cdcb-495d-93a9-043ef0a0758d","block_type":"box","text":"change your householding status.","page_number":89,"box":{"x":76,"y":380,"width":214,"height":11}},{"id":"8fcf419b-964f-4b8a-944e-7d63bb00d886","block_type":"box","text":"Distribution","page_number":89,"box":{"x":78,"y":409,"width":113,"height":13}},{"id":"74b92b57-c644-47f4-8c64-7aa3ece66241","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":89,"box":{"x":76,"y":438,"width":859,"height":11}},{"id":"97dd7f49-0f97-446d-aba8-5626e25d1932","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":89,"box":{"x":76,"y":452,"width":857,"height":11}},{"id":"638fde2d-17a1-49a7-91bb-f6e0da340ef7","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":89,"box":{"x":76,"y":467,"width":824,"height":10}},{"id":"6d22d133-c305-46d4-846a-daa1689f9afa","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":89,"box":{"x":77,"y":490,"width":808,"height":11}},{"id":"e51e281e-ff80-4d9b-8860-c2c06ca3ba46","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":89,"box":{"x":76,"y":504,"width":844,"height":11}},{"id":"0166d203-0b8a-4b16-8c74-c7164be2d509","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":89,"box":{"x":76,"y":518,"width":855,"height":11}},{"id":"7a611275-bdb3-47e0-ac7c-001dcf21d0cd","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":89,"box":{"x":76,"y":532,"width":871,"height":11}},{"id":"b8153421-f625-49ae-bc5f-ebb20373c830","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":89,"box":{"x":77,"y":547,"width":894,"height":10}},{"id":"44c06be3-baca-49e1-83ed-4d24f2231046","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":89,"box":{"x":76,"y":561,"width":867,"height":11}},{"id":"3cdcfde3-bf0a-45d5-9a93-ce6b1585d127","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":89,"box":{"x":76,"y":575,"width":905,"height":11}},{"id":"326a5357-379a-45c7-aa2d-33b3cce8b437","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":89,"box":{"x":76,"y":589,"width":896,"height":11}},{"id":"94e8558b-94e1-4a6e-a94f-16919da562a4","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":89,"box":{"x":76,"y":603,"width":844,"height":11}},{"id":"172df35e-f651-4203-827a-abf43fa192a9","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":89,"box":{"x":77,"y":617,"width":814,"height":11}},{"id":"0226e1a7-f3af-4de6-8646-595d02253f2a","block_type":"box","text":"Please","page_number":89,"box":{"x":897,"y":618,"width":44,"height":8}},{"id":"d7f42e1a-d7de-4502-9b1f-2be87e96fbb9","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":89,"box":{"x":76,"y":632,"width":879,"height":10}},{"id":"940c4aaa-5465-47ed-bc76-f2cf9a56f0b4","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":89,"box":{"x":76,"y":646,"width":263,"height":11}},{"id":"fa09f570-00f5-4470-a7df-c5482423a4c7","block_type":"box","text":"Financial Highlights","page_number":89,"box":{"x":78,"y":675,"width":191,"height":17}},{"id":"dfd6b4b1-7daf-4775-b516-0a2924eee982","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":89,"box":{"x":76,"y":704,"width":895,"height":11}},{"id":"f646dd05-9661-4609-85ba-65328f06ec1c","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total return","page_number":89,"box":{"x":76,"y":718,"width":870,"height":11}},{"id":"a8e43835-75b2-4ec2-857b-fff91b46c6b6","block_type":"box","text":"information represents the rate that an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of all","page_number":89,"box":{"x":76,"y":732,"width":865,"height":11}},{"id":"2948cf2a-42e3-4ef7-acfd-b776fd97636e","block_type":"box","text":"dividends and distributions. This information has been audited by PricewaterhouseCoopers LLP, whose report, along with each Fund’s","page_number":89,"box":{"x":76,"y":746,"width":856,"height":11}},{"id":"7e705d05-3ebb-4b55-915f-c5d2f7296dc4","block_type":"box","text":"financial statements, is included in each Fund’s Form N-CSR (available upon request).","page_number":89,"box":{"x":76,"y":761,"width":547,"height":10}},{"id":"6760140d-e1e4-4d0e-9344-03cd3e55c9c3","block_type":"box","text":"24","page_number":89,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"bf330909-11cd-4861-9de8-1f4b888cef7b","block_type":"box","text":"For a share outstanding throughout each period:","page_number":90,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"7e233c49-7180-4de9-bc89-09020e7e95fb","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":90,"box":{"x":707,"y":45,"width":252,"height":6}},{"id":"16882001-172f-446d-9fb3-c68075f3c2d2","block_type":"box","text":"Year Ended","page_number":90,"box":{"x":711,"y":66,"width":52,"height":5}},{"id":"e7b15ab3-83a2-42c3-8465-ae1f4e628de0","block_type":"box","text":"08/31/25","page_number":90,"box":{"x":714,"y":73,"width":46,"height":7}},{"id":"7912fb0d-b1b9-4d2d-addb-8c85e415c9be","block_type":"box","text":"Year Ended","page_number":90,"box":{"x":802,"y":66,"width":52,"height":5}},{"id":"b627aaae-9781-444e-bcc2-acb94101965b","block_type":"box","text":"08/31/24","page_number":90,"box":{"x":806,"y":73,"width":46,"height":7}},{"id":"108d74a7-d53d-419b-b4ae-fd67334aefb0","block_type":"box","text":"Period From","page_number":90,"box":{"x":897,"y":58,"width":55,"height":5}},{"id":"cbd6906f-ee3b-41a9-b38f-c16ba009ca34","block_type":"box","text":"06/06/23(a)","page_number":90,"box":{"x":894,"y":65,"width":60,"height":8}},{"id":"6cf574d5-e106-49cb-ba1e-9e0ed190fd2a","block_type":"box","text":"to 08/31/23","page_number":90,"box":{"x":895,"y":73,"width":58,"height":7}},{"id":"79a07942-8d3d-4762-8b3d-aa280b7020f6","block_type":"box","text":"Net asset value, beginning of period","page_number":90,"box":{"x":76,"y":86,"width":174,"height":10}},{"id":"184f1267-a172-4d16-9cdd-9d853629c776","block_type":"box","text":"$ 67.14 $ 53.28 $ 50.07","page_number":90,"box":{"x":718,"y":86,"width":240,"height":9}},{"id":"b41858a6-21eb-4b7d-b169-a1ecd3cb2eff","block_type":"box","text":"Net investment income","page_number":90,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"1a2c7747-7acc-42c3-83ce-6cf44412938c","block_type":"box","text":"(b)","page_number":90,"box":{"x":189,"y":100,"width":8,"height":6}},{"id":"dab87c00-8e22-4e72-b564-951c5433b9ca","block_type":"box","text":"0.87 0.79 0.18","page_number":90,"box":{"x":748,"y":102,"width":210,"height":7}},{"id":"58971d40-8dbd-4343-9f17-e7b88ada63aa","block_type":"box","text":"Net realized and unrealized gain","page_number":90,"box":{"x":86,"y":113,"width":140,"height":9}},{"id":"cd90ba96-b13c-4251-a6cc-7f14ec1deac1","block_type":"box","text":"(c)","page_number":90,"box":{"x":227,"y":111,"width":8,"height":6}},{"id":"12212091-c615-4ff3-98e7-d268798ab2e8","block_type":"box","text":"9.01 13.88 3.03","page_number":90,"box":{"x":749,"y":113,"width":209,"height":7}},{"id":"97589092-a941-478f-bed5-8fb8f1afe319","block_type":"box","text":"Net increase from investment operations","page_number":90,"box":{"x":76,"y":128,"width":180,"height":9}},{"id":"9c288004-471b-47d8-af20-6e17dc60f316","block_type":"box","text":"9.88 14.67 3.21","page_number":90,"box":{"x":748,"y":128,"width":209,"height":7}},{"id":"57e90182-4789-49c9-8a01-96af9bc24ba1","block_type":"box","text":"Distributions from net investment income","page_number":90,"box":{"x":76,"y":143,"width":183,"height":7}},{"id":"ef62c939-e043-4219-8e87-85de9281302d","block_type":"box","text":"(d)","page_number":90,"box":{"x":260,"y":141,"width":8,"height":6}},{"id":"9b62ab88-73e3-4f49-bf9d-78e0ea44314a","block_type":"box","text":"(0.89) (0.81) —","page_number":90,"box":{"x":745,"y":143,"width":213,"height":9}},{"id":"83f6f6c7-3a4c-4f70-b026-cb75e90ade09","block_type":"box","text":"Net asset value, end of period","page_number":90,"box":{"x":76,"y":158,"width":144,"height":10}},{"id":"e1b336c2-3916-4b4a-836a-9d49a653ca2c","block_type":"box","text":"$ 76.13 $ 67.14 $ 53.28","page_number":90,"box":{"x":718,"y":157,"width":240,"height":9}},{"id":"57370186-a230-4112-9bed-7ffd6a13e303","block_type":"box","text":"Total Return","page_number":90,"box":{"x":76,"y":175,"width":57,"height":7}},{"id":"c9c7a976-0de0-435c-aab0-d2616d6d0add","block_type":"box","text":"(e)","page_number":90,"box":{"x":135,"y":173,"width":8,"height":6}},{"id":"f7989822-b1e6-41dc-8b25-160f0ebd5d02","block_type":"box","text":"Based on net asset value","page_number":90,"box":{"x":76,"y":190,"width":109,"height":7}},{"id":"c940f220-7a26-4880-9252-f1e2d09a732f","block_type":"box","text":"14.83% 27.83% 6.41%","page_number":90,"box":{"x":744,"y":190,"width":221,"height":7}},{"id":"c30c70c8-768a-4846-871c-5e3c7e9bb028","block_type":"box","text":"(f)","page_number":90,"box":{"x":966,"y":188,"width":6,"height":6}},{"id":"eb3cd792-ef00-4a01-97a9-811630de55f5","block_type":"box","text":"Ratios to Average Net Assets","page_number":90,"box":{"x":76,"y":207,"width":140,"height":9}},{"id":"dfd27a99-4e71-484d-88ac-0182feb57c31","block_type":"box","text":"(g)","page_number":90,"box":{"x":217,"y":205,"width":9,"height":6}},{"id":"ebea3a6e-079c-41da-becf-31a3456cb0ea","block_type":"box","text":"Total expenses","page_number":90,"box":{"x":76,"y":222,"width":64,"height":9}},{"id":"3b627f70-1bec-40af-85ac-655aa8b20587","block_type":"box","text":"0.08% 0.08% 0.08%","page_number":90,"box":{"x":748,"y":222,"width":217,"height":7}},{"id":"a7a878a4-8505-49b4-9c4e-f9e501ec6106","block_type":"box","text":"(h)","page_number":90,"box":{"x":966,"y":220,"width":8,"height":6}},{"id":"43c8b0c4-f2c3-4f19-811b-5b2132a0aad4","block_type":"box","text":"Net investment income","page_number":90,"box":{"x":76,"y":239,"width":102,"height":7}},{"id":"6387430b-a322-433b-b050-0ba464b7dd2e","block_type":"box","text":"1.24% 1.36% 1.48%","page_number":90,"box":{"x":750,"y":239,"width":215,"height":7}},{"id":"086cb323-a462-4c9d-9f5b-c6541a8d34a7","block_type":"box","text":"(h)","page_number":90,"box":{"x":966,"y":237,"width":8,"height":6}},{"id":"a3256e3a-7e92-406b-99e0-6484800eb36e","block_type":"box","text":"Supplemental Data","page_number":90,"box":{"x":76,"y":256,"width":91,"height":9}},{"id":"cedc8b1d-53eb-4d52-a6e2-7c312b2f284b","block_type":"box","text":"Net assets, end of period (000)","page_number":90,"box":{"x":76,"y":271,"width":136,"height":9}},{"id":"84ce190b-9594-4be4-9d5e-d0388caf6fd1","block_type":"box","text":"$2,521,779 $2,151,978 $2,299,046","page_number":90,"box":{"x":718,"y":270,"width":240,"height":10}},{"id":"ea493360-3505-4fa5-bf4a-0eff3b1c4cee","block_type":"box","text":"Portfolio turnover rate","page_number":90,"box":{"x":76,"y":288,"width":97,"height":7}},{"id":"1874e77b-4cdf-41d6-891b-e7e3f8731a61","block_type":"box","text":"(i)","page_number":90,"box":{"x":174,"y":286,"width":5,"height":6}},{"id":"12a30729-2c35-427b-9e17-8033c55750bf","block_type":"box","text":"12% 21% 1%","page_number":90,"box":{"x":759,"y":288,"width":206,"height":7}},{"id":"509f09a8-8189-41c8-b1d2-31cc178a07e8","block_type":"box","text":"(a)","page_number":90,"box":{"x":76,"y":316,"width":10,"height":6}},{"id":"aecea778-a345-4ee4-8066-98c9b1b5bed4","block_type":"box","text":"Commencement of operations.","page_number":90,"box":{"x":106,"y":317,"width":176,"height":10}},{"id":"7e8558af-4b11-4381-94eb-d0e1700153d5","block_type":"box","text":"(b)","page_number":90,"box":{"x":76,"y":328,"width":10,"height":6}},{"id":"c74ed658-04e2-4716-af2f-e469c404a410","block_type":"box","text":"Based on average shares outstanding.","page_number":90,"box":{"x":107,"y":329,"width":215,"height":10}},{"id":"b288a437-dd88-4f76-a2af-b9ad690aa073","block_type":"box","text":"(c)","page_number":90,"box":{"x":76,"y":339,"width":10,"height":6}},{"id":"2742d3a1-ec20-49fa-8a8e-022718350e8d","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":90,"box":{"x":106,"y":341,"width":867,"height":9}},{"id":"e93f870e-87df-4f19-80d1-593c96113537","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":90,"box":{"x":106,"y":352,"width":648,"height":10}},{"id":"4a79f494-9688-43cd-aba0-641975af0b30","block_type":"box","text":"(d)","page_number":90,"box":{"x":76,"y":363,"width":10,"height":5}},{"id":"af6fbfbf-3ecf-4d1e-a710-cafbf7b6c6cb","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":90,"box":{"x":107,"y":364,"width":565,"height":10}},{"id":"51cd5ff9-5173-464e-bcac-96c4e10a3f55","block_type":"box","text":"(e)","page_number":90,"box":{"x":76,"y":374,"width":10,"height":6}},{"id":"1a09df70-d7ea-427a-82b8-bd404de8399a","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":90,"box":{"x":106,"y":375,"width":347,"height":10}},{"id":"ac4def7e-6486-4f28-b2e9-561ff4502ce8","block_type":"box","text":"(f)","page_number":90,"box":{"x":76,"y":386,"width":8,"height":6}},{"id":"da64ecaf-2913-4ee7-aa5a-b1a8a020218a","block_type":"box","text":"Not annualized.","page_number":90,"box":{"x":107,"y":387,"width":87,"height":8}},{"id":"0dee21b9-7f91-40e9-8f08-eb6ffc46eb65","block_type":"box","text":"(g)","page_number":90,"box":{"x":76,"y":397,"width":10,"height":6}},{"id":"ef9b8a66-123d-41d4-b78f-42818bc6f4f2","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":90,"box":{"x":107,"y":399,"width":530,"height":9}},{"id":"b6730351-aaf2-4ea4-9d42-a4ddbd00ab0c","block_type":"box","text":"(h)","page_number":90,"box":{"x":76,"y":409,"width":10,"height":6}},{"id":"5adf0121-f3ae-4e83-90c2-b3aa84bee1ba","block_type":"box","text":"Annualized.","page_number":90,"box":{"x":106,"y":410,"width":65,"height":8}},{"id":"117a2286-621b-4581-acb4-79a3b79a1a35","block_type":"box","text":"(i)","page_number":90,"box":{"x":76,"y":421,"width":7,"height":5}},{"id":"86ee2ee9-9893-4893-bee5-d8d380888525","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":90,"box":{"x":107,"y":422,"width":335,"height":10}},{"id":"6e561807-ab93-4ea4-8e5b-66a21e4a9c5f","block_type":"box","text":"For a share outstanding throughout each period:","page_number":90,"box":{"x":77,"y":442,"width":339,"height":10}},{"id":"f5cd646e-7c71-42d3-9e5d-1ae7d6f5a376","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF","page_number":90,"box":{"x":679,"y":464,"width":175,"height":5}},{"id":"9dd04251-f673-4aa2-b388-f40301ce79c7","block_type":"box","text":"Year Ended","page_number":90,"box":{"x":574,"y":476,"width":52,"height":6}},{"id":"9858a25d-dba2-45fa-98d1-3e28f9b16c46","block_type":"box","text":"08/31/25","page_number":90,"box":{"x":577,"y":484,"width":46,"height":7}},{"id":"89142819-d00e-40c3-b797-1ed278b784b1","block_type":"box","text":"Year Ended","page_number":90,"box":{"x":657,"y":476,"width":52,"height":6}},{"id":"e799564d-b268-48a3-9e1a-fdc2ad088e6b","block_type":"box","text":"08/31/24","page_number":90,"box":{"x":660,"y":484,"width":46,"height":7}},{"id":"ca88405b-1ad9-443d-ba33-4cf7e9316557","block_type":"box","text":"Year Ended","page_number":90,"box":{"x":740,"y":476,"width":52,"height":6}},{"id":"63c4ecb5-b9b7-418b-8e87-0b82054a0e27","block_type":"box","text":"08/31/23","page_number":90,"box":{"x":744,"y":484,"width":45,"height":7}},{"id":"b18ab394-6356-41b8-9459-d64e58e6d4bc","block_type":"box","text":"Year Ended","page_number":90,"box":{"x":823,"y":476,"width":52,"height":6}},{"id":"f6292b15-cc47-4157-84c2-4f720f94ee0d","block_type":"box","text":"08/31/22","page_number":90,"box":{"x":827,"y":484,"width":45,"height":7}},{"id":"5498d761-ffc5-4f04-8ed4-c2adde420af0","block_type":"box","text":"Year Ended","page_number":90,"box":{"x":906,"y":476,"width":52,"height":6}},{"id":"908a16f1-8a24-4e55-82c2-76051e1b3128","block_type":"box","text":"08/31/21","page_number":90,"box":{"x":910,"y":484,"width":44,"height":7}},{"id":"572c16ad-73a6-4688-b6dc-96b26ae4d7d6","block_type":"box","text":"Net asset value, beginning of year","page_number":90,"box":{"x":76,"y":497,"width":164,"height":10}},{"id":"f2bd6048-b274-4c03-9662-ca7f0c0af66f","block_type":"box","text":"$ 48.28 $ 36.79 $ 30.93 $ 38.10 $ 29.04","page_number":90,"box":{"x":577,"y":496,"width":382,"height":9}},{"id":"fe688078-570a-49f1-a8df-63f31e74db09","block_type":"box","text":"Net investment income","page_number":90,"box":{"x":86,"y":512,"width":102,"height":8}},{"id":"27b952a4-0192-4167-a692-7c674bb43227","block_type":"box","text":"(a)","page_number":90,"box":{"x":189,"y":511,"width":7,"height":6}},{"id":"15cac0bb-a13e-41ed-82a9-c850e02e319f","block_type":"box","text":"0.51 0.48 0.45 0.42 0.38","page_number":90,"box":{"x":607,"y":512,"width":351,"height":8}},{"id":"3bf52472-ef32-4f78-9a2a-092e769a0b8d","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":90,"box":{"x":86,"y":523,"width":167,"height":10}},{"id":"0d332851-0a04-4ada-9c4b-a9db654f7199","block_type":"box","text":"(b)","page_number":90,"box":{"x":254,"y":522,"width":8,"height":6}},{"id":"8046c362-4ab9-46be-9a51-a521f9f6a07c","block_type":"box","text":"7.76 11.50 5.85 (7.20) 8.99","page_number":90,"box":{"x":608,"y":523,"width":350,"height":10}},{"id":"cf2b29fe-bfc8-40f7-83d9-6ddbca5e0a28","block_type":"box","text":"Net increase (decrease) from investment operations 8.27 11.98 6.30 (6.78) 9.37","page_number":90,"box":{"x":76,"y":538,"width":882,"height":10}},{"id":"3c72382a-52ac-4e14-af7b-924542c8160e","block_type":"box","text":"Distributions","page_number":90,"box":{"x":76,"y":553,"width":62,"height":8}},{"id":"2904d913-c94f-4260-86c9-968f6270d17c","block_type":"box","text":"(c)","page_number":90,"box":{"x":139,"y":552,"width":8,"height":6}},{"id":"020e8450-7389-48d3-a068-bce3a35e6088","block_type":"box","text":"–––––","page_number":90,"box":{"x":622,"y":558,"width":336,"height":0}},{"id":"71e6deab-37ba-424e-a5f7-4c868e000db5","block_type":"box","text":"From net investment income","page_number":90,"box":{"x":86,"y":568,"width":126,"height":8}},{"id":"27dc95a3-c8ec-487f-8ced-631a51c55735","block_type":"box","text":"(0.53) (0.49) (0.44) (0.39) (0.30)","page_number":90,"box":{"x":604,"y":569,"width":357,"height":9}},{"id":"3386c530-87cb-4570-a782-338fe3452122","block_type":"box","text":"From net realized gains","page_number":90,"box":{"x":86,"y":583,"width":102,"height":10}},{"id":"dbd4708b-36e3-4f44-b11e-ef0f872af4a7","block_type":"box","text":"— — — — (0.01)","page_number":90,"box":{"x":619,"y":584,"width":341,"height":9}},{"id":"f2b81c04-5cdd-441a-aa0d-6a822a1840f8","block_type":"box","text":"Total distributions","page_number":90,"box":{"x":76,"y":598,"width":78,"height":8}},{"id":"5271c934-5309-4509-b719-65a4a5121de5","block_type":"box","text":"(0.53) (0.49) (0.44) (0.39) (0.31)","page_number":90,"box":{"x":604,"y":599,"width":356,"height":9}},{"id":"3e4940df-8fba-4e36-960b-b494c0332fff","block_type":"box","text":"Net asset value, end of year","page_number":90,"box":{"x":76,"y":613,"width":135,"height":10}},{"id":"de2bece8-4c06-4a61-8f7e-99a84d12063c","block_type":"box","text":"$ 56.02 $ 48.28 $ 36.79 $ 30.93 $ 38.10","page_number":90,"box":{"x":577,"y":613,"width":381,"height":9}},{"id":"8f82b4c2-5164-433b-a29c-324f3bddb90c","block_type":"box","text":"Total Return","page_number":90,"box":{"x":76,"y":631,"width":57,"height":7}},{"id":"2cb89f07-30a2-4e1f-b4d5-094b3638baf3","block_type":"box","text":"(d)","page_number":90,"box":{"x":135,"y":629,"width":8,"height":6}},{"id":"35411aed-c09f-473e-9f82-e9f9e9fe45ef","block_type":"box","text":"Based on net asset value","page_number":90,"box":{"x":76,"y":646,"width":109,"height":7}},{"id":"2f9e1247-6bd2-4484-ace9-7b4ad9715dc6","block_type":"box","text":"17.29% 32.83% 20.65% (17.95)% 32.53%","page_number":90,"box":{"x":605,"y":646,"width":360,"height":9}},{"id":"c495e3b7-7e8a-49e8-b00f-9c886adeb9ba","block_type":"box","text":"Ratios to Average Net Assets","page_number":90,"box":{"x":76,"y":662,"width":140,"height":10}},{"id":"337412cd-20b5-4b4f-80dc-281a5b1037e1","block_type":"box","text":"(e)","page_number":90,"box":{"x":217,"y":661,"width":9,"height":6}},{"id":"7cdb3a08-8c21-401e-83fe-ae78b80204c9","block_type":"box","text":"Total expenses","page_number":90,"box":{"x":76,"y":678,"width":64,"height":9}},{"id":"850d719c-855e-4eab-9ac3-3bce758c6ccc","block_type":"box","text":"0.10% 0.10% 0.10% 0.10% 0.10%","page_number":90,"box":{"x":609,"y":678,"width":356,"height":7}},{"id":"2ecab303-ce9d-40fc-b6fa-e55eaa2ffb37","block_type":"box","text":"Net investment income","page_number":90,"box":{"x":76,"y":694,"width":102,"height":8}},{"id":"ccfa5e6b-8db9-46ac-afa2-c740d0a54836","block_type":"box","text":"1.01% 1.15% 1.39% 1.23% 1.09%","page_number":90,"box":{"x":610,"y":694,"width":355,"height":8}},{"id":"b1df144e-54ec-4d8c-8968-cc903dcadd68","block_type":"box","text":"Supplemental Data","page_number":90,"box":{"x":76,"y":711,"width":91,"height":10}},{"id":"d46da8ec-639d-49ca-b3b6-bc97381d711e","block_type":"box","text":"Net assets, end of year (000)","page_number":90,"box":{"x":76,"y":726,"width":127,"height":10}},{"id":"fdba8782-ace3-4de0-9a80-56541cebc1c6","block_type":"box","text":"$1,271,737 $1,136,966 $722,994 $589,182 $419,105","page_number":90,"box":{"x":577,"y":726,"width":381,"height":9}},{"id":"d9bbc6cf-457b-4fad-81e4-37e9b30bdf9b","block_type":"box","text":"Portfolio turnover rate","page_number":90,"box":{"x":76,"y":743,"width":97,"height":8}},{"id":"5d6350a4-075f-4172-ad39-06b688881640","block_type":"box","text":"(f)","page_number":90,"box":{"x":174,"y":742,"width":6,"height":6}},{"id":"49be732a-b2b3-465b-86f6-0e195708b04f","block_type":"box","text":"9% 19% 12% 24% 29%","page_number":90,"box":{"x":621,"y":743,"width":344,"height":8}},{"id":"88187c92-c115-436b-afa0-fb4ffd4d01c7","block_type":"box","text":"(a)","page_number":90,"box":{"x":76,"y":772,"width":10,"height":6}},{"id":"5e1a3d61-83e7-43b5-9421-8cdf2f7b4cae","block_type":"box","text":"Based on average shares outstanding.","page_number":90,"box":{"x":107,"y":773,"width":215,"height":10}},{"id":"f271dcec-044a-45e1-b744-17081b6831d1","block_type":"box","text":"(b)","page_number":90,"box":{"x":76,"y":784,"width":10,"height":5}},{"id":"30958cc5-152f-4a68-b416-bfd578fe34cb","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":90,"box":{"x":106,"y":785,"width":867,"height":10}},{"id":"090d82c4-c3ab-4169-994e-03de082c98d2","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":90,"box":{"x":106,"y":796,"width":648,"height":10}},{"id":"eeeb45e6-06b0-477e-a980-b161415c19be","block_type":"box","text":"(c)","page_number":90,"box":{"x":76,"y":807,"width":10,"height":6}},{"id":"5e63f0cb-56f2-4f6d-a492-9c19ecb78617","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":90,"box":{"x":107,"y":808,"width":565,"height":10}},{"id":"e89108c9-31fd-4fd4-b236-ee5a2fa3a4af","block_type":"box","text":"(d)","page_number":90,"box":{"x":76,"y":818,"width":10,"height":6}},{"id":"ff49b378-db7b-451e-94d1-c09b8a18e0a7","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":90,"box":{"x":106,"y":820,"width":347,"height":9}},{"id":"1f2ca37c-8b27-41d7-8cd6-2844ff5eebb1","block_type":"box","text":"(e)","page_number":90,"box":{"x":76,"y":830,"width":10,"height":6}},{"id":"cd24744d-4ece-48c2-9199-99049164373d","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":90,"box":{"x":107,"y":831,"width":530,"height":10}},{"id":"3740316d-7406-453a-84e1-e171b6ecb32e","block_type":"box","text":"(f)","page_number":90,"box":{"x":76,"y":841,"width":8,"height":6}},{"id":"6253dd54-88f9-4806-91bf-44a1ad299c36","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":90,"box":{"x":107,"y":843,"width":335,"height":9}},{"id":"0d11b171-9c57-49ee-beba-826a897518e1","block_type":"box","text":"25","page_number":90,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"c705fa51-eeaf-493b-a33a-3c780906d8ad","block_type":"box","text":"For a share outstanding throughout each period:","page_number":91,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"06a45b59-9956-4e4d-930c-721f2d9409ee","block_type":"box","text":"iShares ESG Aware MSCI USA ETF","page_number":91,"box":{"x":678,"y":45,"width":158,"height":6}},{"id":"5d431ef8-be3f-4071-a7bd-e91d040c0552","block_type":"box","text":"Year Ended","page_number":91,"box":{"x":556,"y":58,"width":52,"height":5}},{"id":"16e57a24-3040-4f46-86a5-15a4f9c00dd5","block_type":"box","text":"08/31/25","page_number":91,"box":{"x":559,"y":66,"width":46,"height":7}},{"id":"554eb24c-3a83-4fd4-b5ee-7175332b2ef2","block_type":"box","text":"Year Ended","page_number":91,"box":{"x":642,"y":58,"width":52,"height":5}},{"id":"a0bd2b6c-c88e-42f3-a51f-326f015e14a6","block_type":"box","text":"08/31/24","page_number":91,"box":{"x":645,"y":66,"width":46,"height":7}},{"id":"bbcacace-fde8-4cfd-8777-081df32a6a47","block_type":"box","text":"Year Ended","page_number":91,"box":{"x":729,"y":58,"width":52,"height":5}},{"id":"48952930-508c-4771-b2a4-b358b3bc20dc","block_type":"box","text":"08/31/23","page_number":91,"box":{"x":733,"y":66,"width":45,"height":7}},{"id":"61e350a5-a01c-469d-8955-9ab35ce8edb9","block_type":"box","text":"Year Ended","page_number":91,"box":{"x":816,"y":58,"width":52,"height":5}},{"id":"dbdbe002-704a-43cd-8cfc-e8d511b7568e","block_type":"box","text":"08/31/22","page_number":91,"box":{"x":820,"y":66,"width":45,"height":7}},{"id":"bf94e235-fe1e-4e33-86d7-70db4a29d541","block_type":"box","text":"Year Ended","page_number":91,"box":{"x":903,"y":58,"width":53,"height":5}},{"id":"62e52774-223c-40aa-8e79-f745e8fe448c","block_type":"box","text":"08/31/21","page_number":91,"box":{"x":908,"y":66,"width":43,"height":7}},{"id":"d09a66e6-3c93-4c65-9ef7-5d9ce249aa47","block_type":"box","text":"Net asset value, beginning of year","page_number":91,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"43295002-6ca4-4430-b682-45d48de381b2","block_type":"box","text":"$ 123.87 $ 99.22 $ 88.13 $ 103.69 $ 79.74","page_number":91,"box":{"x":555,"y":78,"width":404,"height":9}},{"id":"343e1fe3-c10f-4852-ad86-f909a448c533","block_type":"box","text":"Net investment income","page_number":91,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"3872c6ff-da7d-4400-83f1-de9d92cd97e7","block_type":"box","text":"(a)","page_number":91,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"8386f732-c1fe-4a00-86b3-63f32b615387","block_type":"box","text":"1.46 1.42 1.37 1.29 1.18","page_number":91,"box":{"x":592,"y":94,"width":366,"height":7}},{"id":"aadaad0e-99ff-4e06-9f4b-67bf6b008790","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":91,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"1ec814c5-12ec-4276-bd9c-1b8de9f9bc04","block_type":"box","text":"(b)","page_number":91,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"c6a16abc-1657-401b-91fb-8e654265b1f2","block_type":"box","text":"17.14 24.64 11.23 (15.62) 23.87","page_number":91,"box":{"x":590,"y":105,"width":368,"height":9}},{"id":"f6adcbb4-50f5-4542-ba97-781109a97964","block_type":"box","text":"Net increase (decrease) from investment operations 18.60 26.06 12.60 (14.33) 25.05","page_number":91,"box":{"x":76,"y":120,"width":882,"height":10}},{"id":"f5a6ea56-186d-4294-81ae-61835db0e55b","block_type":"box","text":"Distributions from net investment income","page_number":91,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"549e0133-4566-4934-b376-9c349e2d1022","block_type":"box","text":"(c)","page_number":91,"box":{"x":260,"y":134,"width":7,"height":6}},{"id":"7c15d6fe-36b9-4865-a685-8689072dd2ff","block_type":"box","text":"(1.50) (1.41) (1.51) (1.23) (1.10)","page_number":91,"box":{"x":589,"y":135,"width":372,"height":10}},{"id":"423e6833-77eb-4c2c-ad6f-426daad72765","block_type":"box","text":"Net asset value, end of year","page_number":91,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"c2adc22e-09c9-43b1-a364-53a894462fde","block_type":"box","text":"$ 140.97 $ 123.87 $ 99.22 $ 88.13 $ 103.69","page_number":91,"box":{"x":555,"y":149,"width":403,"height":9}},{"id":"df04b144-5662-40ee-98c5-ec068b4c6ca3","block_type":"box","text":"Total Return","page_number":91,"box":{"x":76,"y":167,"width":57,"height":7}},{"id":"47fde290-7657-405f-9b9b-a720a79ee2c8","block_type":"box","text":"(d)","page_number":91,"box":{"x":135,"y":166,"width":8,"height":5}},{"id":"372c243d-73e2-46cc-8e63-4ef68a69d435","block_type":"box","text":"Based on net asset value","page_number":91,"box":{"x":76,"y":182,"width":109,"height":7}},{"id":"94f6ccac-0a29-4600-abed-d68561603f5f","block_type":"box","text":"15.14% 26.51% 14.57% (13.96)% 31.71%","page_number":91,"box":{"x":589,"y":182,"width":376,"height":10}},{"id":"3f381936-7388-46f0-a72d-fed9f53d52c1","block_type":"box","text":"Ratios to Average Net Assets","page_number":91,"box":{"x":76,"y":199,"width":140,"height":9}},{"id":"c129862e-cd47-4205-bf39-a99787a5ae50","block_type":"box","text":"(e)","page_number":91,"box":{"x":217,"y":198,"width":9,"height":5}},{"id":"eaa41bc4-54d7-44bc-bd91-bd0f5d341ee5","block_type":"box","text":"Total expenses","page_number":91,"box":{"x":76,"y":214,"width":64,"height":9}},{"id":"3bef3c36-0435-40af-a5a4-86e7c4b82651","block_type":"box","text":"0.15% 0.15% 0.15% 0.15% 0.15%","page_number":91,"box":{"x":592,"y":214,"width":373,"height":7}},{"id":"90a8fa2a-8c03-4ee1-8e80-fac5fcd1b936","block_type":"box","text":"Net investment income","page_number":91,"box":{"x":76,"y":231,"width":102,"height":7}},{"id":"d2164ecc-3b3b-411a-9507-cf9e5e658f00","block_type":"box","text":"1.13% 1.31% 1.54% 1.32% 1.30%","page_number":91,"box":{"x":594,"y":231,"width":371,"height":7}},{"id":"3c9df075-d0d4-4dfd-b888-efbdb789650e","block_type":"box","text":"Supplemental Data","page_number":91,"box":{"x":76,"y":248,"width":91,"height":9}},{"id":"83f2b49a-5224-4b29-9222-657224d5f786","block_type":"box","text":"Net assets, end of year (000)","page_number":91,"box":{"x":76,"y":263,"width":127,"height":9}},{"id":"130ff544-4cff-4c15-9b61-3707ca552f47","block_type":"box","text":"$14,195,564 $12,987,728 $12,824,827 $22,194,428 $22,262,630","page_number":91,"box":{"x":555,"y":262,"width":403,"height":10}},{"id":"f8018226-8cb9-4425-9989-90a9e84d4521","block_type":"box","text":"Portfolio turnover rate","page_number":91,"box":{"x":76,"y":280,"width":97,"height":7}},{"id":"31edfd7a-689c-41d4-92fe-717d17bad706","block_type":"box","text":"(f)","page_number":91,"box":{"x":174,"y":278,"width":6,"height":6}},{"id":"7a58ae3a-89a4-4711-ae3b-5ffda8d82ae4","block_type":"box","text":"24% 22% 25% 22% 21%","page_number":91,"box":{"x":599,"y":280,"width":366,"height":7}},{"id":"92263047-9231-443c-b816-ab04d763c118","block_type":"box","text":"(a)","page_number":91,"box":{"x":76,"y":308,"width":10,"height":6}},{"id":"c93f2a7a-b424-4c8a-a353-2b07914c8ba2","block_type":"box","text":"Based on average shares outstanding.","page_number":91,"box":{"x":107,"y":310,"width":215,"height":9}},{"id":"5cefcf47-d47e-4db1-9dc7-1b6b2413b9a1","block_type":"box","text":"(b)","page_number":91,"box":{"x":76,"y":320,"width":10,"height":6}},{"id":"3089388f-2379-495d-8302-7c2b9d7c13ca","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":91,"box":{"x":106,"y":321,"width":867,"height":10}},{"id":"0e18f6f2-6bb6-4fd4-ba2d-f420a7922a96","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":91,"box":{"x":106,"y":333,"width":648,"height":10}},{"id":"89b53c90-3899-4b47-b0c7-9266143a7240","block_type":"box","text":"(c)","page_number":91,"box":{"x":76,"y":343,"width":10,"height":6}},{"id":"29a04923-1979-452f-a1ca-dac40ac66ac1","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":91,"box":{"x":107,"y":345,"width":565,"height":9}},{"id":"4cd2b2f9-d4a1-4ff9-8186-ab6a1dd1eca4","block_type":"box","text":"(d)","page_number":91,"box":{"x":76,"y":355,"width":10,"height":6}},{"id":"f5575419-6015-457c-a249-5b9438604fc2","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":91,"box":{"x":106,"y":356,"width":347,"height":10}},{"id":"42163702-2a94-4d28-a476-3383db21357c","block_type":"box","text":"(e)","page_number":91,"box":{"x":76,"y":366,"width":10,"height":6}},{"id":"ab1af89b-b0a8-4738-a508-e84d0a017460","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":91,"box":{"x":107,"y":368,"width":530,"height":9}},{"id":"673503b8-48af-490d-a807-da2bdc7d9f8e","block_type":"box","text":"(f)","page_number":91,"box":{"x":76,"y":378,"width":8,"height":6}},{"id":"dda698b9-f3cf-421d-b20b-5ca0f04c0f53","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":91,"box":{"x":107,"y":379,"width":335,"height":10}},{"id":"0a773a16-d967-4a0e-921c-4935b650171a","block_type":"box","text":"For a share outstanding throughout each period:","page_number":91,"box":{"x":77,"y":399,"width":339,"height":11}},{"id":"1af5708e-a71f-4434-adfb-98e8f87e8e0a","block_type":"box","text":"iShares ESG Aware MSCI USA Growth ETF","page_number":91,"box":{"x":749,"y":421,"width":196,"height":6}},{"id":"49291803-07ff-471c-ad21-216a818df17c","block_type":"box","text":"Year Ended","page_number":91,"box":{"x":734,"y":441,"width":52,"height":6}},{"id":"a368fdd3-2ee1-4fe7-9ddd-1c0a7ccf476c","block_type":"box","text":"08/31/25","page_number":91,"box":{"x":738,"y":449,"width":45,"height":7}},{"id":"2b5d80de-7c0f-428f-b673-c343657c1ada","block_type":"box","text":"Year Ended","page_number":91,"box":{"x":817,"y":441,"width":52,"height":6}},{"id":"06fe6e03-f5d1-49c1-912b-5f05c6e5e77e","block_type":"box","text":"08/31/24","page_number":91,"box":{"x":821,"y":449,"width":45,"height":7}},{"id":"cc6dc062-bb68-40b3-a693-023903e7db34","block_type":"box","text":"Period From","page_number":91,"box":{"x":902,"y":434,"width":55,"height":5}},{"id":"40e99df0-1cd1-4e66-b49c-ba6e1f5920fd","block_type":"box","text":"01/31/23(a)","page_number":91,"box":{"x":902,"y":441,"width":55,"height":8}},{"id":"bf71ebcf-f62b-465f-b706-85b46f1bf832","block_type":"box","text":"to 08/31/23","page_number":91,"box":{"x":900,"y":449,"width":58,"height":7}},{"id":"654fe082-2b14-46dc-a880-9dc87268b12d","block_type":"box","text":"Net asset value, beginning of period","page_number":91,"box":{"x":76,"y":462,"width":174,"height":10}},{"id":"371b6d01-255c-42c9-9877-1e08af166917","block_type":"box","text":"$ 40.55 $ 31.38 $25.42","page_number":91,"box":{"x":751,"y":462,"width":207,"height":9}},{"id":"ca347643-c7ec-48b3-9158-db547e3f32f3","block_type":"box","text":"Net investment income","page_number":91,"box":{"x":86,"y":477,"width":102,"height":8}},{"id":"b45250d8-0c86-46b3-87d4-726715b0288f","block_type":"box","text":"(b)","page_number":91,"box":{"x":189,"y":476,"width":8,"height":6}},{"id":"75f49c6d-7736-4bcd-b7cd-23b17fe9c8fd","block_type":"box","text":"0.12 0.11 0.08","page_number":91,"box":{"x":769,"y":477,"width":189,"height":8}},{"id":"9dd1bf5e-91c1-4817-b79c-470ffb589006","block_type":"box","text":"Net realized and unrealized gain","page_number":91,"box":{"x":86,"y":489,"width":140,"height":9}},{"id":"4a885da8-21e4-47db-8bf1-53e0297428ef","block_type":"box","text":"(c)","page_number":91,"box":{"x":227,"y":487,"width":8,"height":6}},{"id":"5ce217a9-1c54-491c-8a7f-91e34fba1aea","block_type":"box","text":"8.73 9.17 5.93","page_number":91,"box":{"x":767,"y":489,"width":191,"height":7}},{"id":"ff03cb9f-e847-422a-a173-008d14dc963c","block_type":"box","text":"Net increase from investment operations","page_number":91,"box":{"x":76,"y":504,"width":180,"height":9}},{"id":"44ecba23-46d7-485c-8bac-20fb09c793ac","block_type":"box","text":"8.85 9.28 6.01","page_number":91,"box":{"x":767,"y":504,"width":190,"height":7}},{"id":"f1b3343c-53cc-4f86-acae-e4bb5ac4b6a0","block_type":"box","text":"Distributions from net investment income","page_number":91,"box":{"x":76,"y":519,"width":183,"height":7}},{"id":"ee2d6802-e504-4a28-a545-7c98b8a64ccb","block_type":"box","text":"(d)","page_number":91,"box":{"x":260,"y":517,"width":8,"height":6}},{"id":"a0094a18-4461-451e-bfd4-6783eb4f3b0d","block_type":"box","text":"(0.11) (0.11) (0.05)","page_number":91,"box":{"x":766,"y":519,"width":195,"height":9}},{"id":"7b109b5a-e882-47f3-8fee-8755b143da46","block_type":"box","text":"Net asset value, end of period","page_number":91,"box":{"x":76,"y":534,"width":144,"height":9}},{"id":"4b90fce6-cc3a-4184-9207-2c0801329c95","block_type":"box","text":"$ 49.29 $40.55 $ 31.38","page_number":91,"box":{"x":751,"y":533,"width":207,"height":9}},{"id":"597abef8-0817-4ba5-bea2-dcc45276a952","block_type":"box","text":"Total Return","page_number":91,"box":{"x":76,"y":551,"width":57,"height":7}},{"id":"d1a09261-a7df-466e-912a-4b25ac4da609","block_type":"box","text":"(e)","page_number":91,"box":{"x":135,"y":549,"width":8,"height":6}},{"id":"be53d142-bc82-4fe6-9730-0f2a8fa63774","block_type":"box","text":"Based on net asset value","page_number":91,"box":{"x":76,"y":566,"width":109,"height":7}},{"id":"b8d907b5-fad9-4e79-86d1-e3afca6e5a60","block_type":"box","text":"21.87% 29.66% 23.72%","page_number":91,"box":{"x":763,"y":566,"width":202,"height":7}},{"id":"0a8a6266-9283-4d23-a007-8150732d3a80","block_type":"box","text":"(f)","page_number":91,"box":{"x":966,"y":564,"width":6,"height":6}},{"id":"df2df789-33b6-4d88-9d6b-d9dc2685785d","block_type":"box","text":"Ratios to Average Net Assets","page_number":91,"box":{"x":76,"y":583,"width":140,"height":9}},{"id":"1b744d04-1dd2-4202-bd05-eb79a68cbc9a","block_type":"box","text":"(g)","page_number":91,"box":{"x":217,"y":581,"width":9,"height":6}},{"id":"426e6bce-934b-40d6-b0cf-c099c7f0a0c4","block_type":"box","text":"Total expenses","page_number":91,"box":{"x":76,"y":598,"width":64,"height":9}},{"id":"1e357554-6957-4162-a7c4-85b763a0f5d1","block_type":"box","text":"0.18% 0.18% 0.18%","page_number":91,"box":{"x":769,"y":598,"width":196,"height":7}},{"id":"91d1451b-04fb-493d-80ce-f5e3a59af9b1","block_type":"box","text":"(h)","page_number":91,"box":{"x":966,"y":596,"width":8,"height":6}},{"id":"618180c1-91f9-4a78-a2ac-af645adde586","block_type":"box","text":"Net investment income","page_number":91,"box":{"x":76,"y":615,"width":102,"height":7}},{"id":"b825bb9d-6bb2-47b9-8dcd-2f3503a52550","block_type":"box","text":"0.27% 0.32% 0.50%","page_number":91,"box":{"x":767,"y":615,"width":198,"height":7}},{"id":"5f16dac7-c7be-40e8-9c3d-f078581955ca","block_type":"box","text":"(h)","page_number":91,"box":{"x":966,"y":613,"width":8,"height":6}},{"id":"bf57a376-cba2-43e2-9381-6f1b3a8d6e8c","block_type":"box","text":"Supplemental Data","page_number":91,"box":{"x":76,"y":631,"width":91,"height":10}},{"id":"333d191c-a72f-42bc-b811-69112151748d","block_type":"box","text":"Net assets, end of period (000)","page_number":91,"box":{"x":76,"y":646,"width":136,"height":10}},{"id":"4b76ee45-bfd5-483f-a51e-72fa16b3dac0","block_type":"box","text":"$21,689 $ 8,111 $5,021","page_number":91,"box":{"x":751,"y":646,"width":206,"height":9}},{"id":"2a4d62aa-4060-410d-8b26-a3d84e6ac814","block_type":"box","text":"Portfolio turnover rate","page_number":91,"box":{"x":76,"y":663,"width":97,"height":8}},{"id":"aae9ded7-e269-46bc-ae33-634622e4d0a8","block_type":"box","text":"(i)","page_number":91,"box":{"x":174,"y":662,"width":5,"height":6}},{"id":"5a0c2d14-2984-4466-bd01-85b0af6a514a","block_type":"box","text":"30% 36% 20%","page_number":91,"box":{"x":776,"y":664,"width":189,"height":7}},{"id":"d3660ff3-5ec3-41e3-abbc-859711e35ed9","block_type":"box","text":"(a)","page_number":91,"box":{"x":76,"y":692,"width":10,"height":6}},{"id":"ed7a7508-44bb-4b44-b217-d2b35c47ad98","block_type":"box","text":"Commencement of operations.","page_number":91,"box":{"x":106,"y":693,"width":176,"height":10}},{"id":"3215fc4b-0395-48d3-a25a-3cc44b0d569c","block_type":"box","text":"(b)","page_number":91,"box":{"x":76,"y":704,"width":10,"height":6}},{"id":"96e5f3f4-c8a1-4884-a0f4-ac3dec832869","block_type":"box","text":"Based on average shares outstanding.","page_number":91,"box":{"x":107,"y":705,"width":215,"height":10}},{"id":"2b1e5534-36db-4676-89a0-f3a11616d1f2","block_type":"box","text":"(c)","page_number":91,"box":{"x":76,"y":715,"width":10,"height":6}},{"id":"b8818090-2364-4c83-9ac7-a3075d89a756","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":91,"box":{"x":106,"y":717,"width":867,"height":9}},{"id":"aed0a936-21ed-4062-a3a0-cd141b519444","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":91,"box":{"x":106,"y":728,"width":648,"height":10}},{"id":"df71700b-50cc-4958-ade8-d5bb434860b9","block_type":"box","text":"(d)","page_number":91,"box":{"x":76,"y":738,"width":10,"height":6}},{"id":"2ba0688a-5c53-4003-911e-f28668de0903","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":91,"box":{"x":107,"y":740,"width":565,"height":9}},{"id":"fa21e41e-050a-4bde-be50-390d53d40418","block_type":"box","text":"(e)","page_number":91,"box":{"x":76,"y":750,"width":10,"height":6}},{"id":"f5b026e9-7655-4b21-a810-21aad45682ca","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":91,"box":{"x":106,"y":751,"width":347,"height":10}},{"id":"1367178e-a561-4a02-a1d7-851dc271183a","block_type":"box","text":"(f)","page_number":91,"box":{"x":76,"y":762,"width":8,"height":6}},{"id":"423917d6-a8a0-48bb-afb4-4970623c665f","block_type":"box","text":"Not annualized.","page_number":91,"box":{"x":107,"y":763,"width":87,"height":8}},{"id":"b0788bbc-29f5-4f78-9bfe-321a61cbaf99","block_type":"box","text":"(g)","page_number":91,"box":{"x":76,"y":773,"width":10,"height":6}},{"id":"1d7f05eb-44a4-4f23-910a-ab94859bbb59","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":91,"box":{"x":107,"y":775,"width":530,"height":9}},{"id":"67fdb889-9dc8-4cf8-b46c-9b40bb804704","block_type":"box","text":"(h)","page_number":91,"box":{"x":76,"y":785,"width":10,"height":6}},{"id":"c8b7321d-6484-4b3a-a038-08280390e1e7","block_type":"box","text":"Annualized.","page_number":91,"box":{"x":106,"y":786,"width":65,"height":8}},{"id":"7a2920ee-6996-4ee6-914a-af5c7e34f560","block_type":"box","text":"(i)","page_number":91,"box":{"x":76,"y":796,"width":7,"height":6}},{"id":"1b75a2b9-0955-4679-98fe-fd097023eec5","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":91,"box":{"x":107,"y":798,"width":335,"height":9}},{"id":"fac4d06b-23f2-4460-9bbf-ee6b6b5eb52b","block_type":"box","text":"26","page_number":91,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"d9ade497-f59b-43e9-a861-fd99970838f4","block_type":"box","text":"For a share outstanding throughout each period:","page_number":92,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"91f7be7c-f853-46e0-a080-9aedd44b9a79","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF","page_number":92,"box":{"x":662,"y":45,"width":209,"height":7}},{"id":"713f1fc2-98a8-42c7-a474-d104bdb8b109","block_type":"box","text":"Year Ended","page_number":92,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"fbfc94a5-898e-44b4-b442-b60d33a4d179","block_type":"box","text":"08/31/25","page_number":92,"box":{"x":577,"y":66,"width":46,"height":7}},{"id":"44ebd935-ad72-4b13-b380-dae481c1135d","block_type":"box","text":"Year Ended","page_number":92,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"7d21f7db-eb48-496c-ad67-0999f2094041","block_type":"box","text":"08/31/24","page_number":92,"box":{"x":660,"y":66,"width":46,"height":7}},{"id":"2acc37e4-fd3c-4dde-91cc-c25b983ceade","block_type":"box","text":"Year Ended","page_number":92,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"450696bf-22f2-42e8-8497-725facfaadc7","block_type":"box","text":"08/31/23","page_number":92,"box":{"x":744,"y":66,"width":45,"height":7}},{"id":"2b97c35f-bc79-45aa-b8e6-cbbbe2f1dc8f","block_type":"box","text":"Year Ended","page_number":92,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"b125e6dc-cf7f-47ef-a2f0-3fbd2784d612","block_type":"box","text":"08/31/22","page_number":92,"box":{"x":827,"y":66,"width":45,"height":7}},{"id":"caa2e1f7-3434-4593-8b1a-6c7da7ac597b","block_type":"box","text":"Year Ended","page_number":92,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"d4f45c99-fcb0-4153-83e1-a34b682a87ea","block_type":"box","text":"08/31/21","page_number":92,"box":{"x":910,"y":66,"width":44,"height":7}},{"id":"c601ba66-a9bc-4d19-ac6e-59577557343a","block_type":"box","text":"Net asset value, beginning of year","page_number":92,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"a1d3b120-f7b0-4e1a-a972-2aeddfe9ec92","block_type":"box","text":"$ 41.36 $ 35.90 $ 33.85 $ 40.26 $ 27.34","page_number":92,"box":{"x":579,"y":78,"width":380,"height":9}},{"id":"562ea4ac-c527-4f02-bbb1-fde302210a48","block_type":"box","text":"Net investment income","page_number":92,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"dfafee7b-9098-4e21-846c-6b72a8264672","block_type":"box","text":"(a)","page_number":92,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"936b7992-e40b-4b4b-b367-134f0167ef30","block_type":"box","text":"0.46 0.47 0.48 0.42 0.35","page_number":92,"box":{"x":607,"y":94,"width":351,"height":7}},{"id":"49733d37-430c-4c39-a2c0-1ea66caf1c15","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":92,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"f3ff7a30-8be7-4f2c-9ade-60659063116d","block_type":"box","text":"(b)","page_number":92,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"20b92575-f448-4cb3-a84c-f33a68818fc8","block_type":"box","text":"3.08 5.46 2.09 (6.43) 12.95","page_number":92,"box":{"x":607,"y":105,"width":351,"height":9}},{"id":"9d6a5fab-bba2-4bc4-9a76-8ab48f3811de","block_type":"box","text":"Net increase (decrease) from investment operations 3.54 5.93 2.57 (6.01) 13.30","page_number":92,"box":{"x":76,"y":120,"width":882,"height":10}},{"id":"ca7c09b2-b615-46fb-aea0-ffbc1b925257","block_type":"box","text":"Distributions from net investment income","page_number":92,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"bf589ca5-e139-4e18-bce8-63fe58bd1f89","block_type":"box","text":"(c)","page_number":92,"box":{"x":260,"y":134,"width":7,"height":6}},{"id":"e4af46d3-e2dc-494f-8cde-cc6e676b5ff8","block_type":"box","text":"(0.54) (0.47) (0.52) (0.40) (0.38)","page_number":92,"box":{"x":604,"y":135,"width":357,"height":10}},{"id":"6b5af4d3-315a-4a9a-87a5-60f8a54e1133","block_type":"box","text":"Net asset value, end of year","page_number":92,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"eb19e7b8-e400-417e-89a6-b8b08c75f7cd","block_type":"box","text":"$ 44.36 $ 41.36 $ 35.90 $ 33.85 $ 40.26","page_number":92,"box":{"x":579,"y":149,"width":379,"height":9}},{"id":"51a70dee-752a-4af1-ad51-da367b015907","block_type":"box","text":"Total Return","page_number":92,"box":{"x":76,"y":167,"width":57,"height":7}},{"id":"85309e62-e35f-431d-b777-938239b28556","block_type":"box","text":"(d)","page_number":92,"box":{"x":135,"y":166,"width":8,"height":5}},{"id":"c59494a0-e686-4954-8360-a3348f5fffbd","block_type":"box","text":"Based on net asset value","page_number":92,"box":{"x":76,"y":182,"width":109,"height":7}},{"id":"a3f713e6-6c01-4fdd-94ac-54c877cc56c1","block_type":"box","text":"8.65% 16.70% 7.75% (15.03)% 48.95%","page_number":92,"box":{"x":607,"y":182,"width":358,"height":10}},{"id":"8e577de5-5942-401e-83a9-6e56367d5480","block_type":"box","text":"Ratios to Average Net Assets","page_number":92,"box":{"x":76,"y":199,"width":140,"height":9}},{"id":"f5a97212-3952-46e4-842e-52fb35be31f5","block_type":"box","text":"(e)","page_number":92,"box":{"x":217,"y":198,"width":9,"height":5}},{"id":"5f56eaf6-9ecb-48d2-88d5-26cd2008d730","block_type":"box","text":"Total expenses","page_number":92,"box":{"x":76,"y":214,"width":64,"height":9}},{"id":"55fa6418-43e6-4d36-ab73-d01e34e8effa","block_type":"box","text":"0.17% 0.17% 0.17% 0.17% 0.17%","page_number":92,"box":{"x":609,"y":214,"width":356,"height":7}},{"id":"23e530a0-bfd7-4c2b-b94c-9832b40df2f3","block_type":"box","text":"Net investment income","page_number":92,"box":{"x":76,"y":231,"width":102,"height":7}},{"id":"dbc342df-8987-48ea-9ec7-511b27726361","block_type":"box","text":"1.12% 1.25% 1.41% 1.15% 0.96%","page_number":92,"box":{"x":611,"y":231,"width":354,"height":7}},{"id":"d1034945-c403-49a7-b6fb-8624c5d59215","block_type":"box","text":"Supplemental Data","page_number":92,"box":{"x":76,"y":248,"width":91,"height":9}},{"id":"8bc23d1b-4884-46d9-a190-75dfc72036c1","block_type":"box","text":"Net assets, end of year (000)","page_number":92,"box":{"x":76,"y":263,"width":127,"height":9}},{"id":"052c3cd9-7e18-4a44-9c50-2d7c7875a644","block_type":"box","text":"$1,985,191 $1,811,619 $1,403,577 $1,479,097 $1,099,038","page_number":92,"box":{"x":579,"y":262,"width":379,"height":10}},{"id":"82e5fe29-3bb2-4e93-84d1-56edec0036fd","block_type":"box","text":"Portfolio turnover rate","page_number":92,"box":{"x":76,"y":280,"width":97,"height":7}},{"id":"c9a6faaf-7b7d-40d2-b564-05afefd98ec5","block_type":"box","text":"(f)","page_number":92,"box":{"x":174,"y":278,"width":6,"height":6}},{"id":"092ef638-a71a-4bc6-885b-02d895571b68","block_type":"box","text":"35% 35% 37% 37% 33%","page_number":92,"box":{"x":615,"y":280,"width":350,"height":7}},{"id":"263f39d0-5d8b-4315-ac80-12e37a46179a","block_type":"box","text":"(a)","page_number":92,"box":{"x":76,"y":308,"width":10,"height":6}},{"id":"a4921226-19f3-408f-ac2a-4b906ac9b4db","block_type":"box","text":"Based on average shares outstanding.","page_number":92,"box":{"x":107,"y":310,"width":215,"height":9}},{"id":"4ea017bf-814d-4b43-999f-7730238ab8f4","block_type":"box","text":"(b)","page_number":92,"box":{"x":76,"y":320,"width":10,"height":6}},{"id":"982f0e26-da62-4dca-8a2b-5e2f30764bb8","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":92,"box":{"x":106,"y":321,"width":867,"height":10}},{"id":"44f5c63c-993d-4a8c-9ec0-dc2430c6a6ab","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":92,"box":{"x":106,"y":333,"width":648,"height":10}},{"id":"b3b58af3-6863-427d-a4bc-8eb6e6e6c9f9","block_type":"box","text":"(c)","page_number":92,"box":{"x":76,"y":343,"width":10,"height":6}},{"id":"35d0d9f6-8f08-4bb6-9f9b-5723a6158275","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":92,"box":{"x":107,"y":345,"width":565,"height":9}},{"id":"36416839-8f4d-46e4-a315-56d8de99f281","block_type":"box","text":"(d)","page_number":92,"box":{"x":76,"y":355,"width":10,"height":6}},{"id":"c782a7aa-efac-4738-b85b-5bfd26690f0f","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":92,"box":{"x":106,"y":356,"width":347,"height":10}},{"id":"c93895c8-f928-48c0-8be3-cd58c079b779","block_type":"box","text":"(e)","page_number":92,"box":{"x":76,"y":366,"width":10,"height":6}},{"id":"a2d6895f-0fe9-4194-b09b-98c82369e86f","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":92,"box":{"x":107,"y":368,"width":530,"height":9}},{"id":"8b8e4ef0-5ea6-43af-9d31-b24aa5928a6f","block_type":"box","text":"(f)","page_number":92,"box":{"x":76,"y":378,"width":8,"height":6}},{"id":"73fb233c-93d5-497d-bb73-16ec99648fa8","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":92,"box":{"x":107,"y":379,"width":335,"height":10}},{"id":"c939796d-ba9e-42bf-9f03-527a51d056bc","block_type":"box","text":"For a share outstanding throughout each period:","page_number":92,"box":{"x":77,"y":399,"width":339,"height":11}},{"id":"379a0a25-1d06-4331-9786-808026d51444","block_type":"box","text":"iShares ESG Aware MSCI USA Value ETF","page_number":92,"box":{"x":753,"y":421,"width":187,"height":6}},{"id":"3d81db9b-ea6b-4362-acde-847fe60c46a5","block_type":"box","text":"Year Ended","page_number":92,"box":{"x":734,"y":441,"width":52,"height":6}},{"id":"c2a1aee0-1898-4924-89b4-c8d3b6e6d133","block_type":"box","text":"08/31/25","page_number":92,"box":{"x":738,"y":449,"width":45,"height":7}},{"id":"b56af7c4-5f14-4396-bdd4-a6fa41e009b1","block_type":"box","text":"Year Ended","page_number":92,"box":{"x":817,"y":441,"width":52,"height":6}},{"id":"ec5e8d3c-bd97-4566-9802-4f8f024940e3","block_type":"box","text":"08/31/24","page_number":92,"box":{"x":821,"y":449,"width":45,"height":7}},{"id":"3ea363e9-df92-4e1f-bb46-b55c03b2c889","block_type":"box","text":"Period From","page_number":92,"box":{"x":902,"y":434,"width":55,"height":5}},{"id":"50bf6a11-aa40-4a10-881d-3e2a11e5190c","block_type":"box","text":"01/31/23(a)","page_number":92,"box":{"x":902,"y":441,"width":55,"height":8}},{"id":"93bcf19a-2945-4363-a350-30b074292af2","block_type":"box","text":"to 08/31/23","page_number":92,"box":{"x":900,"y":449,"width":58,"height":7}},{"id":"2f9f70ff-10ac-48ab-b23f-9a57e33249fa","block_type":"box","text":"Net asset value, beginning of period","page_number":92,"box":{"x":76,"y":462,"width":174,"height":10}},{"id":"8e66405c-9c73-4ba5-9ce8-554971c80082","block_type":"box","text":"$ 29.51 $24.75 $25.35","page_number":92,"box":{"x":750,"y":462,"width":208,"height":9}},{"id":"c7217bf8-4423-4736-8637-899aeb5f6178","block_type":"box","text":"Net investment income","page_number":92,"box":{"x":86,"y":477,"width":102,"height":8}},{"id":"bdb6a94f-aff0-4f46-9674-7f8b92c04565","block_type":"box","text":"(b)","page_number":92,"box":{"x":189,"y":476,"width":8,"height":6}},{"id":"a8eb3d34-0e5e-4e03-a886-94a45cbbfeb8","block_type":"box","text":"0.62 0.61 0.39","page_number":92,"box":{"x":767,"y":477,"width":191,"height":8}},{"id":"208870ba-b61c-40c1-8ed8-177d059f3166","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":92,"box":{"x":86,"y":489,"width":167,"height":9}},{"id":"867a5d34-2ea4-4381-bd75-3b841544569c","block_type":"box","text":"(c)","page_number":92,"box":{"x":254,"y":487,"width":8,"height":6}},{"id":"079b545a-526c-41e6-b0db-4eb474f8cb5e","block_type":"box","text":"1.50 4.76 (0.76)","page_number":92,"box":{"x":769,"y":489,"width":192,"height":9}},{"id":"77f24ae0-b404-40fd-b82e-ec0fc594d0a9","block_type":"box","text":"Net increase (decrease) from investment operations","page_number":92,"box":{"x":76,"y":504,"width":230,"height":9}},{"id":"64869fa9-5331-46e5-8ac8-4e6a1e5bf590","block_type":"box","text":"2.12 5.37 (0.37)","page_number":92,"box":{"x":769,"y":504,"width":192,"height":9}},{"id":"1590882b-b9ea-410c-a392-18215d2cec58","block_type":"box","text":"Distributions from net investment income","page_number":92,"box":{"x":76,"y":519,"width":183,"height":7}},{"id":"6c11a38c-0209-4cfa-b92a-2c6f916d402f","block_type":"box","text":"(d)","page_number":92,"box":{"x":260,"y":517,"width":8,"height":6}},{"id":"814f7d23-147f-44b5-ac2d-b72edd3a356f","block_type":"box","text":"(0.56) (0.61) (0.23)","page_number":92,"box":{"x":764,"y":519,"width":197,"height":9}},{"id":"31f64972-a2aa-4c69-aa74-f92057d2c188","block_type":"box","text":"Net asset value, end of period","page_number":92,"box":{"x":76,"y":534,"width":144,"height":9}},{"id":"72cd531a-ace1-4e3b-a56f-4ae9ab66a0f5","block_type":"box","text":"$ 31.07 $29.51 $24.75","page_number":92,"box":{"x":750,"y":533,"width":208,"height":9}},{"id":"73c6b77a-0942-4b78-b79a-995f55aeb58f","block_type":"box","text":"Total Return","page_number":92,"box":{"x":76,"y":551,"width":57,"height":7}},{"id":"4d3ab8e4-78c9-4455-986d-3391961e2100","block_type":"box","text":"(e)","page_number":92,"box":{"x":135,"y":549,"width":8,"height":6}},{"id":"d406e399-c304-436d-afa5-6333fe2df856","block_type":"box","text":"Based on net asset value","page_number":92,"box":{"x":76,"y":566,"width":109,"height":7}},{"id":"21796087-03f8-4191-9fba-e46fe1c2d469","block_type":"box","text":"7.32% 22.12% (1.38)%","page_number":92,"box":{"x":768,"y":566,"width":200,"height":9}},{"id":"bc7151b9-13ee-4322-bc45-c153f85f397d","block_type":"box","text":"(f)","page_number":92,"box":{"x":969,"y":564,"width":6,"height":6}},{"id":"ffcb37fb-d6d7-4227-876b-2abf3679658b","block_type":"box","text":"Ratios to Average Net Assets","page_number":92,"box":{"x":76,"y":583,"width":140,"height":9}},{"id":"e7b7c2b1-bcbf-4dba-970b-ec32e05fe08f","block_type":"box","text":"(g)","page_number":92,"box":{"x":217,"y":581,"width":9,"height":6}},{"id":"6f893b08-08aa-450e-b71f-5b3c061d93dc","block_type":"box","text":"Total expenses","page_number":92,"box":{"x":76,"y":598,"width":64,"height":9}},{"id":"ce0d2b91-7612-40e3-b4f8-61bc195af2f2","block_type":"box","text":"0.18% 0.18% 0.18%","page_number":92,"box":{"x":769,"y":598,"width":196,"height":7}},{"id":"b489a44d-b220-439e-b7ea-dccbaa42a877","block_type":"box","text":"(h)","page_number":92,"box":{"x":966,"y":596,"width":8,"height":6}},{"id":"4490174d-6c3e-4a3b-8af1-971a583d7f0b","block_type":"box","text":"Net investment income","page_number":92,"box":{"x":76,"y":615,"width":102,"height":7}},{"id":"432c131d-4da0-403e-8b58-53511fec5c5c","block_type":"box","text":"2.10% 2.33% 2.72%","page_number":92,"box":{"x":769,"y":615,"width":196,"height":7}},{"id":"f282bf8a-462c-4a5f-b70c-b593386a0945","block_type":"box","text":"(h)","page_number":92,"box":{"x":966,"y":613,"width":8,"height":6}},{"id":"8e1f3f08-09a1-4ad7-a982-aaad355f40a2","block_type":"box","text":"Supplemental Data","page_number":92,"box":{"x":76,"y":631,"width":91,"height":10}},{"id":"8f9133f8-d57f-48da-b0b0-9ed782ba94eb","block_type":"box","text":"Net assets, end of period (000)","page_number":92,"box":{"x":76,"y":646,"width":136,"height":10}},{"id":"514c4d6c-b467-47e5-ae61-fc59e3b2c32c","block_type":"box","text":"$18,642 $5,902 $3,961","page_number":92,"box":{"x":750,"y":646,"width":207,"height":9}},{"id":"eaed4449-4006-407d-b1de-1718473b8ee1","block_type":"box","text":"Portfolio turnover rate","page_number":92,"box":{"x":76,"y":663,"width":97,"height":8}},{"id":"b0beb267-10df-41e3-a76b-e775f00a9edb","block_type":"box","text":"(i)","page_number":92,"box":{"x":174,"y":662,"width":5,"height":6}},{"id":"80fd202d-1647-4976-8a9d-2d76f8251898","block_type":"box","text":"35% 38% 21%","page_number":92,"box":{"x":776,"y":664,"width":189,"height":7}},{"id":"751d2ad2-5388-4fe0-a54f-35962bdb5028","block_type":"box","text":"(a)","page_number":92,"box":{"x":76,"y":692,"width":10,"height":6}},{"id":"beeecadc-cc5a-4694-80e5-f67cfdbb6f8d","block_type":"box","text":"Commencement of operations.","page_number":92,"box":{"x":106,"y":693,"width":176,"height":10}},{"id":"a18a37fc-5c04-4f85-bc57-5224f8aa22f5","block_type":"box","text":"(b)","page_number":92,"box":{"x":76,"y":704,"width":10,"height":6}},{"id":"5c058f5d-6e6a-4837-ada4-de50caf66fc3","block_type":"box","text":"Based on average shares outstanding.","page_number":92,"box":{"x":107,"y":705,"width":215,"height":10}},{"id":"e812770e-bead-49fb-bc39-5bfff143ef05","block_type":"box","text":"(c)","page_number":92,"box":{"x":76,"y":715,"width":10,"height":6}},{"id":"4a203530-94df-41dd-ae7b-ebc2e52dbcc4","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":92,"box":{"x":106,"y":717,"width":867,"height":9}},{"id":"dbb6d90b-be35-47a1-a8f0-966d94e09528","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":92,"box":{"x":106,"y":728,"width":648,"height":10}},{"id":"393a1283-ce6c-41d4-82c6-90c48f348f75","block_type":"box","text":"(d)","page_number":92,"box":{"x":76,"y":738,"width":10,"height":6}},{"id":"94f0c3f8-6723-443c-b9f9-2e1a33dd3128","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":92,"box":{"x":107,"y":740,"width":565,"height":9}},{"id":"2725083c-ae86-4719-baf2-406323902bb5","block_type":"box","text":"(e)","page_number":92,"box":{"x":76,"y":750,"width":10,"height":6}},{"id":"5b9730de-89c9-4171-8349-bf5737b19166","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":92,"box":{"x":106,"y":751,"width":347,"height":10}},{"id":"050b3971-ee53-49bc-836c-668f6035ede1","block_type":"box","text":"(f)","page_number":92,"box":{"x":76,"y":762,"width":8,"height":6}},{"id":"19d620b5-97ec-454e-9f2c-3c8c1fb561d4","block_type":"box","text":"Not annualized.","page_number":92,"box":{"x":107,"y":763,"width":87,"height":8}},{"id":"88d186ea-56d0-4a70-8988-b974b449e09a","block_type":"box","text":"(g)","page_number":92,"box":{"x":76,"y":773,"width":10,"height":6}},{"id":"7d52120f-1d19-47fc-a341-e4c6886add54","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":92,"box":{"x":107,"y":775,"width":530,"height":9}},{"id":"78cdbadd-ae1e-41d6-933f-3bfb8e97edf5","block_type":"box","text":"(h)","page_number":92,"box":{"x":76,"y":785,"width":10,"height":6}},{"id":"e1a9c0ad-ad20-4ada-a29d-459ed3e51b1b","block_type":"box","text":"Annualized.","page_number":92,"box":{"x":106,"y":786,"width":65,"height":8}},{"id":"0993ac3c-0845-47ca-b3b9-ec72d43e0dec","block_type":"box","text":"(i)","page_number":92,"box":{"x":76,"y":796,"width":7,"height":6}},{"id":"7008ba86-71ba-4edf-b92b-126baa78bbc1","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":92,"box":{"x":107,"y":798,"width":335,"height":9}},{"id":"5cd5447e-cafb-40a7-8d2e-6eb211beae0b","block_type":"box","text":"27","page_number":92,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"8aa0365e-9245-4510-b6b1-565e0581fb1a","block_type":"box","text":"For a share outstanding throughout each period:","page_number":93,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"fc0f49f8-01f7-4b8b-88d5-4f8f7a6ae672","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF","page_number":93,"box":{"x":683,"y":45,"width":167,"height":6}},{"id":"848eb8e3-864f-4150-bd9f-8ce50228a0b4","block_type":"box","text":"Year Ended","page_number":93,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"9c181cdd-59e0-472e-8fe2-d81f52421e30","block_type":"box","text":"08/31/25","page_number":93,"box":{"x":577,"y":66,"width":46,"height":7}},{"id":"3ec8648c-05cf-482a-b585-0bb83e219c7b","block_type":"box","text":"Year Ended","page_number":93,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"d6199ad0-48b0-4ed3-87d1-3a00f1f99633","block_type":"box","text":"08/31/24","page_number":93,"box":{"x":660,"y":66,"width":46,"height":7}},{"id":"e5b5ce4f-8095-4c72-8798-63af81bf5301","block_type":"box","text":"Year Ended","page_number":93,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"c6afef2b-ae5b-41a0-9af1-30241cde0fc5","block_type":"box","text":"08/31/23","page_number":93,"box":{"x":744,"y":66,"width":45,"height":7}},{"id":"179dc3f7-7f1d-41ad-ab2b-5be9a5016807","block_type":"box","text":"Year Ended","page_number":93,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"ba1cff27-6265-4035-91a6-eccc417fa96c","block_type":"box","text":"08/31/22","page_number":93,"box":{"x":827,"y":66,"width":45,"height":7}},{"id":"cdc3e756-1262-490d-b877-259fe438aa7f","block_type":"box","text":"Year Ended","page_number":93,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"6bb85659-4444-4e15-91ea-71ac1bec045e","block_type":"box","text":"08/31/21","page_number":93,"box":{"x":910,"y":66,"width":44,"height":7}},{"id":"2dd3df6d-c737-4cb8-8e2e-2763866eb757","block_type":"box","text":"Net asset value, beginning of year","page_number":93,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"8416e705-0a5f-4a80-825f-38c613b3bf4b","block_type":"box","text":"$ 99.58 $ 79.67 $ 68.20 $ 79.65 $ 60.55","page_number":93,"box":{"x":585,"y":78,"width":373,"height":9}},{"id":"38ee9eee-350d-49cb-a26f-c3ca04400cad","block_type":"box","text":"Net investment income","page_number":93,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"4795e67a-1304-46b6-97fa-b89d0d9da3e1","block_type":"box","text":"(a)","page_number":93,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"7fdf7fae-8639-4b73-9ec9-a6489641bbe6","block_type":"box","text":"1.16 1.07 1.08 1.00 0.94","page_number":93,"box":{"x":611,"y":94,"width":348,"height":7}},{"id":"a3cb12eb-6349-4db3-b995-2f429e5f44af","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":93,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"5c7ab4ce-9e5f-4c11-b0e6-09ec99a4ff69","block_type":"box","text":"(b)","page_number":93,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"f14b4ecd-5024-4393-83fc-9beac6d20c8e","block_type":"box","text":"13.35 19.91 11.45 (11.48) 19.08","page_number":93,"box":{"x":603,"y":105,"width":355,"height":9}},{"id":"5b383cb9-39dd-4cf5-a124-8b4a5cdb51a0","block_type":"box","text":"Net increase (decrease) from investment operations 14.51 20.98 12.53 (10.48) 20.02","page_number":93,"box":{"x":76,"y":120,"width":882,"height":10}},{"id":"9aad912f-167c-45c5-adbe-f6b2566cc773","block_type":"box","text":"Distributions from net investment income","page_number":93,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"f3e28fdc-2b5a-4e45-8cdd-1259df3b516b","block_type":"box","text":"(c)","page_number":93,"box":{"x":260,"y":134,"width":7,"height":6}},{"id":"467659ba-5bd8-411a-a20e-ff75ee7d4835","block_type":"box","text":"(1.18) (1.07) (1.06) (0.97) (0.92)","page_number":93,"box":{"x":608,"y":135,"width":353,"height":10}},{"id":"679a28b0-4fe2-4686-b99f-ee1a9289acd3","block_type":"box","text":"Net asset value, end of year","page_number":93,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"c150be19-81b9-4ed8-a006-f390e2ed382a","block_type":"box","text":"$ 112.91 $ 99.58 $ 79.67 $ 68.20 $ 79.65","page_number":93,"box":{"x":585,"y":149,"width":373,"height":9}},{"id":"32e7680c-74e6-4fca-bcfb-33284d2c5589","block_type":"box","text":"Total Return","page_number":93,"box":{"x":76,"y":167,"width":57,"height":7}},{"id":"653f4f79-5d26-45b1-a178-9931278421df","block_type":"box","text":"(d)","page_number":93,"box":{"x":135,"y":166,"width":8,"height":5}},{"id":"acbf9433-d51c-40a0-8ee4-381badccfbe8","block_type":"box","text":"Based on net asset value","page_number":93,"box":{"x":76,"y":182,"width":109,"height":7}},{"id":"1d399020-3f93-44ca-9187-079cfdf3c396","block_type":"box","text":"14.70% 26.57% 18.66% (13.29)% 33.44%","page_number":93,"box":{"x":603,"y":182,"width":362,"height":10}},{"id":"af616a32-3cd1-44b1-b364-b7d0f68297f3","block_type":"box","text":"Ratios to Average Net Assets","page_number":93,"box":{"x":76,"y":199,"width":140,"height":9}},{"id":"be271c04-b990-4884-b8a0-b76100569b54","block_type":"box","text":"(e)","page_number":93,"box":{"x":217,"y":198,"width":9,"height":5}},{"id":"a8dde91e-cb9a-44fb-a112-d081e3a51cf6","block_type":"box","text":"Total expenses","page_number":93,"box":{"x":76,"y":214,"width":64,"height":9}},{"id":"b1942f11-f922-4033-8942-0135d6aa5fe4","block_type":"box","text":"0.10% 0.10% 0.10% 0.10% 0.10%","page_number":93,"box":{"x":609,"y":214,"width":356,"height":7}},{"id":"62ac8e5e-620e-4a4e-9edd-1d2624f3ac38","block_type":"box","text":"Net investment income","page_number":93,"box":{"x":76,"y":231,"width":102,"height":7}},{"id":"026f4209-a366-4151-9e58-5c13ddda17c6","block_type":"box","text":"1.12% 1.22% 1.55% 1.32% 1.38%","page_number":93,"box":{"x":611,"y":231,"width":354,"height":7}},{"id":"7699fa6f-f42a-469b-a0a2-97189c1952a2","block_type":"box","text":"Supplemental Data","page_number":93,"box":{"x":76,"y":248,"width":91,"height":9}},{"id":"70c5f1f9-702c-42d2-8882-42e5abd57259","block_type":"box","text":"Net assets, end of year (000)","page_number":93,"box":{"x":76,"y":263,"width":127,"height":9}},{"id":"4caf985a-7c10-4d48-8007-d9fe9b190eec","block_type":"box","text":"$891,960 $1,085,399 $1,139,307 $3,116,650 $4,077,962","page_number":93,"box":{"x":585,"y":262,"width":373,"height":10}},{"id":"beb5ef36-0a88-4e89-9089-d7ed88779f96","block_type":"box","text":"Portfolio turnover rate","page_number":93,"box":{"x":76,"y":280,"width":97,"height":7}},{"id":"1f41d119-6642-4f15-98a4-5f8c2fe6b1bf","block_type":"box","text":"(f)","page_number":93,"box":{"x":174,"y":278,"width":6,"height":6}},{"id":"6297020c-5489-4efc-b2fb-803857f5bd74","block_type":"box","text":"4% 8% 14% 10% 12%","page_number":93,"box":{"x":621,"y":280,"width":344,"height":7}},{"id":"59488742-c8c4-42bd-9c72-658f302d3e05","block_type":"box","text":"(a)","page_number":93,"box":{"x":76,"y":308,"width":10,"height":6}},{"id":"6059d68f-8e7f-4cf7-8bbb-7722e09f12c9","block_type":"box","text":"Based on average shares outstanding.","page_number":93,"box":{"x":107,"y":310,"width":215,"height":9}},{"id":"b4e24e28-c665-45d7-b827-7c70879127d3","block_type":"box","text":"(b)","page_number":93,"box":{"x":76,"y":320,"width":10,"height":6}},{"id":"f4e3434b-9bff-4b76-90c7-e9f9e3e15618","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":93,"box":{"x":106,"y":321,"width":867,"height":10}},{"id":"811f9256-d187-46a6-acbe-722b9f2ba337","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":93,"box":{"x":106,"y":333,"width":648,"height":10}},{"id":"3fc40f34-75ce-41e9-80bb-8bbece010300","block_type":"box","text":"(c)","page_number":93,"box":{"x":76,"y":343,"width":10,"height":6}},{"id":"ac197638-c557-4b13-9cb9-dcf903dd0467","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":93,"box":{"x":107,"y":345,"width":565,"height":9}},{"id":"e6c9b64e-6923-4d4d-9dd4-cd21414877ba","block_type":"box","text":"(d)","page_number":93,"box":{"x":76,"y":355,"width":10,"height":6}},{"id":"439fcb62-6ac2-45bc-afc4-e454a2034557","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":93,"box":{"x":106,"y":356,"width":347,"height":10}},{"id":"cdfd7ed4-039b-4840-abe0-9a2aea86d12b","block_type":"box","text":"(e)","page_number":93,"box":{"x":76,"y":366,"width":10,"height":6}},{"id":"941c1f21-4b33-4052-88bf-6d8a94422e1d","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":93,"box":{"x":107,"y":368,"width":530,"height":9}},{"id":"bbe1fea8-9fcd-4908-8091-0fbed6b084b3","block_type":"box","text":"(f)","page_number":93,"box":{"x":76,"y":378,"width":8,"height":6}},{"id":"a06bf54d-9235-4017-a29b-7c33211f3b82","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":93,"box":{"x":107,"y":379,"width":335,"height":10}},{"id":"361f275d-b572-41a3-bda5-279f08ac56e8","block_type":"box","text":"For a share outstanding throughout each period:","page_number":93,"box":{"x":77,"y":399,"width":339,"height":11}},{"id":"934371f7-b2bf-4e42-b111-e4d8d0ad4794","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":93,"box":{"x":676,"y":421,"width":257,"height":7}},{"id":"9a892200-2cc6-4e5f-8179-70d4ca49a61e","block_type":"box","text":"Year Ended","page_number":93,"box":{"x":649,"y":441,"width":52,"height":6}},{"id":"b6f37f80-2f6e-4121-9af9-6de5ea5335b7","block_type":"box","text":"08/31/25","page_number":93,"box":{"x":653,"y":449,"width":45,"height":7}},{"id":"8223fa58-fbe9-488e-9f79-a79500297544","block_type":"box","text":"Year Ended","page_number":93,"box":{"x":732,"y":441,"width":52,"height":6}},{"id":"16ec80e7-d857-4a78-9d5f-08223108f978","block_type":"box","text":"08/31/24","page_number":93,"box":{"x":736,"y":449,"width":45,"height":7}},{"id":"4c145ce4-8e05-45c1-8156-cd9c4e202cd0","block_type":"box","text":"Year Ended","page_number":93,"box":{"x":815,"y":441,"width":52,"height":6}},{"id":"c5e34c6d-1210-4bec-9cc5-29a663c7dc2d","block_type":"box","text":"08/31/23","page_number":93,"box":{"x":819,"y":449,"width":45,"height":7}},{"id":"bc90691c-2964-46f3-8ce4-3065b3f77186","block_type":"box","text":"Period From","page_number":93,"box":{"x":901,"y":434,"width":56,"height":5}},{"id":"4646a2b2-572a-477d-a241-a229470707b7","block_type":"box","text":"02/08/22(a)","page_number":93,"box":{"x":899,"y":441,"width":59,"height":8}},{"id":"d472b370-4d68-4110-8a3b-56e7229e081e","block_type":"box","text":"to 08/31/22","page_number":93,"box":{"x":899,"y":449,"width":58,"height":7}},{"id":"3237245a-f918-4363-8ff2-98673fcb236f","block_type":"box","text":"Net asset value, beginning of period","page_number":93,"box":{"x":76,"y":462,"width":174,"height":10}},{"id":"ebf5bc81-6023-4732-8264-95745ea1d1d1","block_type":"box","text":"$ 62.18 $ 49.91 $ 43.50 $ 50.43","page_number":93,"box":{"x":655,"y":462,"width":303,"height":9}},{"id":"b36d0a3b-2c87-4046-8138-2faa6e845506","block_type":"box","text":"Net investment income","page_number":93,"box":{"x":86,"y":477,"width":102,"height":8}},{"id":"02986582-1234-4545-8625-1fd61a8618cf","block_type":"box","text":"(b)","page_number":93,"box":{"x":189,"y":476,"width":8,"height":6}},{"id":"ae83180a-8b11-48dd-abf4-e4abb42717f4","block_type":"box","text":"0.65 0.60 0.55 0.32","page_number":93,"box":{"x":682,"y":477,"width":276,"height":8}},{"id":"e927ff6e-0530-476f-9056-b121344101dd","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":93,"box":{"x":86,"y":489,"width":167,"height":9}},{"id":"d5174b24-c59d-402c-a4ac-e13c7d828cab","block_type":"box","text":"(c)","page_number":93,"box":{"x":254,"y":487,"width":8,"height":6}},{"id":"89a6eff8-2335-4dc4-91c5-f780da531ae4","block_type":"box","text":"7.04 12.25 6.38 (7.08)","page_number":93,"box":{"x":683,"y":489,"width":278,"height":9}},{"id":"27fab245-acfe-4ab2-88f6-c649de2d343d","block_type":"box","text":"Net increase (decrease) from investment operations","page_number":93,"box":{"x":76,"y":504,"width":230,"height":9}},{"id":"f78c55e5-b349-4865-af4d-cc5e2848a2a8","block_type":"box","text":"7.69 12.85 6.93 (6.76)","page_number":93,"box":{"x":683,"y":504,"width":278,"height":9}},{"id":"52b065bb-6757-422b-89c8-9a6800a5c7aa","block_type":"box","text":"Distributions from net investment income","page_number":93,"box":{"x":76,"y":519,"width":183,"height":7}},{"id":"9f800a64-49fa-4078-8cdb-22f50d131f91","block_type":"box","text":"(d)","page_number":93,"box":{"x":260,"y":517,"width":8,"height":6}},{"id":"cf5567ce-1d07-44a4-8bb0-87c4528efb5d","block_type":"box","text":"(0.66) (0.58) (0.52) (0.17)","page_number":93,"box":{"x":679,"y":519,"width":282,"height":9}},{"id":"34def605-f9a1-4ec7-b74d-2082836e1325","block_type":"box","text":"Net asset value, end of period","page_number":93,"box":{"x":76,"y":534,"width":144,"height":9}},{"id":"11bc962a-d729-49f7-8d30-09d034d69da4","block_type":"box","text":"$ 69.21 $ 62.18 $ 49.91 $ 43.50","page_number":93,"box":{"x":655,"y":533,"width":303,"height":9}},{"id":"efc1d9a8-933b-455c-99a6-756f2b6c6747","block_type":"box","text":"Total Return","page_number":93,"box":{"x":76,"y":551,"width":57,"height":7}},{"id":"25dc8c12-c913-4401-9340-5db90e28d187","block_type":"box","text":"(e)","page_number":93,"box":{"x":135,"y":549,"width":8,"height":6}},{"id":"1f16cf65-2564-48a7-9758-40bc24e467fc","block_type":"box","text":"Based on net asset value","page_number":93,"box":{"x":76,"y":566,"width":109,"height":7}},{"id":"7e586add-d505-49c6-ac9f-f9d31151a933","block_type":"box","text":"12.46% 25.98% 16.13% (13.42)%","page_number":93,"box":{"x":679,"y":566,"width":289,"height":9}},{"id":"add5c88e-b081-49e7-8f25-42a95952cbc8","block_type":"box","text":"(f)","page_number":93,"box":{"x":969,"y":564,"width":6,"height":6}},{"id":"b358f955-f80f-463b-a4d3-0145cecf20b4","block_type":"box","text":"Ratios to Average Net Assets","page_number":93,"box":{"x":76,"y":583,"width":140,"height":9}},{"id":"4ea5fb0b-94ff-4ca8-a614-e2a5e5878f0d","block_type":"box","text":"(g)","page_number":93,"box":{"x":217,"y":581,"width":9,"height":6}},{"id":"9f28d753-bdfb-4560-91a0-7c99b9fe772c","block_type":"box","text":"Total expenses","page_number":93,"box":{"x":76,"y":598,"width":64,"height":9}},{"id":"bd3a9368-e835-40e0-9110-610f04a36ee7","block_type":"box","text":"0.10% 0.10% 0.10% 0.11%","page_number":93,"box":{"x":684,"y":598,"width":281,"height":7}},{"id":"13a74e2e-04e4-4c54-b274-245dd4638b6d","block_type":"box","text":"(h)","page_number":93,"box":{"x":966,"y":596,"width":8,"height":6}},{"id":"fc18490f-7ea4-4e2c-a5e8-ba8f516d4ab9","block_type":"box","text":"Total expenses after fees waived","page_number":93,"box":{"x":76,"y":614,"width":142,"height":10}},{"id":"51f13b17-5ab8-4a48-90a5-cd38375676a7","block_type":"box","text":"0.10% 0.10% 0.10% 0.10%","page_number":93,"box":{"x":684,"y":615,"width":281,"height":7}},{"id":"c84c9daa-316f-4e94-937b-8e4e12365585","block_type":"box","text":"(h)","page_number":93,"box":{"x":966,"y":613,"width":8,"height":6}},{"id":"9b21b23f-419e-4f44-a4e8-b7adeaeae2e9","block_type":"box","text":"Net investment income","page_number":93,"box":{"x":76,"y":631,"width":102,"height":8}},{"id":"dc798846-5faf-4c08-a9bb-cdedc1837308","block_type":"box","text":"1.01% 1.10% 1.23% 1.26%","page_number":93,"box":{"x":685,"y":632,"width":280,"height":7}},{"id":"106757f0-a199-449e-81d0-dd51cc9d9048","block_type":"box","text":"(h)","page_number":93,"box":{"x":966,"y":630,"width":8,"height":6}},{"id":"b4391292-5c49-40b9-90a5-208d220626a3","block_type":"box","text":"Supplemental Data","page_number":93,"box":{"x":76,"y":648,"width":91,"height":10}},{"id":"367545de-7174-4a23-a6cf-3272e4f3c86d","block_type":"box","text":"Net assets, end of period (000)","page_number":93,"box":{"x":76,"y":663,"width":136,"height":10}},{"id":"24944617-806e-44cd-8261-e881a22f0bd1","block_type":"box","text":"$2,187,179 $2,030,240 $1,489,774 $756,882","page_number":93,"box":{"x":655,"y":663,"width":303,"height":9}},{"id":"8a4fb478-ef13-405a-809b-3438587338a5","block_type":"box","text":"Portfolio turnover rate","page_number":93,"box":{"x":76,"y":680,"width":97,"height":8}},{"id":"2fde0661-80f0-4306-89a5-8086d0e0ea10","block_type":"box","text":"(i)","page_number":93,"box":{"x":174,"y":679,"width":5,"height":6}},{"id":"693a1846-5a71-489d-ac17-0fefec3e97ae","block_type":"box","text":"15% 11% 12% 6%","page_number":93,"box":{"x":693,"y":680,"width":272,"height":8}},{"id":"97cda1ec-6743-49de-956f-5acbc3f5f703","block_type":"box","text":"(a)","page_number":93,"box":{"x":76,"y":709,"width":10,"height":6}},{"id":"c4e2fdc9-2a56-48cf-9fca-14f0b6b204fc","block_type":"box","text":"Commencement of operations.","page_number":93,"box":{"x":106,"y":710,"width":176,"height":10}},{"id":"eed63596-311e-45c2-9341-61bb88692bcd","block_type":"box","text":"(b)","page_number":93,"box":{"x":76,"y":721,"width":10,"height":6}},{"id":"7723a425-80f4-49a1-a01a-a40d44ff0402","block_type":"box","text":"Based on average shares outstanding.","page_number":93,"box":{"x":107,"y":722,"width":215,"height":10}},{"id":"b17ac2ed-adce-4915-807c-bfc7ea53026f","block_type":"box","text":"(c)","page_number":93,"box":{"x":76,"y":732,"width":10,"height":6}},{"id":"151aa727-6104-45d1-9f3f-761e0a1570e0","block_type":"box","text":"The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the","page_number":93,"box":{"x":106,"y":734,"width":867,"height":9}},{"id":"023a41e7-e94b-42b2-a237-74e1e54ca717","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":93,"box":{"x":106,"y":745,"width":648,"height":10}},{"id":"4b89ce5d-41b2-4796-8322-24cfcfac647e","block_type":"box","text":"(d)","page_number":93,"box":{"x":76,"y":755,"width":10,"height":6}},{"id":"664b208d-ccc1-4a2d-8867-cf0d2c2e1b46","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":93,"box":{"x":107,"y":757,"width":565,"height":9}},{"id":"0d9ecaee-4300-477d-932a-272adbd4ca07","block_type":"box","text":"(e)","page_number":93,"box":{"x":76,"y":767,"width":10,"height":6}},{"id":"bad998b0-b724-4162-a9ce-2a46a0cca652","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":93,"box":{"x":106,"y":768,"width":347,"height":10}},{"id":"83824ff2-7fbf-45df-93f4-ae21d3f00c5c","block_type":"box","text":"(f)","page_number":93,"box":{"x":76,"y":779,"width":8,"height":6}},{"id":"3f4a87df-65e2-46bf-8ae5-6b7d15dcb5c5","block_type":"box","text":"Not annualized.","page_number":93,"box":{"x":107,"y":780,"width":87,"height":8}},{"id":"1f46fce5-51fe-483a-ba84-384840af39c8","block_type":"box","text":"(g)","page_number":93,"box":{"x":76,"y":790,"width":10,"height":6}},{"id":"20d7464c-70b9-43e1-b91d-2bf76e39b6cf","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":93,"box":{"x":107,"y":792,"width":530,"height":9}},{"id":"3ba319fb-ac01-4dc5-a5f7-1aab508b3fe2","block_type":"box","text":"(h)","page_number":93,"box":{"x":76,"y":802,"width":10,"height":6}},{"id":"5b82d7b6-4a6a-4542-824f-e54ec69e4629","block_type":"box","text":"Annualized.","page_number":93,"box":{"x":106,"y":803,"width":65,"height":8}},{"id":"5ed37624-c52e-4606-b073-250388eb3365","block_type":"box","text":"(i)","page_number":93,"box":{"x":76,"y":813,"width":7,"height":6}},{"id":"b1e1ec08-f72a-482d-a175-03ba4169fa13","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":93,"box":{"x":107,"y":815,"width":335,"height":9}},{"id":"0ea5ae75-e502-48dc-8bd5-7a1de224136b","block_type":"box","text":"28","page_number":93,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"dc75acdb-b8de-4832-9c8e-17de86e97532","block_type":"box","text":"Index Provider and Disclaimers","page_number":94,"box":{"x":78,"y":22,"width":305,"height":14}},{"id":"1234a148-bcd9-4527-bfd9-48dfbd914441","block_type":"box","text":"The Index Provider is not affiliated with the Trust, BFA, the Distributor or any of their respective affiliates. BFA or its affiliates have entered","page_number":94,"box":{"x":76,"y":51,"width":879,"height":11}},{"id":"e6d2630b-abf3-49aa-9bab-974ffcd88c3a","block_type":"box","text":"into a license agreement with the Index Provider to use the Underlying Indexes. BFA or its affiliates sublicense rights in each Underlying Index","page_number":94,"box":{"x":76,"y":66,"width":905,"height":11}},{"id":"9b036930-e579-4483-9e1a-dd9add7b6a04","block_type":"box","text":"for use by the applicable Fund at no charge.","page_number":94,"box":{"x":76,"y":80,"width":279,"height":11}},{"id":"8e3aabf9-8a99-408b-8f54-4dc97345f8c3","block_type":"box","text":"The past performance of an Underlying Index is not a guide to future performance. BFA and its affiliates do not guarantee the accuracy or the","page_number":94,"box":{"x":76,"y":103,"width":902,"height":11}},{"id":"f2e1c879-dcf9-4ebe-b3b3-d98838f6f844","block_type":"box","text":"completeness of an Underlying Index or any data included therein, and BFA and its affiliates shall have no liability for any errors, omissions or","page_number":94,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"47430282-6a15-4aa9-b774-5e1373906b5a","block_type":"box","text":"interruptions therein. BFA and its affiliates make no warranty, express or implied, to the owners of shares of a Fund or to any other person or","page_number":94,"box":{"x":76,"y":131,"width":900,"height":11}},{"id":"26d1afb8-651d-4398-8b68-7652a6cc23e6","block_type":"box","text":"entity, as to results to be obtained by a Fund from the use of an Underlying Index or any data included therein. Without limiting any of the","page_number":94,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"ebbfd6bb-e8b7-45f8-a6b6-0e630b4f2051","block_type":"box","text":"foregoing, in no event shall BFA or its affiliates have any liability for any special, punitive, direct, indirect, consequential or any other damages","page_number":94,"box":{"x":76,"y":160,"width":903,"height":11}},{"id":"2c943f84-38f0-448b-8186-42e6aa199548","block_type":"box","text":"(including lost profits), even if notified of the possibility of such damages.","page_number":94,"box":{"x":77,"y":174,"width":466,"height":11}},{"id":"aaef8840-5e0c-4778-8b4e-f1864cf26514","block_type":"box","text":"MSCI Inc.","page_number":94,"box":{"x":77,"y":197,"width":64,"height":9}},{"id":"9435466b-bb46-44d5-a220-a94fb3c514b7","block_type":"box","text":"MSCI Inc. (“MSCI”) is a provider of investment decision support tools to investors globally. MSCI products and services include indices,","page_number":94,"box":{"x":77,"y":220,"width":865,"height":11}},{"id":"b8a97d63-44b9-4d20-af29-4d5c7e659677","block_type":"box","text":"portfolio risk and performance analytics, and governance tools.","page_number":94,"box":{"x":76,"y":235,"width":404,"height":10}},{"id":"f6ef39ba-5687-4d0f-90e2-6fcd79dfb1e6","block_type":"box","text":"The following applies with respect to each Underlying Index provided by MSCI:","page_number":94,"box":{"x":76,"y":258,"width":501,"height":11}},{"id":"6cb09ac7-bf8f-4508-a957-5c79a8a43bdb","block_type":"box","text":"The Fund is not sponsored, endorsed, sold or promoted by MSCI or any affiliate of MSCI. Neither MSCI nor any other party makes any","page_number":94,"box":{"x":76,"y":281,"width":857,"height":11}},{"id":"8881b20c-a65c-439c-8714-7642dcba145b","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of","page_number":94,"box":{"x":77,"y":295,"width":897,"height":11}},{"id":"a68734da-b462-4658-bd05-d149df8a036e","block_type":"box","text":"investing in funds generally or in the Fund particularly or the ability of the Underlying Index to track general market performance. MSCI is the","page_number":94,"box":{"x":76,"y":309,"width":902,"height":11}},{"id":"6bf98386-cc24-4c0f-920f-f17a3f67d254","block_type":"box","text":"licensor of certain trademarks, service marks and trade names of MSCI and of the Underlying Index, which is determined, composed and","page_number":94,"box":{"x":77,"y":323,"width":874,"height":11}},{"id":"28ecded3-1228-40ab-b2ef-eefd612651aa","block_type":"box","text":"calculated by MSCI without regard to the issuer of the Fund’s securities or the Fund. MSCI has no obligation to take the needs of the issuer","page_number":94,"box":{"x":76,"y":338,"width":892,"height":11}},{"id":"cafd815a-e4c6-48fd-bf30-8c65cdd88341","block_type":"box","text":"of the Fund’s securities or the owners of shares of the Fund into consideration in determining, composing or calculating the Underlying Index.","page_number":94,"box":{"x":76,"y":352,"width":905,"height":11}},{"id":"e793e8b4-d7a8-4b09-8c9a-caab39e3e49e","block_type":"box","text":"MSCI is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund’s shares to be","page_number":94,"box":{"x":77,"y":366,"width":890,"height":11}},{"id":"22ebee19-ee08-4ac3-b8da-1abd5821c055","block_type":"box","text":"issued or in the determination or calculation of the equation by which the Fund’s shares are redeemable for cash. Neither MSCI nor any other","page_number":94,"box":{"x":76,"y":380,"width":906,"height":11}},{"id":"323d503b-36b6-4141-a32b-094540073368","block_type":"box","text":"party has any obligation or liability to owners of shares of the Fund in connection with the administration, marketing or trading of the Fund’s","page_number":94,"box":{"x":76,"y":394,"width":894,"height":11}},{"id":"da0645c9-87cd-4d1e-9706-72eb329e9d00","block_type":"box","text":"shares.","page_number":94,"box":{"x":76,"y":409,"width":45,"height":8}},{"id":"4dcfeaf8-9022-48c4-b37d-449d4ff267ea","block_type":"box","text":"ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEXES FROM SOURCES","page_number":94,"box":{"x":76,"y":432,"width":899,"height":8}},{"id":"866f3604-300d-4820-b141-53f1636b788e","block_type":"box","text":"WHICH MSCI CONSIDERS RELIABLE, NEITHER MSCI NOR ANY OTHER PARTY GUARANTEES THE ACCURACY AND/OR THE","page_number":94,"box":{"x":76,"y":446,"width":795,"height":10}},{"id":"da3783a5-ce4c-4fb7-8d0f-e64042cf9109","block_type":"box","text":"COMPLETENESS OF THE INDEXES OR ANY DATA INCLUDED THEREIN. NEITHER MSCI NOR ANY OTHER PARTY MAKES ANY WARRANTY,","page_number":94,"box":{"x":76,"y":460,"width":881,"height":10}},{"id":"bf4cbae2-a27a-4c26-b344-7b4b2f49a1b5","block_type":"box","text":"EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS AND COUNTERPARTIES, OWNERS OF","page_number":94,"box":{"x":77,"y":474,"width":878,"height":10}},{"id":"88eb2e37-3684-4a34-9cfc-799c1dc9458f","block_type":"box","text":"SHARES OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR ANY DATA INCLUDED THEREIN IN","page_number":94,"box":{"x":76,"y":489,"width":854,"height":10}},{"id":"190a5409-db9d-4f8e-8d80-5258b64124a1","block_type":"box","text":"CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MSCI NOR ANY OTHER PARTY MAKES ANY","page_number":94,"box":{"x":76,"y":503,"width":886,"height":8}},{"id":"83539da8-203d-4056-bbac-19cbf683e886","block_type":"box","text":"EXPRESS OR IMPLIED WARRANTIES, AND MSCI HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS","page_number":94,"box":{"x":77,"y":517,"width":880,"height":10}},{"id":"03d7e50a-b1d5-4726-afdc-3a8af41962d2","block_type":"box","text":"FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEXES OR ANY DATA INCLUDED THEREIN. WIT","page_number":94,"box":{"x":77,"y":531,"width":670,"height":9}},{"id":"fbe8f45d-1999-4431-9e65-e185dd6d41a2","block_type":"box","text":"HOUT LIMITING ANY OF THE","page_number":94,"box":{"x":748,"y":531,"width":185,"height":9}},{"id":"716e00b4-bca9-4c3a-8a82-078bb8af348f","block_type":"box","text":"FOREGOING, IN NO EVENT SHALL MSCI OR ANY OTHER PARTY HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE,","page_number":94,"box":{"x":77,"y":545,"width":868,"height":10}},{"id":"ef73e40e-8245-454f-9ff4-6679533d8f24","block_type":"box","text":"CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.","page_number":94,"box":{"x":76,"y":559,"width":879,"height":11}},{"id":"4676c30e-df4a-41b2-9757-9ef0b305bf1c","block_type":"box","text":"29","page_number":94,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"c0abe4f0-15ca-4459-b738-6e015a454dde","block_type":"box","text":"Want to know more?","page_number":95,"box":{"x":111,"y":392,"width":272,"height":15}},{"id":"20abc1b1-48a2-472c-9c01-5c24dfc33eb1","block_type":"box","text":"iShares.com | 1-800-474-2737 (1-800-iShares)","page_number":95,"box":{"x":112,"y":419,"width":407,"height":11}},{"id":"8b0c85da-8e46-4308-8bdc-60c313f63d59","block_type":"box","text":"Information on each Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at","page_number":95,"box":{"x":112,"y":461,"width":757,"height":9}},{"id":"772953fc-cdfb-41e8-b578-ef08c8cf33f6","block_type":"box","text":"www.iShares.com. Copies of each Fund’s Prospectus, SAI, shareholder reports and other information, as applicable and when","page_number":95,"box":{"x":111,"y":475,"width":785,"height":9}},{"id":"23a01121-f1b6-415e-b704-e4e0bce00394","block_type":"box","text":"available, can be found at www.iShares.com. For more information about a Fund, you may request a copy of the Fund’s SAI. The SAI","page_number":95,"box":{"x":112,"y":488,"width":820,"height":10}},{"id":"8df599c7-4b89-478d-93fe-53d67d81ca0f","block_type":"box","text":"provides detailed information about the Fund and is incorporated by reference into the Fund’s Prospectus. This means that the SAI,","page_number":95,"box":{"x":112,"y":502,"width":823,"height":9}},{"id":"77a5925d-da96-4309-ae0f-a0e7fa9a3da4","block_type":"box","text":"for legal purposes, is a part of the Fund’s Prospectus.","page_number":95,"box":{"x":111,"y":515,"width":333,"height":10}},{"id":"62e84c89-3772-4d93-8481-b60c85bf466e","block_type":"box","text":"Additional information about each Fund's investments is, or will be, available in the Fund's Annual and Semi-Annual Reports to","page_number":95,"box":{"x":111,"y":531,"width":797,"height":10}},{"id":"979cfa82-a071-469a-a2c2-59ed60ceb9f7","block_type":"box","text":"shareholders and in Form N-CSR. In a Fund's Annual Report, you will find a discussion of the market conditions and investment","page_number":95,"box":{"x":111,"y":545,"width":801,"height":10}},{"id":"baa7d700-064e-4cc0-9f98-f6810f7cb402","block_type":"box","text":"strategies that significantly affected the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund’s","page_number":95,"box":{"x":111,"y":558,"width":796,"height":10}},{"id":"900feb50-789c-4cb0-88eb-9d269671023e","block_type":"box","text":"annual and semi-annual financial statements.","page_number":95,"box":{"x":112,"y":572,"width":290,"height":7}},{"id":"83ba6cd6-0209-4768-8b7f-7d703776cb37","block_type":"box","text":"If you have any questions about the Trust or shares of a Fund or you wish to obtain a Fund’s SAI, Semi-Annual or Annual Report free","page_number":95,"box":{"x":112,"y":588,"width":824,"height":10}},{"id":"767b889e-7960-4218-9931-cc5c09bdee4f","block_type":"box","text":"of charge, please:","page_number":95,"box":{"x":111,"y":602,"width":109,"height":9}},{"id":"676e8921-bc0e-48b8-a2fd-cdf9debf8f71","block_type":"box","text":"Call: 1-800-iShares or 1-800-474-2737 (toll free)","page_number":95,"box":{"x":314,"y":624,"width":331,"height":8}},{"id":"f228e546-0dd9-4e12-9ac9-c53b5bc887ed","block_type":"box","text":"Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time)","page_number":95,"box":{"x":365,"y":637,"width":381,"height":10}},{"id":"618c8a0e-b873-4827-ab5d-77f9811d9ef4","block_type":"box","text":"Email: iSharesETFs@blackrock.com","page_number":95,"box":{"x":315,"y":653,"width":229,"height":8}},{"id":"12366141-f73e-4a95-b96e-374f452d18de","block_type":"box","text":"Write: c/o BlackRock Investments, LLC","page_number":95,"box":{"x":314,"y":668,"width":252,"height":9}},{"id":"84bb91a2-e194-47d3-a684-f249804f13d5","block_type":"box","text":"1 University Square Drive, Princeton, NJ 08540","page_number":95,"box":{"x":364,"y":681,"width":296,"height":10}},{"id":"b9df0b9f-c2d8-435c-a431-85c4f3ff55e8","block_type":"box","text":"Reports and other information about each Fund are available on the EDGAR database on the SEC's website at www.sec.gov, and","page_number":95,"box":{"x":112,"y":703,"width":801,"height":9}},{"id":"64d0c919-2a56-45c8-b0ac-a90abfec5fa6","block_type":"box","text":"copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address:","page_number":95,"box":{"x":111,"y":716,"width":795,"height":10}},{"id":"f1033bb9-608c-431e-9500-c59789a24d89","block_type":"box","text":"publicinfo@sec.gov.","page_number":95,"box":{"x":112,"y":730,"width":123,"height":10}},{"id":"5b798bb9-97fc-4c4d-bf24-e9c31c00f261","block_type":"box","text":"No person is authorized to give any information or to make any representations about a Fund and its shares not contained in this","page_number":95,"box":{"x":112,"y":746,"width":795,"height":10}},{"id":"1968a3fa-f0e9-419a-82d8-ca7d32b820a4","block_type":"box","text":"Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference.","page_number":95,"box":{"x":112,"y":760,"width":698,"height":9}},{"id":"aa2ed0be-f48c-419a-a861-88ea1f97b163","block_type":"box","text":"©2025 BlackRock, Inc. All rights reserved.","page_number":95,"box":{"x":112,"y":776,"width":261,"height":9}},{"id":"152b7791-ad5c-4b25-b452-f1502653fcf1","block_type":"box","text":"iSHARES","page_number":95,"box":{"x":378,"y":776,"width":59,"height":7}},{"id":"99bc3fe8-5eec-4cd1-94c7-9eccbabb6400","block_type":"box","text":"®","page_number":95,"box":{"x":438,"y":775,"width":3,"height":3}},{"id":"fcddab72-74dc-45d4-9703-07b8d14b1299","block_type":"box","text":"and","page_number":95,"box":{"x":446,"y":776,"width":22,"height":7}},{"id":"640cc32f-9f91-42ee-8576-1a455192d639","block_type":"box","text":"BLACKROCK","page_number":95,"box":{"x":474,"y":776,"width":85,"height":7}},{"id":"bc142daf-3f35-42f8-b2bf-4328a1f86a84","block_type":"box","text":"®","page_number":95,"box":{"x":560,"y":775,"width":4,"height":3}},{"id":"d237eb8c-c3de-4d3a-be38-e189d0dcf63a","block_type":"box","text":"are registered trademarks of BlackRock Fund Advisors and","page_number":95,"box":{"x":568,"y":776,"width":367,"height":9}},{"id":"dc65341f-b80d-4234-a79c-d2aa4543de23","block_type":"box","text":"its affiliates. All other marks are the property of their respective owners.","page_number":95,"box":{"x":112,"y":789,"width":445,"height":10}},{"id":"94927ab6-4002-4cfc-b92f-318ff69938ec","block_type":"box","text":"IS-P- 831I-1225","page_number":95,"box":{"x":90,"y":751,"width":7,"height":60}},{"id":"479a88c6-b8bc-4301-8f5c-fa4718c412d0","block_type":"box","text":"Investment Company Act File No.: 811-09729","page_number":95,"box":{"x":112,"y":805,"width":287,"height":10}},{"id":"748343d2-130c-4fc4-aa72-2d1292d6cbf0","block_type":"box","text":"Go paperless. . .","page_number":95,"box":{"x":760,"y":864,"width":132,"height":13}},{"id":"79f2556a-0d10-428d-9f3e-0fc7c578047f","block_type":"box","text":"It’s Easy, Economical and Green!","page_number":95,"box":{"x":760,"y":879,"width":136,"height":7}},{"id":"07310417-7214-4b48-b2fc-1016dcb8976d","block_type":"box","text":"Go to","page_number":95,"box":{"x":760,"y":890,"width":21,"height":5}},{"id":"7e97d785-74c4-484c-8115-3bed22c1ff43","block_type":"box","text":"www.icsdelivery.com","page_number":95,"box":{"x":784,"y":890,"width":97,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":95}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"56f3a4c0-e067-440f-834b-f8339f3a0fab"},"user_id":1000002,"date_created":"2026-10-02T12:10:15.015000Z","date_modified":"2026-10-02T12:10:15.015000Z","private":false}