{"annotation_id":"6bfec7d2-d093-491c-a374-260c9c6ea2b7","file_hash":"a3f780dd22414c6b6c177e1256533d1edc1244a2742e8df9b4ed048ba43c94e8","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"e9a460a7-ee93-45c8-a895-27fdd50086ad","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"b0efc324-47ad-4a0c-b3d7-5578e3f62b5a","block_type":"box","text":"Supplement dated October 5, 2026 to the Prospectus","page_number":1,"box":{"x":298,"y":85,"width":407,"height":12}},{"id":"10857d08-9c7d-446d-921a-0daf16570828","block_type":"box","text":"for the iShares Broad USD Floating Rate Loan ETF (USLN) (the “Fund”)","page_number":1,"box":{"x":234,"y":100,"width":535,"height":13}},{"id":"88044493-0ce6-4c94-8513-95fdf1ff0c46","block_type":"box","text":"Effective immediately, the following changes are made to reflect the Fund’s inclusion as a borrower to the","page_number":1,"box":{"x":117,"y":123,"width":770,"height":13}},{"id":"95089437-ee32-4302-8e64-ea315e0e63a2","block_type":"box","text":"syndicated line of credit for which the Bank of New York Mellon serves as administrative agent for itself","page_number":1,"box":{"x":116,"y":139,"width":753,"height":13}},{"id":"d6da8c3e-be86-494f-8fe5-91fa573ba9a7","block_type":"box","text":"and the other banks.","page_number":1,"box":{"x":116,"y":154,"width":154,"height":10}},{"id":"a7181787-380a-442d-a006-cfba0cd37f8d","block_type":"box","text":"1) The following subsection is added to the “More Information About the Funds” section of the Fund’s","page_number":1,"box":{"x":118,"y":178,"width":759,"height":12}},{"id":"9f1271fa-da48-4b75-8386-3f0c172c050f","block_type":"box","text":"Prospectus.","page_number":1,"box":{"x":151,"y":194,"width":87,"height":12}},{"id":"39bd74fc-685d-4694-b6b6-7e5a8b0ef8e6","block_type":"box","text":"Borrowing","page_number":1,"box":{"x":184,"y":217,"width":82,"height":12}},{"id":"c63ffcfe-25a5-412b-b104-2994badd9e06","block_type":"box","text":"Each Fund listed below may borrow as a temporary measure for extraordinary or emergency","page_number":1,"box":{"x":184,"y":240,"width":704,"height":12}},{"id":"267095ee-4f4b-4e85-ab3d-2c79f00002ee","block_type":"box","text":"purposes, including to meet redemptions or to facilitate the settlement of securities or other","page_number":1,"box":{"x":184,"y":255,"width":704,"height":13}},{"id":"2e1cec77-a925-4b4c-ba72-cfd61ebf2aa3","block_type":"box","text":"transactions. Each Fund does not intend to borrow money in order to leverage its portfolio.","page_number":1,"box":{"x":183,"y":271,"width":664,"height":12}},{"id":"b0e215d1-cfa9-435d-84bf-1af6ff67b5f6","block_type":"box","text":"iShares Broad USD Floating Rate Loan ETF","page_number":1,"box":{"x":218,"y":294,"width":310,"height":13}},{"id":"8cffa779-b505-487d-a60e-0f156ec77547","block_type":"box","text":"2) The following disclosure is included as an “Other Risk” for the Fund in the “Additional Information","page_number":1,"box":{"x":117,"y":317,"width":748,"height":13}},{"id":"a683e333-4e7a-4651-96c5-330a8efc1ab0","block_type":"box","text":"About the Funds’ Risks” section of the Fund’s Prospectus.","page_number":1,"box":{"x":150,"y":333,"width":422,"height":12}},{"id":"070bebf3-2381-46d7-afa8-d91e8af495bc","block_type":"box","text":"Borrowing Risk.","page_number":1,"box":{"x":184,"y":356,"width":126,"height":13}},{"id":"f6f3d76f-c1bb-4bf6-8a66-707af9a820b0","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its","page_number":1,"box":{"x":313,"y":356,"width":574,"height":13}},{"id":"47988750-4e0d-48f8-941b-77478778e341","block_type":"box","text":"portfolio. A Fund that borrows will incur interest expenses and other fees, which may reduce the","page_number":1,"box":{"x":184,"y":371,"width":703,"height":13}},{"id":"c6cf7c3f-a99d-4ff2-be20-8ec437246246","block_type":"box","text":"Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may not be","page_number":1,"box":{"x":184,"y":387,"width":703,"height":13}},{"id":"f3043853-8674-4e29-9765-66da267ef8cd","block_type":"box","text":"advantageous to do so to satisfy its obligations.","page_number":1,"box":{"x":184,"y":402,"width":348,"height":13}},{"id":"b16d1700-c14d-4d11-a544-5a9033122bb9","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":1,"box":{"x":117,"y":426,"width":521,"height":12}},{"id":"ae1aae6d-b6c7-4152-bcc1-edb3f0a3bdf5","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"96d72c20-5497-4fc6-b411-9fdc5d0883cb","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"ab7230fe-7c2e-4f76-9d81-3e7682882cff","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"1f89ed7f-e89d-4290-bbfa-753587a19a06","block_type":"box","text":"IS-A-USLN-1026","page_number":1,"box":{"x":787,"y":887,"width":96,"height":8}},{"id":"0caa902b-7aeb-4ae2-9052-5a008ced6adf","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"b1f4f784-248f-4735-957f-cfa5bd7a7cf1","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"5773ce14-9e5d-4234-9796-b1a22b019a5f","block_type":"box","text":"iShares Trust","page_number":2,"box":{"x":402,"y":72,"width":204,"height":18}},{"id":"b46d2482-20fc-488d-90b5-04bce81085ed","block_type":"box","text":"Supplement dated September 1, 2026 (the “Supplement”)","page_number":2,"box":{"x":280,"y":101,"width":443,"height":13}},{"id":"0ed45043-724f-4d10-bdb9-f61cd66fcc02","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information (the","page_number":2,"box":{"x":186,"y":117,"width":631,"height":12}},{"id":"72936c78-3713-4754-a575-19bef954af82","block_type":"box","text":"“SAI”) for the iShares Government/Credit Bond ETF (GBF) (the “Fund”)","page_number":2,"box":{"x":231,"y":132,"width":542,"height":13}},{"id":"7f5af8a5-d903-44dc-a569-981abee5bcf2","block_type":"box","text":"This supplement includes and supersedes information contained in the Prospectus and SAI supplement","page_number":2,"box":{"x":116,"y":154,"width":755,"height":13}},{"id":"2b37e6b5-9317-408f-a8b7-4bfb7ad08051","block_type":"box","text":"dated June 29, 2026.","page_number":2,"box":{"x":116,"y":169,"width":153,"height":12}},{"id":"2c4998af-0bb0-4ef5-95d8-0981aa5b3a18","block_type":"box","text":"Effective September 1, 2026, the following changes are made to the Fund’s Prospectus:","page_number":2,"box":{"x":117,"y":191,"width":664,"height":13}},{"id":"608acd4a-c783-48c4-a9d7-e1596b8c7cc4","block_type":"box","text":"1.","page_number":2,"box":{"x":118,"y":213,"width":15,"height":10}},{"id":"0a3b4415-43de-4985-9d36-eb03d6543fe7","block_type":"box","text":"Name and Ticker Symbol","page_number":2,"box":{"x":151,"y":213,"width":185,"height":12}},{"id":"5a79ee63-90ff-412e-a881-7b641c95a560","block_type":"box","text":"The Fund’s name is changed to “iShares 1-10 Year U.S. Aggregate Bond ETF”, and the Fund’s ticker","page_number":2,"box":{"x":149,"y":235,"width":725,"height":12}},{"id":"9ed0f9c3-3e31-4766-8f27-a84146bab12f","block_type":"box","text":"symbol is changed to “AGGM”. Accordingly, all references in the Prospectus to “iShares","page_number":2,"box":{"x":150,"y":250,"width":639,"height":13}},{"id":"1d2b423f-6b71-41e9-9d3c-83e96b22e8d9","block_type":"box","text":"Government/Credit Bond ETF” are replaced with “iShares 1-10 Year U.S. Aggregate Bond ETF”, and","page_number":2,"box":{"x":150,"y":266,"width":725,"height":12}},{"id":"918648bd-78c9-4f4c-8b80-e5157b849b0c","block_type":"box","text":"all references to “GBF” are replaced with “AGGM”.","page_number":2,"box":{"x":150,"y":281,"width":369,"height":13}},{"id":"c821815a-b617-4945-8f1b-5908efef5721","block_type":"box","text":"2.","page_number":2,"box":{"x":117,"y":303,"width":16,"height":10}},{"id":"ad790d74-9045-429e-b799-5d668cf88bfc","block_type":"box","text":"Investment Objective","page_number":2,"box":{"x":151,"y":303,"width":160,"height":12}},{"id":"84423783-1fde-41f2-bfac-6adeb2b41f18","block_type":"box","text":"In the Fund Summary, the disclosure under the “Investment Objective” heading is deleted and","page_number":2,"box":{"x":151,"y":324,"width":684,"height":13}},{"id":"9d20a2b7-c82b-4d26-982d-95a9b02a8ab3","block_type":"box","text":"replaced with the following:","page_number":2,"box":{"x":151,"y":340,"width":204,"height":13}},{"id":"40c24ace-24ae-4af6-a945-fc4eccdf0920","block_type":"box","text":"The iShares 1-10 Year U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment","page_number":2,"box":{"x":183,"y":362,"width":663,"height":12}},{"id":"74b66ab8-7f51-4434-b28f-f91fa2e547ab","block_type":"box","text":"results of an index composed of U.S. dollar-denominated investment-grade bonds with","page_number":2,"box":{"x":184,"y":377,"width":636,"height":13}},{"id":"6e9dd376-4d4b-4923-950e-066551a5538a","block_type":"box","text":"remaining effective maturities primarily between one and ten years.","page_number":2,"box":{"x":184,"y":393,"width":493,"height":12}},{"id":"76f6eec1-9b07-40fe-b267-06fc58d15d79","block_type":"box","text":"3.","page_number":2,"box":{"x":116,"y":415,"width":17,"height":9}},{"id":"46386223-5751-4ec7-a2da-b42debdf0b04","block_type":"box","text":"Fees and Expenses","page_number":2,"box":{"x":151,"y":414,"width":140,"height":13}},{"id":"c59af185-a50a-4160-ae74-d73e30754f13","block_type":"box","text":"a. In the Fund Summary, under the “Fees and Expenses” heading, the following is added after","page_number":2,"box":{"x":184,"y":436,"width":697,"height":13}},{"id":"5a82bcab-74bd-41f8-832e-9220eeb01ea3","block_type":"box","text":"the first paragraph:","page_number":2,"box":{"x":217,"y":452,"width":143,"height":12}},{"id":"d27cf487-9b74-4d76-886b-03ba7263473e","block_type":"box","text":"BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its","page_number":2,"box":{"x":218,"y":473,"width":656,"height":13}},{"id":"01e51947-9421-492f-90f0-ff9237e409f1","block_type":"box","text":"management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":2,"box":{"x":218,"y":489,"width":629,"height":12}},{"id":"d257e217-dd31-4508-be7d-0acef48f0012","block_type":"box","text":"attributable to investments by the Fund in other registered investment companies advised","page_number":2,"box":{"x":217,"y":504,"width":657,"height":13}},{"id":"0b20a7e8-f7f1-4303-a56c-d676baeebf7f","block_type":"box","text":"by BFA, or its affiliates, through June 30, 2031. The contractual waiver may be terminated","page_number":2,"box":{"x":218,"y":520,"width":651,"height":12}},{"id":"cd5c8c86-7d1f-4e40-9f78-e287425e04f3","block_type":"box","text":"prior to June 30, 2031 only upon written agreement of the Trust and BFA.","page_number":2,"box":{"x":217,"y":535,"width":536,"height":13}},{"id":"72a40b53-964e-42b5-aeb2-f4cb7696b88e","block_type":"box","text":"b. In the Fund Summary, under the “Fees and Expenses” heading, the Annual Fund Operating","page_number":2,"box":{"x":184,"y":557,"width":696,"height":13}},{"id":"9ed44a18-f142-469b-8dc8-5af49029407e","block_type":"box","text":"Expenses table and the Example are deleted and replaced with the following:","page_number":2,"box":{"x":218,"y":572,"width":558,"height":13}},{"id":"96a251c1-5eb4-4794-b1ac-fc3371e061f6","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":364,"y":592,"width":258,"height":12}},{"id":"d755362c-0586-4b56-9b71-a9a94d4a93e9","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":349,"y":605,"width":289,"height":12}},{"id":"aa4391b2-bd46-43f7-bed8-714d25620a96","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":317,"y":617,"width":332,"height":13}},{"id":"6a6530c2-8ccb-4a38-89a5-980c8df87957","block_type":"box","text":"1,2","page_number":2,"box":{"x":652,"y":618,"width":13,"height":7}},{"id":"20e87c5b-20f5-4393-8535-f598344dd372","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":117,"y":643,"width":130,"height":12}},{"id":"dd22960e-af36-4998-94fa-c864a24f8b03","block_type":"box","text":"0.03%","page_number":2,"box":{"x":834,"y":643,"width":51,"height":9}},{"id":"184ddcf7-9aee-476c-b1e8-d653a0bd1758","block_type":"box","text":"Other Expenses","page_number":2,"box":{"x":116,"y":661,"width":112,"height":13}},{"id":"cf843708-3591-4c4c-b579-e3938795ab08","block_type":"box","text":"0.00%","page_number":2,"box":{"x":834,"y":662,"width":46,"height":9}},{"id":"e79678aa-4a7f-41a0-be04-47b94338515c","block_type":"box","text":"Acquired Fund Fees and Expenses 0.00%","page_number":2,"box":{"x":116,"y":681,"width":764,"height":12}},{"id":"e63b19fc-2e75-41cb-aa13-53480fc75bff","block_type":"box","text":"Total Annual Fund Operating Expenses 0.03%","page_number":2,"box":{"x":116,"y":700,"width":764,"height":13}},{"id":"025e9692-3736-40fe-921b-12b30d7a296e","block_type":"box","text":"Fee Waiver and/or Expense Reimbursement (0.00)%","page_number":2,"box":{"x":117,"y":720,"width":772,"height":12}},{"id":"bcdf9a24-9bf8-4463-a86c-4e2c6737acd0","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.03%","page_number":2,"box":{"x":116,"y":739,"width":764,"height":13}},{"id":"900a6da0-78d6-450a-a3ae-b1126ebdd4b7","block_type":"box","text":"1","page_number":2,"box":{"x":117,"y":768,"width":2,"height":6}},{"id":"3a85e60e-72c6-4f09-8508-d523de04e075","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund","page_number":2,"box":{"x":150,"y":767,"width":713,"height":13}},{"id":"44d54ff1-7724-4323-83af-bc2096afb997","block_type":"box","text":"fees and expenses, if any.","page_number":2,"box":{"x":150,"y":783,"width":183,"height":12}},{"id":"c319df78-b8d1-47c0-96d4-1fe9c59d0b3c","block_type":"box","text":"2","page_number":2,"box":{"x":116,"y":799,"width":5,"height":6}},{"id":"a92a68bd-c98f-4568-a3cb-74f4c87ca252","block_type":"box","text":"The expense information in the table has been restated to reflect current fees.","page_number":2,"box":{"x":149,"y":798,"width":564,"height":13}},{"id":"9c0cff4b-c012-4fab-ad2e-bcf51f0e1d13","block_type":"box","text":"Example.","page_number":2,"box":{"x":117,"y":820,"width":67,"height":13}},{"id":"113580b4-0349-4c20-a15b-c01ad46d764c","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the","page_number":2,"box":{"x":189,"y":820,"width":678,"height":13}},{"id":"6cfd29d9-7d1a-4d72-b0eb-805fbc962892","block_type":"box","text":"cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time","page_number":2,"box":{"x":116,"y":836,"width":751,"height":12}},{"id":"a7d2bb2c-196a-47e0-9bc9-5fb121555be9","block_type":"box","text":"periods indicated and then sell all of your shares at the end of those periods. The Example also assumes","page_number":2,"box":{"x":116,"y":851,"width":756,"height":13}},{"id":"6ca1b4cd-cc3d-4083-9373-6cb9f69f3bf9","block_type":"box","text":"that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.","page_number":2,"box":{"x":116,"y":867,"width":771,"height":12}},{"id":"95bcb58c-9d5f-4bb0-8744-103d36097528","block_type":"box","text":"Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":2,"box":{"x":116,"y":882,"width":746,"height":13}},{"id":"fe03f4cd-0879-4596-bd30-7ce78ec3628c","block_type":"box","text":"Expense Example","page_number":2,"box":{"x":117,"y":901,"width":135,"height":13}},{"id":"e68e4b81-320e-42a3-ade4-e1e9369cf9fb","block_type":"box","text":"1 Year","page_number":2,"box":{"x":439,"y":902,"width":47,"height":9}},{"id":"36d84413-5fff-4abb-a984-240f7b113537","block_type":"box","text":"3 Years","page_number":2,"box":{"x":554,"y":902,"width":55,"height":9}},{"id":"02ef4d02-c222-4b77-a7ba-bad03c27b34f","block_type":"box","text":"5 Years","page_number":2,"box":{"x":677,"y":902,"width":55,"height":9}},{"id":"dd6594e1-1d74-45a3-ac3b-9e8e63601448","block_type":"box","text":"10 Years","page_number":2,"box":{"x":802,"y":902,"width":64,"height":9}},{"id":"bcc85aea-e76e-4b28-b8b5-596379c15bb7","block_type":"box","text":"Example Fund Costs $3 $10 $17 $39","page_number":2,"box":{"x":117,"y":926,"width":730,"height":12}},{"id":"031ce0d7-f450-4179-af42-f20e38c8e437","block_type":"box","text":"4.","page_number":3,"box":{"x":116,"y":70,"width":17,"height":9}},{"id":"64e33749-f2e5-400b-8fe2-39b38ef5b3dc","block_type":"box","text":"Principal Strategies","page_number":3,"box":{"x":151,"y":69,"width":146,"height":13}},{"id":"cb6b746c-0062-4f2a-bd34-9f2724f2158b","block_type":"box","text":"In the Fund Summary, the first six paragraphs under the “Principal Investment Strategies” heading","page_number":3,"box":{"x":151,"y":92,"width":716,"height":13}},{"id":"eb8626e0-bfc4-4f1c-8122-a476387ea553","block_type":"box","text":"are deleted and replaced with the following:","page_number":3,"box":{"x":150,"y":108,"width":322,"height":13}},{"id":"ad7bb8ea-7a80-4a5c-a8e1-9f0d10b79170","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg Intermediate US Aggregate","page_number":3,"box":{"x":183,"y":131,"width":676,"height":13}},{"id":"3f9d1fd3-b7a4-42d0-9466-3672669c4206","block_type":"box","text":"Index (the “Underlying Index”), which is a subset of the Bloomberg US Aggregate Index. 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The remaining effective maturity of a securitized","page_number":3,"box":{"x":184,"y":247,"width":647,"height":13}},{"id":"f2bdc646-41cc-4c91-964e-dbc800f82bc6","block_type":"box","text":"instrument (e.g., a mortgage-backed pass-through security that includes 30-year mortgages) is","page_number":3,"box":{"x":184,"y":263,"width":697,"height":13}},{"id":"2c1f66fb-3b69-4603-b99e-6688d60550aa","block_type":"box","text":"measured using weighted average life (“WAL”) – i.e., the average length of time that each dollar","page_number":3,"box":{"x":184,"y":278,"width":698,"height":13}},{"id":"797a573c-327b-4d10-acbb-e4d054e62074","block_type":"box","text":"of unpaid principal remains outstanding. The remaining effective maturity of most securitized","page_number":3,"box":{"x":184,"y":294,"width":682,"height":13}},{"id":"7db6dc85-d4d7-4920-819b-e09c5c33361b","block_type":"box","text":"instruments included in the Underlying Index, as measured by WAL, historically has been","page_number":3,"box":{"x":184,"y":309,"width":648,"height":13}},{"id":"54d80d22-5e51-46e0-9150-4cf474b6a957","block_type":"box","text":"1-10 years, including due to prepayments of principal.","page_number":3,"box":{"x":185,"y":325,"width":395,"height":13}},{"id":"0c22e9bc-15fa-4294-83ec-61f39fa80fa5","block_type":"box","text":"The Underlying Index includes U.S. Treasury bonds, government-related bonds (i.e., U.S. and","page_number":3,"box":{"x":183,"y":348,"width":674,"height":13}},{"id":"675de2f4-dd1d-476f-8286-fce856429208","block_type":"box","text":"non-U.S. agency, sovereign, quasi-sovereign, supranational and local authority debt), U.S. and","page_number":3,"box":{"x":184,"y":364,"width":683,"height":12}},{"id":"7b633418-0965-47d0-936a-0e103702a82a","block_type":"box","text":"non-U.S. corporate bonds, mortgage-backed pass-through securities (“MBS”), commercial","page_number":3,"box":{"x":184,"y":379,"width":662,"height":13}},{"id":"272eebfb-3de5-4da0-9688-4c598ffe4881","block_type":"box","text":"mortgage-backed securities (“CMBS”) (agency and non-agency), and asset-backed securities","page_number":3,"box":{"x":184,"y":395,"width":682,"height":12}},{"id":"b8627394-74d8-4dc5-8b67-513fee43a9e8","block_type":"box","text":"(“ABS”). U.S. Treasuries, government-related bonds and corporate bonds must have at least","page_number":3,"box":{"x":184,"y":410,"width":671,"height":13}},{"id":"050498e4-6a56-4531-be83-4cea1bfd44b0","block_type":"box","text":"$300 million par amount outstanding. MBS must have at least $1 billion par amount","page_number":3,"box":{"x":184,"y":426,"width":614,"height":12}},{"id":"f4f1660f-35aa-472d-afe9-1b4710ca7f4d","block_type":"box","text":"outstanding at the cohort level. ABS must have at least $500 million deal size at issuance and at","page_number":3,"box":{"x":184,"y":441,"width":696,"height":13}},{"id":"577fb842-df98-4405-8249-adc70a6964f0","block_type":"box","text":"least $25 million tranche size. CMBS must have at least $500 million deal size at issuance, at","page_number":3,"box":{"x":184,"y":457,"width":670,"height":11}},{"id":"fa98cef1-7a6d-4e63-9971-e463107c5f8a","block_type":"box","text":"least $300 million amount outstanding remaining in the deal and at least $25 million tranche","page_number":3,"box":{"x":184,"y":472,"width":677,"height":13}},{"id":"df72402c-035a-4d85-8a7b-666c84e6bd1e","block_type":"box","text":"size.","page_number":3,"box":{"x":184,"y":489,"width":34,"height":9}},{"id":"eaa2bcb6-cbf7-4e15-8cd2-1842fb514ea6","block_type":"box","text":"Most transactions in fixed-rate MBS occur through standardized contracts for future delivery in","page_number":3,"box":{"x":184,"y":511,"width":694,"height":13}},{"id":"478c9862-409c-4e06-9d5e-48172c0b5bfa","block_type":"box","text":"which the exact mortgage pools to be delivered are not specified until a few days prior to","page_number":3,"box":{"x":183,"y":526,"width":650,"height":13}},{"id":"1a3051e3-ba5a-4321-93b4-4765c863e1f4","block_type":"box","text":"settlement, known as to-be-announced transactions (“TBAs”). The Fund may regularly enter","page_number":3,"box":{"x":184,"y":542,"width":677,"height":13}},{"id":"fbd28bf0-1647-48be-9d19-f5d28c5a146a","block_type":"box","text":"into TBAs. The Fund, pending settlement of TBAs, will invest its assets in high-quality, liquid","page_number":3,"box":{"x":184,"y":557,"width":669,"height":13}},{"id":"6dbd8d40-3cf6-4d0f-a3d3-f956dc8f3410","block_type":"box","text":"short-term instruments, including shares of money market funds advised by BFA or its affiliates.","page_number":3,"box":{"x":184,"y":573,"width":699,"height":13}},{"id":"e8d8ad54-5d2a-4b7c-b807-dac300cefc58","block_type":"box","text":"The Fund will assume its pro rata share of the fees and expenses of any money market fund that","page_number":3,"box":{"x":183,"y":589,"width":703,"height":12}},{"id":"95b529a2-5118-4c59-801b-601773f27273","block_type":"box","text":"it may invest in, in addition to the Fund’s own fees and expenses. The Fund may also acquire","page_number":3,"box":{"x":184,"y":604,"width":675,"height":13}},{"id":"625830f6-29fa-4e50-b4e6-17c931f612dc","block_type":"box","text":"interests in mortgage pools through means other than such standardized contracts for future","page_number":3,"box":{"x":184,"y":620,"width":681,"height":12}},{"id":"5402b978-6229-43c5-839d-bc053e8c657f","block_type":"box","text":"delivery.","page_number":3,"box":{"x":184,"y":635,"width":63,"height":13}},{"id":"885ae5b0-df93-4bbb-8da0-deb9fd3f5705","block_type":"box","text":"Among the instruments excluded from the Underlying Index are tax-exempt municipal","page_number":3,"box":{"x":183,"y":658,"width":633,"height":13}},{"id":"5e9da5f4-d61b-4ba2-87c3-68d959d838b3","block_type":"box","text":"securities, inflation-linked bonds, floating-rate securities, structured notes, private placements","page_number":3,"box":{"x":184,"y":674,"width":680,"height":12}},{"id":"74ab6217-c14a-494f-b4b5-b2533720b069","block_type":"box","text":"(except for Rule 144A bonds with registration rights), Eurodollar issues and contingent capital","page_number":3,"box":{"x":184,"y":689,"width":680,"height":13}},{"id":"6f805a68-871e-4569-818b-bd891251f083","block_type":"box","text":"securities.","page_number":3,"box":{"x":184,"y":706,"width":71,"height":9}},{"id":"3fd2dfb9-2b11-4d99-a0be-defc2bb381ba","block_type":"box","text":"The Underlying Index is market capitalization-weighted, and its components are updated on the","page_number":3,"box":{"x":183,"y":728,"width":695,"height":13}},{"id":"87a2b5ca-a743-4d8c-b11b-7e7508b29289","block_type":"box","text":"last business day of each month.","page_number":3,"box":{"x":184,"y":744,"width":236,"height":12}},{"id":"363cf362-f2a4-40b1-a8bf-2f05e3b59321","block_type":"box","text":"As of August 3, 2026, the Underlying Index had approximately 10,590 constituents, and a","page_number":3,"box":{"x":183,"y":767,"width":649,"height":12}},{"id":"575d27c7-f3aa-46d3-8473-1de1acbc9793","block_type":"box","text":"significant portion of the Underlying Index was represented by MBS and U.S. Treasury securities.","page_number":3,"box":{"x":184,"y":782,"width":696,"height":13}},{"id":"8ed76ad5-d9c6-4103-9420-6af1ced83a45","block_type":"box","text":"The components of the Underlying Index are likely to change over time.","page_number":3,"box":{"x":183,"y":798,"width":518,"height":12}},{"id":"9160c173-9e1f-480f-afde-cf74a0b358d8","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and","page_number":3,"box":{"x":183,"y":821,"width":629,"height":13}},{"id":"d1f023fd-3235-4a5c-a272-3053aa8a5e05","block_type":"box","text":"expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the","page_number":3,"box":{"x":184,"y":837,"width":664,"height":12}},{"id":"9d00756e-4dfd-4d7c-b49a-646c04dd021e","block_type":"box","text":"Fund. “Representative sampling” is an indexing strategy that involves investing in a","page_number":3,"box":{"x":184,"y":852,"width":606,"height":13}},{"id":"ddaf027c-3073-4cce-a2ac-65d788694d8b","block_type":"box","text":"representative sample of securities or other instruments intended to collectively have an","page_number":3,"box":{"x":184,"y":868,"width":643,"height":12}},{"id":"3a820713-f650-4b3e-a16e-7b33c06f53fe","block_type":"box","text":"investment profile similar to that of an applicable underlying index. The instruments selected are","page_number":3,"box":{"x":184,"y":883,"width":703,"height":13}},{"id":"cbdc2919-3d66-4f8a-94a9-2bbb3039fd02","block_type":"box","text":"expected to have, in the aggregate, investment characteristics (based on factors such as market","page_number":3,"box":{"x":184,"y":899,"width":700,"height":12}},{"id":"a0079bc1-2880-4ddd-abfb-4d5021fb5b79","block_type":"box","text":"capitalization and industry weightings), fundamental characteristics (such as return variability","page_number":3,"box":{"x":184,"y":914,"width":680,"height":13}},{"id":"40b9f96a-3d9e-4446-bc47-e540d150ad2c","block_type":"box","text":"and yield) and liquidity measures similar to those of an applicable underlying index. The Fund","page_number":4,"box":{"x":184,"y":69,"width":680,"height":13}},{"id":"a591b677-a42e-424e-bd48-ea78031c4e74","block_type":"box","text":"may or may not hold all of the components of the Underlying Index. The Fund may use","page_number":4,"box":{"x":184,"y":85,"width":634,"height":12}},{"id":"302e6085-3c0e-47b9-a9b4-bf3c9906b256","block_type":"box","text":"derivatives to gain or reduce exposure to the components of the Underlying Index or exposure","page_number":4,"box":{"x":184,"y":100,"width":687,"height":13}},{"id":"df163cef-3962-4e13-a7d8-f8ce82e21877","block_type":"box","text":"to one or more market risk factors associated with such components. Subject to the limits","page_number":4,"box":{"x":183,"y":116,"width":658,"height":12}},{"id":"38db184a-1068-489b-9d07-772ea20c1438","block_type":"box","text":"described herein, the Fund may purchase and hold cash and cash equivalents, including shares","page_number":4,"box":{"x":184,"y":131,"width":692,"height":13}},{"id":"df26dc92-85d7-463c-b4c7-519cec351b9e","block_type":"box","text":"of money market funds advised by BFA or its affiliates, and may also purchase and hold","page_number":4,"box":{"x":184,"y":147,"width":638,"height":12}},{"id":"c14da25b-cc3b-4e0d-8d53-89484cb79814","block_type":"box","text":"instruments not included in the Underlying Index when BFA believes that such instruments will","page_number":4,"box":{"x":184,"y":162,"width":692,"height":13}},{"id":"8626a64b-0384-4e3d-97e1-a30835573728","block_type":"box","text":"help the Fund track the performance of the Underlying Index over time, including in light of","page_number":4,"box":{"x":184,"y":178,"width":664,"height":12}},{"id":"8017c1ff-1375-4bcf-a556-ddd563810a4e","block_type":"box","text":"expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":4,"box":{"x":184,"y":193,"width":669,"height":13}},{"id":"c2458068-9c88-4d17-890b-dfd04b33035c","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":4,"box":{"x":184,"y":209,"width":337,"height":12}},{"id":"69dc5d18-3e73-4b32-b0fb-745ec8e48d10","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the","page_number":4,"box":{"x":184,"y":232,"width":681,"height":13}},{"id":"cf5beab5-a3ba-47cc-baa0-66fac299c07a","block_type":"box","text":"“1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of","page_number":4,"box":{"x":184,"y":247,"width":700,"height":13}},{"id":"07ce2652-456a-4746-a4e4-5d0512d078cf","block_type":"box","text":"its net assets, plus the amount of any borrowings for investment purposes, in components of its","page_number":4,"box":{"x":184,"y":263,"width":700,"height":13}},{"id":"38ac21ab-2bc0-4d0a-a141-40d1f4e1e04b","block_type":"box","text":"Underlying Index. Investments in derivatives and other investments will be counted toward the","page_number":4,"box":{"x":184,"y":278,"width":690,"height":13}},{"id":"31d87890-4fd9-4593-b007-a36a7f9e7ec4","block_type":"box","text":"Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":4,"box":{"x":184,"y":294,"width":701,"height":13}},{"id":"791decf6-d2ff-42bf-a4b7-8560f45fc601","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such","page_number":4,"box":{"x":184,"y":309,"width":626,"height":13}},{"id":"5c97a7e9-0ae4-489e-b1cb-4978fe1aea1c","block_type":"box","text":"components. The Fund’s 80% investment policy may be changed by the Trust’s Board of","page_number":4,"box":{"x":184,"y":325,"width":648,"height":13}},{"id":"913b66b3-d6bd-416a-af20-c8dc587c3f19","block_type":"box","text":"Directors (the “Board”) upon 60 days’ notice to shareholders.","page_number":4,"box":{"x":184,"y":340,"width":448,"height":13}},{"id":"cd2ec916-714a-46a1-a0b5-01ad81546057","block_type":"box","text":"In addition, the Fund will invest at least 90% of its assets in fixed income securities of the types","page_number":4,"box":{"x":184,"y":364,"width":691,"height":12}},{"id":"739f5135-c02b-4718-8d0e-9cdeed32ab1e","block_type":"box","text":"included in the Underlying Index that BFA believes will help the Fund track the Underlying Index.","page_number":4,"box":{"x":184,"y":379,"width":700,"height":13}},{"id":"27e08939-291c-4a0b-b282-76e6e89eab9d","block_type":"box","text":"Additionally, the Fund will invest no more than 10% of its assets in futures, options and swaps","page_number":4,"box":{"x":183,"y":395,"width":688,"height":12}},{"id":"8b26aa24-365e-4730-bfc7-949a0ab1bb53","block_type":"box","text":"contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed","page_number":4,"box":{"x":184,"y":410,"width":660,"height":13}},{"id":"1ca8e9c8-2b1f-40aa-8aaf-9491f5766ac0","block_type":"box","text":"income securities other than the types included in the Underlying Index, but which BFA believes","page_number":4,"box":{"x":184,"y":426,"width":697,"height":12}},{"id":"debf9138-0012-42a1-b7f7-429201eb90ef","block_type":"box","text":"will help the Fund track the Underlying Index.","page_number":4,"box":{"x":183,"y":441,"width":333,"height":13}},{"id":"b2853cbf-7ae2-479f-9e37-518ff803150d","block_type":"box","text":"5.","page_number":4,"box":{"x":116,"y":465,"width":17,"height":9}},{"id":"6a7d2be8-1195-4992-8965-6b1f695a0ed2","block_type":"box","text":"Principal Risks:","page_number":4,"box":{"x":151,"y":464,"width":113,"height":13}},{"id":"3637f784-aec7-4b33-8c6c-4042dc95ada5","block_type":"box","text":"In the Fund Summary, the following risk disclosures are added under the “Summary of Principal","page_number":4,"box":{"x":151,"y":488,"width":697,"height":12}},{"id":"2fa9635d-cde8-4086-942e-8efd8183deed","block_type":"box","text":"Risks” heading:","page_number":4,"box":{"x":151,"y":503,"width":114,"height":13}},{"id":"65d7370e-29e3-4e00-9f64-53ae217696c8","block_type":"box","text":"Extension Risk","page_number":4,"box":{"x":184,"y":526,"width":110,"height":10}},{"id":"8a6f8a30-a2bc-4532-a91d-05c7aed3161a","block_type":"box","text":". During periods of rising interest rates, certain debt obligations may be paid off","page_number":4,"box":{"x":295,"y":526,"width":578,"height":13}},{"id":"f479e52c-065b-471e-9d8c-1142ce09ac36","block_type":"box","text":"substantially more slowly than originally anticipated and the value of those debt obligations may","page_number":4,"box":{"x":184,"y":542,"width":703,"height":13}},{"id":"f4fca721-944a-498a-a37b-cb374b81ece8","block_type":"box","text":"fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s","page_number":4,"box":{"x":183,"y":557,"width":696,"height":13}},{"id":"ad01b6f9-6c23-4796-a4ea-8a487cc88383","block_type":"box","text":"investments.","page_number":4,"box":{"x":184,"y":574,"width":96,"height":9}},{"id":"e8e369c7-df8b-490f-9dcf-f820beb8058b","block_type":"box","text":"Prepayment Risk","page_number":4,"box":{"x":184,"y":596,"width":128,"height":13}},{"id":"7bb206ef-3cee-4a22-8784-2825bd235ea6","block_type":"box","text":". During periods of falling interest rates, issuers of certain debt obligations may","page_number":4,"box":{"x":313,"y":596,"width":574,"height":13}},{"id":"b796cd4c-5e45-4ac6-a253-904eb932b241","block_type":"box","text":"repay principal prior to the debt obligation’s maturity, which may cause the Fund to have to","page_number":4,"box":{"x":184,"y":612,"width":668,"height":12}},{"id":"a235caa3-1f85-4747-8a19-ef88422f842a","block_type":"box","text":"reinvest in instruments with lower yields or a higher risk of default, resulting in a decline in the","page_number":4,"box":{"x":184,"y":627,"width":686,"height":13}},{"id":"0fbf16da-8c59-4c4e-8a9b-83479819ed62","block_type":"box","text":"Fund’s income or return potential.","page_number":4,"box":{"x":184,"y":643,"width":251,"height":12}},{"id":"7cd481a2-91d8-4aca-881f-6d6a4e1f6b4f","block_type":"box","text":"U.S. Agency Mortgage-Backed Securities Risk","page_number":4,"box":{"x":184,"y":666,"width":345,"height":13}},{"id":"afc35983-0f58-4cd3-afbd-e628324c4e84","block_type":"box","text":". MBS represent interests in “pools” of","page_number":4,"box":{"x":530,"y":666,"width":276,"height":13}},{"id":"4aeb6139-da5f-4ee3-aebe-f1fe61d234a3","block_type":"box","text":"mortgages and are subject to interest rate, prepayment, and extension risk. MBS may be issued","page_number":4,"box":{"x":184,"y":682,"width":689,"height":12}},{"id":"f1b69445-6b0c-43a2-adb6-6938a8288810","block_type":"box","text":"or guaranteed by the U.S. government or one of its agencies or sponsored entities. Some MBS","page_number":4,"box":{"x":184,"y":697,"width":679,"height":13}},{"id":"b0c04c1d-9fb5-4b8b-b7b7-5f1043f95739","block_type":"box","text":"may not be backed by the full faith and credit of the U.S. government and thus represent greater","page_number":4,"box":{"x":184,"y":713,"width":697,"height":12}},{"id":"7599fc55-f633-4a1c-8f6c-f592697b1756","block_type":"box","text":"credit risk. MBS react differently than other bonds to changes in interest rates due to","page_number":4,"box":{"x":184,"y":728,"width":611,"height":13}},{"id":"4f0ec55f-ded3-4e59-b755-1f5360ff829d","block_type":"box","text":"prepayment and extension risks. Small movements in interest rates (both increases and","page_number":4,"box":{"x":184,"y":744,"width":633,"height":12}},{"id":"807e2a74-8c46-4ea8-8a1e-eeb9ebfe9e79","block_type":"box","text":"decreases) may quickly and significantly reduce the value of certain MBS. MBS prices may","page_number":4,"box":{"x":184,"y":759,"width":651,"height":13}},{"id":"772ff501-c7a6-4fa4-975a-4df5756f07b5","block_type":"box","text":"reflect adverse economic and market conditions. MBS are subject to the risk of default on the","page_number":4,"box":{"x":184,"y":775,"width":675,"height":12}},{"id":"314f1f06-74a9-44e6-88e3-1dc6c0d5943f","block_type":"box","text":"underlying mortgage loans, particularly during periods of economic downturn. 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Amounts","page_number":10,"box":{"x":82,"y":179,"width":874,"height":11}},{"id":"2c5f64b8-0514-4364-9493-90e72f3cc989","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":10,"box":{"x":83,"y":193,"width":871,"height":11}},{"id":"41164ac0-5167-421b-a401-76fd00297839","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":10,"box":{"x":84,"y":207,"width":887,"height":11}},{"id":"2cef858d-095b-4c37-bb71-16d83695d55f","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":10,"box":{"x":84,"y":222,"width":795,"height":11}},{"id":"5cc47319-994e-4e0e-a96e-8cdfb8941677","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":10,"box":{"x":83,"y":236,"width":854,"height":10}},{"id":"0b46351c-d386-4635-819c-76d6d7c777b5","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":10,"box":{"x":82,"y":250,"width":829,"height":11}},{"id":"00bec98b-424a-41d1-b7c7-a5daff4a1554","block_type":"box","text":"extraordinary expenses.","page_number":10,"box":{"x":83,"y":264,"width":168,"height":11}},{"id":"fd8b3989-3fae-4a37-896f-a55a8887e8ac","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share","page_number":10,"box":{"x":82,"y":286,"width":879,"height":11}},{"id":"5eedccc8-9b1a-4842-a8b2-d00a2cc65611","block_type":"box","text":"of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of","page_number":10,"box":{"x":83,"y":300,"width":888,"height":11}},{"id":"70f20f22-db14-4842-b838-6a2ead24a188","block_type":"box","text":"Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to","page_number":10,"box":{"x":82,"y":314,"width":878,"height":11}},{"id":"c08a8f9c-aae1-4521-9a98-19c6bb368e05","block_type":"box","text":"average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).","page_number":10,"box":{"x":83,"y":328,"width":865,"height":12}},{"id":"46fa6e10-2f57-4760-bbf8-af6c6ecbfdb7","block_type":"box","text":"BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount","page_number":10,"box":{"x":84,"y":343,"width":863,"height":11}},{"id":"304c8e63-6ad8-4acc-a43a-3fee28aa25ed","block_type":"box","text":"equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds","page_number":10,"box":{"x":83,"y":357,"width":844,"height":11}},{"id":"8e5ec677-a075-4703-bb7d-826607efba89","block_type":"box","text":"advised by BFA, or its affiliates, through June 28, 2030. The contractual waiver may be terminated prior to June 28, 2030 only","page_number":10,"box":{"x":83,"y":371,"width":886,"height":11}},{"id":"93da259c-5e8d-45b5-bc3a-d60bc078400f","block_type":"box","text":"upon written agreement of the Trust and BFA.","page_number":10,"box":{"x":83,"y":385,"width":321,"height":11}},{"id":"c5744bb5-06de-4f21-9246-8ad187fc2c03","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":10,"box":{"x":82,"y":408,"width":830,"height":11}},{"id":"fe5052d9-9764-423e-9536-7c2a6d4d9045","block_type":"box","text":"reflected in the tables and examples below.","page_number":10,"box":{"x":83,"y":423,"width":316,"height":10}},{"id":"a2d5ea96-9a3e-4354-ae7c-81e9be4676e0","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":10,"box":{"x":87,"y":446,"width":761,"height":9}},{"id":"3472db5e-1d8e-4259-b63e-289367e9d60d","block_type":"box","text":"1","page_number":10,"box":{"x":849,"y":444,"width":5,"height":5}},{"id":"42ae250a-b751-429a-b0ed-a0ce31f0a589","block_type":"box","text":"Management Fee","page_number":10,"box":{"x":89,"y":466,"width":109,"height":9}},{"id":"80f77a45-3500-4256-8446-e1df57cff425","block_type":"box","text":"0.40%","page_number":10,"box":{"x":922,"y":466,"width":42,"height":7}},{"id":"7c3533ab-fb81-4bf0-b082-ec386b5a3521","block_type":"box","text":"Other Expenses","page_number":10,"box":{"x":88,"y":481,"width":99,"height":9}},{"id":"25167f35-a9ef-4aa2-9e1b-bf0b5f569a63","block_type":"box","text":"2","page_number":10,"box":{"x":188,"y":480,"width":5,"height":4}},{"id":"d171bb21-354a-43eb-8831-720f06c5026e","block_type":"box","text":"0.00%","page_number":10,"box":{"x":922,"y":481,"width":42,"height":8}},{"id":"916e7f34-769e-4bac-9d96-d0d5fee26d74","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":10,"box":{"x":87,"y":497,"width":216,"height":9}},{"id":"7e5c2914-11c6-4e4f-89a2-d8135434ab47","block_type":"box","text":"2","page_number":10,"box":{"x":305,"y":495,"width":5,"height":5}},{"id":"5b253907-af4e-46d7-b19c-afb1f86e3c0f","block_type":"box","text":"0.03%","page_number":10,"box":{"x":922,"y":497,"width":42,"height":7}},{"id":"933a0438-c696-42dc-9c35-6d9035169351","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":10,"box":{"x":87,"y":512,"width":246,"height":10}},{"id":"7c1e1750-b24f-4d85-8143-e1c8426ad5ed","block_type":"box","text":"0.43%","page_number":10,"box":{"x":922,"y":512,"width":42,"height":8}},{"id":"21698cec-bc66-400f-a9a8-ce3fde907c9e","block_type":"box","text":"Fee Waiver and/or Expense Reimbursement","page_number":10,"box":{"x":89,"y":528,"width":275,"height":9}},{"id":"77429ca8-9265-486a-b2f9-a98f7234bd21","block_type":"box","text":"(0.03)%","page_number":10,"box":{"x":918,"y":527,"width":50,"height":9}},{"id":"9e156373-3400-44b4-a484-a5c59a028dea","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.40%","page_number":10,"box":{"x":87,"y":543,"width":877,"height":10}},{"id":"85a74a9b-b131-4131-9fd1-284e4b4cb4b7","block_type":"box","text":"1","page_number":10,"box":{"x":110,"y":571,"width":5,"height":4}},{"id":"71b6b520-c62f-4a66-b8cd-f6e896408ed1","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":10,"box":{"x":123,"y":572,"width":788,"height":10}},{"id":"09bda88c-3102-4061-9349-7a707f30d7a5","block_type":"box","text":"2","page_number":10,"box":{"x":110,"y":581,"width":5,"height":4}},{"id":"f9e55909-1927-4422-b57f-89e2f949023c","block_type":"box","text":"Based on estimated amounts for the current fiscal year.","page_number":10,"box":{"x":124,"y":582,"width":347,"height":10}},{"id":"69382a23-379e-467e-be95-82922d41ce9f","block_type":"box","text":"Example.","page_number":10,"box":{"x":84,"y":602,"width":66,"height":10}},{"id":"4882c7f9-d48e-4ece-9aaa-2fe8d028c633","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":10,"box":{"x":154,"y":602,"width":795,"height":11}},{"id":"61553087-0b58-4f47-a7c5-10c540f65db6","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":10,"box":{"x":83,"y":616,"width":886,"height":11}},{"id":"470a462a-2e7a-4217-861d-e7ec3e20d79d","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":10,"box":{"x":83,"y":630,"width":870,"height":11}},{"id":"e780bdf6-f01a-47c4-a075-90f6827858d7","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":10,"box":{"x":84,"y":644,"width":887,"height":11}},{"id":"7a6a3d67-a1f3-4c38-812c-b44d47abc48e","block_type":"box","text":"your costs would be:","page_number":10,"box":{"x":82,"y":659,"width":143,"height":11}},{"id":"8b22e946-0bbc-4094-b614-c625a48fafb0","block_type":"box","text":"Expense Example","page_number":10,"box":{"x":88,"y":682,"width":115,"height":9}},{"id":"16b1d8fd-1036-410b-bd43-aebdac08732c","block_type":"box","text":"1 Year 3 Years","page_number":10,"box":{"x":857,"y":682,"width":117,"height":7}},{"id":"d25b66bb-790e-4cc9-99e4-0115d025bb56","block_type":"box","text":"Example Fund Costs","page_number":10,"box":{"x":89,"y":697,"width":128,"height":9}},{"id":"77cc6f2a-e92f-4205-b3b6-dd16cb855b82","block_type":"box","text":"$41 $128","page_number":10,"box":{"x":865,"y":697,"width":101,"height":8}},{"id":"8d70dd43-5c7f-41ed-94da-a8636349c4d0","block_type":"box","text":"Portfolio Turnover.","page_number":10,"box":{"x":84,"y":726,"width":136,"height":9}},{"id":"ea17f614-cd9f-415f-a5c2-64f9483c9b41","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":10,"box":{"x":225,"y":726,"width":721,"height":11}},{"id":"704d2995-7a6b-430a-a1bd-8f5bb331b16f","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":10,"box":{"x":83,"y":740,"width":884,"height":11}},{"id":"1845e745-7f5b-4505-8536-16278f25e950","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":10,"box":{"x":84,"y":755,"width":875,"height":11}},{"id":"aeab7fad-a6da-4a05-bfd2-6dc52bf376c7","block_type":"box","text":"the Example, affect the Fund’s performance. Because the Fund’s inception date (March 3, 2026) is after the most recent fiscal","page_number":10,"box":{"x":82,"y":769,"width":889,"height":10}},{"id":"30701bc6-d77b-4f77-8eab-782943e7ab93","block_type":"box","text":"year end, there is no reportable turnover.","page_number":10,"box":{"x":82,"y":783,"width":286,"height":11}},{"id":"67443bf3-323a-4209-a049-98fdf713e4f6","block_type":"box","text":"Principal Investment Strategies","page_number":10,"box":{"x":84,"y":812,"width":284,"height":13}},{"id":"c190f617-ec73-4b24-b04c-3bb74a86c1b9","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar LSTA US Leveraged Loan Broad Select Index (the","page_number":10,"box":{"x":82,"y":837,"width":819,"height":11}},{"id":"09c18725-3378-409b-898b-b1a385881514","block_type":"box","text":"“Underlying Index”), which was developed by Morningstar, Inc. (“Morningstar” or the “Index Provider”). The Underlying Index","page_number":10,"box":{"x":83,"y":851,"width":877,"height":11}},{"id":"366c7e51-ea1a-4c75-b145-c858f648d3bb","block_type":"box","text":"is a market value-weighted index designed to measure the performance of a subset of the U.S. dollar-denominated, senior","page_number":10,"box":{"x":83,"y":866,"width":863,"height":10}},{"id":"9edc50a1-33c1-493c-b06b-a270da010e6d","block_type":"box","text":"secured institutional floating rate loan market.","page_number":10,"box":{"x":83,"y":880,"width":328,"height":11}},{"id":"5f89393b-8ed6-4bd2-8c3c-fedde5f0dcd7","block_type":"box","text":"S-1","page_number":10,"box":{"x":524,"y":920,"width":23,"height":9}},{"id":"de0a0626-d7b8-4934-8aa5-4826b7f50843","block_type":"box","text":"Floating rate loans, which are also known as leveraged loans or bank loans, provide for periodic adjustment in the interest","page_number":11,"box":{"x":87,"y":23,"width":859,"height":11}},{"id":"8db3de8c-bbc2-4448-81f9-1e6a928e83c9","block_type":"box","text":"rate paid on the loan and are typically senior secured, below-investment grade instruments. These loans are characterized by","page_number":11,"box":{"x":84,"y":38,"width":883,"height":10}},{"id":"b2e5cfc3-b216-4b2a-ab5d-e7043801cd53","block_type":"box","text":"higher interest rates due to the increased risk associated with lending to borrowers with higher debt levels. They are often","page_number":11,"box":{"x":84,"y":52,"width":855,"height":10}},{"id":"0d593dba-0604-49b2-9295-6fc22617750b","block_type":"box","text":"used for refinancing debt, merger and acquisitions funding, or recapitalization. Such loans typically are secured by collateral","page_number":11,"box":{"x":83,"y":66,"width":879,"height":11}},{"id":"3f1a5c4b-bab2-4a0c-83ac-352b4331b557","block_type":"box","text":"such as borrowers’ property, equipment or intellectual property. Borrowers of floating rate loans operate in various industries","page_number":11,"box":{"x":83,"y":80,"width":882,"height":11}},{"id":"99977dc7-bd4f-4f39-a2b8-6ba21ada061a","block_type":"box","text":"and geographic areas, including non-U.S. jurisdictions.","page_number":11,"box":{"x":83,"y":94,"width":389,"height":11}},{"id":"15445285-58b6-4e50-8ee5-8fe2996d500c","block_type":"box","text":"To be eligible for inclusion in the Underlying Index, a loan must be a USD-denominated institutional first lien loan with (i) a","page_number":11,"box":{"x":86,"y":116,"width":866,"height":11}},{"id":"cd1e45b6-dec2-456d-b54d-8d044ee44d31","block_type":"box","text":"par amount outstanding of at least $1 billion, (ii) at least 18 months to final maturity and (iii) a rating of BB+ or lower by S&P","page_number":11,"box":{"x":84,"y":130,"width":875,"height":11}},{"id":"ace6aba8-b473-4104-879e-2d0f44a4ebf4","block_type":"box","text":"Global Ratings. Defaulted, D-rated, non-rated and payment in kind loans are excluded. Eligible loans must have at least 125","page_number":11,"box":{"x":83,"y":144,"width":876,"height":11}},{"id":"3ed85b00-a74f-4115-bd80-329a406c65f2","block_type":"box","text":"basis points of spread above the “base rate,” which the Index Provider defines as the average of the 30-day rolling average of","page_number":11,"box":{"x":84,"y":158,"width":878,"height":11}},{"id":"df87ef8c-87b5-4c2c-bcf4-172769b49a24","block_type":"box","text":"1-month CME Term SOFR and the 90-day rolling average of 3-month CME Term SOFR.","page_number":11,"box":{"x":83,"y":173,"width":616,"height":11}},{"id":"abf1872c-f801-495e-a0f4-ff641f980b90","block_type":"box","text":"All loans in the Underlying Index must be syndicated in the United States, but issuers may be domiciled or operate outside","page_number":11,"box":{"x":86,"y":195,"width":863,"height":10}},{"id":"7a341ed4-271d-4e0d-a890-89611883585c","block_type":"box","text":"the U.S. Constituent weights are subject to a 2% issuer cap.","page_number":11,"box":{"x":82,"y":209,"width":421,"height":11}},{"id":"16fb1705-5cc8-433a-ae55-7629a5b3c08e","block_type":"box","text":"The Underlying Index is reconstituted and rebalanced weekly. Existing constituents with less than 12 months remaining to","page_number":11,"box":{"x":86,"y":231,"width":866,"height":11}},{"id":"06dbed22-388d-4849-9e55-5eb24f11f356","block_type":"box","text":"final maturity or a par amount outstanding of less than $900 million are removed at each rebalance and reconstitution. Loans","page_number":11,"box":{"x":83,"y":244,"width":890,"height":12}},{"id":"b9acc47d-d389-4712-a1a1-2d1ecb91affa","block_type":"box","text":"that default, are downgraded to a D rating, are repaid or are no longer priced are removed at the next rebalance.","page_number":11,"box":{"x":82,"y":259,"width":787,"height":11}},{"id":"3e4816bf-4a99-44cb-9add-10da8609eba1","block_type":"box","text":"The Fund generally purchases loans from banks or other financial institutions through an assignment, in which the existing","page_number":11,"box":{"x":86,"y":281,"width":874,"height":11}},{"id":"7f9641dd-f31e-42f4-859c-43ed42b7a6f1","block_type":"box","text":"lender transfers its rights, interests and obligations in the assigned loan to the Fund. The Fund also generally sells loans that","page_number":11,"box":{"x":84,"y":295,"width":880,"height":11}},{"id":"6d927793-cb40-481b-a268-d722d4325d37","block_type":"box","text":"it holds through an assignment. In addition, the Fund may acquire or sell an interest in a loan through a participation, which","page_number":11,"box":{"x":83,"y":310,"width":876,"height":10}},{"id":"160ce92b-3991-4249-91a6-2c2c0234bb62","block_type":"box","text":"involves buying or selling a portion of a loan from another lender.","page_number":11,"box":{"x":83,"y":324,"width":459,"height":10}},{"id":"47669ed8-803c-4d03-b1e0-ed9debe3513b","block_type":"box","text":"As of February 28, 2026, there were 496 issues in the Underlying Index. As of February 28, 2026, a significant portion of the","page_number":11,"box":{"x":86,"y":345,"width":872,"height":11}},{"id":"6bf37ad5-d6c3-4200-8085-f54877476e6a","block_type":"box","text":"Underlying Index was represented by loans to companies in the consumer goods and services, industrials and technology","page_number":11,"box":{"x":84,"y":360,"width":860,"height":10}},{"id":"dbf97b59-155b-4b97-a7cd-c0dc7e3ca790","block_type":"box","text":"industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":11,"box":{"x":83,"y":374,"width":654,"height":11}},{"id":"320f1a2e-dd8a-4194-bf1c-3a8ce14bc455","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it","page_number":11,"box":{"x":84,"y":397,"width":877,"height":11}},{"id":"c1366eba-95ac-4ed6-bede-437f37f9ce8b","block_type":"box","text":"tracks and does not seek temporary defensive positions when markets decline or appear overvalued.","page_number":11,"box":{"x":82,"y":411,"width":709,"height":11}},{"id":"f624530f-7745-4ab3-9406-074677782dd4","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce","page_number":11,"box":{"x":84,"y":434,"width":853,"height":11}},{"id":"8409518e-8979-4963-b849-9674289ae58a","block_type":"box","text":"some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better","page_number":11,"box":{"x":83,"y":449,"width":857,"height":10}},{"id":"51dc07c8-d67b-4cb8-9cca-24ddcdd75039","block_type":"box","text":"after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":11,"box":{"x":83,"y":463,"width":863,"height":11}},{"id":"c7ad791c-8d61-4226-88af-51c606f180cf","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy","page_number":11,"box":{"x":84,"y":486,"width":887,"height":11}},{"id":"4f6fcd89-be1a-4861-967e-2d7f087599c9","block_type":"box","text":"that involves investing in a representative sample of securities or other instruments that collectively has an investment profile","page_number":11,"box":{"x":82,"y":500,"width":890,"height":11}},{"id":"32937de7-11f7-40ec-9665-c83f1712d48f","block_type":"box","text":"similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment","page_number":11,"box":{"x":83,"y":514,"width":886,"height":11}},{"id":"66420181-940d-4999-9ead-cf9bde88d660","block_type":"box","text":"characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return","page_number":11,"box":{"x":83,"y":528,"width":885,"height":11}},{"id":"8146186e-beaf-4109-a06e-6fb11e3e0cf6","block_type":"box","text":"variability, duration (","page_number":11,"box":{"x":82,"y":543,"width":146,"height":11}},{"id":"66f97238-be5a-4deb-83b7-9b2b31e6d155","block_type":"box","text":"i.e.","page_number":11,"box":{"x":229,"y":543,"width":17,"height":8}},{"id":"b4eb9950-d602-4fe2-a8df-d477b6ad782c","block_type":"box","text":", an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield)","page_number":11,"box":{"x":248,"y":543,"width":697,"height":11}},{"id":"7b1c0be8-9962-415c-8d1a-20c3b41aff83","block_type":"box","text":"and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the","page_number":11,"box":{"x":83,"y":557,"width":802,"height":11}},{"id":"f7170a5d-1611-480f-8b9f-bb76681a62ea","block_type":"box","text":"components of the Underlying Index.","page_number":11,"box":{"x":83,"y":571,"width":261,"height":11}},{"id":"63e6b7fe-dc69-401f-97f4-7715ed85be2c","block_type":"box","text":"The Fund will invest at least 80% of its assets in the components of the Underlying Index. The Fund may hold loans that have","page_number":11,"box":{"x":82,"y":594,"width":884,"height":11}},{"id":"93538d62-d655-4643-ae34-6bc900947eac","block_type":"box","text":"not yet entered the Underlying Index or that have been removed from the Underlying Index. For liquidity purposes, the Fund","page_number":11,"box":{"x":84,"y":608,"width":872,"height":11}},{"id":"86903312-ad7e-4d05-9ca6-ad65a42fe7fd","block_type":"box","text":"may invest in other types of instruments, including high-yield securities, derivatives (including interest rate futures and","page_number":11,"box":{"x":84,"y":623,"width":842,"height":10}},{"id":"898eea02-35bc-4a64-aa89-3f6b17a1e86f","block_type":"box","text":"swaps), ETFs, short-term government notes, repurchase agreements, commercial paper, non-index loans, high-quality","page_number":11,"box":{"x":83,"y":637,"width":839,"height":11}},{"id":"a3fb1e55-7694-4788-bc2e-7b76210c0e8d","block_type":"box","text":"collateralized loan obligations and cash. The Fund may also hold interest rate swaps or other derivatives for hedging","page_number":11,"box":{"x":83,"y":651,"width":821,"height":11}},{"id":"a1eba211-bd53-4f44-a206-91a535cdac78","block_type":"box","text":"purposes. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position","page_number":11,"box":{"x":84,"y":665,"width":873,"height":11}},{"id":"34480dcc-aa32-499c-ac86-ebb7bb8c2713","block_type":"box","text":"for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the","page_number":11,"box":{"x":83,"y":679,"width":873,"height":11}},{"id":"12b7598f-2485-4c34-8878-39343ae808ea","block_type":"box","text":"investment results of the Underlying Index before fees and expenses of the Fund.","page_number":11,"box":{"x":83,"y":694,"width":573,"height":10}},{"id":"165d89e8-f206-4ed4-8843-87370f692980","block_type":"box","text":"The Fund may acquire and hold common stocks, warrants or other equity securities (or rights to acquire such securities or","page_number":11,"box":{"x":86,"y":715,"width":863,"height":11}},{"id":"a1dfb7fa-0e0d-41af-8993-8a69dcd6cffb","block_type":"box","text":"warrants) in unit offerings with fixed income securities, in connection with an amendment, waiver, conversion or exchange of","page_number":11,"box":{"x":82,"y":730,"width":882,"height":10}},{"id":"bdbfbcee-581e-4c51-93fd-0a2264069466","block_type":"box","text":"fixed income securities, in connection with the bankruptcy or workout of a distressed fixed income security, or upon the","page_number":11,"box":{"x":83,"y":744,"width":841,"height":11}},{"id":"d8ea4b6c-e2b7-4d06-9fb6-f015ce973f32","block_type":"box","text":"exercise of a right or warrant obtained on account of a fixed income security.","page_number":11,"box":{"x":83,"y":758,"width":539,"height":11}},{"id":"784f7a13-e15f-4479-96a3-14e5a229c36b","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":11,"box":{"x":82,"y":781,"width":873,"height":11}},{"id":"745904d7-0c1d-4103-b2e0-3fdae804768b","block_type":"box","text":"collateral received).","page_number":11,"box":{"x":83,"y":795,"width":136,"height":10}},{"id":"08f9e2f9-9ac6-43bf-9d1b-856f0f872852","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":11,"box":{"x":82,"y":819,"width":889,"height":10}},{"id":"e56f2d01-4d13-4de3-b8b8-2e8ac3c8dea4","block_type":"box","text":"the composition and relative weightings of the loans in the Underlying Index and publishes information regarding the market","page_number":11,"box":{"x":82,"y":833,"width":887,"height":11}},{"id":"4aad7480-bb5c-4a8b-8639-10ed5a79ba70","block_type":"box","text":"value of the Underlying Index.","page_number":11,"box":{"x":82,"y":847,"width":211,"height":11}},{"id":"370eecfd-4f58-48e8-b765-6c0c23d2cd64","block_type":"box","text":"S-2","page_number":11,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"a28f052c-0f47-4429-aa1c-0c9f5074d5b5","block_type":"box","text":"Industry Concentration Policy.","page_number":12,"box":{"x":84,"y":23,"width":223,"height":11}},{"id":"07c95d57-f271-468d-a95a-ca2e45326902","block_type":"box","text":"The Fund will concentrate its investments (","page_number":12,"box":{"x":312,"y":23,"width":304,"height":9}},{"id":"8b9f2083-16e0-4e0e-b005-2bb034639238","block_type":"box","text":"i.e.","page_number":12,"box":{"x":617,"y":23,"width":17,"height":9}},{"id":"e36ebac4-e032-41f0-898b-eef9f9ebeb33","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":12,"box":{"x":636,"y":23,"width":292,"height":10}},{"id":"767af6c6-3f01-49ad-a662-9193bb3554a1","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":12,"box":{"x":84,"y":37,"width":858,"height":11}},{"id":"d1476e8d-25b8-4cea-a5c2-19da11ef44f0","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase","page_number":12,"box":{"x":84,"y":51,"width":840,"height":11}},{"id":"86125e59-b26b-4a58-8518-ed0a03cc9318","block_type":"box","text":"agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political","page_number":12,"box":{"x":83,"y":66,"width":879,"height":11}},{"id":"d3fefc11-99e4-46f9-8ad8-e37e6867be85","block_type":"box","text":"subdivisions are not considered to be issued by members of any industry.","page_number":12,"box":{"x":83,"y":80,"width":517,"height":11}},{"id":"14ebfe79-77ca-4df3-888e-2ee22c49efdc","block_type":"box","text":"Summary of Principal Risks","page_number":12,"box":{"x":83,"y":109,"width":248,"height":13}},{"id":"2e72fa30-456e-456a-b39f-d7f3846a0ad4","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":12,"box":{"x":82,"y":134,"width":882,"height":11}},{"id":"cadb4caa-b792-4953-b636-d0d9133939af","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":12,"box":{"x":83,"y":148,"width":825,"height":11}},{"id":"8257f9b9-a1a4-4bb7-8428-42a41ff05999","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":12,"box":{"x":83,"y":162,"width":807,"height":11}},{"id":"373c763d-4cf5-4752-a834-1e51d2768343","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":12,"box":{"x":83,"y":176,"width":844,"height":11}},{"id":"f673d432-ada5-4954-8d72-68f5e822a17e","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":12,"box":{"x":83,"y":191,"width":814,"height":11}},{"id":"c8bd2484-8357-4277-95f6-6914931be399","block_type":"box","text":"Leveraged Loans Risk.","page_number":12,"box":{"x":84,"y":214,"width":164,"height":11}},{"id":"0437ed77-0f06-41c9-8117-76958a53e209","block_type":"box","text":"Like other high yield debt instruments, leveraged loans are subject to increased risk of default in the","page_number":12,"box":{"x":254,"y":214,"width":705,"height":11}},{"id":"1e06eee5-0ba1-47d9-974d-ec7ab8c0cb9c","block_type":"box","text":"payment of principal and interest. Some leveraged loans are not as easily purchased or sold as publicly traded securities, and","page_number":12,"box":{"x":84,"y":228,"width":882,"height":11}},{"id":"b54511f7-edda-4b33-9702-e8837957c559","block_type":"box","text":"others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. The","page_number":12,"box":{"x":83,"y":242,"width":881,"height":11}},{"id":"e8eecac3-6fc4-42aa-8941-7b5df974a03d","block_type":"box","text":"customary form of new and/or restructured leveraged loans is known as “covenant lite” loans, which include contractual","page_number":12,"box":{"x":83,"y":256,"width":847,"height":11}},{"id":"abe544cc-25b7-4ad4-80ae-52b1edff8419","block_type":"box","text":"provisions that are more favorable to borrowers and offer less protection for lenders such as the Fund. Consequently, the","page_number":12,"box":{"x":84,"y":271,"width":851,"height":10}},{"id":"a845171d-9f30-4d68-8af5-92481885407d","block_type":"box","text":"Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than","page_number":12,"box":{"x":84,"y":285,"width":872,"height":11}},{"id":"d59789d6-a1b4-4893-ace1-e6bb89350f3b","block_type":"box","text":"its holdings of loans with financial maintenance covenants, which may result in losses. The settlement period for some","page_number":12,"box":{"x":83,"y":299,"width":838,"height":11}},{"id":"02abba60-42d4-493e-9078-fc4ff6d8c615","block_type":"box","text":"leveraged loans may be more than seven days.","page_number":12,"box":{"x":84,"y":313,"width":327,"height":11}},{"id":"1c052bfd-d236-4342-9c28-5e6ef3def9a3","block_type":"box","text":"There is less readily available, reliable information about most senior loans than is the case for many other types of securities.","page_number":12,"box":{"x":82,"y":336,"width":887,"height":11}},{"id":"8bf33c3d-d6b3-429a-a246-9d61e0fa34df","block_type":"box","text":"No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the","page_number":12,"box":{"x":84,"y":351,"width":884,"height":10}},{"id":"0d890136-daf6-41d6-ab90-3b6404e93846","block_type":"box","text":"event of the need to sell a loan and which may make it difficult to value a loan.","page_number":12,"box":{"x":83,"y":365,"width":549,"height":11}},{"id":"8fb8d2e7-9414-4c23-8a7d-132789fa61fe","block_type":"box","text":"An economic downturn generally leads to a higher non-payment rate for loans, and a loan may lose significant value before a","page_number":12,"box":{"x":82,"y":388,"width":884,"height":11}},{"id":"c6583de5-d584-4445-b20b-213506837d10","block_type":"box","text":"default occurs. Although leveraged loans generally are secured by specific collateral, such collateral may decline in value or","page_number":12,"box":{"x":83,"y":402,"width":871,"height":11}},{"id":"5d812c69-b4c7-4de1-af7c-2cb836f81e29","block_type":"box","text":"become illiquid, which would adversely affect the loan’s value. There can be no assurance that the liquidation of such","page_number":12,"box":{"x":84,"y":416,"width":824,"height":11}},{"id":"bf6c956e-ca23-4bd4-9e52-a1f32a7a3139","block_type":"box","text":"collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such","page_number":12,"box":{"x":83,"y":430,"width":874,"height":11}},{"id":"6880c4b1-da42-48ef-acb7-43e8acbe3177","block_type":"box","text":"collateral could be readily liquidated. To the extent that a loan is collateralized by stock in the borrower or its subsidiaries,","page_number":12,"box":{"x":83,"y":445,"width":854,"height":11}},{"id":"f10b1d6a-8c11-403a-aa2f-5f3e0def18d1","block_type":"box","text":"such stock may lose all of its value in the event of the borrower’s bankruptcy. Senior loans are subject to the risk that a court","page_number":12,"box":{"x":83,"y":459,"width":874,"height":11}},{"id":"3f234a66-3528-4e5a-a43a-61f2ae4d2b36","block_type":"box","text":"could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of","page_number":12,"box":{"x":83,"y":473,"width":870,"height":11}},{"id":"f762cbdd-bb1f-4cf4-825e-de68a1f7e88e","block_type":"box","text":"such loans.","page_number":12,"box":{"x":83,"y":487,"width":79,"height":9}},{"id":"c66ab55a-3dee-470b-93aa-b20cd5313ddc","block_type":"box","text":"High Yield Securities Risk.","page_number":12,"box":{"x":84,"y":510,"width":191,"height":11}},{"id":"e6d3fd09-da2f-45ad-9c36-b68d7b3950f3","block_type":"box","text":"Debt securities that are rated below investment grade (commonly referred to as “junk bonds”) and","page_number":12,"box":{"x":281,"y":510,"width":690,"height":11}},{"id":"c3e4ef4c-3353-49e4-b2fb-b7ca825126a4","block_type":"box","text":"debt securities that are unrated are generally considered to be speculative. Compared to higher-quality debt securities, high","page_number":12,"box":{"x":83,"y":525,"width":876,"height":10}},{"id":"bc789d91-bdf7-48b4-badb-5d512d0e4402","block_type":"box","text":"yield securities are subject to a greater risk of default, illiquidity, price volatility and valuation uncertainty. Such investments","page_number":12,"box":{"x":82,"y":539,"width":874,"height":11}},{"id":"5a81f4a6-8c93-473f-b51e-8709e51c435a","block_type":"box","text":"may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of","page_number":12,"box":{"x":84,"y":553,"width":890,"height":11}},{"id":"43bf0f75-2ad8-4294-907b-b15875bc9b1c","block_type":"box","text":"a regular trading market, prepayment risk, and lack of publicly available information.","page_number":12,"box":{"x":83,"y":567,"width":596,"height":11}},{"id":"2c12830a-8ff3-4b95-8573-05fe177a4fd6","block_type":"box","text":"Interest Rate Risk.","page_number":12,"box":{"x":84,"y":590,"width":134,"height":9}},{"id":"10da7672-4c72-458c-8799-3ddc428d1440","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":12,"box":{"x":223,"y":590,"width":743,"height":11}},{"id":"3a0a38cc-c2c0-41bf-8e82-8e10edee199a","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":12,"box":{"x":82,"y":605,"width":880,"height":10}},{"id":"a84f1598-a119-4c78-b00e-0a9dfab80184","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":12,"box":{"x":83,"y":619,"width":882,"height":11}},{"id":"7f75e978-176f-4e02-9324-92b7d81babf8","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":12,"box":{"x":83,"y":633,"width":845,"height":11}},{"id":"c97e9ff4-e6a8-4511-a5c6-4a68cc33f101","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":12,"box":{"x":83,"y":647,"width":870,"height":11}},{"id":"c1ca2ba2-b829-4d17-9bfb-d7caab42885b","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":12,"box":{"x":82,"y":661,"width":873,"height":11}},{"id":"2f73b094-acad-4f67-893f-60a09c376969","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":12,"box":{"x":83,"y":675,"width":866,"height":11}},{"id":"c220bfb0-3c0a-4417-b2e9-ba35b0535a62","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":12,"box":{"x":84,"y":690,"width":759,"height":10}},{"id":"f6d40ff8-f9b3-4b77-9bed-c26d0b6ebb40","block_type":"box","text":"Market Risk.","page_number":12,"box":{"x":84,"y":713,"width":90,"height":8}},{"id":"fbbc7a2f-00b1-4f63-ace5-6cd05ccfe5ff","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":12,"box":{"x":179,"y":713,"width":767,"height":11}},{"id":"f45c5790-77a6-4cf3-879b-fd8434588bdd","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":12,"box":{"x":83,"y":727,"width":882,"height":11}},{"id":"18f7c000-13a9-469b-ab4a-f6346589a914","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":12,"box":{"x":84,"y":741,"width":857,"height":11}},{"id":"58c09b5e-c320-4061-9816-39f46f97536b","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":12,"box":{"x":83,"y":755,"width":875,"height":11}},{"id":"1ca1a18f-4668-4599-a255-72271839453e","block_type":"box","text":"Fund’s NAV.","page_number":12,"box":{"x":84,"y":770,"width":81,"height":8}},{"id":"fb433103-d48a-4fe7-bdf8-3ade2fd5d1ca","block_type":"box","text":"Index-Related Risk.","page_number":12,"box":{"x":84,"y":793,"width":143,"height":8}},{"id":"f5bf3ac9-0b82-43c7-aa4b-07eedef4f7dc","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":12,"box":{"x":231,"y":793,"width":742,"height":11}},{"id":"3dae7df2-a682-40ce-b438-6d80061ac10b","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":12,"box":{"x":84,"y":807,"width":855,"height":11}},{"id":"7a3450ae-4822-44b5-b1a3-07c8f5b09ab7","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":12,"box":{"x":83,"y":821,"width":852,"height":11}},{"id":"f06fe200-0a53-46fb-9d17-5cc0266ffc39","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":12,"box":{"x":83,"y":836,"width":877,"height":10}},{"id":"2d9c22a6-a34d-4385-86b1-ff8ec489fbba","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":12,"box":{"x":82,"y":849,"width":849,"height":11}},{"id":"67aeb6b3-3ff0-4d2d-8b22-fb75d4a32ca2","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":12,"box":{"x":83,"y":864,"width":849,"height":10}},{"id":"046594f4-3843-4b79-b0b1-ec2a49c3aeac","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":12,"box":{"x":84,"y":878,"width":890,"height":11}},{"id":"de3ba1e6-9af9-4bd4-bf3a-b7eea5b07e05","block_type":"box","text":"S-3","page_number":12,"box":{"x":524,"y":920,"width":23,"height":9}},{"id":"45ff83a8-012e-431a-aaca-7f072c9cf93e","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":13,"box":{"x":84,"y":23,"width":852,"height":11}},{"id":"21d8945a-1cc7-490b-a648-5e2788426cdd","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":13,"box":{"x":83,"y":37,"width":539,"height":11}},{"id":"8717b60a-7b66-4fe9-8a84-041738582fad","block_type":"box","text":"Asset Class Risk.","page_number":13,"box":{"x":82,"y":60,"width":123,"height":9}},{"id":"155c939b-9aab-4110-a5dd-c6f2812e9138","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":13,"box":{"x":209,"y":60,"width":721,"height":11}},{"id":"aa38f3ef-1299-45bd-8093-603c9799dd93","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":13,"box":{"x":83,"y":75,"width":774,"height":11}},{"id":"4bf28417-2ce6-45e2-9eb5-91cd7c550cd7","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":13,"box":{"x":82,"y":98,"width":291,"height":11}},{"id":"061fc5ec-0c2c-4dec-a281-e6560ad95407","block_type":"box","text":"From time to time, an Authorized Participant (as defined below in","page_number":13,"box":{"x":379,"y":98,"width":458,"height":10}},{"id":"a1c1cc62-b421-4543-9cbf-9521df993e80","block_type":"box","text":"Authorized","page_number":13,"box":{"x":841,"y":98,"width":77,"height":8}},{"id":"f9a1f763-93c0-45d9-8072-39ca974e9812","block_type":"box","text":"Participant Concentration Risk","page_number":13,"box":{"x":83,"y":112,"width":215,"height":11}},{"id":"5ce9939f-ee56-46a8-a2f1-f62003a41f4e","block_type":"box","text":"), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund","page_number":13,"box":{"x":298,"y":112,"width":647,"height":11}},{"id":"42d19322-97f5-4825-850c-4d4acfcff281","block_type":"box","text":"may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There","page_number":13,"box":{"x":84,"y":126,"width":865,"height":11}},{"id":"7cd2e18c-f2c0-4c10-82ce-217198129e6e","block_type":"box","text":"can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at","page_number":13,"box":{"x":83,"y":140,"width":890,"height":11}},{"id":"ace0dbad-50db-446e-9c34-a753daea2322","block_type":"box","text":"such levels, which could negatively impact the Fund.","page_number":13,"box":{"x":83,"y":155,"width":370,"height":10}},{"id":"76cb0893-2133-44d3-8da1-f4a1f939e814","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":13,"box":{"x":82,"y":178,"width":318,"height":10}},{"id":"1dd0ac17-ff1f-4b05-91ff-57abde5f0e2d","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":13,"box":{"x":405,"y":178,"width":531,"height":11}},{"id":"5580928a-7f9a-4898-aa82-c6f098552a46","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":13,"box":{"x":84,"y":192,"width":809,"height":11}},{"id":"f476bccb-6487-440f-8d92-723474b2c6aa","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":13,"box":{"x":82,"y":206,"width":816,"height":11}},{"id":"18e16ccf-a532-4e11-8f9d-50278f1f0208","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":13,"box":{"x":82,"y":221,"width":885,"height":10}},{"id":"39f8cc07-b648-4539-b61c-87f160e1c285","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":13,"box":{"x":83,"y":235,"width":871,"height":10}},{"id":"32d40e3e-69f0-4c35-93a8-27a0250679e7","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":13,"box":{"x":84,"y":249,"width":845,"height":11}},{"id":"6024252e-c4f3-4b76-bfb9-fd81867e9635","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":13,"box":{"x":82,"y":263,"width":882,"height":10}},{"id":"c2bc1d37-4cea-42c3-aee1-32f45c58791a","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":13,"box":{"x":84,"y":277,"width":853,"height":11}},{"id":"010e33df-9b56-4079-b210-9cfc61d2e244","block_type":"box","text":"halts or delisting.","page_number":13,"box":{"x":84,"y":292,"width":120,"height":10}},{"id":"72d8fe09-8ab4-4c4b-879b-8afb29b24803","block_type":"box","text":"Call Risk.","page_number":13,"box":{"x":83,"y":314,"width":66,"height":9}},{"id":"17bfa70a-7bba-4081-a7fd-5d521817bae8","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may “call” or repay","page_number":13,"box":{"x":155,"y":314,"width":799,"height":11}},{"id":"48788eeb-2a7b-4480-a67d-ac61d98497e6","block_type":"box","text":"the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower","page_number":13,"box":{"x":82,"y":329,"width":848,"height":11}},{"id":"01d2e819-98ad-448e-a051-33988a6be208","block_type":"box","text":"yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable","page_number":13,"box":{"x":82,"y":343,"width":867,"height":11}},{"id":"aa09fa13-0ee9-4420-9013-6e2d565252ab","block_type":"box","text":"features.","page_number":13,"box":{"x":83,"y":357,"width":61,"height":9}},{"id":"699fa9f1-b4ff-4d5b-a171-755aea2c0c33","block_type":"box","text":"Concentration Risk.","page_number":13,"box":{"x":83,"y":380,"width":145,"height":9}},{"id":"dbf6a668-a3c6-4874-944b-6ed7708ee9e5","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":13,"box":{"x":232,"y":380,"width":712,"height":11}},{"id":"3c0e0f62-9b0e-4fd5-9f97-cc9442566e97","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":13,"box":{"x":83,"y":394,"width":884,"height":10}},{"id":"2aebfe78-820f-4d33-bd29-bd38370c051e","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":13,"box":{"x":82,"y":409,"width":887,"height":10}},{"id":"9f778ea7-9827-42a3-9b8f-f8eaff2674a1","block_type":"box","text":"asset classes.","page_number":13,"box":{"x":83,"y":423,"width":95,"height":8}},{"id":"1039d066-c700-41b1-a44d-c784d60402b4","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":13,"box":{"x":83,"y":446,"width":349,"height":10}},{"id":"5f0e7af9-282d-4784-a35c-a7c699100625","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":13,"box":{"x":438,"y":446,"width":517,"height":11}},{"id":"17527a99-365a-48eb-9046-aad7a7f8636e","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":13,"box":{"x":83,"y":460,"width":880,"height":11}},{"id":"0df5c9e2-2d68-4eff-be9f-4f261ed5003e","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":13,"box":{"x":82,"y":475,"width":605,"height":10}},{"id":"83851de2-1bdd-4e22-a7ee-f6ecef89faa6","block_type":"box","text":"Credit Risk.","page_number":13,"box":{"x":83,"y":497,"width":84,"height":9}},{"id":"284d37d0-5dee-4bdb-a6d3-209b6e66081e","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":13,"box":{"x":172,"y":498,"width":777,"height":10}},{"id":"48357d49-e826-4dfc-820e-d158e0951432","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":13,"box":{"x":83,"y":512,"width":891,"height":11}},{"id":"c35bff01-793d-47a1-98c8-5d9c84b75dee","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":13,"box":{"x":83,"y":526,"width":869,"height":11}},{"id":"a5cb2d15-e274-4f6b-ac5d-c4382d683fc1","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":13,"box":{"x":83,"y":540,"width":890,"height":11}},{"id":"9bb1f82d-c881-4554-81b3-3b26ca488f83","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":13,"box":{"x":83,"y":554,"width":851,"height":11}},{"id":"6ed59ddd-2cdc-48e2-84d8-5cacaac4bb56","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":13,"box":{"x":83,"y":568,"width":809,"height":11}},{"id":"72f687b3-7ec3-4a79-bae5-7265da6c05b2","block_type":"box","text":"Extension Risk.","page_number":13,"box":{"x":84,"y":592,"width":111,"height":8}},{"id":"4ff34f26-b1bb-4ba3-bec6-fc47700c81f1","block_type":"box","text":"During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly","page_number":13,"box":{"x":201,"y":592,"width":737,"height":10}},{"id":"fe402972-b612-4d26-96f8-79c520ed831a","block_type":"box","text":"than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income","page_number":13,"box":{"x":82,"y":606,"width":890,"height":11}},{"id":"e1531233-f22c-4230-bfbc-a363356e70ea","block_type":"box","text":"and potentially in the value of the Fund’s investments.","page_number":13,"box":{"x":83,"y":620,"width":381,"height":11}},{"id":"a7a57382-ebae-429d-aa86-84984369138e","block_type":"box","text":"Floating Rate Securities Risk.","page_number":13,"box":{"x":84,"y":643,"width":214,"height":11}},{"id":"338f8dba-9008-467e-9d75-1a03dbde14ca","block_type":"box","text":"Securities with floating or variable interest rates can be less sensitive to interest rate changes","page_number":13,"box":{"x":303,"y":643,"width":658,"height":11}},{"id":"ce4f1c84-4698-46c4-9c56-a3c55dbd8bed","block_type":"box","text":"than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as","page_number":13,"box":{"x":82,"y":657,"width":863,"height":11}},{"id":"19a23578-9454-4e10-b913-d777fc3c9f60","block_type":"box","text":"comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. Although","page_number":13,"box":{"x":83,"y":672,"width":835,"height":10}},{"id":"bf958375-a15d-47e4-9877-b66d73b05f17","block_type":"box","text":"floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and","page_number":13,"box":{"x":83,"y":686,"width":843,"height":11}},{"id":"43d0f760-2b39-41d4-80a2-b5573d11048d","block_type":"box","text":"default risk, which could impair their value.","page_number":13,"box":{"x":83,"y":700,"width":302,"height":10}},{"id":"b0a89d04-89e2-45ec-bc1b-7615609ad34c","block_type":"box","text":"Income Risk.","page_number":13,"box":{"x":84,"y":723,"width":92,"height":9}},{"id":"16a0bb95-01b7-48f1-b360-622eeb4cbe49","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":13,"box":{"x":181,"y":723,"width":770,"height":11}},{"id":"b7fb476b-106a-4f3f-b9c7-0f06d769085e","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":13,"box":{"x":84,"y":737,"width":881,"height":11}},{"id":"8319a3e8-22da-4d4e-a763-3de87370bc8c","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":13,"box":{"x":84,"y":752,"width":841,"height":10}},{"id":"b2a51926-382e-4788-8e0f-eb5b14eeb043","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":13,"box":{"x":84,"y":766,"width":876,"height":11}},{"id":"d7990389-a189-48dc-ba83-335d6367ce94","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":13,"box":{"x":83,"y":780,"width":579,"height":11}},{"id":"5e33af9f-fd76-4bef-a4a9-52cf8eaaac90","block_type":"box","text":"Industrial Companies Risk.","page_number":13,"box":{"x":84,"y":803,"width":196,"height":11}},{"id":"f2d65e23-f35f-4937-bb44-82c31e00420b","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":13,"box":{"x":286,"y":803,"width":684,"height":11}},{"id":"945c4b57-98da-43c0-b202-1f442d2c2953","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":13,"box":{"x":84,"y":817,"width":880,"height":11}},{"id":"e65507c3-0cdb-4dcc-92ec-c1cd6abd2955","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":13,"box":{"x":83,"y":831,"width":868,"height":11}},{"id":"815c0466-69e8-489a-a573-8f41e2f9077f","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":13,"box":{"x":83,"y":846,"width":860,"height":10}},{"id":"2ddaf326-a611-4c32-98b3-dd3ea4191404","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":13,"box":{"x":84,"y":860,"width":862,"height":11}},{"id":"42b28b85-3bfa-46f2-97a1-3f479dc66fc7","block_type":"box","text":"S-4","page_number":13,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"a3ff6b2b-e20c-4846-a612-7c33b5166a00","block_type":"box","text":"Issuer Risk.","page_number":14,"box":{"x":84,"y":23,"width":82,"height":9}},{"id":"418f97c5-46d6-4c94-af05-900c3aa80013","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":14,"box":{"x":170,"y":23,"width":780,"height":11}},{"id":"a8bb68bd-fc46-48f5-8406-662c3edfa934","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":14,"box":{"x":84,"y":37,"width":885,"height":11}},{"id":"f9303b4c-7b74-45e9-a8e2-6a24ea7a7404","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":14,"box":{"x":82,"y":52,"width":577,"height":10}},{"id":"d4d459e2-bf9b-457e-8caf-bbf3a115a974","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":14,"box":{"x":84,"y":75,"width":394,"height":11}},{"id":"95437352-b0e0-45c4-88b5-8db4d2cf07ff","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":14,"box":{"x":484,"y":75,"width":410,"height":11}},{"id":"a49199c5-203a-4cb2-8416-1cfa903ff21a","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":14,"box":{"x":84,"y":89,"width":882,"height":11}},{"id":"3514d22f-182f-4a0a-8ea4-12c6287e7ed2","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":14,"box":{"x":83,"y":103,"width":884,"height":11}},{"id":"8bfdf3af-4360-4f8c-97d0-4726cf6fcf9b","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":14,"box":{"x":84,"y":117,"width":872,"height":11}},{"id":"a081957e-7f6b-47ea-9184-e2d706906a1a","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":14,"box":{"x":83,"y":131,"width":813,"height":11}},{"id":"83127bba-fb0e-4fad-b76b-f95a672db38d","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":14,"box":{"x":84,"y":146,"width":889,"height":10}},{"id":"6d95c6e1-22c8-4a8a-84b7-a771cc979b39","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":14,"box":{"x":82,"y":160,"width":891,"height":10}},{"id":"1ecc1247-cc75-4e61-92e5-032edfced7ab","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":14,"box":{"x":84,"y":174,"width":836,"height":11}},{"id":"d4baf778-7da3-48e7-9c56-095e3beab921","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":14,"box":{"x":84,"y":188,"width":810,"height":11}},{"id":"8becc8f4-a49f-410e-9193-528be4ef8a6b","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":14,"box":{"x":83,"y":202,"width":861,"height":11}},{"id":"f25eeefc-13ba-459c-a948-087d1cf4dd55","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":14,"box":{"x":84,"y":216,"width":874,"height":11}},{"id":"e625ab62-0ff8-4930-904c-c3f2b3be5c75","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":14,"box":{"x":82,"y":231,"width":654,"height":11}},{"id":"9907cc23-64f9-4268-8484-bce0f0f8f7af","block_type":"box","text":"Management Risk.","page_number":14,"box":{"x":84,"y":254,"width":136,"height":11}},{"id":"faf1ceca-5f7e-405c-be4a-b7d323e56080","block_type":"box","text":"The Fund generally does not attempt to take defensive positions under any market conditions, including","page_number":14,"box":{"x":225,"y":254,"width":735,"height":11}},{"id":"c07004b5-135f-4c6b-94a1-fabdbe5bade0","block_type":"box","text":"declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not","page_number":14,"box":{"x":83,"y":268,"width":833,"height":11}},{"id":"ac54971c-1404-49e9-88a1-4a28fec13f51","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended","page_number":14,"box":{"x":83,"y":282,"width":864,"height":11}},{"id":"57efcc5f-5da0-4c91-bd65-7157f33eded4","block_type":"box","text":"results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the","page_number":14,"box":{"x":84,"y":296,"width":824,"height":11}},{"id":"feb3f57d-1b60-4daa-9c7a-76c4efea6c3c","block_type":"box","text":"Underlying Index or that the Fund will achieve its investment objective.","page_number":14,"box":{"x":84,"y":311,"width":498,"height":10}},{"id":"d0403b7f-1b39-4116-9138-14eb5e76be15","block_type":"box","text":"Market Trading Risk.","page_number":14,"box":{"x":84,"y":334,"width":151,"height":11}},{"id":"ce650359-77b2-42d4-a895-a12992d1834e","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":14,"box":{"x":239,"y":334,"width":695,"height":11}},{"id":"c5d58b45-a750-4072-bef9-de68d34ab8ac","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":14,"box":{"x":84,"y":348,"width":841,"height":11}},{"id":"7b3e0782-c741-435c-aac0-9361fd6bcb4d","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":14,"box":{"x":83,"y":362,"width":887,"height":11}},{"id":"3bae9b03-6e84-407e-b6e1-48dd48a6cbc7","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":14,"box":{"x":83,"y":376,"width":839,"height":11}},{"id":"714ff3fa-a91b-498d-badb-717a3d186104","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":14,"box":{"x":84,"y":391,"width":865,"height":10}},{"id":"66a6523c-c310-4077-9b35-b6f148dd09d9","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":14,"box":{"x":82,"y":405,"width":885,"height":11}},{"id":"a6fe1606-f742-469e-bad8-14f0212b23f9","block_type":"box","text":"of the Fund shares.","page_number":14,"box":{"x":83,"y":419,"width":135,"height":8}},{"id":"2ecaaa7e-ffe9-44d6-a6d4-0fdfc0bd808f","block_type":"box","text":"Operational and Technology Risks.","page_number":14,"box":{"x":83,"y":442,"width":255,"height":11}},{"id":"d96895a0-7ef3-403d-a3d7-d97c392e6a77","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":14,"box":{"x":342,"y":442,"width":582,"height":11}},{"id":"13329203-b7b4-44f5-be1d-eb151108400c","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":14,"box":{"x":83,"y":456,"width":876,"height":11}},{"id":"e95d09bd-5386-4656-8a5b-44bcc1fed5ff","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":14,"box":{"x":83,"y":470,"width":879,"height":11}},{"id":"a0efa403-5721-484f-868e-1ddb73b7024c","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":14,"box":{"x":83,"y":485,"width":825,"height":10}},{"id":"6b9f14e1-4a60-4549-9225-f85095237f80","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":14,"box":{"x":83,"y":499,"width":863,"height":11}},{"id":"fe8c45dc-fea7-410e-bb42-2b76f9d51a20","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":14,"box":{"x":83,"y":513,"width":872,"height":11}},{"id":"2648f1e1-7cf9-433c-8051-965abdf03af9","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":14,"box":{"x":84,"y":527,"width":823,"height":11}},{"id":"2ff4730a-ad87-42ee-8445-975d0e3c5f1f","block_type":"box","text":"Prepayment Risk.","page_number":14,"box":{"x":84,"y":550,"width":128,"height":11}},{"id":"ad0b58f2-a243-439f-945a-bbdd885cb5e1","block_type":"box","text":"During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the","page_number":14,"box":{"x":218,"y":550,"width":742,"height":11}},{"id":"d54e1642-3c7e-4851-b03e-de4736fe886d","block_type":"box","text":"debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of","page_number":14,"box":{"x":83,"y":565,"width":867,"height":10}},{"id":"6a74d225-0192-4c4f-97b5-3311df0efd6b","block_type":"box","text":"default, resulting in a decline in the Fund’s income or return potential.","page_number":14,"box":{"x":83,"y":579,"width":493,"height":11}},{"id":"91a8b4e8-79f3-48ee-a243-a0b3ccad87a8","block_type":"box","text":"Risk of Investing in the U.S.","page_number":14,"box":{"x":84,"y":602,"width":200,"height":11}},{"id":"93e7a514-8dd0-4ab4-9a4f-a240663722e7","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":14,"box":{"x":289,"y":602,"width":664,"height":11}},{"id":"22289f48-400d-40b5-96d5-61e06db14e8e","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":14,"box":{"x":83,"y":616,"width":878,"height":11}},{"id":"efeb74ac-6806-4984-9ed1-7af9eca4fe10","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":14,"box":{"x":83,"y":630,"width":470,"height":11}},{"id":"7d7a6322-f979-4f03-8e95-d44b12a73bd3","block_type":"box","text":"Securities Lending Risk.","page_number":14,"box":{"x":83,"y":653,"width":177,"height":11}},{"id":"c8fbc50b-a22d-4753-b71b-18cefedfafb0","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":14,"box":{"x":264,"y":654,"width":692,"height":10}},{"id":"ce56726a-07af-4aca-b4e0-13ea8ecbc3a3","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":14,"box":{"x":84,"y":668,"width":869,"height":11}},{"id":"700421c5-7819-4b51-8900-fe7823a5cba9","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":14,"box":{"x":83,"y":682,"width":886,"height":11}},{"id":"cc19820e-1672-466a-b673-1ecf65fb6d21","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":14,"box":{"x":83,"y":696,"width":831,"height":11}},{"id":"6ee319c0-abb1-4678-ba2a-996b4b01392d","block_type":"box","text":"Small Fund Risk.","page_number":14,"box":{"x":83,"y":719,"width":121,"height":9}},{"id":"d9f35090-1d84-4714-9190-6d3de68f24d3","block_type":"box","text":"When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The","page_number":14,"box":{"x":209,"y":719,"width":750,"height":11}},{"id":"43a03473-0870-4e64-a894-45e96aefd9f4","block_type":"box","text":"Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset","page_number":14,"box":{"x":84,"y":733,"width":868,"height":11}},{"id":"8a15504c-ce9c-4b25-a292-434b92398f5d","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or","page_number":14,"box":{"x":84,"y":747,"width":889,"height":11}},{"id":"f6079a45-673f-4999-84ec-5fae35f5db92","block_type":"box","text":"sold at a discount to similar “round lot” bonds. The prices used by the Fund may differ from the value that would be realized if","page_number":14,"box":{"x":83,"y":762,"width":884,"height":11}},{"id":"fbdeb85d-04e8-45bf-b7ea-bb9c5974f4e0","block_type":"box","text":"these securities were sold, and the impact of such pricing differences on a Fund’s performance may be heightened when the","page_number":14,"box":{"x":82,"y":776,"width":880,"height":11}},{"id":"60fe2ec0-deeb-4787-8a81-04f4b7986780","block_type":"box","text":"Fund’s size is small. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by","page_number":14,"box":{"x":84,"y":790,"width":865,"height":11}},{"id":"f0a206b3-6278-4920-ab36-e213a654adda","block_type":"box","text":"the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative","page_number":14,"box":{"x":82,"y":804,"width":882,"height":11}},{"id":"daf0bdd8-0efc-4aad-9e3e-40efac7adf63","block_type":"box","text":"tax consequences for its shareholders.","page_number":14,"box":{"x":82,"y":819,"width":272,"height":10}},{"id":"fb30f09e-3c2b-46e0-900e-45aeb4bfbe75","block_type":"box","text":"Technology Companies Risk.","page_number":14,"box":{"x":82,"y":842,"width":211,"height":11}},{"id":"775140fd-453f-4400-9cbd-335d0d76c8ce","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":14,"box":{"x":298,"y":842,"width":656,"height":11}},{"id":"27a5abf5-8718-4070-89e1-0dfe3ec3906f","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":14,"box":{"x":84,"y":856,"width":848,"height":11}},{"id":"319b0df4-f8bd-4721-95cc-cb771df3e384","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":14,"box":{"x":83,"y":870,"width":887,"height":11}},{"id":"4cb4d2b5-ea85-4993-b2cf-d67c61eaae55","block_type":"box","text":"S-5","page_number":14,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"1ab40046-49e6-4311-a1e1-07d60e27b9eb","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":15,"box":{"x":83,"y":23,"width":884,"height":11}},{"id":"05095dcd-b59f-4c21-88e9-641171f1a812","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":15,"box":{"x":82,"y":37,"width":839,"height":11}},{"id":"3d8f8d49-55e8-4a1c-9586-ae2230566531","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":15,"box":{"x":83,"y":52,"width":870,"height":10}},{"id":"6ddc225d-3518-4600-84c2-e48db6b88c3c","block_type":"box","text":"government or legal action.","page_number":15,"box":{"x":83,"y":66,"width":193,"height":11}},{"id":"d71c53e5-35d7-45a3-a4d5-1929b0f4a7b7","block_type":"box","text":"Tracking Error Risk.","page_number":15,"box":{"x":82,"y":89,"width":145,"height":11}},{"id":"f5d1f858-9958-4181-93d2-cf17901fe3b3","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":15,"box":{"x":231,"y":89,"width":741,"height":11}},{"id":"4ce8c136-7198-44f1-bf66-517f921c4cbb","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":15,"box":{"x":83,"y":103,"width":861,"height":11}},{"id":"4afbbcc0-2133-421c-8531-4ee2fbbb6894","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":15,"box":{"x":83,"y":117,"width":832,"height":11}},{"id":"71e37203-d7e7-4ef7-bbc8-87ec7b076c3d","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":15,"box":{"x":84,"y":132,"width":880,"height":10}},{"id":"3403ff7e-05ff-470c-9983-4136203c340d","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":15,"box":{"x":84,"y":146,"width":830,"height":10}},{"id":"10635847-544f-40e3-865d-5ec43fe8a8ca","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":15,"box":{"x":82,"y":160,"width":828,"height":11}},{"id":"343f0fce-4366-4969-98ec-e3913e449225","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":15,"box":{"x":83,"y":174,"width":874,"height":11}},{"id":"10701f46-4d69-46aa-9e12-2eab7dcf276c","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":15,"box":{"x":84,"y":188,"width":888,"height":11}},{"id":"4965c48a-9c34-44f9-9cd5-78964005e2e8","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":15,"box":{"x":84,"y":202,"width":851,"height":11}},{"id":"1d3c6e22-b06f-4733-b7a1-ddeeee6ce55a","block_type":"box","text":"baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or","page_number":15,"box":{"x":84,"y":217,"width":850,"height":10}},{"id":"abbac4ad-cf37-4905-a263-e5fcedd1dadb","block_type":"box","text":"limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":15,"box":{"x":84,"y":231,"width":873,"height":11}},{"id":"4ccb6edd-7824-46eb-a4bb-0ee0f9090019","block_type":"box","text":"Until the Fund reaches greater scale, it may experience higher tracking error than is typical for similar index ETFs.","page_number":15,"box":{"x":84,"y":245,"width":800,"height":11}},{"id":"446dc044-1070-4193-8f5c-bc6c92e8c49d","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":15,"box":{"x":83,"y":268,"width":225,"height":11}},{"id":"2ee7c4c3-2938-43e0-9211-3e56763e9f83","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":15,"box":{"x":314,"y":268,"width":635,"height":11}},{"id":"252e9ee9-6403-458a-aca4-c832a4bced02","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in","page_number":15,"box":{"x":82,"y":282,"width":890,"height":11}},{"id":"40d83165-a3fa-4b34-bc81-c6d719e0c3bd","block_type":"box","text":"the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct","page_number":15,"box":{"x":82,"y":296,"width":869,"height":11}},{"id":"ebe0bbda-d4ec-4d48-bcb4-7ea96a4976b4","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value","page_number":15,"box":{"x":83,"y":311,"width":882,"height":10}},{"id":"e9247668-95c7-48f1-a2df-8735ce8c2901","block_type":"box","text":"of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and","page_number":15,"box":{"x":83,"y":325,"width":859,"height":11}},{"id":"4d8a131c-58d2-49bc-a298-9ea3d71df816","block_type":"box","text":"credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.","page_number":15,"box":{"x":83,"y":339,"width":816,"height":11}},{"id":"00eebe91-f07a-471f-8492-c45c2f47f248","block_type":"box","text":"Valuation Risk.","page_number":15,"box":{"x":82,"y":362,"width":110,"height":9}},{"id":"03203c24-7780-4aff-9156-59a431597627","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":15,"box":{"x":197,"y":362,"width":740,"height":11}},{"id":"2bac9f60-c04b-4ba3-8413-f79aafa6aca3","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":15,"box":{"x":83,"y":376,"width":840,"height":11}},{"id":"f32dcdec-ba0c-448e-8e44-4cb3b76579f1","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":15,"box":{"x":82,"y":391,"width":869,"height":10}},{"id":"08c70031-7ecb-4896-abf9-12c67cee3984","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":15,"box":{"x":83,"y":405,"width":888,"height":11}},{"id":"d69d7a73-fd7f-43f0-9eb2-ca3952131222","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":15,"box":{"x":83,"y":419,"width":871,"height":11}},{"id":"ba19d627-3a07-4bc1-8bbe-849abe25def3","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":15,"box":{"x":82,"y":433,"width":879,"height":11}},{"id":"c0e12b8b-bd38-4c52-bb2f-2bfef9a4a2ab","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":15,"box":{"x":83,"y":447,"width":880,"height":11}},{"id":"88053004-380b-4977-997e-f3f335ecf5a7","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":15,"box":{"x":84,"y":461,"width":815,"height":11}},{"id":"ef59c134-8cc5-49c6-bd10-5c77b3aa0991","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":15,"box":{"x":82,"y":476,"width":613,"height":10}},{"id":"563a22a3-58a3-4fa9-936e-64c09c80654d","block_type":"box","text":"Performance Information","page_number":15,"box":{"x":84,"y":505,"width":229,"height":10}},{"id":"bdd58028-3235-42a1-b417-76f8fbba3cd5","block_type":"box","text":"As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.","page_number":15,"box":{"x":82,"y":530,"width":811,"height":11}},{"id":"99d501e0-e40a-4b08-bf55-31910dcbe053","block_type":"box","text":"Management","page_number":15,"box":{"x":84,"y":559,"width":120,"height":13}},{"id":"3c5f0848-b9e9-4bbd-bc93-2bc73f01c8bd","block_type":"box","text":"Investment Adviser.","page_number":15,"box":{"x":84,"y":584,"width":144,"height":8}},{"id":"a202d0db-6a27-4439-a617-dcb292ac3b0c","block_type":"box","text":"BlackRock Fund Advisors.","page_number":15,"box":{"x":234,"y":584,"width":180,"height":8}},{"id":"39ef0260-1808-424f-8d32-c4c06803bb1c","block_type":"box","text":"Portfolio Managers.","page_number":15,"box":{"x":84,"y":607,"width":145,"height":11}},{"id":"afde8476-1cc7-4ac4-bfe5-6759b3987d69","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":15,"box":{"x":233,"y":607,"width":679,"height":11}},{"id":"328c0364-e359-4201-80eb-bbe21e01c9c1","block_type":"box","text":"management of the Fund:","page_number":15,"box":{"x":84,"y":621,"width":182,"height":11}},{"id":"3950a44c-9ab7-4328-a5bc-70baf3266df3","block_type":"box","text":"Portfolio Manager Portfolio Manager of the Fund Since Title with Investment Adviser","page_number":15,"box":{"x":88,"y":644,"width":886,"height":10}},{"id":"0585e02f-c4a5-455d-b9c8-09b7907ec06a","block_type":"box","text":"Jonathan Graves 2026 Managing Director","page_number":15,"box":{"x":87,"y":660,"width":850,"height":9}},{"id":"ada79908-d522-4dd9-bd3a-d9f0080dcf50","block_type":"box","text":"James Mauro 2026 Managing Director","page_number":15,"box":{"x":87,"y":675,"width":850,"height":10}},{"id":"0ce7950c-ff84-44f6-95ea-92584b2422a9","block_type":"box","text":"Marcus Tom 2026 Director","page_number":15,"box":{"x":89,"y":691,"width":814,"height":7}},{"id":"4dc6b802-9fca-4a4e-a265-c9553304f141","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":15,"box":{"x":84,"y":726,"width":304,"height":10}},{"id":"530a463b-df28-44ca-85a3-5a81445cbd88","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":15,"box":{"x":82,"y":751,"width":878,"height":11}},{"id":"f7c229e0-bb2a-45a2-aa11-97242ad91779","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":15,"box":{"x":83,"y":765,"width":855,"height":11}},{"id":"19f89c8a-655e-4d79-8fa4-ea2c08eb9b0f","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":15,"box":{"x":83,"y":779,"width":817,"height":11}},{"id":"72699491-9c15-4ee6-9206-fcaadc433870","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":15,"box":{"x":83,"y":793,"width":878,"height":11}},{"id":"c7f549ba-f34e-4a0c-9461-d618ee7d744d","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":15,"box":{"x":84,"y":808,"width":860,"height":10}},{"id":"7e909e8a-3312-45ba-8cac-20f3d93acaad","block_type":"box","text":"(the “bid-ask spread”).","page_number":15,"box":{"x":83,"y":822,"width":157,"height":10}},{"id":"d1b8d94a-e001-4eb5-954c-e11657fa1139","block_type":"box","text":"S-6","page_number":15,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"6f07775c-4510-48c1-bb91-85513bdc6ca6","block_type":"box","text":"Tax Information","page_number":16,"box":{"x":82,"y":22,"width":144,"height":11}},{"id":"d8ba844d-ef1c-4970-b895-334fad5b1d13","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":16,"box":{"x":82,"y":48,"width":832,"height":10}},{"id":"ea168077-74a0-4a59-8002-20c1898afc14","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an individual retirement account (“IRA”), in which","page_number":16,"box":{"x":83,"y":62,"width":852,"height":11}},{"id":"48def84e-6f87-490a-8b32-b245152614f7","block_type":"box","text":"case, your distributions generally will be taxed when withdrawn. Certain states and localities may exempt from tax","page_number":16,"box":{"x":83,"y":76,"width":803,"height":11}},{"id":"0ad99d57-8011-4852-aec1-116be3b8ea2a","block_type":"box","text":"distributions attributable to interest from U.S. federal government obligations.","page_number":16,"box":{"x":83,"y":90,"width":552,"height":11}},{"id":"4e22f264-202a-40aa-a65a-ea612dc686dd","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":16,"box":{"x":84,"y":119,"width":575,"height":14}},{"id":"cc0a1ca4-9e6f-4787-936b-76cb8f82359e","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":16,"box":{"x":84,"y":144,"width":854,"height":11}},{"id":"f4e45639-1762-4230-9d10-a6e447efba16","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":16,"box":{"x":84,"y":159,"width":842,"height":10}},{"id":"9ba1abf8-7b41-4bdb-a5ac-f563bd1943f5","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":16,"box":{"x":83,"y":173,"width":820,"height":11}},{"id":"9c27063c-4847-4573-87ef-671a5f6dcbde","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":16,"box":{"x":84,"y":187,"width":801,"height":11}},{"id":"72858cc4-edb4-4ae8-8f8e-81afd04742ab","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":16,"box":{"x":83,"y":201,"width":841,"height":11}},{"id":"efb84bb8-0419-4b06-bcfa-d11116604723","block_type":"box","text":"financial intermediary’s website for more information.","page_number":16,"box":{"x":83,"y":215,"width":379,"height":11}},{"id":"6643409b-a685-49a4-ad31-22c560f2ecfb","block_type":"box","text":"S-7","page_number":16,"box":{"x":524,"y":920,"width":23,"height":9}},{"id":"b5d6dd02-3910-421f-b3fc-c72825af35d2","block_type":"box","text":"iSHARES","page_number":17,"box":{"x":84,"y":23,"width":125,"height":17}},{"id":"e7e353f5-9713-41e3-80be-dbb405f5a9f0","block_type":"box","text":"®","page_number":17,"box":{"x":211,"y":17,"width":11,"height":9}},{"id":"7242773e-bf8b-4dac-85de-e6b0229ad9ed","block_type":"box","text":"CORE 5-10 YEAR USD BOND ETF","page_number":17,"box":{"x":232,"y":24,"width":466,"height":16}},{"id":"b86bcfcb-a4e9-4a8c-8648-9bc332eae705","block_type":"box","text":"IMTB | NYSE Arca","page_number":17,"box":{"x":85,"y":47,"width":244,"height":18}},{"id":"3e7f6e16-dfb9-4da6-8726-5db6ddd5176e","block_type":"box","text":"Investment Objective","page_number":17,"box":{"x":84,"y":86,"width":192,"height":13}},{"id":"7c862047-2191-4217-81cf-4c3d3e34d309","block_type":"box","text":"The iShares Core 5-10 Year USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":17,"box":{"x":82,"y":111,"width":863,"height":10}},{"id":"b07948be-6b1e-4ebd-93f1-0777f192947f","block_type":"box","text":"dollar-denominated bonds that are rated either investment-grade or high yield with remaining effective maturities between","page_number":17,"box":{"x":83,"y":124,"width":872,"height":11}},{"id":"3ed3f9ce-3592-4735-9fa7-499bf301a94a","block_type":"box","text":"five and ten years.","page_number":17,"box":{"x":83,"y":137,"width":126,"height":10}},{"id":"10abc832-4af4-45e2-a279-42f4e93e141a","block_type":"box","text":"Fees and Expenses","page_number":17,"box":{"x":84,"y":165,"width":169,"height":12}},{"id":"eaecde85-1a1d-4ca4-a40b-95bb7610ad45","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":17,"box":{"x":82,"y":189,"width":874,"height":11}},{"id":"72bf80a3-8e3c-4692-9a89-6af46ecd23df","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":17,"box":{"x":83,"y":202,"width":871,"height":11}},{"id":"74640981-c503-4330-9e40-fb1436b3c6da","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":17,"box":{"x":84,"y":215,"width":887,"height":11}},{"id":"6392c3cd-8e13-4c58-8dbc-4a8bf9f72a08","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":17,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"b35ff381-c66b-4f1b-a28c-3e0778aaed4e","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":17,"box":{"x":83,"y":241,"width":854,"height":11}},{"id":"8294eabd-826a-431d-90cf-8880a40950be","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":17,"box":{"x":82,"y":254,"width":829,"height":11}},{"id":"bd2bb0a5-14d0-4fb2-a80e-1a76dfb43b8b","block_type":"box","text":"extraordinary expenses.","page_number":17,"box":{"x":83,"y":267,"width":168,"height":11}},{"id":"998fc419-1473-45f6-a4ae-60e6bf4ca88e","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share","page_number":17,"box":{"x":82,"y":287,"width":879,"height":11}},{"id":"0d4edea6-62f3-4ae3-96fb-b6149fc2c348","block_type":"box","text":"of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of","page_number":17,"box":{"x":83,"y":300,"width":888,"height":11}},{"id":"4bb06125-c88e-418c-a7a0-7013f7276d77","block_type":"box","text":"Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to","page_number":17,"box":{"x":82,"y":313,"width":878,"height":11}},{"id":"97fee746-e53a-454e-9b61-47433829756f","block_type":"box","text":"average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).","page_number":17,"box":{"x":83,"y":326,"width":865,"height":11}},{"id":"c124e20e-9581-4163-9821-bf7c0e13cf24","block_type":"box","text":"BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount","page_number":17,"box":{"x":84,"y":339,"width":863,"height":11}},{"id":"49c9dcb5-4cd4-4809-898d-27644b5ca8da","block_type":"box","text":"equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment","page_number":17,"box":{"x":83,"y":352,"width":883,"height":11}},{"id":"9e1ae2db-9677-4a34-978a-1b35f75b42eb","block_type":"box","text":"companies advised by BFA, or its affiliates, through February 28, 2031. The contractual waiver may be terminated prior to","page_number":17,"box":{"x":83,"y":365,"width":857,"height":11}},{"id":"91a34b4e-8392-4dd9-90af-5e64dad48eaa","block_type":"box","text":"February 28, 2031 only upon written agreement of the Trust and BFA.","page_number":17,"box":{"x":84,"y":378,"width":489,"height":10}},{"id":"bc6ce6e6-600f-442d-a4a1-4e36de9d95e1","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":17,"box":{"x":82,"y":399,"width":830,"height":11}},{"id":"ccdd8352-1b60-4e2b-9e16-d61cd362c0b2","block_type":"box","text":"reflected in the tables and examples below.","page_number":17,"box":{"x":83,"y":412,"width":316,"height":11}},{"id":"42da305d-682f-4735-a790-2b047a1afaa7","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":17,"box":{"x":87,"y":434,"width":761,"height":10}},{"id":"7e889fec-cebf-491e-bf3a-430a37682d08","block_type":"box","text":"1","page_number":17,"box":{"x":849,"y":433,"width":5,"height":4}},{"id":"ae0056e7-55fc-44ad-bd64-100f9cd763cf","block_type":"box","text":"Management Fee","page_number":17,"box":{"x":89,"y":454,"width":109,"height":10}},{"id":"428640f5-3b82-4903-948c-bccb923d5f8e","block_type":"box","text":"0.06%","page_number":17,"box":{"x":922,"y":454,"width":42,"height":8}},{"id":"1580305e-9533-4624-bb8f-778b9774dda0","block_type":"box","text":"Other Expenses","page_number":17,"box":{"x":88,"y":470,"width":99,"height":9}},{"id":"28960461-671b-4aff-bbd5-ed2812f4b870","block_type":"box","text":"0.00%","page_number":17,"box":{"x":922,"y":470,"width":42,"height":7}},{"id":"0f4fd0ff-9882-4f06-9c9a-cece9a0c8907","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":17,"box":{"x":87,"y":485,"width":216,"height":9}},{"id":"86b9e61e-7fc4-4711-9a65-30be19a83c2c","block_type":"box","text":"0.01%","page_number":17,"box":{"x":922,"y":485,"width":42,"height":7}},{"id":"e874462a-3546-4229-b19c-e88acc2737b7","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":17,"box":{"x":87,"y":500,"width":246,"height":10}},{"id":"48c3f1b5-39bf-44b0-9ce1-80518e038130","block_type":"box","text":"0.07%","page_number":17,"box":{"x":922,"y":500,"width":42,"height":8}},{"id":"5ad3f2c7-d3fd-4d0d-bc38-535f9b80a866","block_type":"box","text":"Fee Waiver and/or Expense Reimbursement","page_number":17,"box":{"x":89,"y":516,"width":275,"height":9}},{"id":"843c9de2-4071-4b20-9853-54e1e1dd3e3a","block_type":"box","text":"(0.01)%","page_number":17,"box":{"x":918,"y":516,"width":50,"height":8}},{"id":"12058aa0-5e53-4c78-818d-20265b483ee6","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.06%","page_number":17,"box":{"x":87,"y":531,"width":877,"height":10}},{"id":"2b841e84-e22d-4338-9bfe-7d2d8d3b33be","block_type":"box","text":"1","page_number":17,"box":{"x":110,"y":559,"width":5,"height":5}},{"id":"00770e6d-b363-4843-9681-15aa8b71a5bb","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":560,"width":788,"height":10}},{"id":"3c35c856-a29d-4d3f-bce5-b4b197da3b4f","block_type":"box","text":"Example.","page_number":17,"box":{"x":84,"y":580,"width":66,"height":11}},{"id":"2db381e5-b4c1-4ec6-8146-b3c3c5d7104c","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":17,"box":{"x":154,"y":580,"width":795,"height":11}},{"id":"457b79d5-f5f8-4044-8670-6d48e7964283","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":17,"box":{"x":83,"y":594,"width":886,"height":11}},{"id":"53d79942-b847-43c4-b100-a8500a47230a","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":17,"box":{"x":83,"y":608,"width":870,"height":11}},{"id":"e927168f-3b17-412d-9d09-9acbf6dacbaa","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":17,"box":{"x":84,"y":623,"width":887,"height":10}},{"id":"69b4df70-0ffa-4f66-a9cb-a212c074bad3","block_type":"box","text":"your costs would be:","page_number":17,"box":{"x":82,"y":637,"width":143,"height":11}},{"id":"f029c0ce-887a-4b7a-b0b2-48fd3556ac29","block_type":"box","text":"Expense Example","page_number":17,"box":{"x":88,"y":660,"width":115,"height":9}},{"id":"74dd7674-b1d7-4463-8e1c-6ec7627d34fe","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":17,"box":{"x":693,"y":660,"width":281,"height":7}},{"id":"2ec9aa7f-2cae-40f3-9270-1688ccd88f4e","block_type":"box","text":"Example Fund Costs","page_number":17,"box":{"x":89,"y":675,"width":128,"height":9}},{"id":"a575cc18-b592-43ea-b009-b1365a286fc5","block_type":"box","text":"$6 $19 $34 $85","page_number":17,"box":{"x":705,"y":675,"width":253,"height":8}},{"id":"142d93aa-61ca-4137-82cb-6dc032c67602","block_type":"box","text":"Portfolio Turnover.","page_number":17,"box":{"x":84,"y":704,"width":136,"height":9}},{"id":"6b91a85c-a3fb-4c91-b938-53538d10618f","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":17,"box":{"x":225,"y":704,"width":721,"height":11}},{"id":"2037d429-737a-4476-bcbd-23c50ffdec03","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":17,"box":{"x":83,"y":719,"width":884,"height":10}},{"id":"7df57d32-7931-4a33-a7ab-5567d3b5bb7d","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":17,"box":{"x":84,"y":733,"width":875,"height":11}},{"id":"4706c42e-1d11-4fae-bedb-7771a5353d72","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 265%","page_number":17,"box":{"x":82,"y":747,"width":878,"height":11}},{"id":"10889e6e-356d-4328-beb8-562fb0e31bd8","block_type":"box","text":"of the average value of its portfolio.","page_number":17,"box":{"x":83,"y":761,"width":248,"height":11}},{"id":"36070e53-1b1c-4a7a-a3df-1a29e6cbd1ab","block_type":"box","text":"Principal Investment Strategies","page_number":17,"box":{"x":84,"y":790,"width":284,"height":14}},{"id":"2d7e665d-bbf9-4d4e-a944-b5a1872b8709","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg U.S. Universal 5-10 Year Index (the “Underlying Index”),","page_number":17,"box":{"x":82,"y":815,"width":852,"height":11}},{"id":"a97a05d7-301c-404d-8b72-caaceb08f8e2","block_type":"box","text":"which measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment-grade or high","page_number":17,"box":{"x":82,"y":830,"width":866,"height":10}},{"id":"3d53bbe0-7784-4470-9def-00ad246c25ba","block_type":"box","text":"yield (as determined by Bloomberg Index Services Limited (the “Index Provider” or “Bloomberg”)) with remaining effective","page_number":17,"box":{"x":82,"y":844,"width":859,"height":11}},{"id":"7dff7b9f-1b64-486d-8595-26c18b1cf468","block_type":"box","text":"maturities between five and ten years. The Underlying Index includes U.S. Treasury bonds, government-related bonds (","page_number":17,"box":{"x":84,"y":858,"width":837,"height":11}},{"id":"1556fc4b-42f6-4423-bcb1-cbde8df60f6e","block_type":"box","text":"i.e.","page_number":17,"box":{"x":922,"y":858,"width":17,"height":8}},{"id":"dff5a101-c654-4470-adff-64e20fa457ca","block_type":"box","text":",","page_number":17,"box":{"x":941,"y":865,"width":2,"height":3}},{"id":"a6fed0c5-0f76-4e0c-b9e7-1979b753dd5a","block_type":"box","text":"U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt), investment-grade and high","page_number":17,"box":{"x":84,"y":872,"width":874,"height":11}},{"id":"872f84c1-e3e0-435e-ab09-49b98a0feaa4","block_type":"box","text":"yield U.S. corporate bonds, mortgage-backed pass-through securities (“MBS”), commercial mortgage-backed securities","page_number":17,"box":{"x":82,"y":886,"width":848,"height":11}},{"id":"8f53c048-a0c3-4e34-9bea-b3678cf63a53","block_type":"box","text":"S-8","page_number":17,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"76fad8f6-73a7-49b2-975e-88eb55c77aa7","block_type":"box","text":"(“CMBS”), asset-backed securities (“ABS”), Eurodollar bonds (","page_number":18,"box":{"x":83,"y":23,"width":433,"height":10}},{"id":"50fab4be-8ad6-4280-8e7b-62c64711368d","block_type":"box","text":"i.e.","page_number":18,"box":{"x":518,"y":23,"width":17,"height":9}},{"id":"16ff721a-74f9-46fa-b78f-a99e4f166da5","block_type":"box","text":", U.S. dollar-denominated bonds issued by foreign issuers","page_number":18,"box":{"x":537,"y":23,"width":406,"height":11}},{"id":"cbb8ad1f-3a00-4293-ba96-095a0a0f62bd","block_type":"box","text":"outside the U.S.), bonds registered with the SEC or exempt from registration at the time of issuance, or offered pursuant to","page_number":18,"box":{"x":83,"y":37,"width":862,"height":11}},{"id":"606c11c2-1499-43c9-8cbb-21fb3c5eb97e","block_type":"box","text":"Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”) with or without registration rights (“Rule 144A","page_number":18,"box":{"x":84,"y":51,"width":844,"height":11}},{"id":"9466d311-af9a-4869-bab0-2041d1c80b7c","block_type":"box","text":"Bonds”) and emerging market bonds. The Underlying Index is a subset of the Bloomberg U.S. Universal Index.","page_number":18,"box":{"x":84,"y":66,"width":772,"height":11}},{"id":"f8b499ea-c855-4d05-b9d3-8d7d224146e5","block_type":"box","text":"As of February 28, 2026, there were 6,003 issues in the Underlying Index. As of February 28, 2026, a significant portion of the","page_number":18,"box":{"x":82,"y":88,"width":886,"height":10}},{"id":"13e1a73b-a4cd-48d7-9729-25440abea7bd","block_type":"box","text":"Underlying Index was represented by MBS and U.S. Treasury securities. MBS eligible for the index include 20-year and","page_number":18,"box":{"x":84,"y":102,"width":833,"height":11}},{"id":"e267e363-1391-4e1b-83b5-2146c4d7a223","block_type":"box","text":"30-year mortgages because their effective duration has historically been more consistent with the duration of non-callable","page_number":18,"box":{"x":83,"y":116,"width":869,"height":11}},{"id":"68f0fac3-21a1-4f49-a608-f819cfaab9ba","block_type":"box","text":"5-10 year bonds due to prepayments. The components of the Underlying Index are likely to change over time. The securities","page_number":18,"box":{"x":83,"y":130,"width":874,"height":11}},{"id":"5d676e8f-628c-4a9d-af40-f1a17b69c007","block_type":"box","text":"in the Underlying Index must be denominated in U.S. dollars and non-convertible. Excluded from the Underlying Index are","page_number":18,"box":{"x":83,"y":144,"width":863,"height":11}},{"id":"d1e81db3-d9f1-4f02-94c4-1f205998b1ae","block_type":"box","text":"tax-exempt municipal securities, coupon issues that have been stripped from bonds, structured notes, private placements","page_number":18,"box":{"x":82,"y":159,"width":863,"height":10}},{"id":"2fdf5a1e-e070-480b-b398-16e2e9877084","block_type":"box","text":"(excluding Rule 144A Bonds) and inflation-linked bonds.","page_number":18,"box":{"x":83,"y":173,"width":401,"height":11}},{"id":"f05703bc-e64c-43c4-ac63-28cf5ec175f8","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it","page_number":18,"box":{"x":84,"y":196,"width":877,"height":11}},{"id":"3ed71ace-0cb5-4dc6-a26a-a3368ccfa997","block_type":"box","text":"tracks and does not seek temporary defensive positions when markets decline or appear overvalued.","page_number":18,"box":{"x":82,"y":210,"width":709,"height":11}},{"id":"a93d5567-38e1-4a6d-ba6a-58544605f6bb","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce","page_number":18,"box":{"x":84,"y":233,"width":853,"height":11}},{"id":"73977d52-2b96-470c-9cee-c204bbfec0f9","block_type":"box","text":"some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better","page_number":18,"box":{"x":83,"y":247,"width":857,"height":11}},{"id":"8b7a55ec-f49f-49ce-860e-15fba2b54dd5","block_type":"box","text":"after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":18,"box":{"x":83,"y":262,"width":863,"height":10}},{"id":"044f245d-e3fa-4e16-8866-7360b9cd15d6","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy","page_number":18,"box":{"x":84,"y":285,"width":887,"height":11}},{"id":"fe7d6fd1-e6a5-460f-be1d-3e5867b57a9d","block_type":"box","text":"that involves investing in a representative sample of securities or other instruments that collectively has an investment profile","page_number":18,"box":{"x":82,"y":299,"width":890,"height":11}},{"id":"ff3016d0-76a9-4f20-8aab-055268738625","block_type":"box","text":"similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment","page_number":18,"box":{"x":83,"y":313,"width":886,"height":11}},{"id":"9580d4b4-b816-4ec5-9184-1a1a2ebb4cab","block_type":"box","text":"characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return","page_number":18,"box":{"x":83,"y":327,"width":885,"height":11}},{"id":"b3d3c937-9af0-4c1b-b05f-35d3d089a5c4","block_type":"box","text":"variability, duration (","page_number":18,"box":{"x":82,"y":341,"width":146,"height":11}},{"id":"d04c38a0-9e48-4c2e-a03b-4462659510c0","block_type":"box","text":"i.e.","page_number":18,"box":{"x":229,"y":342,"width":17,"height":8}},{"id":"b674350e-2ea5-40e8-ac44-1dfd530a5bec","block_type":"box","text":", an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield)","page_number":18,"box":{"x":248,"y":341,"width":697,"height":11}},{"id":"99583c3d-3c30-4d0b-9def-505fb8830008","block_type":"box","text":"and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the","page_number":18,"box":{"x":83,"y":356,"width":802,"height":11}},{"id":"b4cc058a-8d82-4361-be4c-37849910a885","block_type":"box","text":"components of the Underlying Index.","page_number":18,"box":{"x":83,"y":370,"width":261,"height":11}},{"id":"0d543620-6917-4d73-962b-2a29057e9c04","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced","page_number":18,"box":{"x":82,"y":393,"width":853,"height":11}},{"id":"2f6f0569-37af-4386-8a9f-b650eeca6860","block_type":"box","text":"transactions (“TBAs”) that have economic characteristics that are substantially identical to the economic characteristics of","page_number":18,"box":{"x":82,"y":407,"width":869,"height":11}},{"id":"08316541-5deb-4fa0-a830-e2724167e172","block_type":"box","text":"the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income","page_number":18,"box":{"x":82,"y":422,"width":819,"height":10}},{"id":"302b97b2-66f9-42f3-ad09-4bfaafdc466a","block_type":"box","text":"securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The","page_number":18,"box":{"x":83,"y":436,"width":874,"height":11}},{"id":"ed06d40d-4998-4bff-89ec-4c32740801d5","block_type":"box","text":"Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund","page_number":18,"box":{"x":84,"y":450,"width":871,"height":10}},{"id":"f0219d18-04ef-4598-9ebe-2a37ffb96def","block_type":"box","text":"track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but","page_number":18,"box":{"x":82,"y":464,"width":857,"height":11}},{"id":"9cb2b648-d4e6-4b5a-8c6b-479ca6c96235","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a","page_number":18,"box":{"x":82,"y":478,"width":864,"height":11}},{"id":"688cc735-51df-4b04-b862-b220f50adf17","block_type":"box","text":"TBA position will be treated as part of that position for purposes of calculating the percentage of investments in the","page_number":18,"box":{"x":82,"y":492,"width":816,"height":11}},{"id":"ce4b8ccb-7f9f-441a-b053-5e81632a5526","block_type":"box","text":"component securities of the Underlying Index. Cash and cash equivalent investments associated with a derivative position","page_number":18,"box":{"x":83,"y":507,"width":864,"height":10}},{"id":"a419015e-f6b0-426c-ae9f-dc93416a2713","block_type":"box","text":"will be treated as part of that position for the purposes of calculating the percentage of investments included in the","page_number":18,"box":{"x":82,"y":521,"width":815,"height":11}},{"id":"5e14c441-3788-4256-a3d5-07f8ff27bc59","block_type":"box","text":"Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the","page_number":18,"box":{"x":84,"y":535,"width":855,"height":11}},{"id":"c336e9c0-3470-4909-b40c-b6355346b8a7","block_type":"box","text":"Fund.","page_number":18,"box":{"x":84,"y":549,"width":38,"height":9}},{"id":"38f52bff-ba09-4aca-bee8-4a0f2fc114bf","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":18,"box":{"x":82,"y":572,"width":873,"height":11}},{"id":"f0b9e577-01e7-45a0-84e9-c5e1c02ce189","block_type":"box","text":"collateral received).","page_number":18,"box":{"x":83,"y":586,"width":136,"height":10}},{"id":"93c30007-40fd-4731-aa92-b0edee4d2426","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which is independent of the Fund and BFA. The Index Provider determines","page_number":18,"box":{"x":82,"y":610,"width":880,"height":11}},{"id":"dabfb9e9-1b98-4c79-931e-abe8486d5f8d","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":18,"box":{"x":82,"y":624,"width":884,"height":11}},{"id":"7b9e1201-5717-40a0-abf5-93955fe0abc6","block_type":"box","text":"market value of the Underlying Index.","page_number":18,"box":{"x":84,"y":638,"width":262,"height":11}},{"id":"992a2539-9ea1-4c8b-8fe4-042a8e3f08e7","block_type":"box","text":"Industry Concentration Policy.","page_number":18,"box":{"x":84,"y":661,"width":223,"height":11}},{"id":"382ff1fa-c2e2-419b-aa4d-458a88867baa","block_type":"box","text":"The Fund will concentrate its investments (","page_number":18,"box":{"x":312,"y":661,"width":304,"height":10}},{"id":"78322478-f199-42b8-ba6d-c5df22b43a00","block_type":"box","text":"i.e.","page_number":18,"box":{"x":617,"y":662,"width":17,"height":8}},{"id":"1dda30d4-c916-44b3-a546-9c71a6a158d3","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":18,"box":{"x":636,"y":661,"width":292,"height":10}},{"id":"cd4f0dd2-822a-4a81-8bfe-db5faff2c4e3","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":18,"box":{"x":84,"y":675,"width":858,"height":11}},{"id":"bde4a574-ff3b-4dc1-b3ef-89259d454ab8","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase","page_number":18,"box":{"x":84,"y":690,"width":840,"height":10}},{"id":"2c15e49c-fd8e-4a59-9b04-ec398f4e936f","block_type":"box","text":"agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political","page_number":18,"box":{"x":83,"y":704,"width":879,"height":11}},{"id":"1073a256-88ea-496e-90ea-a6aa9a8e9a58","block_type":"box","text":"subdivisions are not considered to be issued by members of any industry.","page_number":18,"box":{"x":83,"y":718,"width":517,"height":11}},{"id":"e034ebaa-cf88-4fc7-982e-944b46649de4","block_type":"box","text":"Summary of Principal Risks","page_number":18,"box":{"x":83,"y":747,"width":248,"height":13}},{"id":"c011c9bf-e4b6-41d9-a326-cfbdbd9b5375","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":18,"box":{"x":82,"y":772,"width":882,"height":11}},{"id":"0624f966-7fcc-4eb9-85c5-1f618de31389","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below any of which may","page_number":18,"box":{"x":83,"y":786,"width":822,"height":11}},{"id":"55fff751-08fe-4ae3-8fe2-297c23ebb1c8","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":18,"box":{"x":83,"y":800,"width":807,"height":11}},{"id":"1be70cd9-cad3-4371-93eb-11c78d468038","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":18,"box":{"x":83,"y":815,"width":844,"height":11}},{"id":"c034297a-cfa7-44db-b029-5e0939002d9a","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":18,"box":{"x":83,"y":829,"width":814,"height":11}},{"id":"44334b96-d006-44c9-9ab1-95c47fd685a7","block_type":"box","text":"Credit Risk.","page_number":18,"box":{"x":83,"y":852,"width":84,"height":9}},{"id":"bf155628-0b23-4222-9f51-d6fad6715904","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":18,"box":{"x":172,"y":852,"width":777,"height":11}},{"id":"0105f3d7-400b-4d03-beaa-fbb032337a40","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":18,"box":{"x":83,"y":866,"width":891,"height":11}},{"id":"63510bbc-db5d-465b-894c-75803be47f1e","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":18,"box":{"x":83,"y":880,"width":869,"height":11}},{"id":"234b61b0-0ab9-441b-9f32-65f0a35931fe","block_type":"box","text":"S-9","page_number":18,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"c5e8351e-a960-4fa1-83f0-a35c0e6f58df","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":19,"box":{"x":83,"y":23,"width":890,"height":11}},{"id":"594faf34-4dbf-431d-bb5b-64fe2e9c5198","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":19,"box":{"x":83,"y":37,"width":851,"height":11}},{"id":"30ec56ff-848b-4a4e-ab4e-a80fd24bef15","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":19,"box":{"x":83,"y":52,"width":809,"height":10}},{"id":"19bae3e7-5b07-430d-adbd-3c403ee005e6","block_type":"box","text":"Interest Rate Risk.","page_number":19,"box":{"x":84,"y":75,"width":134,"height":8}},{"id":"ff78aac1-ef0b-4122-afda-3f4565900339","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":19,"box":{"x":223,"y":75,"width":743,"height":11}},{"id":"7f8c7515-20cf-4045-b026-087680264c6f","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":19,"box":{"x":82,"y":89,"width":880,"height":11}},{"id":"d7ba8db3-43db-4dce-8db0-1c69bcb8a1fd","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":19,"box":{"x":83,"y":103,"width":882,"height":11}},{"id":"1da3cf21-be36-4c40-8249-9c87b6675287","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":19,"box":{"x":83,"y":117,"width":845,"height":11}},{"id":"b542aeaf-9de6-44d5-96dc-6e266e6f496b","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":19,"box":{"x":83,"y":131,"width":870,"height":11}},{"id":"fcd1bb92-eea5-4c72-9d64-d2d2c4ce5a9f","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":19,"box":{"x":82,"y":146,"width":873,"height":10}},{"id":"b0869ac6-4f97-4322-9922-e437f8790de0","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":19,"box":{"x":83,"y":160,"width":866,"height":11}},{"id":"6a0f9ffa-4f9f-415e-84eb-6f01c661abfb","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":19,"box":{"x":84,"y":174,"width":759,"height":11}},{"id":"90ea198d-9a9a-49bc-854e-a9370a1fccef","block_type":"box","text":"Market Risk.","page_number":19,"box":{"x":84,"y":197,"width":90,"height":9}},{"id":"35743206-7301-4c85-9954-e3770753c140","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":19,"box":{"x":179,"y":197,"width":767,"height":11}},{"id":"47fe26ef-2cc0-4da7-9f63-f8bdb8251159","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":19,"box":{"x":83,"y":211,"width":882,"height":11}},{"id":"b88478c8-a7fb-4384-81fb-24cd89ab6909","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":19,"box":{"x":84,"y":226,"width":857,"height":10}},{"id":"f603f5cd-204c-4142-94d7-c0202b17f3b6","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":19,"box":{"x":83,"y":240,"width":875,"height":11}},{"id":"e622f6fe-8fdb-4bd4-82eb-b3347e965f8e","block_type":"box","text":"Fund’s NAV.","page_number":19,"box":{"x":84,"y":254,"width":81,"height":8}},{"id":"28f6a965-2c35-4814-a487-e2e5806ad404","block_type":"box","text":"Index-Related Risk.","page_number":19,"box":{"x":84,"y":277,"width":143,"height":9}},{"id":"3dce35f5-d7c9-47ff-a8ae-3eae625f24a5","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":19,"box":{"x":231,"y":277,"width":742,"height":11}},{"id":"5107490e-002d-49a5-bc17-9d7ccc5c0746","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":19,"box":{"x":84,"y":291,"width":855,"height":11}},{"id":"202d2656-3f9f-47ad-8562-0e95ae485da3","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":19,"box":{"x":83,"y":305,"width":852,"height":11}},{"id":"2da394aa-326f-421b-8bb2-219eba82922e","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":19,"box":{"x":83,"y":320,"width":877,"height":10}},{"id":"dbcd8e37-4323-4f70-8aaa-d7077254e056","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":19,"box":{"x":82,"y":334,"width":849,"height":11}},{"id":"117f53a3-8379-40c6-bb6c-e791304d8eab","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":19,"box":{"x":83,"y":348,"width":849,"height":11}},{"id":"97ec2fd7-0f09-495f-bf35-97a1b3de373c","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":19,"box":{"x":84,"y":362,"width":890,"height":11}},{"id":"51e2f5f7-0a0d-4ced-8725-d8525efdd311","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":19,"box":{"x":84,"y":377,"width":852,"height":10}},{"id":"a79b3a1f-59c2-417c-9870-6f3dc292dc62","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":19,"box":{"x":83,"y":391,"width":539,"height":10}},{"id":"0cf1db58-a1a0-43b5-a46c-2d8450db5953","block_type":"box","text":"Asset Class Risk.","page_number":19,"box":{"x":82,"y":414,"width":123,"height":8}},{"id":"9d47bbc1-1d02-42ed-bab7-210dadd599e6","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":19,"box":{"x":209,"y":414,"width":721,"height":11}},{"id":"cf1637e0-cbfe-4b8a-8d73-f51b9d18c375","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":19,"box":{"x":83,"y":428,"width":774,"height":11}},{"id":"53d32266-533f-4e44-9bd4-a0a6e02c615b","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":19,"box":{"x":82,"y":451,"width":318,"height":11}},{"id":"2a1ced66-ba10-498e-af3a-a66178f43bae","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":19,"box":{"x":405,"y":451,"width":531,"height":11}},{"id":"2c7b8957-200c-4348-aeee-67069a520fad","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":19,"box":{"x":84,"y":465,"width":809,"height":11}},{"id":"77b831a4-75f3-4f4c-8066-061ae74f37eb","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":19,"box":{"x":82,"y":479,"width":816,"height":11}},{"id":"0086e256-2951-4638-82bf-f58f2776da01","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":19,"box":{"x":82,"y":494,"width":885,"height":11}},{"id":"e89c02f9-ce8c-405f-b877-349f8b62bd7a","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":19,"box":{"x":83,"y":508,"width":871,"height":11}},{"id":"aaa6c971-d2bd-409b-af04-c1a1684fb403","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":19,"box":{"x":84,"y":522,"width":845,"height":11}},{"id":"dbb54881-86d8-444c-9cd3-206b5ece6eea","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":19,"box":{"x":82,"y":536,"width":882,"height":11}},{"id":"15f0533c-8ae8-4063-8a34-beb1d7bbf3e4","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":19,"box":{"x":84,"y":550,"width":853,"height":11}},{"id":"ef5798e0-3515-4e76-8299-e5946b98c6c2","block_type":"box","text":"halts or delisting.","page_number":19,"box":{"x":84,"y":565,"width":120,"height":10}},{"id":"d920f656-76af-41b3-9ab8-0806e00e55f3","block_type":"box","text":"Call Risk.","page_number":19,"box":{"x":83,"y":588,"width":66,"height":8}},{"id":"d917357e-eee8-4002-8f03-eb2cb084cdf9","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may “call” or repay","page_number":19,"box":{"x":155,"y":588,"width":799,"height":11}},{"id":"610b4083-a2bc-4f6f-b540-67c9495d9577","block_type":"box","text":"the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower","page_number":19,"box":{"x":82,"y":602,"width":848,"height":11}},{"id":"d87d9cc8-2e44-4f2e-8adb-550f4229ac3d","block_type":"box","text":"yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable","page_number":19,"box":{"x":82,"y":616,"width":867,"height":11}},{"id":"7ea2da0f-6c85-4567-b37e-1766364623a0","block_type":"box","text":"features.","page_number":19,"box":{"x":83,"y":630,"width":61,"height":9}},{"id":"abe87d12-2149-4047-9511-533c579a42d7","block_type":"box","text":"Concentration Risk.","page_number":19,"box":{"x":83,"y":653,"width":145,"height":9}},{"id":"5cba1845-5c7c-4521-b038-4d18402d9ace","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":19,"box":{"x":232,"y":654,"width":712,"height":10}},{"id":"b536ac43-b1c2-4ce5-b132-24c497d9e0b9","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":19,"box":{"x":83,"y":668,"width":884,"height":10}},{"id":"e7fc6203-a1c9-4f01-87af-1e56c10f818d","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":19,"box":{"x":82,"y":682,"width":887,"height":11}},{"id":"b6bbf4b0-a636-49e4-88d8-eea941f417d9","block_type":"box","text":"asset classes.","page_number":19,"box":{"x":83,"y":696,"width":95,"height":9}},{"id":"f0525bbd-857a-478d-b127-092d443aa626","block_type":"box","text":"Extension Risk.","page_number":19,"box":{"x":84,"y":719,"width":111,"height":9}},{"id":"f454ca46-8d12-4d21-8077-385e09f665d0","block_type":"box","text":"During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly","page_number":19,"box":{"x":201,"y":719,"width":737,"height":11}},{"id":"612d11f2-7111-4aad-9b5c-1500fc1f4b23","block_type":"box","text":"than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income","page_number":19,"box":{"x":82,"y":733,"width":890,"height":11}},{"id":"855456f3-61ab-48a4-b9e3-de99db3c12b2","block_type":"box","text":"and potentially in the value of the Fund’s investments.","page_number":19,"box":{"x":83,"y":748,"width":381,"height":10}},{"id":"f37ec321-24e4-44b8-89fe-b9b0110163b7","block_type":"box","text":"High Portfolio Turnover Risk.","page_number":19,"box":{"x":84,"y":771,"width":212,"height":11}},{"id":"ffdc2c1a-8edd-4984-b94d-9a1e43aef49f","block_type":"box","text":"High portfolio turnover is considered by the Fund to mean turnover of greater than 100%","page_number":19,"box":{"x":302,"y":771,"width":631,"height":11}},{"id":"74009529-cc3f-4f48-86c8-725ac452a890","block_type":"box","text":"annually. Portfolio turnover (","page_number":19,"box":{"x":83,"y":785,"width":201,"height":11}},{"id":"60ab4d82-2ff6-4564-84a1-4d7696d63263","block_type":"box","text":"i.e","page_number":19,"box":{"x":286,"y":785,"width":14,"height":8}},{"id":"865234f4-507c-4b17-8d28-62755279987d","block_type":"box","text":"., the sale of securities or other assets and reinvestment in other securities or assets) generally","page_number":19,"box":{"x":301,"y":785,"width":666,"height":11}},{"id":"7b82f8e3-00cd-43f6-aed9-421d81961106","block_type":"box","text":"involves transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other costs. In addition, the","page_number":19,"box":{"x":83,"y":799,"width":869,"height":11}},{"id":"2aa28eff-e5ab-4222-bc6d-1273a57ee47f","block_type":"box","text":"sale of securities by the Fund may result in the realization of taxable capital gains, including short-term capital gains. Higher","page_number":19,"box":{"x":83,"y":813,"width":882,"height":11}},{"id":"ec53fd1a-a6c7-4e01-9e32-229463165331","block_type":"box","text":"portfolio turnover may cause the Fund to incur additional transaction costs, which have the effect of reducing the Fund’s","page_number":19,"box":{"x":84,"y":828,"width":852,"height":10}},{"id":"55140dd1-06ed-4065-b8e6-8ae1fad71d77","block_type":"box","text":"investment return, and may result in different tax consequences for shareholders compared to a fund with lower portfolio","page_number":19,"box":{"x":83,"y":842,"width":856,"height":11}},{"id":"0589f65e-2030-4361-94ad-de674d75f623","block_type":"box","text":"turnover.","page_number":19,"box":{"x":82,"y":857,"width":63,"height":7}},{"id":"6d1ff00f-f164-41ff-a57d-2ab58374845a","block_type":"box","text":"S-10","page_number":19,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"a6310bb4-d815-4b4f-a835-958f4bf922cc","block_type":"box","text":"Income Risk.","page_number":20,"box":{"x":84,"y":23,"width":92,"height":9}},{"id":"ca10d8d1-9232-4e7d-917e-cdd5712789bb","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":20,"box":{"x":181,"y":23,"width":770,"height":11}},{"id":"ff5b377c-9f2c-46d6-aba3-dd49808032a1","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":20,"box":{"x":84,"y":37,"width":881,"height":11}},{"id":"c1f10655-e33b-4e1d-a939-df6162767ec6","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":20,"box":{"x":84,"y":52,"width":841,"height":10}},{"id":"42e94683-bc6d-484a-b932-5d4e86e60374","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":20,"box":{"x":84,"y":66,"width":876,"height":11}},{"id":"e78356fe-a92e-4b65-8ad3-22784b0f7e22","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":20,"box":{"x":83,"y":80,"width":579,"height":11}},{"id":"92b5e2de-c62d-4aed-bd42-d1e26314e3fa","block_type":"box","text":"Issuer Risk.","page_number":20,"box":{"x":84,"y":103,"width":82,"height":9}},{"id":"27875977-573d-4794-94a2-8b39b6b8eabb","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":20,"box":{"x":170,"y":103,"width":780,"height":11}},{"id":"3bfca859-723b-42cc-b518-0c9ecb201bab","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":20,"box":{"x":84,"y":117,"width":885,"height":11}},{"id":"63863c6a-8baa-43b8-834c-c4fc2a1ba501","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":20,"box":{"x":82,"y":131,"width":577,"height":11}},{"id":"760e229a-6410-4369-b2a1-fc1fd40ae8b9","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":20,"box":{"x":84,"y":155,"width":394,"height":11}},{"id":"a9bb07cc-ace4-44b5-b716-a441c85531e1","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":20,"box":{"x":484,"y":155,"width":410,"height":10}},{"id":"08dbb853-61e3-4df9-97d7-25bd6a45376d","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":20,"box":{"x":84,"y":169,"width":882,"height":11}},{"id":"de019bc2-b92f-4e18-8e61-1ff61a6cad5e","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":20,"box":{"x":83,"y":183,"width":884,"height":11}},{"id":"ee881778-21f4-4e0d-b9e7-d764bbd173c7","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":20,"box":{"x":84,"y":197,"width":872,"height":11}},{"id":"6e88981c-f2e3-4b98-8e16-97f3ddbdb36b","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":20,"box":{"x":83,"y":211,"width":813,"height":11}},{"id":"cda647e8-babe-469f-a0f8-b55cfe2769d3","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":20,"box":{"x":84,"y":226,"width":889,"height":10}},{"id":"ce237815-4aa2-4278-bf83-50183d61bca8","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":20,"box":{"x":82,"y":240,"width":891,"height":10}},{"id":"9239e47f-4617-4e25-adec-92d15032c0db","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":20,"box":{"x":84,"y":254,"width":836,"height":11}},{"id":"d4b20a83-5602-49f9-9335-576f9c8c1a5d","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":20,"box":{"x":84,"y":268,"width":810,"height":11}},{"id":"45d0858c-127e-4067-bef3-0e5cc11bd8d0","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":20,"box":{"x":83,"y":282,"width":861,"height":11}},{"id":"c17ec510-fb39-4d7c-b9ae-748a99bf2b38","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":20,"box":{"x":84,"y":296,"width":874,"height":11}},{"id":"3987ea94-e440-4c15-87f0-cb8123c9f89b","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":20,"box":{"x":82,"y":311,"width":654,"height":10}},{"id":"164dc32e-573e-4141-8a95-c935c98519cd","block_type":"box","text":"Management Risk.","page_number":20,"box":{"x":84,"y":334,"width":136,"height":11}},{"id":"44970c20-3b07-468a-85d5-fdee862f580a","block_type":"box","text":"The Fund generally does not attempt to take defensive positions under any market conditions, including","page_number":20,"box":{"x":225,"y":334,"width":735,"height":11}},{"id":"a6c80491-6dd8-4dfe-a6fc-e0680f16d183","block_type":"box","text":"declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not","page_number":20,"box":{"x":83,"y":348,"width":833,"height":11}},{"id":"9c03b144-d08c-48d0-8ba6-f7eef3876bc6","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended","page_number":20,"box":{"x":83,"y":362,"width":864,"height":11}},{"id":"e30338b7-93c6-4753-9e91-acd7c91632ce","block_type":"box","text":"results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the","page_number":20,"box":{"x":84,"y":376,"width":824,"height":11}},{"id":"7ff15869-136b-4e59-b2c5-2b983815bc81","block_type":"box","text":"Underlying Index or that the Fund will achieve its investment objective.","page_number":20,"box":{"x":84,"y":391,"width":498,"height":10}},{"id":"03bce34c-cbeb-4d73-8c6b-5a4aeb7d8674","block_type":"box","text":"Market Trading Risk.","page_number":20,"box":{"x":84,"y":414,"width":151,"height":11}},{"id":"340cfb50-1d8a-4508-baaf-91522f4e41d9","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":20,"box":{"x":239,"y":414,"width":695,"height":11}},{"id":"f0504c7b-b314-41c2-8cb2-c325d01e5e8e","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":20,"box":{"x":84,"y":428,"width":841,"height":11}},{"id":"775bca78-ecce-45cb-8565-5a1cdfc24eda","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":20,"box":{"x":83,"y":442,"width":887,"height":11}},{"id":"5adbc084-b575-4bc5-9785-536821b9d2de","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":20,"box":{"x":83,"y":456,"width":839,"height":11}},{"id":"100e9cd2-37d5-4cd1-91a6-bef815907999","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":20,"box":{"x":84,"y":470,"width":865,"height":11}},{"id":"8f85f72b-9bf3-411d-83ed-269a69dafe56","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":20,"box":{"x":82,"y":485,"width":885,"height":10}},{"id":"b936237e-ed48-4b70-a80a-e577da4a60c6","block_type":"box","text":"of the Fund shares.","page_number":20,"box":{"x":83,"y":499,"width":135,"height":8}},{"id":"94c9ad44-ebc7-446e-bdc2-b6b542a7473c","block_type":"box","text":"Operational and Technology Risks.","page_number":20,"box":{"x":83,"y":522,"width":255,"height":11}},{"id":"92010d5a-90c5-42ff-9f08-2e2919130606","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":20,"box":{"x":342,"y":522,"width":582,"height":11}},{"id":"c60e7fb9-f939-4e4b-9e16-1e55b3b6e1a8","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":20,"box":{"x":83,"y":536,"width":876,"height":11}},{"id":"06c9405f-8e18-4700-8d1c-6f389695cb5c","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":20,"box":{"x":83,"y":550,"width":879,"height":11}},{"id":"504662a1-c384-422a-b414-b0fd3ceef25e","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":20,"box":{"x":83,"y":565,"width":825,"height":10}},{"id":"e702ed69-375e-45eb-a4c5-9b559f491c1f","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":20,"box":{"x":83,"y":579,"width":863,"height":11}},{"id":"7789d006-2e6a-4c9b-af07-3a52a3d4ddc7","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":20,"box":{"x":83,"y":593,"width":872,"height":11}},{"id":"255706f1-dc44-4e78-aac6-22157df49541","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":20,"box":{"x":84,"y":607,"width":823,"height":11}},{"id":"e7888a27-c419-4d10-b288-7e7fdab579ab","block_type":"box","text":"Prepayment Risk.","page_number":20,"box":{"x":84,"y":630,"width":128,"height":11}},{"id":"54a27fb6-6680-4530-ad4e-8e958ffa5c7f","block_type":"box","text":"During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the","page_number":20,"box":{"x":218,"y":630,"width":742,"height":11}},{"id":"14d2890b-3208-446f-983a-8d56153d71d5","block_type":"box","text":"debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of","page_number":20,"box":{"x":83,"y":644,"width":867,"height":11}},{"id":"0ff51cd8-18b1-4a3f-8793-26efc7145efb","block_type":"box","text":"default, resulting in a decline in the Fund’s income or return potential.","page_number":20,"box":{"x":83,"y":659,"width":493,"height":11}},{"id":"deae348f-0676-4ec4-84ef-9e96595108d3","block_type":"box","text":"Risk of Investing in China.","page_number":20,"box":{"x":84,"y":682,"width":190,"height":11}},{"id":"12788879-69fc-44ab-96a9-e83b6d9f43a8","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":20,"box":{"x":280,"y":682,"width":679,"height":11}},{"id":"100b3b49-d3f9-48c7-8c02-36e7fc8d8082","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":20,"box":{"x":83,"y":696,"width":819,"height":11}},{"id":"3dc8622b-1894-44f8-a70d-7323493070d9","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":20,"box":{"x":83,"y":710,"width":866,"height":11}},{"id":"340e40fd-71ef-42fd-9838-65fc22b6fcc4","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":20,"box":{"x":83,"y":724,"width":866,"height":11}},{"id":"18e62ed3-2006-4ba0-bf3e-7234540eb045","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":20,"box":{"x":82,"y":739,"width":842,"height":10}},{"id":"742f5a7f-2312-43c1-9be3-d9119d2e7dbb","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":20,"box":{"x":83,"y":753,"width":864,"height":11}},{"id":"3af22e5e-d944-46b6-b457-c7073382c77a","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":20,"box":{"x":82,"y":767,"width":861,"height":11}},{"id":"7542051a-5cdc-42c6-9f38-8e35099e241d","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":20,"box":{"x":83,"y":781,"width":869,"height":11}},{"id":"b531f7ee-9232-4bbc-a409-da340f3f878a","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":20,"box":{"x":83,"y":795,"width":784,"height":11}},{"id":"5c7741df-24b7-4ccf-a09c-4d8bafdd0542","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":20,"box":{"x":83,"y":819,"width":887,"height":10}},{"id":"e8c01453-ea53-4fd6-af1d-d916af1b90b4","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":20,"box":{"x":82,"y":833,"width":834,"height":11}},{"id":"2273e8f5-9ee8-44b0-bfb4-c912e9aedfdd","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":20,"box":{"x":82,"y":847,"width":845,"height":11}},{"id":"fbc07706-c005-4e44-818c-bde0c51959d6","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":20,"box":{"x":83,"y":861,"width":876,"height":11}},{"id":"18605906-9328-4483-8c8e-9682effa3cb2","block_type":"box","text":"S-11","page_number":20,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"9028620d-b234-40c8-aae3-d82c63af0960","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":21,"box":{"x":83,"y":23,"width":834,"height":11}},{"id":"ced2f49e-052e-46cf-860d-093f62b0d46d","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":21,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"608d3324-7dab-48c1-bd00-b0d2c6045932","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":21,"box":{"x":82,"y":61,"width":849,"height":10}},{"id":"8c30e22e-45c8-43b3-a523-ee48566e0f4f","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":21,"box":{"x":83,"y":75,"width":886,"height":11}},{"id":"497762e7-47e8-43c8-adfa-d6640b33e77f","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":21,"box":{"x":83,"y":89,"width":878,"height":11}},{"id":"32d9e94c-59fd-4d94-a36e-f3152b7db9b0","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":21,"box":{"x":83,"y":103,"width":874,"height":11}},{"id":"0fe3f0f1-6129-43d0-b831-cc101a7759e9","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":21,"box":{"x":83,"y":117,"width":878,"height":11}},{"id":"4c3e79d2-6e36-4138-be2d-e6ae1daf3f6f","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":21,"box":{"x":83,"y":131,"width":807,"height":11}},{"id":"05512593-01fb-4566-800c-dbc89ee2de53","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":21,"box":{"x":84,"y":146,"width":889,"height":10}},{"id":"07a2badc-c1f6-4264-b8fc-4a88685f9497","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":21,"box":{"x":82,"y":160,"width":471,"height":11}},{"id":"37f2fca0-d014-4e2d-be11-9bb070e5ed92","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":21,"box":{"x":83,"y":183,"width":883,"height":11}},{"id":"bc31f395-5e3f-4b7a-894a-285857244903","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":21,"box":{"x":83,"y":197,"width":850,"height":11}},{"id":"02d82178-fca1-41d7-ab81-d668efe52db2","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":21,"box":{"x":83,"y":211,"width":862,"height":11}},{"id":"6bd6ef46-38ce-4a96-92c4-2d1d05c13723","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":21,"box":{"x":84,"y":226,"width":849,"height":10}},{"id":"aaec7e92-0445-4fe8-930c-59c13384326e","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":21,"box":{"x":83,"y":240,"width":883,"height":11}},{"id":"4150c49f-14ab-482f-821e-20ddfb93c5ae","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":21,"box":{"x":82,"y":254,"width":861,"height":11}},{"id":"86529187-ec55-42e8-83d9-13093532e681","block_type":"box","text":"have limited legal remedies.","page_number":21,"box":{"x":84,"y":268,"width":195,"height":11}},{"id":"ebbc3ca6-27df-4752-8d67-a24f210efedc","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":21,"box":{"x":84,"y":291,"width":844,"height":11}},{"id":"020b3c73-8416-485a-a5b3-00e4a0ea06f8","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":21,"box":{"x":83,"y":305,"width":835,"height":11}},{"id":"73ed7d37-321d-4ce1-aaa8-000383c966b7","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":21,"box":{"x":83,"y":320,"width":852,"height":10}},{"id":"132076f2-6cb1-4f74-a261-d7e5d60a883a","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":21,"box":{"x":82,"y":334,"width":779,"height":10}},{"id":"000cdb8b-6e9d-446e-ada8-a7e5745554bd","block_type":"box","text":"considerations.","page_number":21,"box":{"x":83,"y":348,"width":108,"height":8}},{"id":"0045445e-9392-4053-9dae-cf32721df5d0","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":21,"box":{"x":84,"y":371,"width":315,"height":11}},{"id":"38b53e32-caa6-46bc-89c1-7b1120e5a6f7","block_type":"box","text":". The Fund invests directly in the domestic bond market in the People’s Republic","page_number":21,"box":{"x":400,"y":371,"width":564,"height":11}},{"id":"d668eb1e-51a7-40e5-a51a-a4698034188c","block_type":"box","text":"of China (“China” or the “PRC”) (the “China Interbank Bond Market”) through the Bond Connect trading channel. All bonds","page_number":21,"box":{"x":83,"y":385,"width":863,"height":11}},{"id":"b46c166f-7928-414a-b747-cbc162f43e79","block_type":"box","text":"traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (“CMU”), which holds such","page_number":21,"box":{"x":82,"y":399,"width":885,"height":11}},{"id":"b4af5183-9823-46bd-8208-a5eda766b085","block_type":"box","text":"bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China","page_number":21,"box":{"x":84,"y":414,"width":860,"height":11}},{"id":"ece14481-3c13-468e-bece-23f9b2427a9a","block_type":"box","text":"Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of","page_number":21,"box":{"x":84,"y":428,"width":867,"height":11}},{"id":"d6754317-2d48-4dea-afca-4e143f3227e4","block_type":"box","text":"the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.","page_number":21,"box":{"x":82,"y":442,"width":745,"height":11}},{"id":"07525016-0138-4233-809a-b49e7a948aec","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market","page_number":21,"box":{"x":84,"y":465,"width":888,"height":11}},{"id":"3f567882-3272-4c5e-97dc-658fd36f6b24","block_type":"box","text":"may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may","page_number":21,"box":{"x":84,"y":480,"width":884,"height":10}},{"id":"fa4cac67-ec52-466e-9714-3410ba2f0cdf","block_type":"box","text":"not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations","page_number":21,"box":{"x":84,"y":494,"width":863,"height":11}},{"id":"ada8b89b-0860-4dd5-9be6-0516a9283d04","block_type":"box","text":"that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially","page_number":21,"box":{"x":82,"y":508,"width":853,"height":11}},{"id":"e2de7ed3-6e4e-4b4a-ab85-fe75645b5622","block_type":"box","text":"altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions","page_number":21,"box":{"x":83,"y":522,"width":846,"height":11}},{"id":"250e329f-4f0e-490f-b4ed-639976a69f77","block_type":"box","text":"under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or","page_number":21,"box":{"x":83,"y":536,"width":846,"height":11}},{"id":"2edf0de4-25dd-4ba3-974c-19e1d355c90f","block_type":"box","text":"indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund","page_number":21,"box":{"x":83,"y":550,"width":886,"height":11}},{"id":"bbd9e1f5-a0fd-4a82-84d0-ed4e8019b16f","block_type":"box","text":"to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China","page_number":21,"box":{"x":82,"y":565,"width":832,"height":10}},{"id":"9a0c33f8-e39c-44f8-b087-c57a7151681f","block_type":"box","text":"Interbank Bond Market.","page_number":21,"box":{"x":84,"y":579,"width":165,"height":8}},{"id":"da11d2bd-1ebf-4ad7-ade8-0002dcde7a75","block_type":"box","text":"Risk of Investing in Russia.","page_number":21,"box":{"x":84,"y":602,"width":196,"height":11}},{"id":"6c15bf12-10eb-4f4a-9eba-7a09c205a0a8","block_type":"box","text":"Investing in Russian securities involves significant risks, including legal, regulatory, currency","page_number":21,"box":{"x":289,"y":602,"width":655,"height":11}},{"id":"3b51ca95-a618-4541-b66d-6b57615e30cf","block_type":"box","text":"and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the","page_number":21,"box":{"x":83,"y":616,"width":869,"height":11}},{"id":"faaf4fa0-364a-4e2b-8648-2c18130f2fb9","block_type":"box","text":"settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system","page_number":21,"box":{"x":83,"y":630,"width":882,"height":11}},{"id":"c3533ff2-a944-4005-906d-fae2de7b50f6","block_type":"box","text":"of share registration and custody in Russia. Governments, including the U.S., the U.K., the E.U., and many other countries have","page_number":21,"box":{"x":83,"y":645,"width":888,"height":10}},{"id":"fed586a5-d507-4d8a-b4ac-b76d26a89758","block_type":"box","text":"imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, and jurisdictions","page_number":21,"box":{"x":83,"y":659,"width":865,"height":11}},{"id":"1e59e75c-6756-4a8b-8196-889fd53372f4","block_type":"box","text":"may also institute broader sanctions on Russia. Russia has issued a number of countersanctions, some of which restrict the","page_number":21,"box":{"x":84,"y":673,"width":872,"height":11}},{"id":"41de1ebe-aff6-4a29-8e1c-f9cd28f9ee8d","block_type":"box","text":"distribution of profits by limited liability companies (e.g., dividends), and prohibit Russian persons from entering into","page_number":21,"box":{"x":83,"y":687,"width":824,"height":11}},{"id":"5c9d46ce-9197-4280-9f61-588387c67280","block_type":"box","text":"transactions with designated persons from “unfriendly states” as well as the export of raw materials or other products from","page_number":21,"box":{"x":82,"y":701,"width":867,"height":11}},{"id":"8d3bba74-e2dd-45ef-87ae-5e09e978b31e","block_type":"box","text":"Russia to certain sanctioned persons.","page_number":21,"box":{"x":84,"y":716,"width":264,"height":10}},{"id":"321b2a4b-bb79-47de-95ac-8d5c13a61bbe","block_type":"box","text":"Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action,","page_number":21,"box":{"x":84,"y":739,"width":840,"height":10}},{"id":"d81539eb-aeca-4212-b166-07c65586ece5","block_type":"box","text":"resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":21,"box":{"x":84,"y":753,"width":882,"height":11}},{"id":"b031bafc-16a4-489e-8430-c4979e80fff2","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or","page_number":21,"box":{"x":83,"y":767,"width":862,"height":11}},{"id":"1d033f37-506b-4cc6-8a12-6319d892ac0c","block_type":"box","text":"other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including","page_number":21,"box":{"x":83,"y":781,"width":884,"height":11}},{"id":"736e6131-cd1f-44c6-9fdb-330e792ceb6f","block_type":"box","text":"purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, import and","page_number":21,"box":{"x":84,"y":795,"width":854,"height":11}},{"id":"5718ef8b-4b31-4621-b4c4-551d7ae8bc10","block_type":"box","text":"export restrictions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including","page_number":21,"box":{"x":83,"y":810,"width":874,"height":10}},{"id":"a1d4649b-fb93-4b22-a4f6-6b8914df631d","block_type":"box","text":"politicians, may impact Russia’s economy and Russian companies in which the Fund invests. Actual and threatened","page_number":21,"box":{"x":84,"y":824,"width":815,"height":11}},{"id":"b1c902c0-fe42-40b2-b156-f138de8a6220","block_type":"box","text":"responses to Russian military action may also impact the markets for certain Russian commodities, such as oil and natural","page_number":21,"box":{"x":84,"y":838,"width":866,"height":11}},{"id":"eac12296-a1f0-4265-80a9-f0c97d4bce4a","block_type":"box","text":"gas, as well as other sectors of the Russian economy, and are likely to have collateral impacts on such sectors globally.","page_number":21,"box":{"x":83,"y":852,"width":833,"height":11}},{"id":"37d8b1be-50d8-4b42-adff-f7595c8d4fa4","block_type":"box","text":"Russian companies may be unable to pay dividends and, if they pay dividends, the Fund may be unable to receive them. As a","page_number":21,"box":{"x":84,"y":866,"width":875,"height":11}},{"id":"82d5cde1-7146-44c4-8afd-77a6a7b3e8da","block_type":"box","text":"result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, and the","page_number":21,"box":{"x":84,"y":880,"width":881,"height":11}},{"id":"7a1e7279-5708-40db-89bf-7768caa48ab7","block_type":"box","text":"S-12","page_number":21,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"2f677195-fc07-428e-a68a-1f03248ffeaa","block_type":"box","text":"Underlying Index has removed Russian securities. It is unknown when, or if, sanctions may be lifted or the Fund’s ability to","page_number":22,"box":{"x":84,"y":23,"width":859,"height":11}},{"id":"dbf24233-dd8a-43c9-af4c-f6d44c735df9","block_type":"box","text":"trade in Russian securities will resume.","page_number":22,"box":{"x":82,"y":38,"width":275,"height":8}},{"id":"19a8f612-175a-41d9-9342-fddbed495282","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":22,"box":{"x":84,"y":60,"width":241,"height":11}},{"id":"36461961-dfd3-44ac-93b6-4d06aee3bde4","block_type":"box","text":"Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":22,"box":{"x":330,"y":61,"width":643,"height":10}},{"id":"9da5c499-ad00-499e-b2ad-158cbd408cb1","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum","page_number":22,"box":{"x":83,"y":75,"width":836,"height":11}},{"id":"4381694f-1875-48df-af37-13478e75ee0a","block_type":"box","text":"exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in","page_number":22,"box":{"x":83,"y":89,"width":888,"height":11}},{"id":"f466eddb-5ba8-440d-b798-541ef763d436","block_type":"box","text":"the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":22,"box":{"x":82,"y":103,"width":876,"height":11}},{"id":"6dbdda09-ac4e-4629-ac24-a3737d76da91","block_type":"box","text":"developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include,","page_number":22,"box":{"x":83,"y":117,"width":862,"height":11}},{"id":"80cf0e5d-f409-47ca-af29-8a56b5f4e6b1","block_type":"box","text":"among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in","page_number":22,"box":{"x":83,"y":131,"width":795,"height":11}},{"id":"83f9fe11-6464-4848-a6d5-7bf3e30ec427","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in","page_number":22,"box":{"x":83,"y":146,"width":817,"height":10}},{"id":"4468b30b-9d34-4133-a801-18c35790c3e5","block_type":"box","text":"governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic","page_number":22,"box":{"x":83,"y":160,"width":859,"height":11}},{"id":"5a0ae82c-bd0c-4ab2-a8e9-cde4982f89f3","block_type":"box","text":"unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of","page_number":22,"box":{"x":83,"y":174,"width":888,"height":11}},{"id":"2766a8f2-6a1c-4ba0-b4ff-2c44810d840a","block_type":"box","text":"political stability in Saudi Arabia.","page_number":22,"box":{"x":84,"y":188,"width":230,"height":11}},{"id":"dac3c524-bd13-47c2-8131-b38af557225a","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian","page_number":22,"box":{"x":82,"y":211,"width":885,"height":11}},{"id":"423a71be-d5f7-4e8f-b65d-872600e4c7e8","block_type":"box","text":"government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There","page_number":22,"box":{"x":83,"y":226,"width":866,"height":10}},{"id":"f1d42056-0be7-4901-bb17-a05501c9488a","block_type":"box","text":"are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to","page_number":22,"box":{"x":83,"y":240,"width":881,"height":11}},{"id":"1002e39f-2a9e-40b0-8bf2-db3095c5a608","block_type":"box","text":"transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited","page_number":22,"box":{"x":82,"y":254,"width":875,"height":11}},{"id":"a637bf7f-b979-4971-8666-ed92335e07be","block_type":"box","text":"number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing","page_number":22,"box":{"x":84,"y":268,"width":880,"height":11}},{"id":"cdd38e5d-3fb7-4d8e-a660-5cef4f201aad","block_type":"box","text":"of Fund transactions.","page_number":22,"box":{"x":83,"y":282,"width":150,"height":9}},{"id":"0810a132-dc33-4f9a-be01-efec07c961c1","block_type":"box","text":"Risk of Investing in the U.S.","page_number":22,"box":{"x":84,"y":305,"width":200,"height":11}},{"id":"48d0ea93-b329-4ec2-a34e-0c5ac9d67466","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":22,"box":{"x":289,"y":306,"width":664,"height":10}},{"id":"244bb06d-4808-4818-b73f-99df89085032","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":22,"box":{"x":83,"y":320,"width":878,"height":10}},{"id":"dbd4919a-aa4e-426c-8aad-45bf553a5757","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":22,"box":{"x":83,"y":334,"width":470,"height":11}},{"id":"bd931785-8f6d-40d3-897c-c0bad4e3189a","block_type":"box","text":"Securities Lending Risk.","page_number":22,"box":{"x":83,"y":357,"width":177,"height":11}},{"id":"571c1649-b4da-4001-8ef9-11c641e404f8","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":22,"box":{"x":264,"y":357,"width":692,"height":11}},{"id":"0545a9b5-14c4-49d1-ab8d-61d9378dd740","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":22,"box":{"x":84,"y":371,"width":869,"height":11}},{"id":"011fb76c-ba70-4ad1-b70f-422a8b973fcc","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":22,"box":{"x":83,"y":385,"width":886,"height":11}},{"id":"097e5d12-cfe7-43c1-b03d-0704aa1d2833","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":22,"box":{"x":83,"y":400,"width":831,"height":10}},{"id":"0738d3fb-98e1-41a8-a8fa-1ecb498bd371","block_type":"box","text":"Tracking Error Risk.","page_number":22,"box":{"x":82,"y":423,"width":145,"height":11}},{"id":"40b5ef2f-a92a-4ba5-82c7-83bb1d60ac04","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":22,"box":{"x":231,"y":423,"width":741,"height":11}},{"id":"bc5ff0ee-d052-464d-bdc8-95756ad6cb1c","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":22,"box":{"x":83,"y":437,"width":861,"height":11}},{"id":"1a9ba8e0-a463-4782-8de8-1224c0933676","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":22,"box":{"x":83,"y":451,"width":832,"height":11}},{"id":"f36d37f0-bfa2-4447-a1af-bce03c766bb9","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":22,"box":{"x":84,"y":466,"width":880,"height":10}},{"id":"4241f5fe-8eaa-42d8-a979-0e154765ac2c","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":22,"box":{"x":84,"y":479,"width":830,"height":11}},{"id":"c2b4b92e-1ca2-47b0-b2c4-bf7b1f8e0480","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":22,"box":{"x":82,"y":494,"width":828,"height":11}},{"id":"fc27e317-edad-4147-9fcf-330b55db3d81","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":22,"box":{"x":83,"y":508,"width":874,"height":11}},{"id":"56090f5e-dd9d-4ddf-8960-83ef7a842242","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":22,"box":{"x":84,"y":522,"width":888,"height":11}},{"id":"abff1abd-a5ac-4646-8440-2b19deb96e40","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":22,"box":{"x":84,"y":536,"width":851,"height":11}},{"id":"0712ade9-19d6-4476-b99e-badd5bf58b7a","block_type":"box","text":"baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or","page_number":22,"box":{"x":84,"y":550,"width":850,"height":11}},{"id":"c0bf89ce-7540-485c-8ecd-e685cd484d74","block_type":"box","text":"limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":22,"box":{"x":84,"y":565,"width":873,"height":10}},{"id":"809a703a-d938-48ca-a0c0-3511f0613f2d","block_type":"box","text":"U.S. Agency Mortgage-Backed Securities Risk.","page_number":22,"box":{"x":83,"y":588,"width":341,"height":11}},{"id":"1c8b29f1-c0a6-42fc-8db0-63cebe88a569","block_type":"box","text":"MBS represent interests in “pools” of mortgages and are subject to interest","page_number":22,"box":{"x":430,"y":588,"width":530,"height":11}},{"id":"71620cd8-82ac-46f7-b73f-c05e8d1f1721","block_type":"box","text":"rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or","page_number":22,"box":{"x":84,"y":602,"width":847,"height":11}},{"id":"85568aa3-8259-43d7-8031-a8a44e0f07d4","block_type":"box","text":"sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent","page_number":22,"box":{"x":83,"y":616,"width":844,"height":11}},{"id":"1d4e8f8f-fc71-4b51-af29-71ac9b1cf10a","block_type":"box","text":"greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks.","page_number":22,"box":{"x":83,"y":630,"width":887,"height":11}},{"id":"92e4e847-3a95-43a7-86b0-7685d658595a","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain","page_number":22,"box":{"x":83,"y":644,"width":869,"height":11}},{"id":"a5183165-82a5-4fc9-8b29-ceb061fbd1fe","block_type":"box","text":"MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the","page_number":22,"box":{"x":84,"y":659,"width":817,"height":11}},{"id":"f2b90957-a7e7-4ea6-8273-6c43fdf4f07c","block_type":"box","text":"underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to","page_number":22,"box":{"x":83,"y":673,"width":886,"height":11}},{"id":"8e304ec4-d508-49d7-bc0d-407f9f78ae9f","block_type":"box","text":"a TBA transaction would expose the Fund to possible losses.","page_number":22,"box":{"x":83,"y":687,"width":424,"height":11}},{"id":"91ef8b6f-8ce2-470c-9d31-61308d9ef6cb","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":22,"box":{"x":83,"y":710,"width":225,"height":11}},{"id":"c59a6954-74cf-4c92-bcb7-f54145d05dc3","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":22,"box":{"x":314,"y":710,"width":635,"height":11}},{"id":"fcbb5fad-6e30-426c-9085-0d6ce4868581","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in","page_number":22,"box":{"x":82,"y":724,"width":890,"height":11}},{"id":"d4f143ae-13eb-454c-94d7-bc7713fa90ee","block_type":"box","text":"the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct","page_number":22,"box":{"x":82,"y":739,"width":869,"height":10}},{"id":"6d0f0891-fb97-435f-a5f6-a02a0974b865","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value","page_number":22,"box":{"x":83,"y":753,"width":882,"height":11}},{"id":"ce31bf00-da3e-4a85-b3db-f789d33d9af1","block_type":"box","text":"of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and","page_number":22,"box":{"x":83,"y":767,"width":859,"height":11}},{"id":"9021b3e9-c4c6-44eb-8859-1824a842ffc6","block_type":"box","text":"credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.","page_number":22,"box":{"x":83,"y":781,"width":816,"height":11}},{"id":"88f31f3f-f0f2-4b48-86c4-6c768fd7b512","block_type":"box","text":"Valuation Risk.","page_number":22,"box":{"x":82,"y":804,"width":110,"height":9}},{"id":"ff34fbde-5066-479c-9f43-bd53f31c1a4f","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":22,"box":{"x":197,"y":804,"width":740,"height":11}},{"id":"7df2854a-b5aa-4109-87a2-f0e7e96ffde3","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":22,"box":{"x":83,"y":818,"width":840,"height":11}},{"id":"1aaba7cf-11c7-4c2c-858f-9470b4894dce","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":22,"box":{"x":82,"y":833,"width":869,"height":11}},{"id":"5e86874e-caff-4de4-b4e0-d8a1156a97b8","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":22,"box":{"x":83,"y":847,"width":888,"height":11}},{"id":"0f52d56d-36cb-4b5f-ba09-3e59fa3e1440","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":22,"box":{"x":83,"y":861,"width":871,"height":11}},{"id":"9d491104-5b4a-4b7e-a6d2-a0d0fc53a99c","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":22,"box":{"x":82,"y":875,"width":879,"height":11}},{"id":"aa6270a7-4ef8-49d1-9ded-2320d9fc13b8","block_type":"box","text":"S-13","page_number":22,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"8435b875-fbab-47c9-ac3a-c9ba4e91c542","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":23,"box":{"x":83,"y":23,"width":880,"height":11}},{"id":"0a8d75b6-5f09-40dc-b0ee-3e177e6fb9e5","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":23,"box":{"x":84,"y":37,"width":815,"height":11}},{"id":"54b7675a-a55a-4bf3-a526-8e24ccedc2dd","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":23,"box":{"x":82,"y":52,"width":613,"height":10}},{"id":"3c58e450-1550-4874-9e8d-eb23660cf55f","block_type":"box","text":"Performance Information","page_number":23,"box":{"x":84,"y":73,"width":229,"height":10}},{"id":"b6e34f99-ee1c-4313-8ad7-4290cd683eb0","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":23,"box":{"x":82,"y":98,"width":864,"height":10}},{"id":"29c38ee6-2d5c-4ce0-9dfa-ea2048a02696","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":23,"box":{"x":83,"y":112,"width":871,"height":11}},{"id":"787e27db-fd24-4cd9-ab3d-57ab8d89a088","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":23,"box":{"x":83,"y":126,"width":868,"height":11}},{"id":"7a05c6dc-29c0-416e-883c-aadfaeb543b6","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":23,"box":{"x":84,"y":140,"width":837,"height":11}},{"id":"417c5f69-2c80-4847-ba14-68f97352669e","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":23,"box":{"x":83,"y":155,"width":869,"height":10}},{"id":"0e7545b2-bbde-4278-8ed9-79e57beec194","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":23,"box":{"x":84,"y":169,"width":832,"height":11}},{"id":"25fc3f0f-10ee-4da7-9774-713df39eaa0d","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":23,"box":{"x":84,"y":183,"width":841,"height":11}},{"id":"2d0dac18-81cb-4d7b-ae11-9f273b334328","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":23,"box":{"x":82,"y":197,"width":531,"height":11}},{"id":"4b0fc243-f461-4522-82a1-05d3dbe7103d","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":23,"box":{"x":165,"y":222,"width":260,"height":11}},{"id":"3148f25b-9750-4b37-b5f4-b5811dab3f33","block_type":"box","text":"3.89","page_number":23,"box":{"x":121,"y":286,"width":20,"height":6}},{"id":"49eaea68-7955-43d3-90e6-d470b6959d7b","block_type":"box","text":"0.07","page_number":23,"box":{"x":162,"y":298,"width":20,"height":6}},{"id":"5450acd5-8320-41e9-8ec3-eab210046bc4","block_type":"box","text":"8.82","page_number":23,"box":{"x":203,"y":271,"width":20,"height":6}},{"id":"93c6fa7c-1a60-4e9f-b774-fc9175ef1639","block_type":"box","text":"6.37","page_number":23,"box":{"x":244,"y":278,"width":20,"height":6}},{"id":"868fad94-7afa-4fb2-bdc8-1c9c8869fa72","block_type":"box","text":"-1.34","page_number":23,"box":{"x":283,"y":317,"width":24,"height":6}},{"id":"295143df-8489-4cfe-8153-01330d223a78","block_type":"box","text":"-12.87","page_number":23,"box":{"x":321,"y":352,"width":30,"height":6}},{"id":"b0473409-7c77-4015-b3af-d378b9984efa","block_type":"box","text":"6.16","page_number":23,"box":{"x":368,"y":279,"width":20,"height":6}},{"id":"c82d0821-bfcc-4dea-b06c-ccfeeec38542","block_type":"box","text":"1.95","page_number":23,"box":{"x":410,"y":292,"width":19,"height":6}},{"id":"a25da32a-0bda-4c44-9e04-e46f7c2ca420","block_type":"box","text":"8.71","page_number":23,"box":{"x":450,"y":271,"width":19,"height":6}},{"id":"c60030f2-094d-4db6-945b-46dc6bc1b869","block_type":"box","text":"2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":23,"box":{"x":119,"y":376,"width":353,"height":6}},{"id":"243f6061-9a8b-42bc-9a0b-df9b8ccffc7d","block_type":"box","text":"Return (%) Period Ended","page_number":23,"box":{"x":766,"y":237,"width":188,"height":9}},{"id":"582cbc30-6297-4b92-bf4d-d2f4f663ef1f","block_type":"box","text":"Calendar Year-to-Date Return","page_number":23,"box":{"x":550,"y":255,"width":197,"height":7}},{"id":"1ecbb99e-c900-47b2-abd9-c20ddfa36bad","block_type":"box","text":"0.02% March 31, 2026","page_number":23,"box":{"x":783,"y":255,"width":189,"height":9}},{"id":"be0a9d19-a29b-423e-b0b4-e0acb121071f","block_type":"box","text":"During the periods shown in the chart:","page_number":23,"box":{"x":551,"y":268,"width":250,"height":9}},{"id":"1bc67360-a4a5-477a-9ddc-b033363b1d5b","block_type":"box","text":"Best Quarter 7.32% December 31, 2023","page_number":23,"box":{"x":564,"y":281,"width":408,"height":8}},{"id":"d23b2ea5-7a3a-4a52-a3a9-34b3df053828","block_type":"box","text":"Worst Quarter -5.77% March 31, 2022","page_number":23,"box":{"x":563,"y":294,"width":409,"height":8}},{"id":"de487055-cfde-4a12-9c5d-efb3f2bf7b82","block_type":"box","text":"Average Annual Total Returns (%)","page_number":23,"box":{"x":403,"y":406,"width":250,"height":11}},{"id":"167bde63-6a2a-4746-858b-782f113df047","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":23,"box":{"x":371,"y":420,"width":315,"height":11}},{"id":"3b968275-61b1-4f4e-a5b0-03c06d8add22","block_type":"box","text":"One Year Five Years","page_number":23,"box":{"x":690,"y":447,"width":165,"height":7}},{"id":"726fdf32-f082-447b-b163-3cceaf33fb95","block_type":"box","text":"Since Fund","page_number":23,"box":{"x":896,"y":437,"width":72,"height":7}},{"id":"3a1a7f09-1df6-49f5-9b1b-ac5c56a72b29","block_type":"box","text":"Inception","page_number":23,"box":{"x":902,"y":447,"width":61,"height":9}},{"id":"d3dc52a5-a090-4070-abbc-21241c39a325","block_type":"box","text":"Fund Inception: 11/1/2016","page_number":23,"box":{"x":88,"y":462,"width":180,"height":10}},{"id":"7ee7b40a-7593-464e-b448-ca58da836774","block_type":"box","text":"Return Before Taxes","page_number":23,"box":{"x":89,"y":474,"width":124,"height":8}},{"id":"c281b0d2-1d7a-4b47-8549-706499e2050b","block_type":"box","text":"8.71% 0.23% 1.93%","page_number":23,"box":{"x":706,"y":474,"width":254,"height":8}},{"id":"0292fa60-3aad-4a32-bcc6-69c8ef6584aa","block_type":"box","text":"Return After Taxes on Distributions 6.76% -1.23% 0.58%","page_number":23,"box":{"x":89,"y":486,"width":871,"height":7}},{"id":"c610f19b-1506-48de-8eca-b016576e66e8","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 5.12% -0.45% 0.89%","page_number":23,"box":{"x":89,"y":497,"width":871,"height":8}},{"id":"d7d6d560-f417-4326-a18d-a7de96063359","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":23,"box":{"x":88,"y":509,"width":206,"height":9}},{"id":"f72d6507-33b5-4080-a721-8e18e740109d","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":23,"box":{"x":298,"y":509,"width":347,"height":9}},{"id":"174392b5-f424-4f92-9477-43ff01898ffc","block_type":"box","text":"taxes)","page_number":23,"box":{"x":101,"y":522,"width":37,"height":8}},{"id":"c69b158a-7ca2-42bd-ae40-7dc3201e3c2e","block_type":"box","text":"7.58% 0.06% 2.01%","page_number":23,"box":{"x":706,"y":522,"width":254,"height":7}},{"id":"07dae408-1e59-4e6c-b93f-e0d010c19799","block_type":"box","text":"Bloomberg US Universal 5-10 Year Index","page_number":23,"box":{"x":88,"y":533,"width":267,"height":10}},{"id":"2b2c1243-4eac-4de7-a7d1-5c975475b61b","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":23,"box":{"x":358,"y":533,"width":269,"height":9}},{"id":"4c0a75c7-946b-49f5-a416-3f06ea84422c","block_type":"box","text":"expenses or taxes)","page_number":23,"box":{"x":101,"y":546,"width":116,"height":10}},{"id":"b38458e8-298b-469f-b36a-5bdb02c84e3d","block_type":"box","text":"8.91% 0.27% 2.01%","page_number":23,"box":{"x":706,"y":546,"width":254,"height":8}},{"id":"e735e1e3-3e5f-4475-b5ad-3e15fd6e43f1","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":23,"box":{"x":82,"y":576,"width":857,"height":10}},{"id":"c5896573-afab-4547-98bb-a8710de5add4","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":23,"box":{"x":84,"y":590,"width":864,"height":10}},{"id":"6aa24b1f-7cc1-4484-9ac1-d4c091c0ad7b","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":23,"box":{"x":84,"y":604,"width":847,"height":11}},{"id":"20fd9719-3269-4669-bf2c-33f4f03eb11d","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":23,"box":{"x":83,"y":618,"width":857,"height":11}},{"id":"aefa1ae0-08b9-40b0-97c1-6103c309619a","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":23,"box":{"x":83,"y":632,"width":877,"height":11}},{"id":"68a1ebc6-f50a-40bc-b4ec-c624681f88da","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. 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Individual shares of the Fund may only be bought and sold in the secondary market through a","page_number":24,"box":{"x":82,"y":55,"width":806,"height":11}},{"id":"d4ceee72-ad8b-4d36-8c59-e91ac2d056b2","block_type":"box","text":"broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a","page_number":24,"box":{"x":84,"y":69,"width":877,"height":11}},{"id":"defb6a64-5429-4e42-bda0-2e3b682ae871","block_type":"box","text":"premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a","page_number":24,"box":{"x":84,"y":84,"width":886,"height":11}},{"id":"fdf30a9b-5903-4c0c-8ce1-b0a311417039","block_type":"box","text":"buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the","page_number":24,"box":{"x":84,"y":98,"width":865,"height":11}},{"id":"903cb9c7-ad85-43d1-abf0-272862c846b8","block_type":"box","text":"Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).","page_number":24,"box":{"x":84,"y":112,"width":625,"height":11}},{"id":"f14ee869-bd18-4d17-8bee-ebf01f73e766","block_type":"box","text":"Tax Information","page_number":24,"box":{"x":82,"y":141,"width":144,"height":11}},{"id":"5bec5940-1f13-4f6c-9f07-5e95570fd047","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":24,"box":{"x":82,"y":166,"width":832,"height":11}},{"id":"e1be5827-0f67-465b-be55-67b7c6547ad8","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":24,"box":{"x":83,"y":180,"width":883,"height":11}},{"id":"c97b4ef2-e347-4ee7-85dd-0151a0673740","block_type":"box","text":"be taxed when withdrawn.","page_number":24,"box":{"x":84,"y":195,"width":181,"height":8}},{"id":"333fb17f-7c50-4b09-b914-78a9d74f2d87","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":24,"box":{"x":84,"y":224,"width":575,"height":13}},{"id":"fddef699-daf4-4b53-a254-5891307eb68d","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":24,"box":{"x":84,"y":249,"width":854,"height":11}},{"id":"73e7a131-fa5b-43f5-b04f-dad386575fb4","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":24,"box":{"x":84,"y":263,"width":842,"height":11}},{"id":"2692144a-1625-4fb1-9165-16cb32dfb851","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":24,"box":{"x":83,"y":277,"width":820,"height":11}},{"id":"23ab0e07-6002-4674-8669-f462a96b3efa","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":24,"box":{"x":84,"y":291,"width":801,"height":11}},{"id":"b2499e3e-1612-4e06-b213-b76f49ec5fb7","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":24,"box":{"x":83,"y":306,"width":841,"height":10}},{"id":"eae8bb9a-bae4-45ba-9b70-fe9aff6f688d","block_type":"box","text":"financial intermediary’s website for more information.","page_number":24,"box":{"x":83,"y":320,"width":379,"height":10}},{"id":"eb789e5d-5d96-4949-bfc6-9b1f90aad534","block_type":"box","text":"S-15","page_number":24,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"ef62483d-8a07-4144-92bf-81a991b5a465","block_type":"box","text":"iSHARES","page_number":25,"box":{"x":84,"y":23,"width":125,"height":17}},{"id":"21b45ce1-0d80-49a8-8f87-8fa657a33ef6","block_type":"box","text":"®","page_number":25,"box":{"x":211,"y":17,"width":11,"height":9}},{"id":"66430bbb-d6d9-47b2-a838-7e9b9711357b","block_type":"box","text":"CORE 10+ YEAR USD BOND ETF","page_number":25,"box":{"x":232,"y":24,"width":449,"height":16}},{"id":"7d827a5d-2016-45e5-b522-b2dbdec41638","block_type":"box","text":"ILTB | NYSE Arca","page_number":25,"box":{"x":85,"y":47,"width":232,"height":18}},{"id":"de645fa6-6c7c-4dba-b44d-6d8ac0e9c608","block_type":"box","text":"Investment Objective","page_number":25,"box":{"x":84,"y":86,"width":192,"height":13}},{"id":"3fcd4d19-72a7-48ec-b950-9c01c9124fec","block_type":"box","text":"The iShares Core 10+ Year USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":25,"box":{"x":82,"y":111,"width":855,"height":10}},{"id":"46d8a45c-cb9f-44fa-bcb4-e0e2e631ac5b","block_type":"box","text":"dollar-denominated bonds that are rated either investment grade or high-yield with remaining maturities greater than ten","page_number":25,"box":{"x":83,"y":125,"width":862,"height":11}},{"id":"64c1bee6-c4a4-4c2c-aa20-0d205d8ab110","block_type":"box","text":"years.","page_number":25,"box":{"x":82,"y":142,"width":41,"height":8}},{"id":"983f4f20-e549-4598-9981-6d2f4fd42805","block_type":"box","text":"Fees and Expenses","page_number":25,"box":{"x":84,"y":169,"width":169,"height":12}},{"id":"1d71ad47-e1e6-4b0d-962e-40b9e859654b","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":25,"box":{"x":82,"y":193,"width":874,"height":11}},{"id":"e1638f75-633b-4fdb-8a36-959799783c20","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":25,"box":{"x":83,"y":207,"width":871,"height":11}},{"id":"413e5f87-72bb-4232-b2ec-5d3de6cccf24","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":25,"box":{"x":84,"y":221,"width":887,"height":12}},{"id":"4da50398-5bc5-4319-a8ab-27381158c913","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":25,"box":{"x":84,"y":236,"width":795,"height":11}},{"id":"ce1ba9d1-f49c-47bf-b8f1-9f8e625201a3","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":25,"box":{"x":83,"y":250,"width":854,"height":11}},{"id":"e63cde3e-4266-4437-be41-36a4e450b61a","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":25,"box":{"x":82,"y":264,"width":829,"height":11}},{"id":"cd715e32-e6d4-4a49-8c33-c5d4b9dcbbec","block_type":"box","text":"extraordinary expenses.","page_number":25,"box":{"x":83,"y":279,"width":168,"height":10}},{"id":"70c1edf4-8e18-4235-956f-83d826a54994","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":25,"box":{"x":82,"y":301,"width":830,"height":11}},{"id":"2091f849-21bd-496d-8931-c0ecebcb0fb7","block_type":"box","text":"reflected in the tables and examples below.","page_number":25,"box":{"x":83,"y":316,"width":316,"height":10}},{"id":"df6880d9-afd6-453d-88a3-5530549c3bd4","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":25,"box":{"x":87,"y":339,"width":761,"height":9}},{"id":"f7363699-9f23-4500-93cd-24af71071ea9","block_type":"box","text":"1","page_number":25,"box":{"x":849,"y":337,"width":5,"height":5}},{"id":"76405f0e-3a4b-4afc-8f4c-29bf76855348","block_type":"box","text":"Management Fee","page_number":25,"box":{"x":89,"y":359,"width":109,"height":9}},{"id":"87db35cb-413d-4256-bd08-09f160169a1b","block_type":"box","text":"0.06%","page_number":25,"box":{"x":920,"y":359,"width":41,"height":7}},{"id":"e1272ea5-62dd-4846-868f-5a4c370df8b6","block_type":"box","text":"Other Expenses","page_number":25,"box":{"x":88,"y":374,"width":99,"height":9}},{"id":"13960659-111e-4e9a-9186-ee3539d87be6","block_type":"box","text":"0.00%","page_number":25,"box":{"x":920,"y":374,"width":41,"height":8}},{"id":"eab3de1f-bfdb-4d87-8628-04184fc8d47e","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":25,"box":{"x":87,"y":390,"width":246,"height":9}},{"id":"b1f973d4-4cb9-408a-af50-c3af422022b1","block_type":"box","text":"0.06%","page_number":25,"box":{"x":920,"y":390,"width":41,"height":7}},{"id":"ae5ce6a7-90d8-4d37-afda-67be23127083","block_type":"box","text":"1","page_number":25,"box":{"x":110,"y":417,"width":5,"height":5}},{"id":"60e124bc-e389-43f4-9a9f-6a77145ae98a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":25,"box":{"x":123,"y":419,"width":780,"height":9}},{"id":"c2a14464-6093-4b51-9dbe-d754eaf3b4fc","block_type":"box","text":"Example.","page_number":25,"box":{"x":84,"y":438,"width":66,"height":11}},{"id":"b0167571-11dd-4d84-9a3f-ab64881d84ae","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":25,"box":{"x":154,"y":438,"width":795,"height":11}},{"id":"a51ab82f-041c-40b3-8413-d0474204787a","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":25,"box":{"x":83,"y":452,"width":886,"height":11}},{"id":"3579263c-9719-4ad1-9219-67ad4e1bc67c","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":25,"box":{"x":83,"y":467,"width":870,"height":10}},{"id":"673e6ddb-5fa6-418d-a367-eac862fa8203","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":25,"box":{"x":84,"y":481,"width":887,"height":11}},{"id":"02cf97ad-06dd-45b9-974d-846cd8e6e24d","block_type":"box","text":"your costs would be:","page_number":25,"box":{"x":82,"y":495,"width":143,"height":11}},{"id":"1b33c76f-e38d-49f7-8c11-06926e051f44","block_type":"box","text":"Expense Example","page_number":25,"box":{"x":88,"y":518,"width":115,"height":9}},{"id":"18e72702-a677-4eeb-99a0-519800d84875","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":25,"box":{"x":693,"y":518,"width":281,"height":7}},{"id":"13dded6e-f172-490e-9326-c5c6e085276a","block_type":"box","text":"Example Fund Costs","page_number":25,"box":{"x":89,"y":533,"width":128,"height":10}},{"id":"c740ac05-911a-45b9-b369-98c3315aa8cf","block_type":"box","text":"$6 $19 $34 $77","page_number":25,"box":{"x":705,"y":533,"width":253,"height":8}},{"id":"76ab5623-6f4d-4026-bd72-325e6b26229b","block_type":"box","text":"Portfolio Turnover.","page_number":25,"box":{"x":84,"y":563,"width":136,"height":8}},{"id":"ac9a5d09-0a6f-486e-9bf0-d7c5082168f4","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":25,"box":{"x":225,"y":562,"width":721,"height":11}},{"id":"0736b723-b2b6-4dd1-b29b-29284fef5c07","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":25,"box":{"x":83,"y":577,"width":884,"height":11}},{"id":"f42bd719-ff30-487f-b61a-98c469698a5a","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":25,"box":{"x":84,"y":591,"width":875,"height":11}},{"id":"15723d56-c5f0-4e5e-b243-3145c6749ee1","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13% of","page_number":25,"box":{"x":82,"y":605,"width":887,"height":11}},{"id":"d1b47ff1-4a46-4f27-abb7-37cf2588c3a8","block_type":"box","text":"the average value of its portfolio.","page_number":25,"box":{"x":82,"y":619,"width":231,"height":11}},{"id":"579a4b91-656d-414d-b16e-b917207c305a","block_type":"box","text":"Principal Investment Strategies","page_number":25,"box":{"x":84,"y":648,"width":284,"height":14}},{"id":"bdf72103-287c-4347-a056-0f0fa87c2a4f","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg U.S. Universal 10+ Year Index (the “Underlying Index”), which","page_number":25,"box":{"x":82,"y":673,"width":889,"height":11}},{"id":"159aff91-e48e-4181-b97b-98ddb12b7a48","block_type":"box","text":"measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment-grade or high yield (as","page_number":25,"box":{"x":84,"y":688,"width":881,"height":11}},{"id":"f4c47516-71cb-426b-af88-9f418cb00845","block_type":"box","text":"determined by Bloomberg Index Services Limited (the “Index Provider” or “Bloomberg”)) with remaining maturities greater","page_number":25,"box":{"x":83,"y":702,"width":864,"height":11}},{"id":"c23e675c-a535-4b84-8ab8-142da7e4e898","block_type":"box","text":"than ten years. The Underlying Index includes U.S. Treasury bonds, government-related bonds (","page_number":25,"box":{"x":82,"y":716,"width":675,"height":11}},{"id":"f89cded8-b13e-4bda-9846-77298f4f7c54","block_type":"box","text":"i.e.","page_number":25,"box":{"x":758,"y":716,"width":18,"height":9}},{"id":"480115d5-0f0b-48f0-9c6d-8dfb661647f3","block_type":"box","text":", U.S. and non-U.S.","page_number":25,"box":{"x":778,"y":716,"width":129,"height":10}},{"id":"304fb404-3165-481b-9d18-046fefa6d71f","block_type":"box","text":"agencies, sovereign, quasi-sovereign, supranational and local authority debt), investment-grade and high yield U.S. corporate","page_number":25,"box":{"x":83,"y":730,"width":889,"height":11}},{"id":"ae94d1af-d12b-4c88-b8a8-2b47be597d8a","block_type":"box","text":"bonds, Eurodollar bonds (","page_number":25,"box":{"x":84,"y":744,"width":181,"height":10}},{"id":"42cdc848-65b7-4379-8517-49dda3b350d5","block_type":"box","text":"i.e.","page_number":25,"box":{"x":267,"y":745,"width":17,"height":8}},{"id":"c20777b2-5c9e-403a-9210-81865a7b971a","block_type":"box","text":", U.S. dollar-denominated bonds issued by foreign issuers outside the U.S.), bonds registered with","page_number":25,"box":{"x":286,"y":744,"width":687,"height":11}},{"id":"9bd83ebf-5614-44e4-9e3e-858c0af28d33","block_type":"box","text":"the SEC or exempt from registration at the time of issuance, or offered pursuant to Rule 144A under the Securities Act of","page_number":25,"box":{"x":82,"y":759,"width":851,"height":10}},{"id":"bda7d051-9f69-4403-bf56-b78c1e4455d9","block_type":"box","text":"1933, as amended (the “1933 Act”) with or without registration rights (“Rule 144A Bonds”) and emerging market bonds. The","page_number":25,"box":{"x":83,"y":773,"width":875,"height":11}},{"id":"5847ecba-6ccf-4343-9cc2-1f40ecd2a20f","block_type":"box","text":"Underlying Index is a subset of the Bloomberg U.S. Universal Index.","page_number":25,"box":{"x":84,"y":787,"width":473,"height":11}},{"id":"8ae00174-f473-49b5-85e0-b608905bfaba","block_type":"box","text":"As of February 28, 2026, there were approximately 4,485 issues in the Underlying Index. As of February 28, 2026, a significant","page_number":25,"box":{"x":82,"y":809,"width":891,"height":11}},{"id":"55943b6a-fe24-45d0-b2f4-cd0d57d95cff","block_type":"box","text":"portion of the Underlying Index was represented by U.S. Treasury securities. The components of the Underlying Index are","page_number":25,"box":{"x":84,"y":823,"width":852,"height":11}},{"id":"8a8d75e8-0926-445d-9b1d-88c11e43f938","block_type":"box","text":"likely to change over time. The securities in the Underlying Index must have at least 10 years remaining to maturity, or at least","page_number":25,"box":{"x":84,"y":837,"width":887,"height":11}},{"id":"4309907e-a4b5-41ea-8de8-1bf5a3ecc50f","block_type":"box","text":"10 years remaining to the first call date in the case of callable perpetual securities. In addition, the securities in the","page_number":25,"box":{"x":83,"y":851,"width":812,"height":11}},{"id":"65828ca8-a559-483b-b16a-04c4b4cab343","block_type":"box","text":"Underlying Index must be denominated in U.S. dollars and be non-convertible. Excluded from the Underlying Index are","page_number":25,"box":{"x":84,"y":866,"width":839,"height":10}},{"id":"0d0d4e50-1495-4d4c-a97d-2e4e7b6e06ae","block_type":"box","text":"S-16","page_number":25,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"a855c082-7c85-45fe-9a48-eaa392a149ee","block_type":"box","text":"tax-exempt municipal securities, coupon issues that have been stripped from bonds, structured notes and private placements","page_number":26,"box":{"x":82,"y":23,"width":891,"height":11}},{"id":"998c5195-9f9d-4430-9b29-6ea2da189444","block_type":"box","text":"(excluding Rule 144A Bonds). The Underlying Index is market capitalization-weighted and is rebalanced on the last day of the","page_number":26,"box":{"x":83,"y":37,"width":887,"height":11}},{"id":"83700760-6287-4058-ac06-b272f2ade91f","block_type":"box","text":"month.","page_number":26,"box":{"x":84,"y":52,"width":48,"height":8}},{"id":"b1fdc4b1-758f-4c3b-a89c-94ae362eb8f9","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it","page_number":26,"box":{"x":84,"y":75,"width":877,"height":11}},{"id":"2b0ba226-4587-4953-9b00-65e7fe673885","block_type":"box","text":"tracks and does not seek temporary defensive positions when markets decline or appear overvalued.","page_number":26,"box":{"x":82,"y":89,"width":709,"height":11}},{"id":"3ce264ed-d40c-4621-af6c-00e28620b17f","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce","page_number":26,"box":{"x":84,"y":112,"width":853,"height":11}},{"id":"52fc26f2-80cc-43b1-b0fc-eca4b8df2580","block_type":"box","text":"some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better","page_number":26,"box":{"x":83,"y":126,"width":857,"height":11}},{"id":"2a6369ae-e745-411d-bfd2-a00030e2127a","block_type":"box","text":"after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":26,"box":{"x":83,"y":140,"width":863,"height":11}},{"id":"310ec694-2eae-4df8-9483-2e4d499b6942","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy","page_number":26,"box":{"x":84,"y":163,"width":887,"height":12}},{"id":"ef9da03c-cab6-47d5-87fc-4805b51a39b3","block_type":"box","text":"that involves investing in a representative sample of securities or other instruments that collectively has an investment profile","page_number":26,"box":{"x":82,"y":178,"width":890,"height":11}},{"id":"b447592a-6fcc-4bd2-a5ef-ae02c4e0a309","block_type":"box","text":"similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment","page_number":26,"box":{"x":83,"y":192,"width":886,"height":11}},{"id":"298504f4-e7b5-4997-82b3-33a2c8ffa6f2","block_type":"box","text":"characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return","page_number":26,"box":{"x":83,"y":206,"width":885,"height":11}},{"id":"97939069-1b80-481a-ab22-0fb16a79df1f","block_type":"box","text":"variability, duration (","page_number":26,"box":{"x":82,"y":220,"width":146,"height":11}},{"id":"86434dea-109f-4920-9f4a-982b9e44cacc","block_type":"box","text":"i.e.","page_number":26,"box":{"x":229,"y":221,"width":17,"height":8}},{"id":"6f4b3ea6-b486-4b13-8a79-680a8e11d7b6","block_type":"box","text":", an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield)","page_number":26,"box":{"x":248,"y":220,"width":697,"height":11}},{"id":"1735864b-ca7b-4f10-bc38-e74dde5221c0","block_type":"box","text":"and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the","page_number":26,"box":{"x":83,"y":235,"width":802,"height":10}},{"id":"d4105b39-008f-4105-85ba-0d48ce1fc30c","block_type":"box","text":"components of the Underlying Index.","page_number":26,"box":{"x":83,"y":249,"width":261,"height":11}},{"id":"1cb43940-e2e1-47cb-b24c-7eba05b94184","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced","page_number":26,"box":{"x":82,"y":272,"width":853,"height":11}},{"id":"9d65cf80-f15d-4f41-861a-d76ff3854341","block_type":"box","text":"transactions (“TBAs”) that have economic characteristics that are substantially identical to the economic characteristics of","page_number":26,"box":{"x":82,"y":286,"width":869,"height":11}},{"id":"f586d75f-8363-4269-a183-5439696467ba","block_type":"box","text":"the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income","page_number":26,"box":{"x":82,"y":300,"width":819,"height":11}},{"id":"306af7c8-f637-45a6-b569-4b03cff3aea1","block_type":"box","text":"securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The","page_number":26,"box":{"x":83,"y":315,"width":874,"height":10}},{"id":"a098237d-ff9a-4910-a667-5a4df73a48c3","block_type":"box","text":"Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund","page_number":26,"box":{"x":84,"y":329,"width":871,"height":10}},{"id":"9e280b99-afdb-4ea3-aa02-2658a571466c","block_type":"box","text":"track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but","page_number":26,"box":{"x":82,"y":343,"width":857,"height":11}},{"id":"faa77180-0b30-42c2-b4c8-12a6a527d381","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a","page_number":26,"box":{"x":82,"y":357,"width":864,"height":11}},{"id":"1ef1d4c3-f607-4610-98a8-7b13e921d28f","block_type":"box","text":"TBA position will be treated as part of that position for purposes of calculating the percentage of investments in the","page_number":26,"box":{"x":82,"y":371,"width":816,"height":11}},{"id":"7a90c647-7413-462f-b2a3-770f3b502648","block_type":"box","text":"component securities of the Underlying Index. Cash and cash equivalent investments associated with a derivative position","page_number":26,"box":{"x":83,"y":385,"width":864,"height":11}},{"id":"affe9754-95c0-4e6c-8f65-2e7e2f5ee12e","block_type":"box","text":"will be treated as part of that position for the purposes of calculating the percentage of investments included in the","page_number":26,"box":{"x":82,"y":400,"width":815,"height":10}},{"id":"89bd6cbe-8066-434a-af2f-f13921ea310c","block_type":"box","text":"Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the","page_number":26,"box":{"x":84,"y":414,"width":855,"height":11}},{"id":"609bd1ed-cd15-4676-8aa6-92adcc9ea87d","block_type":"box","text":"Fund.","page_number":26,"box":{"x":84,"y":428,"width":38,"height":8}},{"id":"98897682-873d-4bca-93b0-1b8385e1fbf6","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":26,"box":{"x":82,"y":451,"width":873,"height":11}},{"id":"2fd5b9a3-e7c2-4066-ac77-c5cbce4bd7ba","block_type":"box","text":"collateral received).","page_number":26,"box":{"x":83,"y":465,"width":136,"height":10}},{"id":"b48e784b-8773-41be-a8bc-7a3d4c5a1c53","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which is independent of the Fund and BFA. The Index Provider determines","page_number":26,"box":{"x":82,"y":489,"width":880,"height":10}},{"id":"19bd1c20-22d4-49bb-9a26-d5513169bc1d","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":26,"box":{"x":82,"y":503,"width":884,"height":11}},{"id":"66ad01f2-4f5d-44a8-b81c-28d7ef5bddac","block_type":"box","text":"market value of the Underlying Index.","page_number":26,"box":{"x":84,"y":517,"width":262,"height":11}},{"id":"06f8f5e6-1d73-47ae-93a1-ae2d2fcea169","block_type":"box","text":"Industry Concentration Policy.","page_number":26,"box":{"x":84,"y":540,"width":223,"height":11}},{"id":"75917ced-4645-4c6f-88e4-93945c16cd1e","block_type":"box","text":"The Fund will concentrate its investments (","page_number":26,"box":{"x":312,"y":540,"width":304,"height":9}},{"id":"dbdb1d91-7150-4f62-ae96-dc5e142ef3d9","block_type":"box","text":"i.e.","page_number":26,"box":{"x":617,"y":540,"width":17,"height":9}},{"id":"1babc2a8-c47a-4336-977c-60b79f67cef3","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":26,"box":{"x":636,"y":540,"width":292,"height":10}},{"id":"706ffa7f-b795-4266-b076-803f9395fd67","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":26,"box":{"x":84,"y":554,"width":858,"height":11}},{"id":"2acc2949-c4c0-4bcd-942d-fcf30475664c","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase","page_number":26,"box":{"x":84,"y":568,"width":840,"height":11}},{"id":"df5d89ba-a23e-46d7-8795-831f7d70c9ca","block_type":"box","text":"agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political","page_number":26,"box":{"x":83,"y":583,"width":879,"height":10}},{"id":"792a1c73-7c26-45cf-9680-2fad204ce906","block_type":"box","text":"subdivisions are not considered to be issued by members of any industry.","page_number":26,"box":{"x":83,"y":597,"width":517,"height":11}},{"id":"680f7b8a-9ebb-41e4-ba07-be1768b68b1d","block_type":"box","text":"Summary of Principal Risks","page_number":26,"box":{"x":83,"y":626,"width":248,"height":13}},{"id":"365a4e66-b4f5-4186-bd1f-2db201d67df1","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":26,"box":{"x":82,"y":651,"width":882,"height":11}},{"id":"c3a71c1b-cdb5-4a06-9ada-5f022ed7cdd5","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below any of which may","page_number":26,"box":{"x":83,"y":665,"width":822,"height":11}},{"id":"143e8b4f-243b-45ab-8e99-fdb3dcc6a85c","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":26,"box":{"x":83,"y":679,"width":807,"height":11}},{"id":"7649a49a-28a5-4c6d-bcf1-8f6b4781aa24","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":26,"box":{"x":83,"y":693,"width":844,"height":11}},{"id":"c121c7ce-82c4-41d8-96c5-775916a7906f","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":26,"box":{"x":83,"y":708,"width":814,"height":11}},{"id":"fad2502c-3eee-49db-a7e6-8740f2b248da","block_type":"box","text":"Credit Risk.","page_number":26,"box":{"x":83,"y":731,"width":84,"height":8}},{"id":"bae50890-3558-4168-b8fb-b0c59d5c28be","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":26,"box":{"x":172,"y":731,"width":777,"height":11}},{"id":"efc59b38-2f63-4d8a-b7b6-aff818c0dcff","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":26,"box":{"x":83,"y":745,"width":891,"height":11}},{"id":"60c45cf6-0a0e-4a54-96a8-3a5d939fa4b6","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":26,"box":{"x":83,"y":759,"width":869,"height":11}},{"id":"c44c4d27-dbf0-4782-91ef-568945b3aa50","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":26,"box":{"x":83,"y":773,"width":890,"height":11}},{"id":"b9553dc6-5d9d-4e1c-ac60-d5d71c363983","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":26,"box":{"x":83,"y":788,"width":851,"height":10}},{"id":"d1933b03-f2c6-4d92-ad0f-4dde21660d40","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":26,"box":{"x":83,"y":802,"width":809,"height":11}},{"id":"b3051a4c-7778-4323-8f9d-b62d62e12d23","block_type":"box","text":"Interest Rate Risk.","page_number":26,"box":{"x":84,"y":825,"width":134,"height":8}},{"id":"f59d2e07-a790-4612-b1c5-4e2a98528005","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":26,"box":{"x":223,"y":825,"width":743,"height":11}},{"id":"da161ca6-d8d1-4f02-b8b9-b921aa7aa459","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":26,"box":{"x":82,"y":839,"width":880,"height":11}},{"id":"0c3bee16-25e8-41f7-bb3a-bfa999380986","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":26,"box":{"x":83,"y":853,"width":882,"height":11}},{"id":"f24a5189-61b4-4308-a0ad-5b360243852c","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":26,"box":{"x":83,"y":868,"width":845,"height":10}},{"id":"5a656a67-bd2a-4b82-add0-f070bd060e7c","block_type":"box","text":"S-17","page_number":26,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e1fa766f-0096-4139-be98-50c90e284979","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":27,"box":{"x":83,"y":23,"width":870,"height":11}},{"id":"2d50a429-981a-490f-aa2a-1165ac08cd59","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":27,"box":{"x":82,"y":37,"width":873,"height":11}},{"id":"01ac78a6-d5dd-42b6-bfa8-9752afbb619b","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":27,"box":{"x":83,"y":51,"width":866,"height":11}},{"id":"aa9f78c5-8569-476f-b09e-2d010c6987e0","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":27,"box":{"x":84,"y":66,"width":759,"height":11}},{"id":"51c8e3bd-efc1-4c19-b86a-d6f4091a50a8","block_type":"box","text":"Market Risk.","page_number":27,"box":{"x":84,"y":89,"width":90,"height":8}},{"id":"d6e575b4-abfa-4b77-83b7-eabe784f375a","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":27,"box":{"x":179,"y":89,"width":767,"height":11}},{"id":"35653f4e-3305-4d95-90e0-ae612113bb73","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":27,"box":{"x":83,"y":103,"width":882,"height":11}},{"id":"a9438b8b-a300-49e3-a336-55d9c593f0b6","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":27,"box":{"x":84,"y":117,"width":857,"height":11}},{"id":"8f1f27b6-722c-4df9-be68-238308806f80","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":27,"box":{"x":83,"y":131,"width":875,"height":11}},{"id":"86f80e0e-8743-4084-871e-65bc82e950b4","block_type":"box","text":"Fund’s NAV.","page_number":27,"box":{"x":84,"y":146,"width":81,"height":8}},{"id":"4da15823-9813-4f6b-ad10-71d90785adf7","block_type":"box","text":"Index-Related Risk.","page_number":27,"box":{"x":84,"y":169,"width":143,"height":8}},{"id":"b60c11d7-1f20-499d-92eb-e38b053cfee9","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":27,"box":{"x":231,"y":169,"width":742,"height":11}},{"id":"d2e39b2b-281f-4ac8-bed7-4b89dea5fc5e","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":27,"box":{"x":84,"y":183,"width":855,"height":11}},{"id":"8e09c7a6-a61c-43c0-be2b-a244f8a6c181","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":27,"box":{"x":83,"y":197,"width":852,"height":11}},{"id":"a600b2a4-525b-4ce9-b004-b6313824b835","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":27,"box":{"x":83,"y":212,"width":877,"height":10}},{"id":"f5a21f65-4397-4483-bd3a-cc8b63e06ff4","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":27,"box":{"x":82,"y":226,"width":849,"height":10}},{"id":"8300b665-96de-4d72-a2ce-38fce8be859f","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":27,"box":{"x":83,"y":240,"width":849,"height":11}},{"id":"21d0d020-1fa6-4e0a-bd42-ef117744c4eb","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":27,"box":{"x":84,"y":254,"width":890,"height":11}},{"id":"1b8bd3fb-2191-44d6-a831-1cf63ad775bd","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":27,"box":{"x":84,"y":268,"width":852,"height":11}},{"id":"d39bf15a-17c9-43aa-a2e3-9047498eee91","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":27,"box":{"x":83,"y":282,"width":539,"height":11}},{"id":"fa7022db-de9a-4296-ac0f-3ba38e81e637","block_type":"box","text":"Asset Class Risk.","page_number":27,"box":{"x":82,"y":305,"width":123,"height":9}},{"id":"9594a24b-210f-4982-bbbc-36f84c488017","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":27,"box":{"x":209,"y":305,"width":721,"height":11}},{"id":"bfac3fff-e052-4b30-912b-284b5625c9dc","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":27,"box":{"x":83,"y":320,"width":774,"height":10}},{"id":"15d3a923-0068-4060-b0c9-ebf4b9de29c8","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":27,"box":{"x":82,"y":343,"width":318,"height":10}},{"id":"b5fc4a72-e79b-493c-b506-2d94345b9358","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":27,"box":{"x":405,"y":343,"width":531,"height":11}},{"id":"e15664e5-0862-42c9-aff9-e0428e26ed29","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":27,"box":{"x":84,"y":357,"width":809,"height":11}},{"id":"0e6566bb-ce6c-4c65-9585-dd0668f5d5b3","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":27,"box":{"x":82,"y":371,"width":816,"height":11}},{"id":"26fb7589-b523-42f2-873f-765a61de9d5a","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":27,"box":{"x":82,"y":386,"width":885,"height":10}},{"id":"e1e1c899-646f-4985-be5b-7819802066f4","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":27,"box":{"x":83,"y":400,"width":871,"height":10}},{"id":"e5d404fd-02cd-4345-9a40-667f798f6c9e","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":27,"box":{"x":84,"y":414,"width":845,"height":11}},{"id":"0e8d7e62-14a8-49ec-9466-8fe915f0a405","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":27,"box":{"x":82,"y":428,"width":882,"height":10}},{"id":"b9ab59d6-3c90-41d6-a0f7-9e2d3463a77e","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":27,"box":{"x":84,"y":442,"width":853,"height":11}},{"id":"e2b6009f-f893-4add-8e12-786bbff5a045","block_type":"box","text":"halts or delisting.","page_number":27,"box":{"x":84,"y":457,"width":120,"height":10}},{"id":"68e9ba9a-b14d-44ad-a1a6-1bc3e73ae366","block_type":"box","text":"Call Risk.","page_number":27,"box":{"x":83,"y":479,"width":66,"height":9}},{"id":"e6241635-6ab6-4f82-840e-a972e38a1890","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may “call” or repay","page_number":27,"box":{"x":155,"y":479,"width":799,"height":11}},{"id":"439c52cc-a10e-42b5-94a9-9423076cc8e4","block_type":"box","text":"the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower","page_number":27,"box":{"x":82,"y":494,"width":848,"height":11}},{"id":"3d789bdc-ab61-4797-a72b-f23f7e45318e","block_type":"box","text":"yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable","page_number":27,"box":{"x":82,"y":508,"width":867,"height":11}},{"id":"5b116b4d-bb4f-4932-b8fa-06de45ecd53d","block_type":"box","text":"features.","page_number":27,"box":{"x":83,"y":522,"width":61,"height":9}},{"id":"31137731-fd47-47b7-99d2-cf1a5a178b7c","block_type":"box","text":"Concentration Risk.","page_number":27,"box":{"x":83,"y":545,"width":145,"height":9}},{"id":"5f587fcc-a319-4bc9-ba4b-87b3fb1aa6f4","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":27,"box":{"x":232,"y":545,"width":712,"height":11}},{"id":"3aac4e02-fcc7-489a-85db-cb4d250ddb0d","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":27,"box":{"x":83,"y":559,"width":884,"height":10}},{"id":"f79ee4f2-b647-4ecc-99c9-7b6587f6c15b","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":27,"box":{"x":82,"y":574,"width":887,"height":10}},{"id":"a548241b-b96e-4673-a5db-f769f7717b26","block_type":"box","text":"asset classes.","page_number":27,"box":{"x":83,"y":588,"width":95,"height":8}},{"id":"5dbbef80-ac99-4bfe-b2ba-af9289c59f40","block_type":"box","text":"Extension Risk.","page_number":27,"box":{"x":84,"y":611,"width":111,"height":8}},{"id":"d2983663-6110-4503-bc3d-923f966c6872","block_type":"box","text":"During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly","page_number":27,"box":{"x":201,"y":611,"width":737,"height":11}},{"id":"a03c5e59-acf5-4a4c-81f8-9e8d35dcb874","block_type":"box","text":"than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income","page_number":27,"box":{"x":82,"y":625,"width":890,"height":11}},{"id":"7c30d555-0cd8-4a61-914f-c5664a440849","block_type":"box","text":"and potentially in the value of the Fund’s investments.","page_number":27,"box":{"x":83,"y":639,"width":381,"height":11}},{"id":"d3d94bd0-8c57-4af4-8d51-81857fc355c4","block_type":"box","text":"Income Risk.","page_number":27,"box":{"x":84,"y":662,"width":92,"height":9}},{"id":"5b7c9fe6-47d6-42e2-91a7-296bd18fa12a","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":27,"box":{"x":181,"y":663,"width":770,"height":10}},{"id":"57a3494b-5069-4209-9c74-a1ac903cb25d","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":27,"box":{"x":84,"y":677,"width":881,"height":11}},{"id":"6f74c6ba-da43-42d7-a3ec-62d70d732063","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":27,"box":{"x":84,"y":691,"width":841,"height":11}},{"id":"57497ea7-9e9f-436d-8ab8-1402527d4e75","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":27,"box":{"x":84,"y":705,"width":876,"height":11}},{"id":"39141a68-bb8c-4535-9148-c17c55d837ec","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":27,"box":{"x":83,"y":719,"width":579,"height":11}},{"id":"33cba973-a6a2-4825-a830-644bf480f2bd","block_type":"box","text":"Issuer Risk.","page_number":27,"box":{"x":84,"y":742,"width":82,"height":9}},{"id":"6c865909-b1bc-4b06-b587-8413833ea827","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":27,"box":{"x":170,"y":742,"width":780,"height":11}},{"id":"13a99cc3-c514-41c6-918c-8ec99e6edbce","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":27,"box":{"x":84,"y":757,"width":885,"height":11}},{"id":"4607d6eb-7c46-4dd9-9490-e81e2ebc1fa6","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":27,"box":{"x":82,"y":771,"width":577,"height":11}},{"id":"cb2b78b3-c3dc-4f2c-ba09-0d0bf124b74c","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":27,"box":{"x":84,"y":794,"width":394,"height":11}},{"id":"61be030f-4444-4577-aa2a-99976f15bc67","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":27,"box":{"x":484,"y":794,"width":410,"height":11}},{"id":"462ae0ad-5ec6-4614-a2b1-d78cb2141a1d","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":27,"box":{"x":84,"y":808,"width":882,"height":11}},{"id":"0cbf0afb-3c56-4a1f-8372-fa5826e47a70","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":27,"box":{"x":83,"y":822,"width":884,"height":11}},{"id":"789b643a-12e5-4327-9ec3-95371201ad12","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":27,"box":{"x":84,"y":837,"width":872,"height":10}},{"id":"d3144e41-8062-4193-bcce-175b2ccbe314","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":27,"box":{"x":83,"y":851,"width":813,"height":11}},{"id":"518bb80b-8126-4317-b86c-b1a2e1fac5af","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":27,"box":{"x":84,"y":865,"width":889,"height":11}},{"id":"3848159c-9b70-4aa6-9982-c8cec7b49214","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":27,"box":{"x":82,"y":879,"width":891,"height":10}},{"id":"344a8776-5043-4133-94f4-75276c21032f","block_type":"box","text":"S-18","page_number":27,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"bd49c2fd-b178-4a27-b083-3e1207941160","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":28,"box":{"x":84,"y":23,"width":836,"height":11}},{"id":"7a405675-b104-4ab0-a836-39bc023365f9","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":28,"box":{"x":84,"y":37,"width":810,"height":11}},{"id":"3ce24af3-8aa2-4a8d-85b0-1b6bd1015eef","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":28,"box":{"x":83,"y":52,"width":861,"height":10}},{"id":"db6965eb-c6a8-4fc5-8e28-bc3b75192528","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":28,"box":{"x":84,"y":66,"width":874,"height":11}},{"id":"00fe3c2d-039c-4dfd-bd91-523e7dce27b8","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":28,"box":{"x":82,"y":80,"width":654,"height":11}},{"id":"910dfc71-fa0c-4485-98f1-519d4fe9d7e9","block_type":"box","text":"Management Risk.","page_number":28,"box":{"x":84,"y":103,"width":136,"height":11}},{"id":"c92e43fe-b4a9-4084-a10d-060775c5290e","block_type":"box","text":"The Fund generally does not attempt to take defensive positions under any market conditions, including","page_number":28,"box":{"x":225,"y":103,"width":735,"height":11}},{"id":"d906e783-b00d-4c2d-b899-db9cd0a0d230","block_type":"box","text":"declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not","page_number":28,"box":{"x":83,"y":117,"width":833,"height":11}},{"id":"c93bf5d2-f84d-4301-8b23-f29e2f2287cb","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended","page_number":28,"box":{"x":83,"y":131,"width":864,"height":11}},{"id":"2240b43d-6e18-4770-a52a-c3cad3d916b1","block_type":"box","text":"results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the","page_number":28,"box":{"x":84,"y":146,"width":824,"height":10}},{"id":"2e4a47d9-d047-48d5-b02e-51d2f6d79512","block_type":"box","text":"Underlying Index or that the Fund will achieve its investment objective.","page_number":28,"box":{"x":84,"y":160,"width":498,"height":11}},{"id":"685905d6-a751-4432-a784-68bba4d977a0","block_type":"box","text":"Market Trading Risk.","page_number":28,"box":{"x":84,"y":183,"width":151,"height":11}},{"id":"90c4f90f-f80f-4a3a-8551-4ec3ca8c7164","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":28,"box":{"x":239,"y":183,"width":695,"height":11}},{"id":"6184d291-ac66-4b35-a7ed-dc209e698d79","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":28,"box":{"x":84,"y":197,"width":841,"height":11}},{"id":"4107d019-baba-41de-bc17-5929145ad12c","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":28,"box":{"x":83,"y":211,"width":887,"height":11}},{"id":"f884a607-5b23-498a-9534-98169bc26e2c","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":28,"box":{"x":83,"y":225,"width":839,"height":11}},{"id":"d71933f2-37db-44a5-a14d-83c6f1e46163","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":28,"box":{"x":84,"y":240,"width":865,"height":11}},{"id":"bc8f40f8-55d1-46dc-a925-3f4d2abf4828","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":28,"box":{"x":82,"y":254,"width":885,"height":11}},{"id":"acfbfddc-1664-4e5d-958a-e3b229e05cbe","block_type":"box","text":"of the Fund shares.","page_number":28,"box":{"x":83,"y":268,"width":135,"height":9}},{"id":"41e5d62e-474f-436c-9584-481029d9d490","block_type":"box","text":"Operational and Technology Risks.","page_number":28,"box":{"x":83,"y":291,"width":255,"height":11}},{"id":"780f7fad-7d2b-40fe-b4f6-7037a06cb269","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":28,"box":{"x":342,"y":292,"width":582,"height":10}},{"id":"795f5df7-124b-4209-a63e-fee6786bb5d2","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":28,"box":{"x":83,"y":305,"width":876,"height":11}},{"id":"dcae6650-2050-4c89-b158-8b7623daaae6","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":28,"box":{"x":83,"y":319,"width":879,"height":11}},{"id":"739f2b8c-f816-457d-a871-e2bd386e734c","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":28,"box":{"x":83,"y":334,"width":825,"height":11}},{"id":"beb789c9-1dbb-4fe1-9a9f-75663a9a3d4f","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":28,"box":{"x":83,"y":348,"width":863,"height":11}},{"id":"ca0257cb-3564-4cf1-9ecb-637b59fa9d65","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":28,"box":{"x":83,"y":362,"width":872,"height":11}},{"id":"6d21277d-5a3d-4bf3-b154-55eaa00f07f4","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":28,"box":{"x":84,"y":376,"width":823,"height":11}},{"id":"806f011e-c1b0-482e-8818-0100d0b845da","block_type":"box","text":"Risk of Investing in China.","page_number":28,"box":{"x":84,"y":399,"width":190,"height":11}},{"id":"f54307f0-6cfe-4aa1-b5ed-e2170982392c","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":28,"box":{"x":280,"y":400,"width":679,"height":10}},{"id":"fbe4fdc3-fa6d-4d84-98ba-035393e1948a","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":28,"box":{"x":83,"y":414,"width":819,"height":11}},{"id":"e7bd221b-8851-4e1a-8945-61b09d519fe9","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":28,"box":{"x":83,"y":428,"width":866,"height":11}},{"id":"54297a47-97b0-4bc2-a778-e2c8c087468f","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":28,"box":{"x":83,"y":442,"width":866,"height":11}},{"id":"4edc1a7f-18f0-47d0-828d-94363b1e9cf7","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":28,"box":{"x":82,"y":456,"width":842,"height":11}},{"id":"6c68438a-e386-46d6-bbf7-931668a464b4","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":28,"box":{"x":83,"y":470,"width":864,"height":11}},{"id":"6c777c64-0c8c-4c29-8bed-1cb076d104cf","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":28,"box":{"x":82,"y":485,"width":861,"height":10}},{"id":"00d190f2-f292-49f2-972e-ab5f5ed9b612","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":28,"box":{"x":83,"y":499,"width":869,"height":11}},{"id":"83861563-11c0-4f4e-9b7c-8a855cecbbf7","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":28,"box":{"x":83,"y":513,"width":784,"height":11}},{"id":"40e6f3dd-91ab-4f70-8777-c6ad4671b930","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":28,"box":{"x":83,"y":536,"width":887,"height":11}},{"id":"9359755e-2e52-42d9-b1df-5c0c00df96cf","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":28,"box":{"x":82,"y":550,"width":834,"height":11}},{"id":"0ec0ad3f-04ff-4abc-a844-1c387fb1c99a","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":28,"box":{"x":82,"y":565,"width":845,"height":10}},{"id":"74c9041f-ef64-465d-9b91-034a4d676b33","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":28,"box":{"x":83,"y":579,"width":876,"height":11}},{"id":"d84172ef-e89e-494d-99eb-796b11141aec","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":28,"box":{"x":83,"y":593,"width":834,"height":11}},{"id":"9926db49-c197-40d0-ac0c-11ecc29d6c88","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":28,"box":{"x":83,"y":607,"width":421,"height":11}},{"id":"834f625b-28d2-4bc8-a661-521bbe8c3635","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":28,"box":{"x":82,"y":630,"width":849,"height":11}},{"id":"28b3ebd3-6648-44cf-a14b-63f4d257b14c","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":28,"box":{"x":83,"y":644,"width":886,"height":11}},{"id":"c8a8da65-191f-49c7-9bcc-2c19c73a7b85","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":28,"box":{"x":83,"y":659,"width":878,"height":11}},{"id":"01f3d07b-5a83-460f-81ea-f3d65d72c19f","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":28,"box":{"x":83,"y":673,"width":874,"height":11}},{"id":"5a5cd66e-8c83-4fed-818c-aa23ae5690df","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":28,"box":{"x":83,"y":687,"width":878,"height":11}},{"id":"a4c1578a-f21d-42fe-bb40-1c44f45ecc87","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":28,"box":{"x":83,"y":701,"width":807,"height":11}},{"id":"78027ae3-cc8f-436f-b7ff-0a03df621ba9","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":28,"box":{"x":84,"y":716,"width":889,"height":10}},{"id":"a4ad7ea1-db3b-4da3-a715-e45cdb832559","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":28,"box":{"x":82,"y":730,"width":471,"height":10}},{"id":"bf41b266-4af5-4e41-85c8-46630c71369e","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":28,"box":{"x":83,"y":753,"width":883,"height":11}},{"id":"259c99bc-9140-44c5-9c19-801b747571be","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":28,"box":{"x":83,"y":767,"width":850,"height":11}},{"id":"062554c9-6aa0-4846-8014-2b74887155ec","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":28,"box":{"x":83,"y":781,"width":862,"height":11}},{"id":"a705bf4c-a57c-46bf-adfb-ba66f7e1a075","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":28,"box":{"x":84,"y":795,"width":849,"height":11}},{"id":"20582590-e324-4baa-a3ec-78407a39b52b","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":28,"box":{"x":83,"y":810,"width":883,"height":10}},{"id":"3198f9c0-a29f-4715-95e2-c78e983b3dee","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":28,"box":{"x":82,"y":824,"width":861,"height":11}},{"id":"1abdeab0-927a-4c3b-b738-40b5e78fda18","block_type":"box","text":"have limited legal remedies.","page_number":28,"box":{"x":84,"y":838,"width":195,"height":11}},{"id":"5e67ec81-caf7-461e-bf11-35780657a38b","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":28,"box":{"x":84,"y":861,"width":844,"height":11}},{"id":"a8f154e4-7c56-410d-bc63-e354e6081bc7","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":28,"box":{"x":83,"y":875,"width":835,"height":11}},{"id":"1f5b39ae-5cd8-40a9-8ce3-70376b55e0f1","block_type":"box","text":"S-19","page_number":28,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"769c3145-ff87-4459-90fe-1f2ddb892f1f","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":29,"box":{"x":83,"y":23,"width":852,"height":11}},{"id":"c9136275-db5b-45af-8a93-b4d83b099658","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":29,"box":{"x":82,"y":37,"width":779,"height":11}},{"id":"1ec6a14f-1f61-4881-a86e-7706b8e2be5d","block_type":"box","text":"considerations.","page_number":29,"box":{"x":83,"y":52,"width":108,"height":8}},{"id":"345a86bb-7849-4dff-9893-2f8bbc5eb344","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":29,"box":{"x":84,"y":75,"width":315,"height":11}},{"id":"62701d03-30c9-46fd-a38f-fb413a7d3dc6","block_type":"box","text":". The Fund invests directly in the domestic bond market in the People’s Republic","page_number":29,"box":{"x":400,"y":75,"width":564,"height":11}},{"id":"77dc68e6-4281-4a00-a057-c382d47d63f5","block_type":"box","text":"of China (“China” or the “PRC”) (the “China Interbank Bond Market”) through the Bond Connect trading channel. All bonds","page_number":29,"box":{"x":83,"y":89,"width":863,"height":11}},{"id":"e497e8fb-a3ba-4d8e-9f7b-097fdb7a3777","block_type":"box","text":"traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (“CMU”), which holds such","page_number":29,"box":{"x":82,"y":103,"width":885,"height":11}},{"id":"d3874c1d-d1db-4be4-a681-1b74c14ee440","block_type":"box","text":"bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China","page_number":29,"box":{"x":84,"y":117,"width":860,"height":11}},{"id":"49d19c6a-73fe-4952-b5aa-e2202e2c2be4","block_type":"box","text":"Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of","page_number":29,"box":{"x":84,"y":131,"width":867,"height":11}},{"id":"53366108-476d-420c-a59c-b25a4c42e61b","block_type":"box","text":"the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.","page_number":29,"box":{"x":82,"y":146,"width":745,"height":10}},{"id":"c6159875-3a0c-45b4-a3d6-9edc8f3bedb6","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market","page_number":29,"box":{"x":84,"y":169,"width":888,"height":11}},{"id":"ec986e9c-a412-4b6d-aacf-626dfb39c8c2","block_type":"box","text":"may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may","page_number":29,"box":{"x":84,"y":183,"width":884,"height":11}},{"id":"8f2c36a0-0a0d-428e-9f43-9465b973b8df","block_type":"box","text":"not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations","page_number":29,"box":{"x":84,"y":197,"width":863,"height":11}},{"id":"9ed2146f-b79d-4f04-83e9-363cf0290840","block_type":"box","text":"that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially","page_number":29,"box":{"x":82,"y":211,"width":853,"height":11}},{"id":"0e9ca38b-d63f-4e80-ad07-f5e9e28a4269","block_type":"box","text":"altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions","page_number":29,"box":{"x":83,"y":226,"width":846,"height":10}},{"id":"252a1ebb-46d8-4113-bf38-7d19d8c16bf5","block_type":"box","text":"under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or","page_number":29,"box":{"x":83,"y":240,"width":846,"height":11}},{"id":"a0343d71-2ee9-47ba-a915-c97d3ced0b2c","block_type":"box","text":"indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund","page_number":29,"box":{"x":83,"y":254,"width":886,"height":11}},{"id":"568238cd-f331-4887-8da1-70950c165b49","block_type":"box","text":"to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China","page_number":29,"box":{"x":82,"y":268,"width":832,"height":11}},{"id":"03f90d79-6c84-4f1a-b181-06776cfa56f8","block_type":"box","text":"Interbank Bond Market.","page_number":29,"box":{"x":84,"y":282,"width":165,"height":9}},{"id":"5cbce3fd-9044-4dfb-b26f-2931c93719e6","block_type":"box","text":"Risk of Investing in Russia.","page_number":29,"box":{"x":84,"y":305,"width":196,"height":11}},{"id":"b4e0946c-5ced-4c97-8237-bd1c74e60a70","block_type":"box","text":"Investing in Russian securities involves significant risks, including legal, regulatory, currency","page_number":29,"box":{"x":289,"y":305,"width":655,"height":11}},{"id":"2868920a-816b-45e9-8b93-f2bc3d58dbed","block_type":"box","text":"and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the","page_number":29,"box":{"x":83,"y":320,"width":869,"height":10}},{"id":"995d3514-5684-46fc-b5c1-3d621e81bc85","block_type":"box","text":"settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system","page_number":29,"box":{"x":83,"y":334,"width":882,"height":11}},{"id":"e46198b9-4ea9-4c63-a465-5db1e10a2bf9","block_type":"box","text":"of share registration and custody in Russia. Governments, including the U.S., the U.K., the E.U., and many other countries have","page_number":29,"box":{"x":83,"y":348,"width":888,"height":11}},{"id":"5f2b310d-b7ce-4a9c-9037-017195724f4b","block_type":"box","text":"imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, and jurisdictions","page_number":29,"box":{"x":83,"y":362,"width":865,"height":11}},{"id":"e779b418-9821-4bc4-926d-2d5cd678fe72","block_type":"box","text":"may also institute broader sanctions on Russia. Russia has issued a number of countersanctions, some of which restrict the","page_number":29,"box":{"x":84,"y":376,"width":872,"height":11}},{"id":"3c493d03-b41f-4a18-85a3-cbab4cec9214","block_type":"box","text":"distribution of profits by limited liability companies (e.g., dividends), and prohibit Russian persons from entering into","page_number":29,"box":{"x":83,"y":390,"width":824,"height":11}},{"id":"148de6ab-c74c-4879-b601-ac9d7fad6109","block_type":"box","text":"transactions with designated persons from “unfriendly states” as well as the export of raw materials or other products from","page_number":29,"box":{"x":82,"y":405,"width":867,"height":11}},{"id":"4ce02e4b-0676-4df5-bcb2-2ece0c03b031","block_type":"box","text":"Russia to certain sanctioned persons.","page_number":29,"box":{"x":84,"y":419,"width":264,"height":10}},{"id":"ca8d8898-f4e8-415a-996b-8933958a11d3","block_type":"box","text":"Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action,","page_number":29,"box":{"x":84,"y":442,"width":840,"height":11}},{"id":"578c4c4c-4af0-41b5-9fd1-5bae8c00968d","block_type":"box","text":"resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":29,"box":{"x":84,"y":456,"width":882,"height":11}},{"id":"036ca649-6aec-4a14-8efb-2742c625d296","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or","page_number":29,"box":{"x":83,"y":470,"width":862,"height":11}},{"id":"553b9092-1ee2-4a9b-b5aa-8079f84bc540","block_type":"box","text":"other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including","page_number":29,"box":{"x":83,"y":485,"width":884,"height":10}},{"id":"7ad390c3-486b-4c37-9686-6b20b1dd992d","block_type":"box","text":"purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, import and","page_number":29,"box":{"x":84,"y":499,"width":854,"height":11}},{"id":"e43d6191-ba7e-4804-8c54-19690ed6ab19","block_type":"box","text":"export restrictions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including","page_number":29,"box":{"x":83,"y":513,"width":874,"height":11}},{"id":"2b76685f-8fa2-4e8c-bc8d-e071f38894b6","block_type":"box","text":"politicians, may impact Russia’s economy and Russian companies in which the Fund invests. Actual and threatened","page_number":29,"box":{"x":84,"y":527,"width":815,"height":11}},{"id":"57162b53-2318-4662-87c2-bcff4eab5e2c","block_type":"box","text":"responses to Russian military action may also impact the markets for certain Russian commodities, such as oil and natural","page_number":29,"box":{"x":84,"y":541,"width":866,"height":11}},{"id":"0d8d96a6-d253-437c-ac6e-caa05b43b220","block_type":"box","text":"gas, as well as other sectors of the Russian economy, and are likely to have collateral impacts on such sectors globally.","page_number":29,"box":{"x":83,"y":556,"width":833,"height":10}},{"id":"7c597197-5979-4265-a81a-2d54d9e4dc01","block_type":"box","text":"Russian companies may be unable to pay dividends and, if they pay dividends, the Fund may be unable to receive them. As a","page_number":29,"box":{"x":84,"y":570,"width":875,"height":11}},{"id":"cb39e756-aab3-4569-a3ba-af2079c62d5c","block_type":"box","text":"result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, and the","page_number":29,"box":{"x":84,"y":584,"width":881,"height":11}},{"id":"78ba0cad-d62b-4b7d-a186-5eaaf2a2b66b","block_type":"box","text":"Underlying Index has removed Russian securities. It is unknown when, or if, sanctions may be lifted or the Fund’s ability to","page_number":29,"box":{"x":84,"y":598,"width":859,"height":11}},{"id":"0bcac5fa-733c-4b56-a80d-d554bd546dcf","block_type":"box","text":"trade in Russian securities will resume.","page_number":29,"box":{"x":82,"y":613,"width":275,"height":8}},{"id":"a153454b-274d-4b4b-9b8c-fd079928318e","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":29,"box":{"x":84,"y":635,"width":241,"height":11}},{"id":"68fa0692-97fd-41b9-91ab-49c6a30ed6bc","block_type":"box","text":"Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":29,"box":{"x":330,"y":636,"width":643,"height":10}},{"id":"2413a656-1f03-40b9-9d1b-d43959215ce0","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum","page_number":29,"box":{"x":83,"y":650,"width":836,"height":11}},{"id":"b35e3e49-a625-404f-9cdc-134f2dc3c484","block_type":"box","text":"exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in","page_number":29,"box":{"x":83,"y":664,"width":888,"height":11}},{"id":"0f42bdad-2e7c-4908-9da7-dd13b5f9ecb9","block_type":"box","text":"the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":29,"box":{"x":82,"y":678,"width":876,"height":11}},{"id":"2b75876a-d60a-4644-98e8-dfd039ff6ce0","block_type":"box","text":"developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include,","page_number":29,"box":{"x":83,"y":692,"width":862,"height":11}},{"id":"055eafa7-25bf-44ea-b1a5-e7f140a0aa3b","block_type":"box","text":"among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in","page_number":29,"box":{"x":83,"y":706,"width":795,"height":11}},{"id":"4266d5cf-6163-4925-9b7b-5accf98e7850","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in","page_number":29,"box":{"x":83,"y":721,"width":817,"height":10}},{"id":"6acb407b-b2dc-448b-8b72-e82337efde2d","block_type":"box","text":"governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic","page_number":29,"box":{"x":83,"y":735,"width":859,"height":11}},{"id":"31c1f921-82f5-4f48-a166-767911b92131","block_type":"box","text":"unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of","page_number":29,"box":{"x":83,"y":749,"width":888,"height":11}},{"id":"ee848e98-39c6-49af-877d-507e32bf0032","block_type":"box","text":"political stability in Saudi Arabia.","page_number":29,"box":{"x":84,"y":763,"width":230,"height":11}},{"id":"0388ad54-481e-4238-a6e5-80f64b786977","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian","page_number":29,"box":{"x":82,"y":786,"width":885,"height":11}},{"id":"fb86fc06-0f8e-4c8e-b8e6-a3b7e56f6209","block_type":"box","text":"government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There","page_number":29,"box":{"x":83,"y":801,"width":866,"height":10}},{"id":"9e9fc22d-9987-4d46-88b3-4b16b6589718","block_type":"box","text":"are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to","page_number":29,"box":{"x":83,"y":815,"width":881,"height":11}},{"id":"cdf20f3f-5d03-44c1-9898-15cda578b498","block_type":"box","text":"transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited","page_number":29,"box":{"x":82,"y":829,"width":875,"height":11}},{"id":"2c24f727-627a-48ef-83c7-dca1288169b4","block_type":"box","text":"number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing","page_number":29,"box":{"x":84,"y":843,"width":880,"height":11}},{"id":"e244f0ea-fc64-49d1-b253-219d4b42f52a","block_type":"box","text":"of Fund transactions.","page_number":29,"box":{"x":83,"y":857,"width":150,"height":9}},{"id":"13007f5e-30aa-4e08-9c8a-8fbf1ac0f7b4","block_type":"box","text":"S-20","page_number":29,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"62767c91-0ed3-4f17-9de5-b6c1c9e18966","block_type":"box","text":"Risk of Investing in the U.S.","page_number":30,"box":{"x":84,"y":23,"width":200,"height":11}},{"id":"7749e690-7634-4087-9110-80c866479b23","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":30,"box":{"x":289,"y":23,"width":664,"height":11}},{"id":"2ee5175c-2aca-4e97-a389-52a4077284bb","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":30,"box":{"x":83,"y":37,"width":878,"height":11}},{"id":"f0379a68-cb97-4b7d-8052-58408b37efb1","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":30,"box":{"x":83,"y":52,"width":470,"height":10}},{"id":"3d55501d-006d-44d4-8800-ed4fc61ad1f6","block_type":"box","text":"Securities Lending Risk.","page_number":30,"box":{"x":83,"y":75,"width":177,"height":11}},{"id":"018a62e8-83aa-4d82-8a4e-69ca91b80511","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":30,"box":{"x":264,"y":75,"width":692,"height":11}},{"id":"09cff0ad-b47f-417b-b88d-bd794f736ed5","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":30,"box":{"x":84,"y":89,"width":869,"height":11}},{"id":"e38fdc89-c6b6-4f4e-936a-e553298650a1","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":30,"box":{"x":83,"y":103,"width":886,"height":11}},{"id":"1471b05f-c37c-46fa-a0f9-c2b56ac7e3ed","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":30,"box":{"x":83,"y":117,"width":831,"height":11}},{"id":"316a36f7-1ef9-4c9f-8cfb-a5f2470cc799","block_type":"box","text":"Tracking Error Risk.","page_number":30,"box":{"x":82,"y":140,"width":145,"height":11}},{"id":"f8eb7ee2-4ecd-499f-ada1-e0985d18274e","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":30,"box":{"x":231,"y":140,"width":741,"height":11}},{"id":"c5ef86f2-72b4-4152-8177-84ea9e6754fa","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":30,"box":{"x":83,"y":155,"width":861,"height":10}},{"id":"e8fc0dbe-5d23-473a-8334-b51ed1fca404","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":30,"box":{"x":83,"y":169,"width":832,"height":11}},{"id":"886fcc17-6d20-44ec-a00a-3b471c5fd304","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":30,"box":{"x":84,"y":183,"width":880,"height":11}},{"id":"9f3f6b31-e730-4093-ae43-8645054ce58f","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":30,"box":{"x":84,"y":197,"width":830,"height":11}},{"id":"7b5bf6c4-a9f0-45f6-a561-96f9e99e245d","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":30,"box":{"x":82,"y":211,"width":828,"height":11}},{"id":"94371953-c630-4961-b8bf-cb497c97973d","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":30,"box":{"x":83,"y":226,"width":874,"height":10}},{"id":"571fa15c-d688-416a-8a06-0e89e080c24c","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":30,"box":{"x":84,"y":240,"width":888,"height":11}},{"id":"4d6edcf9-087c-466c-844b-f7ef6732c5be","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":30,"box":{"x":84,"y":254,"width":851,"height":11}},{"id":"a07f2c10-8841-417f-835e-649d5bebf212","block_type":"box","text":"baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or","page_number":30,"box":{"x":84,"y":268,"width":850,"height":11}},{"id":"dfc37bc6-2158-4671-a053-f5d5507786a0","block_type":"box","text":"limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":30,"box":{"x":84,"y":282,"width":873,"height":11}},{"id":"583e2024-d304-4180-93d1-d9336d1377f3","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":30,"box":{"x":83,"y":305,"width":225,"height":11}},{"id":"44766d29-57cf-4002-90f7-6444ae071ed3","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":30,"box":{"x":314,"y":305,"width":635,"height":11}},{"id":"9b20e097-f1f5-4dd8-8a5a-f65e023ed9ad","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in","page_number":30,"box":{"x":82,"y":320,"width":890,"height":10}},{"id":"43c5ff69-efcd-4564-aa7a-10ff97713901","block_type":"box","text":"the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct","page_number":30,"box":{"x":82,"y":334,"width":869,"height":11}},{"id":"e9ff12ee-3b0b-42f7-924e-f620093d8ff5","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value","page_number":30,"box":{"x":83,"y":348,"width":882,"height":11}},{"id":"62c242dc-46de-4066-a803-3a571a7ac95c","block_type":"box","text":"of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and","page_number":30,"box":{"x":83,"y":362,"width":859,"height":11}},{"id":"0b8cce81-fa13-45d0-8ed5-75131ed1f887","block_type":"box","text":"credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.","page_number":30,"box":{"x":83,"y":376,"width":816,"height":11}},{"id":"179b889a-2944-4a02-8440-cbc9fb0f8229","block_type":"box","text":"Valuation Risk.","page_number":30,"box":{"x":82,"y":400,"width":110,"height":8}},{"id":"e46c162d-51a0-4acc-b913-e34366918051","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":30,"box":{"x":197,"y":400,"width":740,"height":10}},{"id":"def1a881-c541-4ecd-a759-7c15b7c8df15","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":30,"box":{"x":83,"y":414,"width":840,"height":11}},{"id":"67ef274e-36bc-4189-b6e0-ba35d65e1e6e","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":30,"box":{"x":82,"y":428,"width":869,"height":11}},{"id":"3a35f003-0f32-45ee-904a-0a89343f51e9","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":30,"box":{"x":83,"y":442,"width":888,"height":11}},{"id":"75b50299-1c72-4f9c-b099-3261f3cdf73e","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":30,"box":{"x":83,"y":457,"width":871,"height":10}},{"id":"baf2d538-9bc6-4f08-906f-9b45fc0d2b46","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":30,"box":{"x":82,"y":470,"width":879,"height":11}},{"id":"b90d26d1-1ce0-498f-ae38-f3e8cc9c8bed","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":30,"box":{"x":83,"y":485,"width":880,"height":10}},{"id":"19a779e0-031d-4f80-ac17-08e6b6843b97","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":30,"box":{"x":84,"y":499,"width":815,"height":11}},{"id":"cb07008b-03ee-4bf3-8363-a422c3d9e088","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":30,"box":{"x":82,"y":513,"width":613,"height":11}},{"id":"b89b9a66-eafc-4a14-92da-ea9b9f6f79b4","block_type":"box","text":"Performance Information","page_number":30,"box":{"x":84,"y":534,"width":229,"height":11}},{"id":"4b04a9eb-a269-46ec-b678-26d71edf08af","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":30,"box":{"x":82,"y":559,"width":864,"height":11}},{"id":"96c1fd23-1eda-4899-ba70-ad55274620b7","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":30,"box":{"x":83,"y":574,"width":871,"height":10}},{"id":"03bdb45f-cb6c-455f-a2a8-53ad29643f65","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":30,"box":{"x":83,"y":588,"width":868,"height":11}},{"id":"90ec2e3d-4ba6-4fb8-a2ab-2705f022578e","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":30,"box":{"x":84,"y":602,"width":837,"height":11}},{"id":"f32c020e-393c-4b2d-a1a3-5aad832735cc","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":30,"box":{"x":83,"y":616,"width":869,"height":11}},{"id":"57d7e300-00ad-43dd-a474-1e7597acebe5","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":30,"box":{"x":84,"y":630,"width":832,"height":11}},{"id":"1ad114cc-7620-4dff-b4a0-11442589df43","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":30,"box":{"x":84,"y":644,"width":841,"height":11}},{"id":"6643e43a-17dd-48b5-bbe7-c74c356f79f6","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":30,"box":{"x":82,"y":659,"width":531,"height":11}},{"id":"1335df0f-da2a-421c-a879-586670912128","block_type":"box","text":"Calendar Year-by-Year Returns 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2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":30,"box":{"x":117,"y":837,"width":357,"height":6}},{"id":"fcdf11f2-a72d-4965-93b8-b1a02f3a9a31","block_type":"box","text":"Return (%) Period Ended","page_number":30,"box":{"x":766,"y":698,"width":188,"height":9}},{"id":"e0bd01b2-469c-4825-8d0c-cc0309207c94","block_type":"box","text":"Calendar Year-to-Date Return","page_number":30,"box":{"x":550,"y":716,"width":197,"height":8}},{"id":"8b744793-21b8-49fb-a77f-238d32a08395","block_type":"box","text":"-0.78% March 31, 2026","page_number":30,"box":{"x":782,"y":716,"width":190,"height":9}},{"id":"db57916b-4f6a-417a-98b8-c9e2ed6774f5","block_type":"box","text":"During the periods shown in the chart:","page_number":30,"box":{"x":551,"y":729,"width":250,"height":10}},{"id":"4c4bd44a-86c4-48dd-a101-0f031381d65f","block_type":"box","text":"Best Quarter 13.10% December 31, 2023","page_number":30,"box":{"x":564,"y":742,"width":408,"height":9}},{"id":"b5c5d92d-00dd-4e1a-a063-d051ac304d99","block_type":"box","text":"Worst Quarter -12.56% June 30, 2022","page_number":30,"box":{"x":563,"y":755,"width":409,"height":9}},{"id":"eb4f0ccb-8529-4ca2-8070-a78539bd326e","block_type":"box","text":"S-21","page_number":30,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"2929e4af-727d-4ab9-b5d3-7eafc4d9306e","block_type":"box","text":"Average Annual Total Returns (%)","page_number":31,"box":{"x":403,"y":31,"width":250,"height":11}},{"id":"3d103cdd-f94d-4f3a-872e-444e65fad7db","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":31,"box":{"x":371,"y":45,"width":315,"height":11}},{"id":"603133a4-6021-48a8-8a60-d944b36b3dec","block_type":"box","text":"One Year Five Years Ten Years","page_number":31,"box":{"x":701,"y":61,"width":268,"height":8}},{"id":"27349dd9-4b58-4c08-8cd8-2f764c52c1ff","block_type":"box","text":"Fund Inception: 12/8/2009","page_number":31,"box":{"x":88,"y":77,"width":180,"height":9}},{"id":"455cce51-9e20-499e-8d0b-2d8180faa610","block_type":"box","text":"Return Before Taxes","page_number":31,"box":{"x":89,"y":89,"width":124,"height":7}},{"id":"1f2bc358-5a63-4fc3-be97-c199265f4bca","block_type":"box","text":"7.16% -4.27% 2.40%","page_number":31,"box":{"x":716,"y":89,"width":249,"height":7}},{"id":"bcd2b224-49ae-4645-b87a-8d0f64d1a153","block_type":"box","text":"Return After Taxes on Distributions 5.07% -5.90% 0.73%","page_number":31,"box":{"x":89,"y":100,"width":876,"height":8}},{"id":"92e2ca3d-fb6b-472b-8ed3-e25e9ac84084","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.21% -3.83% 1.15%","page_number":31,"box":{"x":89,"y":112,"width":876,"height":7}},{"id":"bb87e925-7634-4fa3-b44d-5b094b2df0d7","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":31,"box":{"x":88,"y":123,"width":206,"height":10}},{"id":"160088f6-d10d-417e-afb8-ea4255c03326","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":31,"box":{"x":298,"y":123,"width":347,"height":10}},{"id":"40889780-1a3a-44b9-b763-cf5ed7cba420","block_type":"box","text":"taxes)","page_number":31,"box":{"x":101,"y":136,"width":37,"height":8}},{"id":"0f9acde4-95db-4c27-9e4a-41a05c61034e","block_type":"box","text":"7.58% 0.06% 2.44%","page_number":31,"box":{"x":716,"y":136,"width":249,"height":8}},{"id":"c37bd56a-8750-4e85-bf1f-2bfaec9d7eb3","block_type":"box","text":"Bloomberg U.S. Universal 10+ Year Index","page_number":31,"box":{"x":88,"y":148,"width":265,"height":10}},{"id":"ef886acf-7986-47fe-82c7-b8d63c6a01b4","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":31,"box":{"x":357,"y":148,"width":268,"height":9}},{"id":"8f1cf047-5443-4a3a-a28e-28e27f02e772","block_type":"box","text":"expenses or taxes)","page_number":31,"box":{"x":101,"y":161,"width":116,"height":9}},{"id":"550aa47a-8840-4e7b-bc32-2f565641e692","block_type":"box","text":"7.39% -4.20% 2.48%","page_number":31,"box":{"x":716,"y":161,"width":249,"height":7}},{"id":"eb0a466b-c4e2-45c4-9e3b-dfa050b08eba","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":31,"box":{"x":82,"y":190,"width":857,"height":11}},{"id":"ac8d9240-0079-4f29-b24c-c9d6673e2f09","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":31,"box":{"x":84,"y":204,"width":864,"height":11}},{"id":"0608ee14-276b-47f8-8c7b-e3a50596436e","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":31,"box":{"x":84,"y":218,"width":847,"height":11}},{"id":"40ba6cd3-96f6-4d0a-bd3c-968aa7cd7228","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":31,"box":{"x":83,"y":232,"width":857,"height":11}},{"id":"16935c86-bc5d-4c63-9734-acd2b128574a","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":31,"box":{"x":83,"y":247,"width":877,"height":11}},{"id":"f571d23c-136b-4c25-9715-94d22eb40d43","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":31,"box":{"x":82,"y":261,"width":837,"height":11}},{"id":"46a215f9-f1e9-4cc7-810d-7a7a556df386","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":31,"box":{"x":84,"y":275,"width":885,"height":11}},{"id":"c348efde-1925-403e-a88d-df94f3e6a1ff","block_type":"box","text":"on distributions.","page_number":31,"box":{"x":83,"y":290,"width":115,"height":8}},{"id":"276c8ebc-00c9-4b56-a6db-5eabfee1a316","block_type":"box","text":"Management","page_number":31,"box":{"x":84,"y":319,"width":120,"height":13}},{"id":"0870874f-72ec-4214-8d59-c2eeaa8236d4","block_type":"box","text":"Investment Adviser.","page_number":31,"box":{"x":84,"y":343,"width":144,"height":9}},{"id":"a8a8c480-97e9-4628-b88a-d9e949cddb62","block_type":"box","text":"BlackRock Fund Advisors.","page_number":31,"box":{"x":234,"y":344,"width":180,"height":8}},{"id":"605cb9a1-7c43-429a-ab88-bad697b4aa5f","block_type":"box","text":"Portfolio Managers.","page_number":31,"box":{"x":84,"y":367,"width":145,"height":11}},{"id":"71d5fd18-012a-427f-a22e-4f25df2ede8a","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":31,"box":{"x":233,"y":367,"width":679,"height":11}},{"id":"c5e639f3-d3cb-46de-a337-43ba5a6986ef","block_type":"box","text":"management of the Fund:","page_number":31,"box":{"x":84,"y":381,"width":182,"height":11}},{"id":"ee82d47c-45b7-4de2-96fa-7e4ec864074a","block_type":"box","text":"Portfolio Manager Portfolio Manager of the Fund Since Title with Investment Adviser","page_number":31,"box":{"x":88,"y":404,"width":886,"height":9}},{"id":"f5ab13ac-074c-4975-8e66-78e40a707074","block_type":"box","text":"Jonathan Graves 2025 Managing Director","page_number":31,"box":{"x":87,"y":419,"width":850,"height":10}},{"id":"beb2cf87-3b4b-4fc6-b230-127fb11097b2","block_type":"box","text":"James Mauro 2011 Managing Director","page_number":31,"box":{"x":87,"y":435,"width":850,"height":9}},{"id":"35fd5ae7-0799-4da9-9ecc-a04ec656e7bb","block_type":"box","text":"Marcus Tom 2025 Director","page_number":31,"box":{"x":89,"y":450,"width":814,"height":8}},{"id":"007c7579-3d58-4c6d-92ca-7da2b49dab16","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":31,"box":{"x":84,"y":485,"width":304,"height":11}},{"id":"69e7e232-24de-4cca-a310-2722e3d0ca40","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a","page_number":31,"box":{"x":82,"y":510,"width":806,"height":11}},{"id":"374dcc65-2478-4fdd-83ea-9a2fd2c92151","block_type":"box","text":"broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a","page_number":31,"box":{"x":84,"y":525,"width":877,"height":10}},{"id":"33bebec5-c521-47fd-b5c5-b5469e1263bd","block_type":"box","text":"premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a","page_number":31,"box":{"x":84,"y":539,"width":886,"height":11}},{"id":"af7b0f1c-379d-4ac3-b09a-6f62fcc70626","block_type":"box","text":"buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the","page_number":31,"box":{"x":84,"y":553,"width":865,"height":11}},{"id":"92a4fa76-bff3-418f-886c-6f590c71b618","block_type":"box","text":"Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).","page_number":31,"box":{"x":84,"y":567,"width":625,"height":11}},{"id":"4257c101-1f5f-46cd-a97c-332b13d6feb2","block_type":"box","text":"Tax Information","page_number":31,"box":{"x":82,"y":596,"width":144,"height":11}},{"id":"1d3fc4f9-39b2-40e7-a1c1-9bfb88cd7e1a","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":31,"box":{"x":82,"y":622,"width":832,"height":10}},{"id":"2305dca3-5ebe-4773-833e-0bf020e2f408","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":31,"box":{"x":83,"y":635,"width":883,"height":11}},{"id":"06b64142-7547-49a2-86b3-3b1ef5cfc8a6","block_type":"box","text":"be taxed when withdrawn.","page_number":31,"box":{"x":84,"y":650,"width":181,"height":8}},{"id":"b2f5700a-9316-42df-b5a7-ad5712cf1178","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":31,"box":{"x":84,"y":679,"width":575,"height":13}},{"id":"f702d695-3524-4940-9321-b21e91ab06e7","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":31,"box":{"x":84,"y":704,"width":854,"height":11}},{"id":"50b5ea9b-273b-4257-adf5-69c59f1da020","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":31,"box":{"x":84,"y":718,"width":842,"height":11}},{"id":"b500e68d-166c-4024-816a-a8cf052b5537","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":31,"box":{"x":83,"y":732,"width":820,"height":11}},{"id":"ec7fa8f2-a052-4a75-a0d3-8a4c0bd1238b","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":31,"box":{"x":84,"y":746,"width":801,"height":11}},{"id":"75ad6dce-06fc-44b0-b36d-8caaf2a6a867","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":31,"box":{"x":83,"y":761,"width":841,"height":10}},{"id":"e9f6d996-f2d5-4310-b58f-635d5df3570a","block_type":"box","text":"financial intermediary’s website for more information.","page_number":31,"box":{"x":83,"y":775,"width":379,"height":11}},{"id":"23d229f2-a5a5-4f35-8896-4256a15383af","block_type":"box","text":"S-22","page_number":31,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"ac4989db-7069-4258-a95f-0b8fd2961c58","block_type":"box","text":"iSHARES","page_number":32,"box":{"x":84,"y":23,"width":125,"height":17}},{"id":"91d7fc00-f710-42b2-a4d4-608e8f312c15","block_type":"box","text":"®","page_number":32,"box":{"x":211,"y":17,"width":11,"height":9}},{"id":"d73d7ba5-582e-446f-9426-28774567813f","block_type":"box","text":"CORE U.S. AGGREGATE BOND ETF","page_number":32,"box":{"x":232,"y":24,"width":485,"height":16}},{"id":"0bf3ab29-b125-4732-b246-708312e98df6","block_type":"box","text":"AGG | NYSE Arca","page_number":32,"box":{"x":82,"y":47,"width":233,"height":18}},{"id":"eba47a3e-bcf1-42f6-aeeb-705adc8f2f73","block_type":"box","text":"Investment Objective","page_number":32,"box":{"x":84,"y":86,"width":192,"height":13}},{"id":"d5b52276-0030-4d9d-9346-f268f55756cd","block_type":"box","text":"The iShares Core U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of the","page_number":32,"box":{"x":82,"y":111,"width":858,"height":11}},{"id":"e427914a-998f-4ebc-adbb-0b5209c508d4","block_type":"box","text":"total U.S. investment-grade bond market.","page_number":32,"box":{"x":82,"y":125,"width":292,"height":11}},{"id":"ea83e8a0-54a7-4c07-8e1a-d18394caffea","block_type":"box","text":"Fees and Expenses","page_number":32,"box":{"x":84,"y":154,"width":169,"height":13}},{"id":"cc532e76-85f3-4943-b8e4-a590eb880a41","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":32,"box":{"x":82,"y":179,"width":874,"height":11}},{"id":"81c53c1e-c7fc-4f53-b2f4-0fef791c8a04","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":32,"box":{"x":83,"y":193,"width":871,"height":11}},{"id":"d62af71a-a86f-4165-a3c6-9043bf55ea17","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":32,"box":{"x":84,"y":207,"width":887,"height":11}},{"id":"929b96da-0bc3-4c8a-9c2d-349301970574","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":32,"box":{"x":84,"y":222,"width":795,"height":11}},{"id":"4fea2622-150f-4385-9f57-10c5affcd7e2","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":32,"box":{"x":83,"y":236,"width":854,"height":10}},{"id":"c5b3ba31-1173-442d-8033-3f517070da64","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":32,"box":{"x":82,"y":250,"width":829,"height":11}},{"id":"50c47b0f-fc19-4128-8a35-cd2514090303","block_type":"box","text":"extraordinary expenses.","page_number":32,"box":{"x":83,"y":264,"width":168,"height":11}},{"id":"fa5ddc9c-d648-430d-ac56-fabf6b986205","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share","page_number":32,"box":{"x":82,"y":286,"width":879,"height":11}},{"id":"ac76f02e-a8f8-46d9-8bf3-640b5fee110e","block_type":"box","text":"of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of","page_number":32,"box":{"x":83,"y":300,"width":888,"height":11}},{"id":"25c8d108-6391-457b-b5b5-3fab8f1ec70f","block_type":"box","text":"Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to","page_number":32,"box":{"x":82,"y":314,"width":878,"height":11}},{"id":"f74cdd36-b069-47fc-8647-fdf92c3b6350","block_type":"box","text":"average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).","page_number":32,"box":{"x":83,"y":328,"width":865,"height":12}},{"id":"f885a25e-c1ce-4cfa-9e36-c73eca8f18a7","block_type":"box","text":"BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount","page_number":32,"box":{"x":84,"y":343,"width":863,"height":11}},{"id":"0d8bf5ab-85f4-45ac-a3cd-3012d571ad44","block_type":"box","text":"equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment","page_number":32,"box":{"x":83,"y":357,"width":883,"height":11}},{"id":"0784c5b8-8d27-45e2-88e2-bec138135ecd","block_type":"box","text":"companies advised by BFA, or its affiliates, through June 30, 2027. The contractual waiver may be terminated prior to","page_number":32,"box":{"x":83,"y":371,"width":828,"height":11}},{"id":"084a9348-0b35-4b94-9e6e-eefcb7ee8a4c","block_type":"box","text":"June 30, 2027 only upon written agreement of the Trust and BFA.","page_number":32,"box":{"x":82,"y":385,"width":462,"height":11}},{"id":"21bd6ef9-edfb-493e-a44b-2d6529e45a03","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":32,"box":{"x":82,"y":408,"width":830,"height":11}},{"id":"2366eefb-1cd9-4e73-9efe-87f683511750","block_type":"box","text":"reflected in the tables and examples below.","page_number":32,"box":{"x":83,"y":423,"width":316,"height":10}},{"id":"89d261ca-a428-4753-b7ac-3961cc051a99","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":32,"box":{"x":87,"y":446,"width":761,"height":9}},{"id":"2557205f-d474-40d8-8d22-f91cc5ecbd41","block_type":"box","text":"1","page_number":32,"box":{"x":849,"y":444,"width":5,"height":5}},{"id":"70c32d4e-b5a5-4f0c-b773-93f8286d7dfc","block_type":"box","text":"Management Fee","page_number":32,"box":{"x":89,"y":466,"width":109,"height":9}},{"id":"66a58b17-8307-43be-8d8c-d897f623f0f4","block_type":"box","text":"0.03%","page_number":32,"box":{"x":922,"y":466,"width":42,"height":7}},{"id":"9e923520-4a8b-4ce4-9d8f-a6ea7d8c1102","block_type":"box","text":"Other Expenses","page_number":32,"box":{"x":88,"y":481,"width":99,"height":9}},{"id":"b896f04a-b69d-4916-8dc1-3d804470b131","block_type":"box","text":"0.00%","page_number":32,"box":{"x":922,"y":481,"width":42,"height":8}},{"id":"fea85c96-2555-40cf-9347-1564b936435e","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":32,"box":{"x":87,"y":497,"width":216,"height":9}},{"id":"a3252a17-035f-4264-ab50-d250b9e1ab75","block_type":"box","text":"0.00%","page_number":32,"box":{"x":922,"y":497,"width":42,"height":7}},{"id":"1352b195-4d57-4645-8904-4738a41b9618","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":32,"box":{"x":87,"y":512,"width":246,"height":10}},{"id":"74df4f6a-977c-4f79-9f8f-8bcec6b978f6","block_type":"box","text":"0.03%","page_number":32,"box":{"x":922,"y":512,"width":42,"height":8}},{"id":"ff1aa2aa-1de1-4651-b70a-f197ff30b307","block_type":"box","text":"Fee Waiver and/or Expense Reimbursement","page_number":32,"box":{"x":89,"y":528,"width":275,"height":9}},{"id":"de57325d-4eb8-4041-bf39-336c6c9dfa32","block_type":"box","text":"(0.00)%","page_number":32,"box":{"x":918,"y":527,"width":50,"height":9}},{"id":"4a6617b7-a2d7-4527-8900-18a820679553","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.03%","page_number":32,"box":{"x":87,"y":543,"width":877,"height":10}},{"id":"da42a0e6-e1b1-42d2-8872-448aee2cff41","block_type":"box","text":"1","page_number":32,"box":{"x":110,"y":571,"width":5,"height":4}},{"id":"c9d0974f-9b25-44a7-a026-775d76c44fe2","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":32,"box":{"x":123,"y":572,"width":788,"height":10}},{"id":"8defd248-4afd-4eac-a75a-8280bd573e02","block_type":"box","text":"Example.","page_number":32,"box":{"x":84,"y":592,"width":66,"height":10}},{"id":"abc90a45-a33a-4112-8000-1d019c503c22","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":32,"box":{"x":154,"y":592,"width":795,"height":10}},{"id":"be503507-c982-40de-94ae-ec3c2745d20e","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":32,"box":{"x":83,"y":605,"width":886,"height":12}},{"id":"0a80224d-7dea-421e-9bf8-acbbd7b08db1","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":32,"box":{"x":83,"y":620,"width":870,"height":11}},{"id":"24e20fb5-726a-4d15-a988-e050ec7d2605","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":32,"box":{"x":84,"y":634,"width":887,"height":11}},{"id":"5a8510ca-520f-40e5-9c93-7413ab0fb600","block_type":"box","text":"your costs would be:","page_number":32,"box":{"x":82,"y":649,"width":143,"height":10}},{"id":"98667280-9bd7-485e-b4bf-4c6823260168","block_type":"box","text":"Expense Example","page_number":32,"box":{"x":88,"y":671,"width":115,"height":10}},{"id":"76e01656-8e46-423a-aa23-444335ef6066","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":32,"box":{"x":693,"y":671,"width":281,"height":8}},{"id":"2d6f4df1-8e96-4231-a048-92492b044344","block_type":"box","text":"Example Fund Costs","page_number":32,"box":{"x":89,"y":687,"width":128,"height":9}},{"id":"262f8e0b-4a42-40d1-934a-05aad49b30da","block_type":"box","text":"$3 $10 $17 $39","page_number":32,"box":{"x":705,"y":686,"width":253,"height":9}},{"id":"a380152b-8c6b-42af-ae26-decf331e6f7f","block_type":"box","text":"Portfolio Turnover.","page_number":32,"box":{"x":84,"y":716,"width":136,"height":9}},{"id":"922bd7dd-c6b6-4e17-a1fd-7c01718b6f77","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":32,"box":{"x":225,"y":716,"width":721,"height":11}},{"id":"078e4839-1779-4d6a-879c-2edbc2777749","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":32,"box":{"x":83,"y":730,"width":884,"height":11}},{"id":"a711fa86-a0e1-4e6f-8976-f4aaa93f648f","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":32,"box":{"x":84,"y":744,"width":875,"height":11}},{"id":"445aa885-6215-47b7-a939-e0d3256241f9","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 62% of","page_number":32,"box":{"x":82,"y":759,"width":887,"height":10}},{"id":"692eb49c-3f3b-46cc-8d92-afbaad703636","block_type":"box","text":"the average value of its portfolio.","page_number":32,"box":{"x":82,"y":773,"width":231,"height":11}},{"id":"b1ecf42d-c51d-4319-be82-50dafbacf98c","block_type":"box","text":"Principal Investment Strategies","page_number":32,"box":{"x":84,"y":802,"width":284,"height":13}},{"id":"45b9ff04-70cb-4c64-8dc3-9540d822c331","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg U.S. Aggregate Bond Index (the “Underlying Index”), which","page_number":32,"box":{"x":82,"y":827,"width":872,"height":11}},{"id":"3847c4b0-3871-438c-b164-7a78e5e9bccf","block_type":"box","text":"measures the performance of the total U.S. investment-grade (as determined by Bloomberg Index Services Limited (the","page_number":32,"box":{"x":84,"y":841,"width":843,"height":11}},{"id":"936c0e42-ac8a-4724-9007-db9b4aa9c672","block_type":"box","text":"“Index Provider” or “Bloomberg”)) bond market. As of February 28, 2026, there were 13,972 issues in the Underlying Index.","page_number":32,"box":{"x":83,"y":855,"width":863,"height":11}},{"id":"04d08fa7-7b90-496d-872c-85933894109d","block_type":"box","text":"The Underlying Index includes investment-grade U.S. Treasury bonds, government-related bonds, corporate bonds,","page_number":32,"box":{"x":82,"y":877,"width":816,"height":11}},{"id":"c5d7e107-d377-4b3c-bfae-7a7f4eb4a786","block_type":"box","text":"mortgage-backed pass-through securities (“MBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed","page_number":32,"box":{"x":84,"y":891,"width":853,"height":11}},{"id":"285e3a57-f0ad-40df-95ee-9a4cb6a022ac","block_type":"box","text":"S-23","page_number":32,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"bd7d81b8-98eb-4a6b-aee3-c872f83a6612","block_type":"box","text":"securities (“ABS”) that are publicly offered for sale in the U.S. As of February 28, 2026, a significant portion of the Underlying","page_number":33,"box":{"x":83,"y":23,"width":876,"height":11}},{"id":"0ef92c85-d425-42dc-a7d5-7c3efccd8edb","block_type":"box","text":"Index was represented by MBS and U.S. Treasury securities. The components of the Underlying Index are likely to change over","page_number":33,"box":{"x":84,"y":37,"width":887,"height":11}},{"id":"e6add2e5-80ab-46c7-be0f-d78b9cf70653","block_type":"box","text":"time.","page_number":33,"box":{"x":82,"y":52,"width":35,"height":8}},{"id":"1c58f6b9-9cea-442c-a3d2-aa7478b9b53b","block_type":"box","text":"The securities in the Underlying Index must have $300 million or more of outstanding face value and must have at least one","page_number":33,"box":{"x":82,"y":73,"width":876,"height":11}},{"id":"d294bb4b-1a04-4a22-a966-c8f47a5bbbdf","block_type":"box","text":"year remaining to maturity, with the exception of amortizing securities such as ABS and MBS, which have lower minimum","page_number":33,"box":{"x":82,"y":88,"width":858,"height":10}},{"id":"b675d899-b989-42fb-88e6-45b3aceb2a1a","block_type":"box","text":"thresholds as defined by Bloomberg. In addition, the securities in the Underlying Index must be denominated in U.S. dollars","page_number":33,"box":{"x":82,"y":102,"width":873,"height":11}},{"id":"40441db2-a0eb-40c2-b1d0-ce82fc8a6a06","block_type":"box","text":"and must be fixed-rate, non-convertible and taxable. Certain types of securities, such as state and local government series","page_number":33,"box":{"x":83,"y":116,"width":865,"height":11}},{"id":"18bc48e3-d652-42a0-9cb7-04edc339424b","block_type":"box","text":"bonds, structured notes with embedded swaps or other special features, private placements, floating-rate securities and","page_number":33,"box":{"x":84,"y":130,"width":847,"height":11}},{"id":"4c4058f2-9c36-4af5-8a0d-68251ff658d9","block_type":"box","text":"bonds that have been issued in one country's currency but are traded outside of that country in a different monetary and","page_number":33,"box":{"x":84,"y":144,"width":851,"height":11}},{"id":"fabc6a26-ca0d-45e3-ba09-38c9ea115b33","block_type":"box","text":"regulatory system (","page_number":33,"box":{"x":84,"y":158,"width":134,"height":11}},{"id":"ede05b7e-ddfc-4970-a1cf-71d5db3f872f","block_type":"box","text":"e.g.","page_number":33,"box":{"x":220,"y":161,"width":22,"height":8}},{"id":"31fa4bdb-0d03-4753-9d71-2466cdadeb82","block_type":"box","text":", Eurobonds), are excluded from the Underlying Index. The Underlying Index is market","page_number":33,"box":{"x":244,"y":158,"width":605,"height":11}},{"id":"53e31022-3140-495f-8003-4c64a6fb1fbd","block_type":"box","text":"capitalization-weighted, and the securities in the Underlying Index are updated on the last business day of each month.","page_number":33,"box":{"x":83,"y":173,"width":844,"height":11}},{"id":"ff8fa822-63ff-4fa3-a588-3144539ed130","block_type":"box","text":"U.S. fixed-rate agency MBS are issued by entities such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":33,"box":{"x":84,"y":194,"width":882,"height":11}},{"id":"571197ee-25ed-4bcf-bf78-d0aea4663079","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac”)","page_number":33,"box":{"x":84,"y":209,"width":867,"height":11}},{"id":"6ef14894-d329-4ea3-8797-490bee4a1e98","block_type":"box","text":"and are backed by pools of mortgages. Most transactions in fixed-rate MBS occur through standardized contracts for future","page_number":33,"box":{"x":83,"y":223,"width":877,"height":11}},{"id":"260fa8dc-2f60-4de2-8f08-759eefae5fd8","block_type":"box","text":"delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement","page_number":33,"box":{"x":83,"y":237,"width":780,"height":11}},{"id":"22f94482-514b-4c58-8d41-bf782d436222","block_type":"box","text":"(to-be-announced (“TBA”) transactions). The Fund may enter into such contracts on a regular basis. The Fund, pending","page_number":33,"box":{"x":83,"y":251,"width":841,"height":11}},{"id":"b2516880-8c0f-4925-8a13-8dc9e35b3117","block_type":"box","text":"settlement of such contracts, will invest its assets in high-quality, liquid short-term instruments, including shares of money","page_number":33,"box":{"x":83,"y":266,"width":872,"height":10}},{"id":"ad23c37f-73b4-46f0-8541-1cae9b23d3b6","block_type":"box","text":"market funds advised by BFA or its affiliates. The Fund will assume its","page_number":33,"box":{"x":84,"y":280,"width":489,"height":11}},{"id":"459126b6-0fa9-42fa-adb0-d904f21f9c3f","block_type":"box","text":"pro rata","page_number":33,"box":{"x":578,"y":281,"width":54,"height":9}},{"id":"774ea43a-aef7-410d-afde-57dc4f341cdb","block_type":"box","text":"share of the fees and expenses of any money","page_number":33,"box":{"x":637,"y":280,"width":317,"height":11}},{"id":"3eca87e0-eee7-4dec-a385-d6a4c794c97e","block_type":"box","text":"market fund that it may invest in, in addition to the Fund's own fees and expenses. The Fund may also acquire interests in","page_number":33,"box":{"x":84,"y":294,"width":856,"height":11}},{"id":"fc327156-6dcd-4628-9070-a7628266fc87","block_type":"box","text":"mortgage pools through means other than such standardized contracts for future delivery.","page_number":33,"box":{"x":84,"y":308,"width":640,"height":11}},{"id":"91ec11b0-2d14-41bf-8ea3-392f77274bdb","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it","page_number":33,"box":{"x":84,"y":331,"width":877,"height":11}},{"id":"5c970a72-8676-4ab0-8844-df1e728a50e7","block_type":"box","text":"tracks and does not seek temporary defensive positions when markets decline or appear overvalued.","page_number":33,"box":{"x":82,"y":345,"width":709,"height":11}},{"id":"9b7cbc28-ea58-4261-855b-9e94a4001f93","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce","page_number":33,"box":{"x":84,"y":369,"width":853,"height":10}},{"id":"de0a0e53-4c2e-41a1-9345-29ba88c60391","block_type":"box","text":"some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better","page_number":33,"box":{"x":83,"y":383,"width":857,"height":11}},{"id":"e79657d4-6bcf-4a87-b785-98f75ea8df03","block_type":"box","text":"after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":33,"box":{"x":83,"y":397,"width":863,"height":11}},{"id":"e1ee8c50-5c60-44a4-a165-25c55313fac2","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy","page_number":33,"box":{"x":84,"y":420,"width":887,"height":11}},{"id":"f1d44b75-f09c-4030-9beb-1e4e11ad8219","block_type":"box","text":"that involves investing in a representative sample of securities or other instruments that collectively has an investment profile","page_number":33,"box":{"x":82,"y":434,"width":890,"height":11}},{"id":"4b0aa9c1-1d9b-4104-94d0-f980372a3ac3","block_type":"box","text":"similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment","page_number":33,"box":{"x":83,"y":449,"width":886,"height":10}},{"id":"07352327-9e4b-45e5-b7c2-fd694d195059","block_type":"box","text":"characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return","page_number":33,"box":{"x":83,"y":463,"width":885,"height":11}},{"id":"9ee642a0-610a-4368-a473-e088487b54e9","block_type":"box","text":"variability, duration (","page_number":33,"box":{"x":82,"y":477,"width":146,"height":11}},{"id":"4e272c7e-b7b0-44df-9848-2a5b56fe6881","block_type":"box","text":"i.e.","page_number":33,"box":{"x":229,"y":477,"width":17,"height":8}},{"id":"6daf2003-5e17-4cd5-8c72-8947c7a0b60c","block_type":"box","text":", an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield)","page_number":33,"box":{"x":248,"y":477,"width":697,"height":11}},{"id":"98569c52-fb6c-44d6-a726-66ac7c37741e","block_type":"box","text":"and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the","page_number":33,"box":{"x":83,"y":491,"width":802,"height":11}},{"id":"5462c975-68b9-4cbc-817f-6bcaf4a3f848","block_type":"box","text":"components of the Underlying Index.","page_number":33,"box":{"x":83,"y":505,"width":261,"height":11}},{"id":"8d879b48-041a-49d2-a475-dc81411e28a6","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and TBAs that have","page_number":33,"box":{"x":82,"y":528,"width":834,"height":11}},{"id":"cb2ec218-a5a5-47dc-a9a8-722a37d4d82a","block_type":"box","text":"economic characteristics that are substantially identical to the economic characteristics of the component securities of the","page_number":33,"box":{"x":83,"y":543,"width":871,"height":11}},{"id":"61bc1d96-668c-46d8-89ef-0a73dd5e1857","block_type":"box","text":"Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the","page_number":33,"box":{"x":84,"y":557,"width":857,"height":11}},{"id":"c68b9414-db1d-4752-b5d8-3acff1900061","block_type":"box","text":"Underlying Index that BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of","page_number":33,"box":{"x":84,"y":571,"width":874,"height":11}},{"id":"3c00fcbc-7868-4807-b806-294a49e90198","block_type":"box","text":"its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in","page_number":33,"box":{"x":83,"y":585,"width":883,"height":11}},{"id":"ccb6f163-5484-49eb-9a36-e0b31e401e83","block_type":"box","text":"fixed income securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track","page_number":33,"box":{"x":83,"y":599,"width":885,"height":11}},{"id":"8f6814eb-ef18-4cdc-b542-459c29325d67","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments associated with a TBA position will be treated as part of that","page_number":33,"box":{"x":82,"y":614,"width":856,"height":10}},{"id":"907cf29a-e9c1-4e2a-977a-feef5541cadb","block_type":"box","text":"position for purposes of calculating the percentage of investments in the component securities of the Underlying Index. Cash","page_number":33,"box":{"x":84,"y":628,"width":885,"height":11}},{"id":"db1b461b-4d5e-4535-a27c-4253a4467af6","block_type":"box","text":"and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes","page_number":33,"box":{"x":83,"y":642,"width":881,"height":10}},{"id":"a058dec7-c284-45d0-b473-ba429f2be592","block_type":"box","text":"of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results","page_number":33,"box":{"x":83,"y":656,"width":888,"height":11}},{"id":"288035f7-a66b-43b9-aa5b-9d8943df2ea7","block_type":"box","text":"of the Underlying Index before fees and expenses of the Fund.","page_number":33,"box":{"x":83,"y":670,"width":437,"height":11}},{"id":"f4d04b24-697d-453f-a500-051ba98763d0","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":33,"box":{"x":82,"y":693,"width":873,"height":11}},{"id":"06e9af06-6618-40bf-95ad-8166f206d6eb","block_type":"box","text":"collateral received).","page_number":33,"box":{"x":83,"y":708,"width":136,"height":9}},{"id":"7a74947d-0a35-4262-b2ca-1877d16228d1","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which is independent of the Fund and BFA. The Index Provider determines","page_number":33,"box":{"x":82,"y":731,"width":880,"height":11}},{"id":"af317de9-a539-48be-a5ca-990c7dfa8dae","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":33,"box":{"x":82,"y":745,"width":884,"height":11}},{"id":"a353e9f3-ef25-4e30-be15-755748c2d11c","block_type":"box","text":"market value of the Underlying Index.","page_number":33,"box":{"x":84,"y":759,"width":262,"height":11}},{"id":"1c7bab71-9f39-4f38-be1d-2b6d70d41c62","block_type":"box","text":"Industry Concentration Policy.","page_number":33,"box":{"x":84,"y":782,"width":223,"height":11}},{"id":"e1c000ac-fe12-4c41-9fbc-eecfacd53f03","block_type":"box","text":"The Fund will concentrate its investments (","page_number":33,"box":{"x":312,"y":782,"width":304,"height":10}},{"id":"41dcb02e-c865-4e00-9144-88269b889e4c","block_type":"box","text":"i.e.","page_number":33,"box":{"x":617,"y":783,"width":17,"height":8}},{"id":"a182427f-6dae-41ed-953f-119f580b3b22","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":33,"box":{"x":636,"y":782,"width":292,"height":10}},{"id":"eea018a1-a5f8-4851-80e8-c28be293773a","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":33,"box":{"x":84,"y":797,"width":858,"height":10}},{"id":"693a09af-b332-43f5-a146-3b6b6dba692f","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase","page_number":33,"box":{"x":84,"y":811,"width":840,"height":11}},{"id":"343c1bad-f698-4922-ad9d-aa4ccf6ec0a9","block_type":"box","text":"agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political","page_number":33,"box":{"x":83,"y":825,"width":879,"height":11}},{"id":"1a77b927-4337-4174-a571-e73312779e59","block_type":"box","text":"subdivisions are not considered to be issued by members of any industry.","page_number":33,"box":{"x":83,"y":839,"width":517,"height":11}},{"id":"5354ca74-beb1-4ecf-8063-6faff6cb7d0c","block_type":"box","text":"S-24","page_number":33,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"a659cc36-0037-47ac-ad6b-26b7bff8e508","block_type":"box","text":"Summary of Principal Risks","page_number":34,"box":{"x":83,"y":22,"width":248,"height":14}},{"id":"16737d41-186c-4f8b-8c5b-e0a5b7062033","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":34,"box":{"x":82,"y":48,"width":882,"height":10}},{"id":"833b4a97-e0bb-453a-86ef-e821a7cee684","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below any of which may","page_number":34,"box":{"x":83,"y":62,"width":822,"height":11}},{"id":"1308bb33-4dc7-4f21-8d8f-f13dc3a63695","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":34,"box":{"x":83,"y":76,"width":807,"height":11}},{"id":"b6fb645e-bc4d-4c09-b3c8-177108318f69","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":34,"box":{"x":83,"y":90,"width":844,"height":11}},{"id":"af85548d-5ac5-4d91-92ce-77a5070c5695","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":34,"box":{"x":83,"y":104,"width":814,"height":11}},{"id":"2292e37d-be5a-4a74-a6d4-9d2248d759d1","block_type":"box","text":"Risk of Investing in the U.S.","page_number":34,"box":{"x":84,"y":127,"width":200,"height":11}},{"id":"54de01b3-e17d-42b5-9c36-51ad9beb871a","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":34,"box":{"x":289,"y":128,"width":664,"height":10}},{"id":"3798e6ff-5d10-4adc-9091-5b127b399aa9","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":34,"box":{"x":83,"y":142,"width":878,"height":11}},{"id":"a2d997ef-c3c5-496e-ade4-07c7dbe6a4aa","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":34,"box":{"x":83,"y":156,"width":470,"height":11}},{"id":"ff43ed90-9037-49e4-9d54-423be49283ad","block_type":"box","text":"Credit Risk.","page_number":34,"box":{"x":83,"y":179,"width":84,"height":9}},{"id":"e0f2fb73-68a1-4f51-aa76-ae91c1e26ff7","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":34,"box":{"x":172,"y":179,"width":777,"height":11}},{"id":"d9dbb7d0-4ded-4065-8d08-b30924aec160","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":34,"box":{"x":83,"y":194,"width":891,"height":10}},{"id":"f9bde3de-e819-4014-a27a-dfed3254f4b8","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":34,"box":{"x":83,"y":207,"width":869,"height":11}},{"id":"05e7266c-4bf4-4707-996b-6c08eea324db","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":34,"box":{"x":83,"y":222,"width":890,"height":11}},{"id":"20ae985e-5bac-4ad3-a509-7f4af2d46e15","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":34,"box":{"x":83,"y":236,"width":851,"height":11}},{"id":"4a2c4230-841f-4e3e-bd23-a856611574e7","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":34,"box":{"x":83,"y":250,"width":809,"height":11}},{"id":"bc640671-37eb-4632-a7e9-926fd4391c99","block_type":"box","text":"Interest Rate Risk.","page_number":34,"box":{"x":84,"y":273,"width":134,"height":9}},{"id":"497dc22e-f450-4dd6-806d-cef095b965b2","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":34,"box":{"x":223,"y":273,"width":743,"height":11}},{"id":"e6eba570-196c-4750-bd3b-5c311ecd489f","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":34,"box":{"x":82,"y":287,"width":880,"height":11}},{"id":"fc056a41-d41a-4fe2-b4d2-1af2c0ef29ed","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":34,"box":{"x":83,"y":302,"width":882,"height":10}},{"id":"7ea19c15-f24c-4ca1-9662-0340b6100886","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":34,"box":{"x":83,"y":316,"width":845,"height":11}},{"id":"7585c6d8-5bed-432c-91fc-d8763017a12d","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":34,"box":{"x":83,"y":330,"width":870,"height":11}},{"id":"d6ad0828-90c3-4d3a-9b11-308d95e5307c","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":34,"box":{"x":82,"y":344,"width":873,"height":11}},{"id":"2cc80172-0de4-46c4-9d7d-9e5d4af3b17b","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":34,"box":{"x":83,"y":358,"width":866,"height":11}},{"id":"308c8b78-5c17-48bc-9606-12d995c2a27e","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":34,"box":{"x":84,"y":373,"width":759,"height":10}},{"id":"aec3ee6b-80e1-4a92-95e8-b902678e47fd","block_type":"box","text":"Market Risk.","page_number":34,"box":{"x":84,"y":396,"width":90,"height":8}},{"id":"6896ae03-d2de-4953-a737-efb20218fad6","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":34,"box":{"x":179,"y":396,"width":767,"height":11}},{"id":"a36ccd23-621b-4332-b150-8fef08f06745","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":34,"box":{"x":83,"y":410,"width":882,"height":11}},{"id":"bc0d1c60-9bef-4d37-afba-0c7c1655a717","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":34,"box":{"x":84,"y":424,"width":857,"height":11}},{"id":"5d88b3c0-e89c-4b05-9aae-c3418cc1383f","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":34,"box":{"x":83,"y":438,"width":875,"height":11}},{"id":"30de4c55-ef2d-48b1-8c9f-3e47bac8b1a2","block_type":"box","text":"Fund’s NAV.","page_number":34,"box":{"x":84,"y":452,"width":81,"height":9}},{"id":"7feedf4a-5d3f-4a46-b879-20388b3a707c","block_type":"box","text":"Index-Related Risk.","page_number":34,"box":{"x":84,"y":476,"width":143,"height":8}},{"id":"a31f8abf-659a-40f3-9926-459db2d66727","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":34,"box":{"x":231,"y":476,"width":742,"height":10}},{"id":"88aaa041-c137-4665-9c66-3b6461cd1edb","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":34,"box":{"x":84,"y":490,"width":855,"height":11}},{"id":"7b7a6d67-664b-43bf-84ad-c20204f4f6f4","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":34,"box":{"x":83,"y":504,"width":852,"height":11}},{"id":"7f4b71ec-264f-4d76-872c-e27c7179e34c","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":34,"box":{"x":83,"y":518,"width":877,"height":11}},{"id":"deeca4a1-2356-40d4-a836-372512ad4951","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":34,"box":{"x":82,"y":532,"width":849,"height":11}},{"id":"29674647-571c-4ca7-aee7-40a66c9fc3f5","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":34,"box":{"x":83,"y":547,"width":849,"height":10}},{"id":"f35071ef-1744-4237-b41a-1decf1968c54","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":34,"box":{"x":84,"y":561,"width":890,"height":11}},{"id":"96a90d16-6adf-473b-af29-8eb02125a9e6","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":34,"box":{"x":84,"y":575,"width":852,"height":11}},{"id":"58007990-78ff-4de2-bc80-82fcd52a9273","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":34,"box":{"x":83,"y":589,"width":539,"height":11}},{"id":"d69d9d7b-0415-47d1-ab62-3afbabc99214","block_type":"box","text":"Asset Class Risk.","page_number":34,"box":{"x":82,"y":612,"width":123,"height":9}},{"id":"7107fb05-28fe-468b-8106-86e4832e26d6","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":34,"box":{"x":209,"y":612,"width":721,"height":11}},{"id":"a033b128-65b2-474c-9fc0-d66c140701d9","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":34,"box":{"x":83,"y":626,"width":774,"height":11}},{"id":"c9e240b7-9a60-419c-a580-1ff10005e4d2","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":34,"box":{"x":82,"y":650,"width":318,"height":10}},{"id":"4e8dd5b6-a67b-4e28-990b-840a0b580674","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":34,"box":{"x":405,"y":649,"width":531,"height":12}},{"id":"2fb62562-7338-4b14-9b99-ed47738584d1","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":34,"box":{"x":84,"y":664,"width":809,"height":11}},{"id":"af6c638c-dfa0-4b1d-a8f9-9be84323d454","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":34,"box":{"x":82,"y":678,"width":816,"height":11}},{"id":"e6b18e5e-ad98-482c-aff1-fc16e136a634","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":34,"box":{"x":82,"y":692,"width":885,"height":11}},{"id":"82b23ac8-b4d1-45be-8cd8-1493a660fef8","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":34,"box":{"x":83,"y":706,"width":871,"height":11}},{"id":"4165f758-c353-4d9c-9024-0ce644b21c69","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":34,"box":{"x":84,"y":721,"width":845,"height":10}},{"id":"364e0816-cca7-4efb-a728-1ed3c846b889","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":34,"box":{"x":82,"y":735,"width":882,"height":10}},{"id":"c514d8c5-0d97-4dcb-a367-830c2c434606","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":34,"box":{"x":84,"y":749,"width":853,"height":11}},{"id":"7d93f7de-c4c4-4b86-afe8-55fc377bff7a","block_type":"box","text":"halts or delisting.","page_number":34,"box":{"x":84,"y":763,"width":120,"height":11}},{"id":"9958500d-cd6a-4a0c-9b9a-87bbbc344845","block_type":"box","text":"Call Risk.","page_number":34,"box":{"x":83,"y":786,"width":66,"height":9}},{"id":"08daa50a-2c4d-45a4-9836-63b6a3340fb3","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may “call” or repay","page_number":34,"box":{"x":155,"y":786,"width":799,"height":11}},{"id":"fe289388-60c2-4287-b7e3-587563176cf0","block_type":"box","text":"the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower","page_number":34,"box":{"x":82,"y":801,"width":848,"height":10}},{"id":"81dcce03-d94e-442a-b6c5-a21a426a50f3","block_type":"box","text":"yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable","page_number":34,"box":{"x":82,"y":815,"width":867,"height":11}},{"id":"bf149c73-b8d0-4031-a8fa-6388bb41e45a","block_type":"box","text":"features.","page_number":34,"box":{"x":83,"y":829,"width":61,"height":8}},{"id":"a6829392-5562-4f73-a925-574beb646a96","block_type":"box","text":"S-25","page_number":34,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"cf746a8a-89d2-4e9a-98c6-94538c718fbb","block_type":"box","text":"Concentration Risk.","page_number":35,"box":{"x":83,"y":23,"width":145,"height":9}},{"id":"04c4c400-6a84-4278-9ba4-51622f775fea","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":35,"box":{"x":232,"y":23,"width":712,"height":11}},{"id":"d5f44caf-66fa-46d5-865f-142e0888080d","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":35,"box":{"x":83,"y":37,"width":884,"height":10}},{"id":"75fdec4c-f495-41b0-89bf-35a9c2144102","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":35,"box":{"x":82,"y":52,"width":887,"height":10}},{"id":"eaed7dfa-99ff-49a1-8f11-26e333b5e04a","block_type":"box","text":"asset classes.","page_number":35,"box":{"x":83,"y":66,"width":95,"height":8}},{"id":"566f91ff-e3ff-4767-856f-cbe1a6a620cd","block_type":"box","text":"Extension Risk.","page_number":35,"box":{"x":84,"y":89,"width":111,"height":8}},{"id":"8f841e27-d04e-430d-9b73-62337b359862","block_type":"box","text":"During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly","page_number":35,"box":{"x":201,"y":89,"width":737,"height":11}},{"id":"b8a5076b-94b2-4da9-8c03-6a2d0e8d39dc","block_type":"box","text":"than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income","page_number":35,"box":{"x":82,"y":103,"width":890,"height":11}},{"id":"88169278-d615-4007-8065-a6b7eee80af7","block_type":"box","text":"and potentially in the value of the Fund’s investments.","page_number":35,"box":{"x":83,"y":117,"width":381,"height":11}},{"id":"9c73b84b-3e47-4bf3-a16a-986e65b36b2d","block_type":"box","text":"Income Risk.","page_number":35,"box":{"x":84,"y":140,"width":92,"height":9}},{"id":"ad2efa23-dd2d-46da-a9a5-0f6ec7549ebb","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":35,"box":{"x":181,"y":140,"width":770,"height":11}},{"id":"3026b078-b821-4721-94c6-d6d77f290414","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":35,"box":{"x":84,"y":155,"width":881,"height":10}},{"id":"e267abce-015b-475c-9320-6615ed3cd5f4","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":35,"box":{"x":84,"y":169,"width":841,"height":11}},{"id":"d2717d72-7ac0-4917-a5ba-145e134b02f8","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":35,"box":{"x":84,"y":183,"width":876,"height":11}},{"id":"b6d6db43-d27a-4960-b596-fd05d35e4498","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":35,"box":{"x":83,"y":197,"width":579,"height":11}},{"id":"b553d87f-6560-46cd-bf11-19f3973ff918","block_type":"box","text":"Issuer Risk.","page_number":35,"box":{"x":84,"y":220,"width":82,"height":9}},{"id":"05c6ab17-6179-442c-a9de-06facef93657","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":35,"box":{"x":170,"y":220,"width":780,"height":11}},{"id":"85592d23-3d01-4a28-b5ba-090077547691","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":35,"box":{"x":84,"y":235,"width":885,"height":10}},{"id":"50d8ba45-c98d-4a0d-a37a-2f1258ed165d","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":35,"box":{"x":82,"y":249,"width":577,"height":11}},{"id":"ca999f87-375f-4e6a-8a6f-489c7e7c9fda","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":35,"box":{"x":84,"y":272,"width":394,"height":11}},{"id":"0324178f-0a25-4446-8472-a58e4b7af827","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":35,"box":{"x":484,"y":272,"width":410,"height":11}},{"id":"446052d6-b2a6-4dbe-81be-e22dd0af0c53","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":35,"box":{"x":84,"y":286,"width":882,"height":11}},{"id":"39122f0a-143a-4cce-9f51-c1cfaa5af25b","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":35,"box":{"x":83,"y":300,"width":884,"height":11}},{"id":"80bd9941-802c-487f-99c7-e52d9d17a3d5","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":35,"box":{"x":84,"y":315,"width":872,"height":10}},{"id":"2fd52dba-7a64-4b00-a3f5-a7eaacdfa061","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":35,"box":{"x":83,"y":329,"width":813,"height":11}},{"id":"9d5e2aa0-52c7-409a-a72f-e0d11f1ccad0","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":35,"box":{"x":84,"y":343,"width":889,"height":11}},{"id":"cf09607c-8e57-4128-8910-688a482ef94b","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":35,"box":{"x":82,"y":357,"width":891,"height":10}},{"id":"e37cf55d-7970-453b-bc6e-5e268e4328b9","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":35,"box":{"x":84,"y":371,"width":836,"height":11}},{"id":"eabbb5f8-b362-4451-87e4-5b90a8ac91ba","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":35,"box":{"x":84,"y":385,"width":810,"height":11}},{"id":"4b53b083-3906-489a-8d03-c49da6908749","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":35,"box":{"x":83,"y":400,"width":861,"height":10}},{"id":"b6554f4d-fe9a-41f5-90c4-2e942d4168dc","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":35,"box":{"x":84,"y":414,"width":874,"height":11}},{"id":"11224192-e7d9-4dbf-8aa0-9bd7ab4c9296","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":35,"box":{"x":82,"y":428,"width":654,"height":11}},{"id":"39e6ca4e-5813-484c-8c2a-9b39c0eb55f3","block_type":"box","text":"Management Risk.","page_number":35,"box":{"x":84,"y":451,"width":136,"height":11}},{"id":"ee976552-e934-4b2d-b77c-714ccb1ff6d3","block_type":"box","text":"The Fund generally does not attempt to take defensive positions under any market conditions, including","page_number":35,"box":{"x":225,"y":451,"width":735,"height":11}},{"id":"bd8533b7-e8d3-4e61-8f7f-e84631965973","block_type":"box","text":"declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not","page_number":35,"box":{"x":83,"y":465,"width":833,"height":11}},{"id":"a7677b04-1367-41a1-a64a-490dd75b194e","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended","page_number":35,"box":{"x":83,"y":480,"width":864,"height":10}},{"id":"f6fd6d33-affd-4141-8c12-c8a2c827cf12","block_type":"box","text":"results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the","page_number":35,"box":{"x":84,"y":494,"width":824,"height":11}},{"id":"5d244557-1b5c-442e-9248-704862fd43eb","block_type":"box","text":"Underlying Index or that the Fund will achieve its investment objective.","page_number":35,"box":{"x":84,"y":508,"width":498,"height":11}},{"id":"065ffa7f-1869-430c-b79a-e627c20f7044","block_type":"box","text":"Market Trading Risk.","page_number":35,"box":{"x":84,"y":531,"width":151,"height":11}},{"id":"256010b1-de48-4573-8efb-0f4b3fd38e4a","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":35,"box":{"x":239,"y":531,"width":695,"height":11}},{"id":"0417a856-c21a-4df7-b5f4-667a61a5e3af","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":35,"box":{"x":84,"y":545,"width":841,"height":11}},{"id":"00161307-5b7e-4d9b-82e1-fbe7c6dad10a","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":35,"box":{"x":83,"y":559,"width":887,"height":11}},{"id":"6bb13f83-d969-4d64-988f-efb406b4c70d","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":35,"box":{"x":83,"y":574,"width":839,"height":10}},{"id":"2164ac9e-1999-4721-be2f-2fbc880eac6e","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":35,"box":{"x":84,"y":588,"width":865,"height":11}},{"id":"6bde69d9-0523-4fcd-8511-9fb07b7bf0a2","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":35,"box":{"x":82,"y":602,"width":885,"height":11}},{"id":"3d6b07a0-b945-44d1-83d1-14b4861e25ae","block_type":"box","text":"of the Fund shares.","page_number":35,"box":{"x":83,"y":616,"width":135,"height":9}},{"id":"26847fea-5ca9-4a7a-8a75-063b5665d011","block_type":"box","text":"Operational and Technology Risks.","page_number":35,"box":{"x":83,"y":639,"width":255,"height":11}},{"id":"0f1ca877-3575-46a4-a042-c44c1d871558","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":35,"box":{"x":342,"y":640,"width":582,"height":10}},{"id":"c613d1bb-9eec-46ce-b6f4-5d8560d75edc","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":35,"box":{"x":83,"y":654,"width":876,"height":10}},{"id":"f1ee490e-dc2d-42fc-b25d-4ba4dbe08f3d","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":35,"box":{"x":83,"y":668,"width":879,"height":11}},{"id":"08225c26-0bb6-4693-b3ac-4bea569094d6","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":35,"box":{"x":83,"y":682,"width":825,"height":11}},{"id":"44052232-4852-4387-bc72-c2fea801548b","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":35,"box":{"x":83,"y":696,"width":863,"height":11}},{"id":"1f4ed9bb-6d16-4f4c-835f-3b2931831b5c","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":35,"box":{"x":83,"y":710,"width":872,"height":11}},{"id":"22af0434-8e8e-4352-ab27-a270a534bc3a","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":35,"box":{"x":84,"y":724,"width":823,"height":11}},{"id":"b8946269-bf8b-4e0b-8fb4-571e40d43c39","block_type":"box","text":"Prepayment Risk.","page_number":35,"box":{"x":84,"y":748,"width":128,"height":11}},{"id":"3ad6b9b3-43e2-442d-ac9d-94fb4420f322","block_type":"box","text":"During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the","page_number":35,"box":{"x":218,"y":748,"width":742,"height":10}},{"id":"1cdf62b5-1a3e-4e29-a600-bf27ab341b25","block_type":"box","text":"debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of","page_number":35,"box":{"x":83,"y":762,"width":867,"height":11}},{"id":"0de44ff1-d6a5-4bf3-9855-62dd409ef722","block_type":"box","text":"default, resulting in a decline in the Fund’s income or return potential.","page_number":35,"box":{"x":83,"y":776,"width":493,"height":11}},{"id":"80a02cff-8062-42b3-b22d-e523e2fd7686","block_type":"box","text":"Risk of Investing in China.","page_number":35,"box":{"x":84,"y":799,"width":190,"height":11}},{"id":"30ec9516-9bde-40ad-9e8c-4340508cd02a","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":35,"box":{"x":280,"y":799,"width":679,"height":11}},{"id":"bc775fd3-4def-431e-8fc8-67b535ecde25","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":35,"box":{"x":83,"y":813,"width":819,"height":11}},{"id":"e6dbc775-a7e4-4bf9-89d3-a95ad4e90fe3","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":35,"box":{"x":83,"y":828,"width":866,"height":10}},{"id":"ae66b66f-8f40-489a-bf93-40c683746b16","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":35,"box":{"x":83,"y":842,"width":866,"height":11}},{"id":"60876a5f-af1b-436c-8d9e-bd227687fbff","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":35,"box":{"x":82,"y":856,"width":842,"height":11}},{"id":"85d0702f-656a-4e4c-a267-a30f6ff49c05","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":35,"box":{"x":83,"y":870,"width":864,"height":11}},{"id":"b8357e7d-8294-45e8-b09b-70c078a57b9d","block_type":"box","text":"S-26","page_number":35,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"1026e374-b5ef-4489-b8a1-3d64cf435834","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":36,"box":{"x":82,"y":23,"width":861,"height":11}},{"id":"000c89d7-2769-4acf-8327-47cdde2f2015","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":36,"box":{"x":83,"y":37,"width":869,"height":11}},{"id":"7b73cb8b-8cde-4474-99c4-8061b9dbae36","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":36,"box":{"x":83,"y":52,"width":784,"height":10}},{"id":"2668b1d8-f80f-49d0-bc38-9053e7770f06","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":36,"box":{"x":83,"y":75,"width":887,"height":11}},{"id":"80494c45-40c1-4287-8968-21c305f118f0","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":36,"box":{"x":82,"y":89,"width":834,"height":11}},{"id":"672c5881-cc61-4765-9e85-7dced5d041d5","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":36,"box":{"x":82,"y":103,"width":845,"height":11}},{"id":"11fd881e-8890-44ae-b8b0-7f5f929bb2bb","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":36,"box":{"x":83,"y":117,"width":876,"height":11}},{"id":"cd12ce5b-d9a7-4ae0-ae05-14d978063216","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":36,"box":{"x":83,"y":131,"width":834,"height":11}},{"id":"10b0da9f-5ec7-4142-9b60-9a8626d799d6","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":36,"box":{"x":83,"y":146,"width":421,"height":10}},{"id":"cab4e465-8c4b-4d1d-8bbb-ce7cfdcea4f9","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":36,"box":{"x":82,"y":169,"width":849,"height":11}},{"id":"e46a30d5-0699-4d1e-8e90-64d1f50edde2","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":36,"box":{"x":83,"y":183,"width":886,"height":11}},{"id":"017e4385-3863-462e-a5f2-0f5bce8f26fe","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":36,"box":{"x":83,"y":197,"width":878,"height":11}},{"id":"fa4c8dc0-0272-4542-8138-4478c4124c0c","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":36,"box":{"x":83,"y":211,"width":874,"height":11}},{"id":"fd5ed795-b4de-41ee-8094-4327b407c27a","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":36,"box":{"x":83,"y":225,"width":878,"height":11}},{"id":"fe0238ce-ac0e-4ea7-a846-98f382124c57","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":36,"box":{"x":83,"y":240,"width":807,"height":11}},{"id":"64e749d8-61f6-45aa-ad7b-4b02e393f832","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":36,"box":{"x":84,"y":254,"width":889,"height":11}},{"id":"2192efe5-268d-42f8-9016-6fa59d38ddab","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":36,"box":{"x":82,"y":268,"width":471,"height":11}},{"id":"d0b13028-9c4c-4e1a-a5dd-10fc97e2e4fc","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":36,"box":{"x":83,"y":291,"width":883,"height":11}},{"id":"e0fd6df4-9927-465a-8f97-315efedad386","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":36,"box":{"x":83,"y":305,"width":850,"height":11}},{"id":"61ffc693-1639-4a44-99a6-cc4c98485814","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":36,"box":{"x":83,"y":320,"width":862,"height":10}},{"id":"a04075e6-32e5-48df-a884-44dab798232f","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":36,"box":{"x":84,"y":334,"width":849,"height":11}},{"id":"05c309c9-ed34-4537-aed3-3767f8e482d0","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":36,"box":{"x":83,"y":348,"width":883,"height":11}},{"id":"6aa19c75-77df-480b-b2e0-91d1b873ea93","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":36,"box":{"x":82,"y":362,"width":861,"height":11}},{"id":"a6b2a828-24c0-450e-a0a4-7fc5e2f21cf8","block_type":"box","text":"have limited legal remedies.","page_number":36,"box":{"x":84,"y":377,"width":195,"height":10}},{"id":"dcdad9a8-0497-4427-9335-06eef6131bc4","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":36,"box":{"x":84,"y":399,"width":844,"height":11}},{"id":"302c9f06-bfaa-44b2-b597-535fbde755f4","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":36,"box":{"x":83,"y":414,"width":835,"height":11}},{"id":"a3995449-b6b5-4797-9f65-4102cd7525f7","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":36,"box":{"x":83,"y":428,"width":852,"height":11}},{"id":"c073e62e-a6b6-457b-9d72-6f508c6b5e94","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":36,"box":{"x":82,"y":442,"width":779,"height":11}},{"id":"744872d0-5295-4b8a-a270-647abd8f774e","block_type":"box","text":"considerations.","page_number":36,"box":{"x":83,"y":457,"width":108,"height":8}},{"id":"510ea32d-3e5d-4c13-8172-d8c667f1715b","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":36,"box":{"x":84,"y":479,"width":315,"height":11}},{"id":"688a4b52-ac14-4b2d-96d4-bc3e3d9829d1","block_type":"box","text":". The Fund invests directly in the domestic bond market in the People’s Republic","page_number":36,"box":{"x":400,"y":479,"width":564,"height":11}},{"id":"ca1a6f8b-7783-4072-b4d5-d990cd6d326c","block_type":"box","text":"of China (“China” or the “PRC”) (the “China Interbank Bond Market”) through the Bond Connect trading channel. All bonds","page_number":36,"box":{"x":83,"y":493,"width":863,"height":12}},{"id":"c1dba107-799c-478d-959e-15e06413a542","block_type":"box","text":"traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (“CMU”), which holds such","page_number":36,"box":{"x":82,"y":508,"width":885,"height":11}},{"id":"28f6eba6-d764-46f6-8c33-3f2051c989a0","block_type":"box","text":"bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China","page_number":36,"box":{"x":84,"y":522,"width":860,"height":11}},{"id":"8f57d6b1-2f47-4394-b470-44cda4e80ac3","block_type":"box","text":"Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of","page_number":36,"box":{"x":84,"y":536,"width":867,"height":11}},{"id":"a5707cba-6d39-453d-ab5e-d83668d6df3b","block_type":"box","text":"the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.","page_number":36,"box":{"x":82,"y":550,"width":745,"height":11}},{"id":"82470661-4a1f-41e1-a63f-f02f5538c189","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market","page_number":36,"box":{"x":84,"y":574,"width":888,"height":10}},{"id":"57271432-9543-4a48-8634-fa372a3d8a83","block_type":"box","text":"may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may","page_number":36,"box":{"x":84,"y":588,"width":884,"height":11}},{"id":"bd051cf2-cb5c-42fc-947d-6f20e81268d9","block_type":"box","text":"not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations","page_number":36,"box":{"x":84,"y":602,"width":863,"height":11}},{"id":"85681aae-d91f-45b9-93f2-2965c4f7b395","block_type":"box","text":"that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially","page_number":36,"box":{"x":82,"y":616,"width":853,"height":11}},{"id":"13296d57-8c1b-46eb-ba84-8164f7f57817","block_type":"box","text":"altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions","page_number":36,"box":{"x":83,"y":630,"width":846,"height":11}},{"id":"bdfe5380-1c9d-417a-b951-950ad87d8396","block_type":"box","text":"under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or","page_number":36,"box":{"x":83,"y":645,"width":846,"height":10}},{"id":"20be35ad-927e-4fb5-ad31-9e94acbcd0db","block_type":"box","text":"indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund","page_number":36,"box":{"x":83,"y":659,"width":886,"height":11}},{"id":"e69b4595-603b-4fa2-9726-9b528a6c6379","block_type":"box","text":"to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China","page_number":36,"box":{"x":82,"y":673,"width":832,"height":11}},{"id":"91c223a3-b640-4ee3-bb81-9a9fb36ebf2c","block_type":"box","text":"Interbank Bond Market.","page_number":36,"box":{"x":84,"y":687,"width":165,"height":9}},{"id":"40d1b292-51ff-4611-9800-49b4a0bb80ed","block_type":"box","text":"Securities Lending Risk.","page_number":36,"box":{"x":83,"y":710,"width":177,"height":11}},{"id":"536c6ee1-9d14-442c-afc4-0a872d16c048","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":36,"box":{"x":264,"y":710,"width":692,"height":11}},{"id":"5f29241f-96a7-43c8-9c5d-25ddcfed55ff","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":36,"box":{"x":84,"y":724,"width":869,"height":11}},{"id":"f92229d5-df21-4741-ac0c-cd2f4270a37d","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":36,"box":{"x":83,"y":739,"width":886,"height":10}},{"id":"01120507-1103-488d-9007-1bdab5eb08a9","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":36,"box":{"x":83,"y":753,"width":831,"height":11}},{"id":"8a421df4-1e4f-4519-adcb-79057aa2ab56","block_type":"box","text":"Tracking Error Risk.","page_number":36,"box":{"x":82,"y":776,"width":145,"height":11}},{"id":"b0c298c3-3b76-44e9-babd-18b2229dc1a4","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":36,"box":{"x":231,"y":776,"width":741,"height":11}},{"id":"8ffcf17c-38c3-4df4-a530-b1a4311a3d70","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":36,"box":{"x":83,"y":790,"width":861,"height":11}},{"id":"1e8d28d1-3dce-4354-92f7-d59b925b259a","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":36,"box":{"x":83,"y":804,"width":832,"height":11}},{"id":"c1873251-3521-4c65-9633-05dcc6144e95","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":36,"box":{"x":84,"y":819,"width":880,"height":10}},{"id":"26e6eef3-89ea-41dd-bf30-8ba70cda779a","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":36,"box":{"x":84,"y":833,"width":830,"height":11}},{"id":"03eb11f4-9bd4-4e50-91b9-249c860317bd","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":36,"box":{"x":82,"y":847,"width":828,"height":11}},{"id":"015131f1-36ea-4f28-ac0a-4cf02681bb18","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":36,"box":{"x":83,"y":861,"width":874,"height":11}},{"id":"3b5125c1-6aac-4146-8e5b-64951ac95e0b","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":36,"box":{"x":84,"y":875,"width":888,"height":11}},{"id":"3a934afe-0245-4cdf-96f0-da70aa6981bc","block_type":"box","text":"S-27","page_number":36,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"42057ca1-5c92-4621-93c6-0993f2f0dbc5","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":37,"box":{"x":84,"y":23,"width":851,"height":11}},{"id":"dcae1242-6544-4c81-8fc4-b2eb4696506f","block_type":"box","text":"baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or","page_number":37,"box":{"x":84,"y":37,"width":850,"height":11}},{"id":"6bf46475-fe63-437a-8d9a-4b87ace8857e","block_type":"box","text":"limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":37,"box":{"x":84,"y":52,"width":873,"height":10}},{"id":"0f49c36a-b6ce-4bae-82d3-c1ff22151b22","block_type":"box","text":"U.S. Agency Mortgage-Backed Securities Risk.","page_number":37,"box":{"x":83,"y":75,"width":341,"height":11}},{"id":"f57ec80d-f2b2-4e0e-ae83-30182acde40d","block_type":"box","text":"MBS represent interests in “pools” of mortgages and are subject to interest","page_number":37,"box":{"x":430,"y":75,"width":530,"height":11}},{"id":"ac064b0d-51aa-4e29-b6b9-570d67100d92","block_type":"box","text":"rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or","page_number":37,"box":{"x":84,"y":89,"width":847,"height":11}},{"id":"c401050a-f008-49c8-b50c-69c8bc33527e","block_type":"box","text":"sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent","page_number":37,"box":{"x":83,"y":103,"width":844,"height":11}},{"id":"d1bf408b-3458-4be6-a371-368c1737f634","block_type":"box","text":"greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks.","page_number":37,"box":{"x":83,"y":117,"width":887,"height":11}},{"id":"fc194d67-9295-4430-9598-b34b051a4f56","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain","page_number":37,"box":{"x":83,"y":131,"width":869,"height":11}},{"id":"b1067d72-8cd0-46d4-8cfb-12013d6640b9","block_type":"box","text":"MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the","page_number":37,"box":{"x":84,"y":146,"width":817,"height":10}},{"id":"1380ce6e-5945-459f-90c7-24923ea7b8ee","block_type":"box","text":"underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to","page_number":37,"box":{"x":83,"y":160,"width":886,"height":11}},{"id":"77a74959-8930-4abb-9289-eb2bc2eee96e","block_type":"box","text":"a TBA transaction would expose the Fund to possible losses.","page_number":37,"box":{"x":83,"y":174,"width":424,"height":10}},{"id":"e18937fb-f507-4468-8a55-614dd681b2b9","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":37,"box":{"x":83,"y":197,"width":225,"height":11}},{"id":"c5c58da4-c54b-42e1-8463-b9053fd9a4a8","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":37,"box":{"x":314,"y":197,"width":635,"height":11}},{"id":"aab6acbf-297c-47c3-876a-700844742ccf","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in","page_number":37,"box":{"x":82,"y":211,"width":890,"height":11}},{"id":"0eabe942-0dc5-4e9c-8e3a-457a62a3c03c","block_type":"box","text":"the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct","page_number":37,"box":{"x":82,"y":225,"width":869,"height":11}},{"id":"55e9dfb1-7d86-4e81-9a04-9d9bc8a240f2","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value","page_number":37,"box":{"x":83,"y":240,"width":882,"height":11}},{"id":"85b77337-30f2-4f60-933a-5f5a24efa16d","block_type":"box","text":"of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and","page_number":37,"box":{"x":83,"y":254,"width":859,"height":11}},{"id":"10ab0ebf-24f5-4c8a-aa97-d3249094727b","block_type":"box","text":"credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.","page_number":37,"box":{"x":83,"y":268,"width":816,"height":11}},{"id":"02f9bffd-ec0e-44f5-9e3b-a1250c746e92","block_type":"box","text":"Valuation Risk.","page_number":37,"box":{"x":82,"y":291,"width":110,"height":9}},{"id":"f2d47a04-688b-4d89-a11a-7e59ff73220a","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":37,"box":{"x":197,"y":291,"width":740,"height":11}},{"id":"301df713-2a5f-46f4-af4f-bf21e31cf087","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":37,"box":{"x":83,"y":305,"width":840,"height":11}},{"id":"b39faf7a-32b9-43c7-a0c3-99d47db814a5","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":37,"box":{"x":82,"y":320,"width":869,"height":10}},{"id":"124f6713-cf33-4acc-8d74-4f4ec03568f5","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":37,"box":{"x":83,"y":334,"width":888,"height":11}},{"id":"c753af65-5edd-48e7-8262-c4aff90e24fd","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":37,"box":{"x":83,"y":348,"width":871,"height":11}},{"id":"82fbc751-84db-4849-ae97-df4f8111aec4","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":37,"box":{"x":82,"y":362,"width":879,"height":11}},{"id":"a8a026b6-8dee-4d97-8ccc-da8967d42653","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":37,"box":{"x":83,"y":377,"width":880,"height":10}},{"id":"1aa899c5-de38-4c64-80fc-55d802c73b85","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":37,"box":{"x":84,"y":391,"width":815,"height":10}},{"id":"20c12998-c701-43df-bf13-6505c1646d47","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":37,"box":{"x":82,"y":405,"width":613,"height":11}},{"id":"d2dc2042-cb33-4ced-8eb8-b3d8dfb369cd","block_type":"box","text":"Performance Information","page_number":37,"box":{"x":84,"y":426,"width":229,"height":10}},{"id":"d083d168-855a-4fd3-810f-86c3cff3ca77","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":37,"box":{"x":82,"y":451,"width":864,"height":11}},{"id":"b9a15134-83d6-4e21-ac5e-c9306892c278","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":37,"box":{"x":83,"y":465,"width":871,"height":11}},{"id":"8c6a3106-62f5-4992-8bd5-b4f27d6cc79c","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":37,"box":{"x":83,"y":479,"width":868,"height":11}},{"id":"ecee20ce-7284-42a9-b71c-949a556a585b","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":37,"box":{"x":84,"y":494,"width":837,"height":11}},{"id":"e1e43144-619b-479d-98f7-52e16ed2b601","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":37,"box":{"x":83,"y":508,"width":869,"height":11}},{"id":"ed4ca52e-6380-4f03-bf70-c0058030572b","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":37,"box":{"x":84,"y":522,"width":832,"height":11}},{"id":"4028932e-a3ed-48f1-bab9-8ec75f17c881","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":37,"box":{"x":84,"y":536,"width":841,"height":11}},{"id":"ff03dc6f-2d93-4e42-a3cd-4cee0548dc93","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":37,"box":{"x":82,"y":550,"width":531,"height":11}},{"id":"4ee475ca-9273-468f-8916-fbbb69016e00","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":37,"box":{"x":165,"y":575,"width":260,"height":11}},{"id":"31d74bbc-244c-4c16-a9be-812baa0aff15","block_type":"box","text":"2.56","page_number":37,"box":{"x":119,"y":643,"width":20,"height":6}},{"id":"d876076f-48f7-48c8-9f04-3e7b24ba714d","block_type":"box","text":"3.53","page_number":37,"box":{"x":156,"y":640,"width":20,"height":6}},{"id":"15e19531-e610-456e-85ef-f512ac978ac8","block_type":"box","text":"-0.05","page_number":37,"box":{"x":191,"y":666,"width":23,"height":6}},{"id":"b63acf3d-5121-4bd6-80b2-87af2abb2824","block_type":"box","text":"8.68","page_number":37,"box":{"x":230,"y":624,"width":20,"height":6}},{"id":"eb93c43a-2e24-42b0-a570-42065ce6bc20","block_type":"box","text":"7.43","page_number":37,"box":{"x":267,"y":628,"width":20,"height":6}},{"id":"20f0e6c6-1319-4ca7-a815-f4f4efa6a8a2","block_type":"box","text":"-1.67","page_number":37,"box":{"x":302,"y":671,"width":24,"height":6}},{"id":"66e75564-996c-4814-93f7-70b5b5842d87","block_type":"box","text":"-13.06","page_number":37,"box":{"x":336,"y":706,"width":30,"height":6}},{"id":"895b1ca2-c15d-497c-9730-1bdcadd2f7b9","block_type":"box","text":"5.58","page_number":37,"box":{"x":378,"y":634,"width":20,"height":6}},{"id":"c3236640-9077-42ad-9758-f4d1edbc1048","block_type":"box","text":"1.37","page_number":37,"box":{"x":416,"y":647,"width":19,"height":6}},{"id":"4ae29ff1-b6cd-4c82-8dd9-3e7e49d5a8e4","block_type":"box","text":"7.19","page_number":37,"box":{"x":452,"y":629,"width":20,"height":6}},{"id":"b6b61a1e-0514-41e2-a9dd-96100cc133a5","block_type":"box","text":"2016 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Actual after-tax returns depend on an investor’s tax situation and","page_number":38,"box":{"x":84,"y":204,"width":864,"height":11}},{"id":"ecddfac2-b0b9-4340-9a2f-2da0569f3d59","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":38,"box":{"x":84,"y":218,"width":847,"height":11}},{"id":"1676d351-9b86-4809-a455-cbca874075db","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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An investor may incur costs","page_number":38,"box":{"x":83,"y":539,"width":817,"height":11}},{"id":"72bc80fd-8837-43d2-b8b4-7ea2ea95e9b7","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":38,"box":{"x":83,"y":553,"width":878,"height":11}},{"id":"9b3799cc-8dbe-46aa-8bc6-a96cdf7e7d69","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":38,"box":{"x":84,"y":567,"width":860,"height":11}},{"id":"3dd7982e-332d-4528-aafb-8d4754779171","block_type":"box","text":"(the “bid-ask spread”).","page_number":38,"box":{"x":83,"y":581,"width":157,"height":11}},{"id":"b52f3bf1-fef8-4562-a2fc-f33cb18a6613","block_type":"box","text":"Tax Information","page_number":38,"box":{"x":82,"y":610,"width":144,"height":11}},{"id":"76869dbe-6039-4346-b521-dc9286c5484e","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":38,"box":{"x":82,"y":636,"width":832,"height":10}},{"id":"b820042c-c586-409a-8834-d59a9616ef3b","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":38,"box":{"x":83,"y":650,"width":883,"height":11}},{"id":"1d483c01-88e9-469b-ac37-71a9f4ad5759","block_type":"box","text":"be taxed when withdrawn.","page_number":38,"box":{"x":84,"y":664,"width":181,"height":8}},{"id":"1e83f166-6570-464d-9f4c-b4acf64e6823","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":38,"box":{"x":84,"y":693,"width":575,"height":13}},{"id":"df279e57-120c-4f2b-9dd1-7bbb499d3a2a","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":38,"box":{"x":84,"y":718,"width":854,"height":11}},{"id":"89823a5d-e19b-474d-9c94-a6a7000ec263","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":38,"box":{"x":84,"y":732,"width":842,"height":11}},{"id":"41c2f30c-6aed-4412-aa21-60d33eee9db6","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":38,"box":{"x":83,"y":746,"width":820,"height":11}},{"id":"f36df169-fae7-4bad-bab3-1fd66e4a881f","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":38,"box":{"x":84,"y":761,"width":801,"height":10}},{"id":"0db2212f-3600-4fe4-ab6f-1945e8c9a148","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":38,"box":{"x":83,"y":775,"width":841,"height":11}},{"id":"a77d4303-0a8a-4710-8a67-1f7f1d2bf317","block_type":"box","text":"financial intermediary’s website for more information.","page_number":38,"box":{"x":83,"y":789,"width":379,"height":11}},{"id":"7d21965e-585a-47ab-8791-65f56e8d2f56","block_type":"box","text":"S-29","page_number":38,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"45456146-1b35-455f-ad2a-7c1498cb6a2f","block_type":"box","text":"iSHARES","page_number":39,"box":{"x":84,"y":23,"width":125,"height":17}},{"id":"166024b9-cff2-47ab-b14d-0c43cd490c60","block_type":"box","text":"®","page_number":39,"box":{"x":211,"y":17,"width":11,"height":9}},{"id":"674b99c8-d77a-4a0b-bde6-a9901d1dee5c","block_type":"box","text":"ESG ADVANCED UNIVERSAL USD BOND","page_number":39,"box":{"x":233,"y":24,"width":566,"height":16}},{"id":"ac669885-856c-4415-9e6e-1b9c591c9a56","block_type":"box","text":"ETF","page_number":39,"box":{"x":85,"y":47,"width":52,"height":15}},{"id":"92b5ddfa-cfdf-43b8-a575-cd484ea46135","block_type":"box","text":"EUSB | NYSE Arca","page_number":39,"box":{"x":85,"y":70,"width":248,"height":18}},{"id":"b1aca766-70ff-43d5-bb6b-d2ea7e1daa12","block_type":"box","text":"Investment Objective","page_number":39,"box":{"x":84,"y":109,"width":192,"height":13}},{"id":"6768b1c0-bf2d-4cda-b350-92587b698375","block_type":"box","text":"The iShares ESG Advanced Universal USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed","page_number":39,"box":{"x":82,"y":134,"width":883,"height":11}},{"id":"4780338b-51df-4e9d-af2c-efeecebe777e","block_type":"box","text":"of U.S. dollar-denominated bonds that are rated either investment-grade or high-yield from issuers with a favorable","page_number":39,"box":{"x":83,"y":148,"width":816,"height":11}},{"id":"667bc40b-4905-46a4-aaaa-603656d49769","block_type":"box","text":"environmental, social and governance rating as identified by the index provider, while applying extensive screens for","page_number":39,"box":{"x":83,"y":162,"width":821,"height":11}},{"id":"064ae756-3cf9-4707-b92a-63cf7cf70d65","block_type":"box","text":"involvement in controversial activities.","page_number":39,"box":{"x":83,"y":177,"width":270,"height":8}},{"id":"d66d28da-4a72-45a3-9c8f-e6b5d1317d6c","block_type":"box","text":"Fees and Expenses","page_number":39,"box":{"x":84,"y":206,"width":169,"height":12}},{"id":"6ff26fd3-4660-4e0c-8f0e-4ab490761cb3","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":39,"box":{"x":82,"y":231,"width":874,"height":11}},{"id":"2a93917e-32a7-4de4-bdbd-ea6855dcef03","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":39,"box":{"x":83,"y":245,"width":871,"height":11}},{"id":"e71e6700-764a-4ee6-a8d5-c197dcaa1015","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":39,"box":{"x":84,"y":259,"width":887,"height":11}},{"id":"d149568d-4d1c-4541-940d-d5cd7dca0c64","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":39,"box":{"x":84,"y":273,"width":795,"height":11}},{"id":"c890cc1c-399c-4165-944a-a51a06b407c4","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":39,"box":{"x":83,"y":287,"width":854,"height":11}},{"id":"7aa238ce-ee5a-43db-8b42-897ea6d9e09e","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":39,"box":{"x":82,"y":302,"width":829,"height":10}},{"id":"1366aa31-87a7-48d2-8172-844b88253bad","block_type":"box","text":"extraordinary expenses.","page_number":39,"box":{"x":83,"y":316,"width":168,"height":11}},{"id":"18751566-587e-4222-b408-1516580017cf","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share","page_number":39,"box":{"x":82,"y":338,"width":879,"height":11}},{"id":"4a75a787-87c5-41ab-9ec3-4050009dfc14","block_type":"box","text":"of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of","page_number":39,"box":{"x":83,"y":352,"width":888,"height":11}},{"id":"1784da2b-af52-4eeb-9ba1-ebb7b8af301f","block_type":"box","text":"Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to","page_number":39,"box":{"x":82,"y":366,"width":878,"height":11}},{"id":"2a92fda7-3838-4c24-950a-ec7fc947b884","block_type":"box","text":"average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).","page_number":39,"box":{"x":83,"y":380,"width":865,"height":11}},{"id":"2af65010-0c7d-4f1d-8945-586eb3983c76","block_type":"box","text":"BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount","page_number":39,"box":{"x":84,"y":394,"width":863,"height":11}},{"id":"e70c168a-fcaf-4e42-b2c0-e3ed5c43608d","block_type":"box","text":"equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment","page_number":39,"box":{"x":83,"y":409,"width":883,"height":10}},{"id":"e4766529-153a-4f40-b343-f2bf6d7d271f","block_type":"box","text":"companies advised by BFA, or its affiliates, through June 30, 2030. The contractual waiver may be terminated prior to","page_number":39,"box":{"x":83,"y":423,"width":828,"height":11}},{"id":"ce0dfabe-3423-4de5-9ded-09d3600337b7","block_type":"box","text":"June 30, 2030 only upon written agreement of the Trust and BFA.","page_number":39,"box":{"x":82,"y":437,"width":462,"height":11}},{"id":"d42170cb-fdd5-44d4-80ef-a39c72126242","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":39,"box":{"x":82,"y":460,"width":830,"height":11}},{"id":"23a7bbb7-fdd6-4a17-9cef-a7ee48d60e59","block_type":"box","text":"reflected in the tables and examples below.","page_number":39,"box":{"x":83,"y":474,"width":316,"height":11}},{"id":"16124187-be95-4a07-b0fb-ae4743ecc42b","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":39,"box":{"x":87,"y":497,"width":761,"height":10}},{"id":"64d3e4dd-57cf-40c4-a0a0-f69799caaded","block_type":"box","text":"1","page_number":39,"box":{"x":849,"y":496,"width":5,"height":4}},{"id":"c5511d1a-7222-4097-8709-4cd33910b9e5","block_type":"box","text":"Management Fee","page_number":39,"box":{"x":89,"y":517,"width":109,"height":10}},{"id":"f04931ab-088b-4e8d-8726-2656eba275e8","block_type":"box","text":"0.12%","page_number":39,"box":{"x":922,"y":517,"width":42,"height":8}},{"id":"050a9b36-e73c-48db-8449-afa43628c2b5","block_type":"box","text":"Other Expenses","page_number":39,"box":{"x":88,"y":533,"width":99,"height":9}},{"id":"402f474c-3758-470b-957f-3dd046601d0c","block_type":"box","text":"0.00%","page_number":39,"box":{"x":922,"y":533,"width":42,"height":7}},{"id":"d8ce9435-434e-4312-adc2-fc049919d86e","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":39,"box":{"x":87,"y":548,"width":216,"height":9}},{"id":"aaefa0cb-bb5b-4725-a2e4-5b6251fc0c48","block_type":"box","text":"0.00%","page_number":39,"box":{"x":922,"y":548,"width":42,"height":8}},{"id":"fe53aeb3-6e70-489c-a665-7b064383ec14","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":39,"box":{"x":87,"y":564,"width":246,"height":9}},{"id":"28013a7d-f7f2-4e85-8606-d6085c5e58cf","block_type":"box","text":"0.12%","page_number":39,"box":{"x":922,"y":564,"width":42,"height":7}},{"id":"2ea2afd5-d6cd-496c-b35d-7b011179127a","block_type":"box","text":"Fee Waiver and/or Expense Reimbursement","page_number":39,"box":{"x":89,"y":579,"width":275,"height":9}},{"id":"394b06bf-c844-47d9-a6c5-c9166a845d02","block_type":"box","text":"(0.00)%","page_number":39,"box":{"x":918,"y":579,"width":50,"height":8}},{"id":"5e5c6009-a1e3-456a-bebb-a7199d7de6b9","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.12%","page_number":39,"box":{"x":87,"y":595,"width":877,"height":9}},{"id":"28c7cde6-7adc-4089-b7eb-3699ea245c38","block_type":"box","text":"1","page_number":39,"box":{"x":110,"y":622,"width":5,"height":5}},{"id":"3c6140b8-236e-4d48-a574-3b7f28998bd4","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":39,"box":{"x":123,"y":624,"width":788,"height":9}},{"id":"ae955ac7-5fe5-474f-a748-f16840c06118","block_type":"box","text":"Example.","page_number":39,"box":{"x":84,"y":643,"width":66,"height":11}},{"id":"6021c027-8351-4748-93a3-afb8f6402c73","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":39,"box":{"x":154,"y":643,"width":795,"height":11}},{"id":"d5d11b2e-4fe1-43a9-859b-878ed353f6e9","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":39,"box":{"x":83,"y":657,"width":886,"height":11}},{"id":"ed7d0365-a3ff-44df-b29c-0c16a84e487e","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":39,"box":{"x":83,"y":672,"width":870,"height":10}},{"id":"76a0fdc5-fcb6-49ed-b807-3319de02825f","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":39,"box":{"x":84,"y":686,"width":887,"height":11}},{"id":"cd426e5d-0641-476e-b277-b25ec491d5d9","block_type":"box","text":"your costs would be:","page_number":39,"box":{"x":82,"y":700,"width":143,"height":11}},{"id":"2528ae15-63ac-4a69-b3b6-503de985ca8c","block_type":"box","text":"Expense Example","page_number":39,"box":{"x":88,"y":723,"width":115,"height":9}},{"id":"2f2eb08b-3c14-4f28-b31e-8a9820469131","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":39,"box":{"x":693,"y":723,"width":281,"height":7}},{"id":"94fb7d32-0a8c-4ae8-a739-103cb58457cc","block_type":"box","text":"Example Fund Costs","page_number":39,"box":{"x":89,"y":738,"width":128,"height":10}},{"id":"974eec15-1541-4abc-babe-a18b4f287a16","block_type":"box","text":"$12 $39 $68 $154","page_number":39,"box":{"x":701,"y":738,"width":261,"height":8}},{"id":"d778c767-2c03-426f-b791-3c462179a6ae","block_type":"box","text":"Portfolio Turnover.","page_number":39,"box":{"x":84,"y":767,"width":136,"height":9}},{"id":"daa783a8-30e5-444d-9115-f83938bce210","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":39,"box":{"x":225,"y":767,"width":721,"height":11}},{"id":"daf1767b-c9a8-4f49-b0b5-d77c6803a30b","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":39,"box":{"x":83,"y":782,"width":884,"height":11}},{"id":"9a58b469-131d-44d7-9fc0-9718401c0c7d","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":39,"box":{"x":84,"y":796,"width":875,"height":11}},{"id":"c75a85ea-92ef-4b8f-a746-72cf7f65b8b1","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 87% of","page_number":39,"box":{"x":82,"y":810,"width":887,"height":11}},{"id":"2283f20b-609d-4bdc-820d-157b02b900b0","block_type":"box","text":"the average value of its portfolio.","page_number":39,"box":{"x":82,"y":824,"width":231,"height":11}},{"id":"9f3e9783-dd26-469c-89de-5896cf97c4a7","block_type":"box","text":"Principal Investment Strategies","page_number":39,"box":{"x":84,"y":853,"width":284,"height":14}},{"id":"3b588b07-c24e-4e53-874e-1658e70548f7","block_type":"box","text":"The Fund seeks to track the investments results of the Bloomberg MSCI US Universal Choice ESG Screened Index (the","page_number":39,"box":{"x":82,"y":878,"width":835,"height":11}},{"id":"06d067cf-66bd-45a0-9d8e-b60b40c661f4","block_type":"box","text":"“Underlying Index”), which has been developed by Bloomberg Finance L.P. and its affiliates (the “Index Provider” or","page_number":39,"box":{"x":83,"y":892,"width":811,"height":12}},{"id":"3c8087a4-3d88-4d1f-b645-a5b4736018b8","block_type":"box","text":"S-30","page_number":39,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"c1b579c2-6cc7-46ce-a364-b54a2b22fc24","block_type":"box","text":"“Bloomberg”) with environmental, social and governance (“ESG”) rating inputs from MSCI Solutions LLC (“MSCI Solutions”)","page_number":40,"box":{"x":83,"y":23,"width":874,"height":11}},{"id":"5bb4382e-61d0-4955-9780-025c547babbb","block_type":"box","text":"pursuant to an agreement between MSCI Solutions and Bloomberg Index Services Limited (a subsidiary of Bloomberg) or an","page_number":40,"box":{"x":84,"y":37,"width":879,"height":11}},{"id":"ff91a77b-d7bb-42bf-b83f-b1d90d49137a","block_type":"box","text":"affiliate. The Underlying Index is a modified market value-weighted index designed to reflect the performance of U.S.","page_number":40,"box":{"x":83,"y":52,"width":823,"height":10}},{"id":"d7ab80d6-f09d-4636-a847-ee3b4081a6e6","block_type":"box","text":"dollar-denominated, taxable bonds with favorable ESG ratings (as determined by MSCI Solutions) while applying extensive","page_number":40,"box":{"x":83,"y":66,"width":868,"height":11}},{"id":"adf3a700-a70f-4100-9f38-4149e14cac0d","block_type":"box","text":"screens, including, for example, a screen which focuses on removing fossil fuel exposure.","page_number":40,"box":{"x":83,"y":80,"width":628,"height":11}},{"id":"03bfe47e-8722-4b34-863c-1bc27cf654e3","block_type":"box","text":"To construct the Underlying Index, Bloomberg begins with the Bloomberg U.S. Universal Index (the “Parent Index”). The","page_number":40,"box":{"x":82,"y":102,"width":842,"height":11}},{"id":"2f3f5225-83e8-40d0-b0d9-bf22a47873ae","block_type":"box","text":"Parent Index includes securities with at least one year until final maturity, without regard to optionality features such as call","page_number":40,"box":{"x":84,"y":116,"width":871,"height":11}},{"id":"2475b939-ffc0-4b2e-880d-5ca5d489016a","block_type":"box","text":"provisions or conversion provisions. The Parent Index includes Treasury securities, government-related securities (","page_number":40,"box":{"x":84,"y":130,"width":809,"height":11}},{"id":"99a3d511-29a6-4efc-9336-09d756f63253","block_type":"box","text":"i.e","page_number":40,"box":{"x":894,"y":130,"width":14,"height":9}},{"id":"3a1bcc5f-c67c-4606-8c52-8bff14832e3f","block_type":"box","text":"., U.S.","page_number":40,"box":{"x":910,"y":130,"width":36,"height":10}},{"id":"0557b76a-77a7-4338-bf9e-8dbb149f1930","block_type":"box","text":"and non-U.S. agency debt securities, and non-U.S. sovereign, quasi-sovereign, supranational and local authority debt),","page_number":40,"box":{"x":83,"y":144,"width":839,"height":11}},{"id":"a4c86058-5e9d-4c92-b0e0-02887b7fd70f","block_type":"box","text":"investment-grade and high yield (as well as unrated) corporate bonds, U.S. agency mortgage-backed pass-through securities","page_number":40,"box":{"x":83,"y":158,"width":886,"height":11}},{"id":"8061b99d-9d37-4327-9cf3-483b6dce3c1a","block_type":"box","text":"(“MBS”), commercial mortgage-backed securities, asset backed securities, Eurodollar bonds, bonds registered with the SEC","page_number":40,"box":{"x":83,"y":173,"width":874,"height":11}},{"id":"759218d5-5bb7-40c7-933f-36df808f2bbb","block_type":"box","text":"or exempt from registration at the time of issuance or offered pursuant to Rule 144A with or without registration rights and","page_number":40,"box":{"x":83,"y":187,"width":866,"height":11}},{"id":"6a3eceb6-bd8f-4ef9-9adc-b686777381b4","block_type":"box","text":"U.S. dollar-denominated emerging market bonds.","page_number":40,"box":{"x":84,"y":201,"width":348,"height":11}},{"id":"e2fa10d9-85cb-4f19-accd-ea5e3aabba56","block_type":"box","text":"From the Parent Index, Bloomberg excludes issuers with unfavorable ESG ratings, as calculated by MSCI Solutions, and then","page_number":40,"box":{"x":84,"y":223,"width":879,"height":11}},{"id":"17baf119-f78d-4a67-ad21-6ac53b3ae2aa","block_type":"box","text":"further excludes securities of issuers involved in adult entertainment, alcohol, gambling, tobacco, genetic engineering,","page_number":40,"box":{"x":83,"y":237,"width":838,"height":11}},{"id":"037ba5e5-9532-403f-95ed-9a94163ad89b","block_type":"box","text":"controversial weapons, nuclear weapons, civilian firearms, conventional weapons, palm oil, private prisons, predatory lending,","page_number":40,"box":{"x":83,"y":251,"width":888,"height":11}},{"id":"d8881d01-2c06-43e5-805c-77141b23717e","block_type":"box","text":"and nuclear power based on revenue or percentage of revenue thresholds for certain categories (","page_number":40,"box":{"x":83,"y":265,"width":684,"height":11}},{"id":"b79eded5-208c-4edc-928b-cd5fe5892317","block_type":"box","text":"e.g.","page_number":40,"box":{"x":769,"y":268,"width":22,"height":8}},{"id":"0b3d3259-0f6a-490d-abbb-c0f98b53516b","block_type":"box","text":", $500 million or 50%)","page_number":40,"box":{"x":793,"y":265,"width":157,"height":10}},{"id":"b886fdd9-4076-4670-951c-93983337644c","block_type":"box","text":"and categorical exclusions for others (","page_number":40,"box":{"x":83,"y":280,"width":269,"height":11}},{"id":"01f4610a-28c3-4954-9f56-5ebd1a59995d","block_type":"box","text":"e.g.","page_number":40,"box":{"x":354,"y":282,"width":22,"height":9}},{"id":"247eb8c9-01e4-4469-8980-68b53c597f2a","block_type":"box","text":", nuclear weapons). Bloomberg screens companies with involvement in fossil fuels","page_number":40,"box":{"x":378,"y":280,"width":580,"height":11}},{"id":"142c6de3-7a0c-4809-a6e8-1f098fb94acc","block_type":"box","text":"by excluding any company in the Bloomberg energy sector and all companies with an industry tie to fossil fuels such as","page_number":40,"box":{"x":84,"y":294,"width":842,"height":11}},{"id":"f00ad3a1-2093-44c0-b1d5-9cf3b1d4a7b5","block_type":"box","text":"thermal coal, oil and gas—in particular, reserve ownership, related revenues and power generation. Additionally, Bloomberg","page_number":40,"box":{"x":82,"y":308,"width":869,"height":11}},{"id":"86948a53-9106-49ba-bb10-21c509bb112f","block_type":"box","text":"excludes companies involved in very serious business controversies.","page_number":40,"box":{"x":83,"y":322,"width":482,"height":11}},{"id":"2c772b32-8c56-4deb-baf0-beee85b416af","block_type":"box","text":"For each industry, MSCI Solutions identifies key ESG issues that can lead to unexpected costs for entities in the medium- to","page_number":40,"box":{"x":84,"y":344,"width":872,"height":11}},{"id":"9efea18d-d65e-4e29-ae85-2ab42c6c2e37","block_type":"box","text":"long-term (","page_number":40,"box":{"x":84,"y":358,"width":78,"height":11}},{"id":"5e84737c-50b6-409d-bf9b-ffd3c35e264f","block_type":"box","text":"e.g","page_number":40,"box":{"x":164,"y":361,"width":19,"height":8}},{"id":"92b573eb-ad7f-4426-b6cc-4165ed07e99c","block_type":"box","text":"., climate change, resource scarcity, demographic shifts). MSCI Solutions then calculates the size of each","page_number":40,"box":{"x":184,"y":358,"width":741,"height":11}},{"id":"e60e19f1-f0ce-46c8-aa2c-eb1ca51b9304","block_type":"box","text":"entity's exposure to each key issue based on the entity's business segment and geographic risk and analyzes the extent to","page_number":40,"box":{"x":83,"y":373,"width":860,"height":10}},{"id":"3945e238-f287-49ed-9408-f60190646abe","block_type":"box","text":"which such entities have developed robust strategies and programs to manage ESG risks and opportunities. MSCI","page_number":40,"box":{"x":82,"y":387,"width":807,"height":11}},{"id":"d893310c-919c-438c-8e50-eb2b19290afa","block_type":"box","text":"Solutions scores entities based on both their risk exposure and risk management. To score well on a key issue, MSCI","page_number":40,"box":{"x":83,"y":401,"width":816,"height":11}},{"id":"bec60566-79f4-4e99-af46-f3e1ebdcecee","block_type":"box","text":"Solutions assesses management practices, management performance (through demonstrated track record and other","page_number":40,"box":{"x":83,"y":415,"width":832,"height":11}},{"id":"1fbb40d5-62be-456f-89f9-06d906cf7f97","block_type":"box","text":"quantitative performance indicators), governance structures, and/or implications in controversies, which all may be taken as","page_number":40,"box":{"x":83,"y":429,"width":880,"height":11}},{"id":"c1f9dc2e-3fc2-4462-88da-2ab81bd535e7","block_type":"box","text":"a proxy for overall management quality. Controversies, including, among other things, issues involving anti-competitive","page_number":40,"box":{"x":83,"y":443,"width":846,"height":11}},{"id":"b40c83ea-c872-4243-a5b4-a4519436fa7f","block_type":"box","text":"practices, toxic emissions and waste, and health and safety, occurring within the last three years lead to a deduction from the","page_number":40,"box":{"x":84,"y":458,"width":882,"height":10}},{"id":"0968f799-4ec9-4b68-afd9-a78d4b8feada","block_type":"box","text":"overall management score on each issue. Using a sector-specific key issue weighting model, entities are rated and ranked in","page_number":40,"box":{"x":83,"y":472,"width":877,"height":11}},{"id":"955cb21b-bc47-4986-9929-f03cb5dc1871","block_type":"box","text":"comparison to their industry peers. Key issues and weights are reviewed at the end of each calendar year. Corporate","page_number":40,"box":{"x":83,"y":486,"width":815,"height":11}},{"id":"2e930a68-7c5d-48b2-9cd9-219549e82587","block_type":"box","text":"governance is always weighted and analyzed for all entities.","page_number":40,"box":{"x":83,"y":500,"width":420,"height":11}},{"id":"5aae069b-6d6c-4a46-b3a1-de3e81e03c88","block_type":"box","text":"As of February 28, 2026, there were 10,338 issues in the Underlying Index. As of February 28, 2026, a significant portion of","page_number":40,"box":{"x":82,"y":522,"width":869,"height":11}},{"id":"80e374d1-f4fb-4185-bcb5-45c9bbdb8291","block_type":"box","text":"the Underlying Index was represented by U.S. agency MBS and U.S. Treasury bonds. The components of the Underlying Index","page_number":40,"box":{"x":82,"y":536,"width":885,"height":11}},{"id":"b3e35dd8-0cdb-4196-a001-944d4b0390ab","block_type":"box","text":"are likely to change over time. The securities in the Underlying Index are updated on the last business day of each month.","page_number":40,"box":{"x":83,"y":550,"width":855,"height":11}},{"id":"d5ab6113-d812-4c76-91a3-2b6a688be220","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it","page_number":40,"box":{"x":84,"y":573,"width":877,"height":11}},{"id":"54593c25-5522-43b8-8bb3-0624f0186792","block_type":"box","text":"tracks and does not seek temporary defensive positions when markets decline or appear overvalued.","page_number":40,"box":{"x":82,"y":588,"width":709,"height":11}},{"id":"89465d1c-cce5-47a7-9179-fc99ccf74ca5","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce","page_number":40,"box":{"x":84,"y":611,"width":853,"height":11}},{"id":"b6b03155-b004-4449-93e4-41518db71ef0","block_type":"box","text":"some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better","page_number":40,"box":{"x":83,"y":625,"width":857,"height":11}},{"id":"4fa43f35-ef80-4442-90bc-e830b6ea8097","block_type":"box","text":"after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":40,"box":{"x":83,"y":639,"width":863,"height":11}},{"id":"b67ebba8-974c-4540-8651-86efe7cbf11a","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy","page_number":40,"box":{"x":84,"y":662,"width":887,"height":11}},{"id":"82cedb14-295c-410d-87fd-f01b86be983b","block_type":"box","text":"that involves investing in a representative sample of securities or other instruments that collectively has an investment profile","page_number":40,"box":{"x":82,"y":677,"width":890,"height":11}},{"id":"a152a0fc-9b7c-4ff6-a31f-e6f2b61b85dc","block_type":"box","text":"similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment","page_number":40,"box":{"x":83,"y":691,"width":886,"height":11}},{"id":"b4e76ade-0f97-41bb-b689-1e80c31c819b","block_type":"box","text":"characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return","page_number":40,"box":{"x":83,"y":705,"width":885,"height":11}},{"id":"703b91f4-4f6e-4024-a2f8-2210c22486b4","block_type":"box","text":"variability, duration (","page_number":40,"box":{"x":82,"y":719,"width":146,"height":11}},{"id":"d5ff59a5-3bac-422b-9f16-30c62b47e1c2","block_type":"box","text":"i.e.","page_number":40,"box":{"x":229,"y":720,"width":17,"height":8}},{"id":"eb4109a3-642e-43ce-bbdc-cad43f17846a","block_type":"box","text":", an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield)","page_number":40,"box":{"x":248,"y":719,"width":697,"height":11}},{"id":"16865353-ae69-4359-8a92-bc96319d59cd","block_type":"box","text":"and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the","page_number":40,"box":{"x":83,"y":733,"width":802,"height":11}},{"id":"02f01f98-92be-4daf-98e0-e662f378baf0","block_type":"box","text":"components of the Underlying Index.","page_number":40,"box":{"x":83,"y":748,"width":261,"height":10}},{"id":"2a7a8c61-c1ad-4156-bac7-bf37b8c59620","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and in investments that","page_number":40,"box":{"x":82,"y":771,"width":866,"height":11}},{"id":"79569f87-9c72-422e-b79b-b83493ddc838","block_type":"box","text":"have economic characteristics that are substantially identical to the component securities of the Underlying Index (","page_number":40,"box":{"x":84,"y":785,"width":815,"height":11}},{"id":"35e7b0e3-b466-4c86-b9a6-f31e21051f98","block_type":"box","text":"i.e.","page_number":40,"box":{"x":900,"y":785,"width":17,"height":8}},{"id":"3d94e17c-58b0-4738-8b57-d2a789c45e43","block_type":"box","text":", TBAs),","page_number":40,"box":{"x":919,"y":785,"width":51,"height":10}},{"id":"e865aa0a-3766-4cb0-8cfb-b7e7f1bf77ab","block_type":"box","text":"and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that","page_number":40,"box":{"x":83,"y":799,"width":887,"height":11}},{"id":"20bf4965-7c6f-423b-8ad6-1a019cfedab1","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures,","page_number":40,"box":{"x":84,"y":813,"width":857,"height":11}},{"id":"42e981d1-c3c6-4754-a8db-22f4de45fe72","block_type":"box","text":"options, and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income","page_number":40,"box":{"x":83,"y":828,"width":836,"height":10}},{"id":"e326eb3e-d33c-4a2f-a0d5-144fb335a591","block_type":"box","text":"securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the","page_number":40,"box":{"x":83,"y":842,"width":816,"height":11}},{"id":"b9fcb568-29e3-4afa-be6a-65622f8c98bc","block_type":"box","text":"Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that","page_number":40,"box":{"x":84,"y":856,"width":871,"height":11}},{"id":"91462dd4-bc41-45cf-ba0f-22fa65ee0245","block_type":"box","text":"S-31","page_number":40,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"7829bea1-b3ea-4e55-ba99-5dcb6e923904","block_type":"box","text":"position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to","page_number":41,"box":{"x":84,"y":23,"width":867,"height":11}},{"id":"b087e931-e7c5-4918-bcdc-08e9ff9200aa","block_type":"box","text":"track the investment results of the Underlying Index before fees and expenses of the Fund.","page_number":41,"box":{"x":82,"y":37,"width":640,"height":11}},{"id":"ddc9149c-d0cb-4cf3-95c7-394acabf26c5","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":41,"box":{"x":82,"y":60,"width":873,"height":11}},{"id":"bf083784-7fbc-4823-83a6-1fdb078b20ac","block_type":"box","text":"collateral received).","page_number":41,"box":{"x":83,"y":75,"width":136,"height":9}},{"id":"29c5d911-0edf-4130-960b-c49cf12c6095","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, MSCI Solutions or their affiliates, which are independent of the Fund and","page_number":41,"box":{"x":82,"y":98,"width":871,"height":11}},{"id":"f1dd0c57-04e6-44e8-9ab3-aa0387916598","block_type":"box","text":"BFA, pursuant to an agreement between MSCI Solutions and Bloomberg Index Services Limited (a subsidiary of Bloomberg)","page_number":41,"box":{"x":84,"y":112,"width":876,"height":11}},{"id":"5436a54c-2bc5-4053-aaef-a7fdceed1da7","block_type":"box","text":"or an affiliate. The Index Provider determines the composition and relative weightings of the components of the Underlying","page_number":41,"box":{"x":83,"y":126,"width":868,"height":11}},{"id":"8ba0095c-f822-49a1-b483-1f42624c63e8","block_type":"box","text":"Index and publishes information regarding the market value of the Underlying Index.","page_number":41,"box":{"x":84,"y":140,"width":598,"height":11}},{"id":"7aa9b3e3-de72-4f72-9c54-302c38378e33","block_type":"box","text":"Industry Concentration Policy.","page_number":41,"box":{"x":84,"y":164,"width":223,"height":11}},{"id":"e5abb8df-a869-494a-ae9d-acc3f7c71510","block_type":"box","text":"The Fund will concentrate its investments (","page_number":41,"box":{"x":312,"y":164,"width":304,"height":9}},{"id":"4f6fd9e0-3a52-4734-ae37-29a108920e60","block_type":"box","text":"i.e.","page_number":41,"box":{"x":617,"y":164,"width":17,"height":8}},{"id":"e8d60bd6-9686-4479-ba7e-9334b40d2d90","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":41,"box":{"x":636,"y":164,"width":292,"height":10}},{"id":"f2676c0a-c86b-40a0-b33a-04eabef01578","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":41,"box":{"x":84,"y":178,"width":858,"height":11}},{"id":"bc501c23-5a05-4bfb-b667-c2892bcdac16","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase","page_number":41,"box":{"x":84,"y":192,"width":840,"height":11}},{"id":"62fdd2dd-6168-481c-a97c-adb5ab9fff3f","block_type":"box","text":"agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political","page_number":41,"box":{"x":83,"y":206,"width":879,"height":11}},{"id":"b3fa035d-0aaf-494d-8c48-8e65b2be1a13","block_type":"box","text":"subdivisions are not considered to be issued by members of any industry.","page_number":41,"box":{"x":83,"y":220,"width":517,"height":11}},{"id":"551d6438-9703-410c-8c0b-b92a5c55116b","block_type":"box","text":"Summary of Principal Risks","page_number":41,"box":{"x":83,"y":249,"width":248,"height":14}},{"id":"cac19a5b-2459-48be-ba94-4e620b0ee835","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":41,"box":{"x":82,"y":275,"width":882,"height":10}},{"id":"18d836eb-d8a8-4263-9763-a1ab4fec036d","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below any of which may","page_number":41,"box":{"x":83,"y":289,"width":822,"height":11}},{"id":"0b5c4c16-6b51-49f3-a0f3-58a79c095c2f","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":41,"box":{"x":83,"y":303,"width":807,"height":11}},{"id":"07cc2de2-5fa7-46b8-b96c-b9853be2a3d5","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":41,"box":{"x":83,"y":317,"width":844,"height":11}},{"id":"5cea44f7-6e0e-4384-93b7-f59126d5169e","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":41,"box":{"x":83,"y":331,"width":814,"height":11}},{"id":"aa05b4e4-cf6c-4621-a3f0-14486f70bb4a","block_type":"box","text":"Credit Risk.","page_number":41,"box":{"x":83,"y":354,"width":84,"height":9}},{"id":"ed03d9d1-5f15-40d8-9806-5568254f5c8c","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":41,"box":{"x":172,"y":354,"width":777,"height":11}},{"id":"350d9f83-1c01-4c9d-a9ec-2a1aa5d755e0","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":41,"box":{"x":83,"y":369,"width":891,"height":10}},{"id":"185a3e4b-0bda-4de0-ac39-7e1ad3ae2e6e","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":41,"box":{"x":83,"y":383,"width":869,"height":11}},{"id":"243411ca-9156-47b4-aa37-b11b65e4998b","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":41,"box":{"x":83,"y":397,"width":890,"height":11}},{"id":"f52762d7-ef7c-417f-b8e1-3802d6022fad","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":41,"box":{"x":83,"y":411,"width":851,"height":11}},{"id":"c2aa03b8-63f1-483b-85c2-fb0a1f075679","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":41,"box":{"x":83,"y":425,"width":809,"height":11}},{"id":"8c4e219b-8beb-46cc-a752-ea1de20c6e1e","block_type":"box","text":"Income Risk.","page_number":41,"box":{"x":84,"y":448,"width":92,"height":9}},{"id":"4d456983-7c94-4976-b0e4-d706b55a59b2","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":41,"box":{"x":181,"y":449,"width":770,"height":10}},{"id":"f304a5db-0ab4-4707-ad6f-077aa2958dce","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":41,"box":{"x":84,"y":463,"width":881,"height":11}},{"id":"8fd7c952-a48a-4df4-8daa-b003ca40fb4d","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":41,"box":{"x":84,"y":477,"width":841,"height":11}},{"id":"0d8c0ad7-9f59-4a56-b62b-56aa67d1d73a","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":41,"box":{"x":84,"y":491,"width":876,"height":11}},{"id":"984ffb8d-60b7-4333-85fc-39834997476c","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":41,"box":{"x":83,"y":505,"width":579,"height":11}},{"id":"3cc74599-ab18-4324-b1bd-d575babc1e75","block_type":"box","text":"ESG Risk.","page_number":41,"box":{"x":84,"y":528,"width":68,"height":9}},{"id":"8b1a5792-1023-48c1-94a5-d70932018595","block_type":"box","text":"To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the","page_number":41,"box":{"x":156,"y":529,"width":810,"height":10}},{"id":"7cb6a2cb-003c-49bb-80f4-e73b7ddd72f1","block_type":"box","text":"types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds","page_number":41,"box":{"x":82,"y":543,"width":888,"height":11}},{"id":"2c3bd01d-62db-4d2a-8780-da3065ce5cfb","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing","page_number":41,"box":{"x":82,"y":557,"width":886,"height":11}},{"id":"8bec6e3b-08ef-4bc6-be3d-aba58da926aa","block_type":"box","text":"in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform","page_number":41,"box":{"x":83,"y":571,"width":851,"height":11}},{"id":"920eec1e-fb3f-4278-bfe6-8821b0693586","block_type":"box","text":"other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s","page_number":41,"box":{"x":83,"y":585,"width":842,"height":11}},{"id":"2ecca788-634f-48a6-9f44-aa6bd94a0f4b","block_type":"box","text":"overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level","page_number":41,"box":{"x":83,"y":599,"width":858,"height":11}},{"id":"63b180df-4bc2-4572-9bec-028b4d8da02f","block_type":"box","text":"ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or","page_number":41,"box":{"x":84,"y":614,"width":863,"height":10}},{"id":"d34a06f0-e699-4da9-b7d3-493c0015c190","block_type":"box","text":"rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless","page_number":41,"box":{"x":84,"y":628,"width":856,"height":11}},{"id":"91abcd19-58c5-432e-8d7e-1245f530b387","block_type":"box","text":"remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain","page_number":41,"box":{"x":84,"y":642,"width":844,"height":11}},{"id":"f1712f6f-78ec-469c-b408-9643335992ab","block_type":"box","text":"securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or","page_number":41,"box":{"x":83,"y":656,"width":809,"height":11}},{"id":"79f29a77-7d42-4228-9370-c72e535886c1","block_type":"box","text":"constraints at all times.","page_number":41,"box":{"x":83,"y":671,"width":164,"height":8}},{"id":"34933d1e-f498-4ed1-ae8f-7e60453441a8","block_type":"box","text":"Market Risk.","page_number":41,"box":{"x":84,"y":693,"width":90,"height":9}},{"id":"9905b0f6-63f5-46a4-9289-6918d3c43c74","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":41,"box":{"x":179,"y":694,"width":767,"height":10}},{"id":"339301f7-2a48-4779-8f2c-7d95ccdd242c","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":41,"box":{"x":83,"y":708,"width":882,"height":11}},{"id":"20e2e90c-66ac-4660-a711-a6ffc154a0c2","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":41,"box":{"x":84,"y":722,"width":857,"height":11}},{"id":"7cf1c745-f4c9-421d-b6a6-adae3a54efa8","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":41,"box":{"x":83,"y":736,"width":875,"height":11}},{"id":"072dc3a3-f52b-41b9-a836-fa201dafdb0a","block_type":"box","text":"Fund’s NAV.","page_number":41,"box":{"x":84,"y":750,"width":81,"height":9}},{"id":"8620d210-f703-4eb9-8bf3-e9625bdf0e99","block_type":"box","text":"Index-Related Risk.","page_number":41,"box":{"x":84,"y":773,"width":143,"height":9}},{"id":"b73fe591-bdb3-40bb-8c79-e0825a333efa","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":41,"box":{"x":231,"y":773,"width":742,"height":11}},{"id":"f5d0df48-5404-40dd-a203-4d2425b9743a","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":41,"box":{"x":84,"y":788,"width":855,"height":10}},{"id":"f8539ec7-c7b0-4f98-9d11-e472665c0d54","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":41,"box":{"x":83,"y":802,"width":852,"height":11}},{"id":"5e46f57f-a6ed-452a-8594-3b7eb4166ff9","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":41,"box":{"x":83,"y":816,"width":877,"height":11}},{"id":"b1934d45-9971-4bc7-a81f-f0ba1c3c5507","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":41,"box":{"x":82,"y":830,"width":849,"height":11}},{"id":"0908fcb4-c99d-41a7-a67a-6b77836c7e90","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":41,"box":{"x":83,"y":844,"width":849,"height":11}},{"id":"e460c1c6-4801-48b7-a112-9e9043765eb7","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":41,"box":{"x":84,"y":858,"width":890,"height":11}},{"id":"bef0163b-74b5-4046-9e92-f6f747cf3b3e","block_type":"box","text":"S-32","page_number":41,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"ba13847e-5ef3-45d5-ab97-796a8191eff2","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":42,"box":{"x":84,"y":23,"width":852,"height":11}},{"id":"8ca4f95c-ffca-4349-93ff-ca7137d3e409","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":42,"box":{"x":83,"y":37,"width":539,"height":11}},{"id":"b07a2a2a-e97c-47b3-a935-e486266bd255","block_type":"box","text":"Asset Class Risk.","page_number":42,"box":{"x":82,"y":60,"width":123,"height":9}},{"id":"13bdfd94-26e1-497d-a055-4bc034e8953e","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":42,"box":{"x":209,"y":60,"width":721,"height":11}},{"id":"739beebc-cfb3-4148-9ab4-9284f747e6fc","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":42,"box":{"x":83,"y":75,"width":774,"height":11}},{"id":"c02e2165-5741-4fdc-9f7b-1c3bc1a37822","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":42,"box":{"x":82,"y":98,"width":318,"height":10}},{"id":"6f0f05be-f2d7-4c0b-b91b-b3781d900aff","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":42,"box":{"x":405,"y":98,"width":531,"height":11}},{"id":"860a631d-6a11-43a6-af8d-10bf7a3cd2ec","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":42,"box":{"x":84,"y":112,"width":809,"height":11}},{"id":"49b3f84c-1a91-4091-a930-e47bc094f3e4","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":42,"box":{"x":82,"y":126,"width":816,"height":11}},{"id":"b5c6b1de-f5b2-422e-9307-60877a6f8730","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":42,"box":{"x":82,"y":141,"width":885,"height":10}},{"id":"1b43b43c-f2e8-400a-969b-600da656cf2c","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":42,"box":{"x":83,"y":155,"width":871,"height":10}},{"id":"74b63877-6fea-4616-896f-47f821cd6dcb","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":42,"box":{"x":84,"y":169,"width":845,"height":11}},{"id":"e4d15f23-f0d8-422c-8283-cfaddf5922ed","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":42,"box":{"x":82,"y":183,"width":882,"height":11}},{"id":"8e4883c6-95e0-4f28-a46b-cd06aee480b9","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":42,"box":{"x":84,"y":197,"width":853,"height":11}},{"id":"ec3bb3e7-2108-4eaa-993b-321571327c75","block_type":"box","text":"halts or delisting.","page_number":42,"box":{"x":84,"y":212,"width":120,"height":10}},{"id":"e62dcacb-f8d4-40ad-a159-e53dc8bb6552","block_type":"box","text":"Call Risk.","page_number":42,"box":{"x":83,"y":234,"width":66,"height":9}},{"id":"7dca2f1a-4ccd-43d0-8fa5-76f07b9048ca","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may “call” or repay","page_number":42,"box":{"x":155,"y":234,"width":799,"height":11}},{"id":"d42f39ec-fab9-4a4d-997c-6d1ba028502f","block_type":"box","text":"the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower","page_number":42,"box":{"x":82,"y":249,"width":848,"height":11}},{"id":"0285722b-2e15-4e81-a6c5-1d32ebc1f66e","block_type":"box","text":"yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable","page_number":42,"box":{"x":82,"y":263,"width":867,"height":11}},{"id":"edf7474f-272f-48a1-9259-c2c4cdd03452","block_type":"box","text":"features.","page_number":42,"box":{"x":83,"y":277,"width":61,"height":9}},{"id":"37613ab1-a01c-48c8-bf9b-ff0695f9631c","block_type":"box","text":"Concentration Risk.","page_number":42,"box":{"x":83,"y":300,"width":145,"height":9}},{"id":"a133a0ca-1dcf-442c-ab9a-ce2edea20a1b","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":42,"box":{"x":232,"y":300,"width":712,"height":11}},{"id":"9c2f158a-d029-471f-9eca-5f48d5aacbf0","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":42,"box":{"x":83,"y":314,"width":884,"height":10}},{"id":"0fb00003-1c34-4bb8-9e44-e276df14ded5","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":42,"box":{"x":82,"y":329,"width":887,"height":11}},{"id":"63bb3791-d276-47bf-a570-693e26f21932","block_type":"box","text":"asset classes.","page_number":42,"box":{"x":83,"y":343,"width":95,"height":8}},{"id":"17b7f4ba-616f-4dae-a537-baaa528916aa","block_type":"box","text":"Extension Risk.","page_number":42,"box":{"x":84,"y":366,"width":111,"height":9}},{"id":"b43dcfcf-2156-4199-b746-d5adb8341560","block_type":"box","text":"During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly","page_number":42,"box":{"x":201,"y":366,"width":737,"height":11}},{"id":"b54c84b3-9cd5-4d70-a3bd-ca725bcfb148","block_type":"box","text":"than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income","page_number":42,"box":{"x":82,"y":380,"width":890,"height":11}},{"id":"76e76ced-35e3-4503-b3a6-89759cd039ab","block_type":"box","text":"and potentially in the value of the Fund’s investments.","page_number":42,"box":{"x":83,"y":394,"width":381,"height":11}},{"id":"35a77ad4-004d-4aa6-9478-81d0eee9805e","block_type":"box","text":"Interest Rate Risk.","page_number":42,"box":{"x":84,"y":418,"width":134,"height":8}},{"id":"3648f926-88d3-4f45-a128-40846b232bcd","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":42,"box":{"x":223,"y":418,"width":743,"height":10}},{"id":"9437c6c5-f1ae-49ec-b359-ffc3cf33c377","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":42,"box":{"x":82,"y":432,"width":880,"height":11}},{"id":"b95c5f5c-7d90-4b51-8811-8541fe707a25","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":42,"box":{"x":83,"y":446,"width":882,"height":11}},{"id":"5341750a-a5d3-4493-bf28-81abe3b0cccf","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":42,"box":{"x":83,"y":460,"width":845,"height":11}},{"id":"a1fe720c-9059-41f4-8f59-1371602d897e","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":42,"box":{"x":83,"y":474,"width":870,"height":11}},{"id":"38f9968d-6a49-4aa5-a8e0-30fc53541ab3","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":42,"box":{"x":82,"y":489,"width":873,"height":10}},{"id":"8e7ce32d-d2e1-41fd-aa55-440f31f6b102","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":42,"box":{"x":83,"y":503,"width":866,"height":11}},{"id":"8b8f829a-7011-4274-9061-c48bd4c81c5f","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":42,"box":{"x":84,"y":517,"width":759,"height":11}},{"id":"e4fec475-ea96-4d63-9e44-1c2fff48930d","block_type":"box","text":"Issuer Risk.","page_number":42,"box":{"x":84,"y":540,"width":82,"height":9}},{"id":"e6e2d051-e718-42d4-9dae-281552824f55","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":42,"box":{"x":170,"y":540,"width":780,"height":11}},{"id":"0b683876-8bb3-4dd0-8094-355ed334a076","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":42,"box":{"x":84,"y":554,"width":885,"height":11}},{"id":"60c19764-9268-4214-90a9-df640d77ebd3","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":42,"box":{"x":82,"y":568,"width":577,"height":11}},{"id":"cf866d50-26ed-4328-9c52-f0710c21217d","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":42,"box":{"x":84,"y":592,"width":394,"height":11}},{"id":"ea6055f9-8606-494b-8853-74f251f600da","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":42,"box":{"x":484,"y":592,"width":410,"height":10}},{"id":"9fb2a1c3-97b6-4d69-b51d-1995187ca9f7","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":42,"box":{"x":84,"y":606,"width":882,"height":11}},{"id":"b88d2a1d-7ddb-41a3-9980-a98b08d11493","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":42,"box":{"x":83,"y":620,"width":884,"height":11}},{"id":"b3095a0f-a8a7-453a-b253-0667dfdb21ee","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":42,"box":{"x":84,"y":634,"width":872,"height":11}},{"id":"b12b4909-e7ad-4f4f-8747-c28f989bf796","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":42,"box":{"x":83,"y":648,"width":813,"height":11}},{"id":"233cbdf6-1ec0-4ab2-b012-10ffd71f6908","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":42,"box":{"x":84,"y":663,"width":889,"height":10}},{"id":"e23279b5-c60b-4af9-9b6c-e81b1ab94dba","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":42,"box":{"x":82,"y":677,"width":891,"height":10}},{"id":"99962dba-43d4-4e26-8726-455860078e13","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":42,"box":{"x":84,"y":691,"width":836,"height":11}},{"id":"f6d34574-f966-476b-a45a-e31ec3e8f0d1","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":42,"box":{"x":84,"y":705,"width":810,"height":11}},{"id":"0684a83b-c92c-46ca-aad0-387e88404856","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":42,"box":{"x":83,"y":719,"width":861,"height":11}},{"id":"f3ebfee9-b4c8-43c0-99a9-08ea5656cad8","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":42,"box":{"x":84,"y":733,"width":874,"height":11}},{"id":"64bf2fe1-c8c6-4856-8574-90cb1a220b1a","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":42,"box":{"x":82,"y":748,"width":654,"height":10}},{"id":"5c1dc64d-2152-489d-966a-d93a3cc8f535","block_type":"box","text":"Management Risk.","page_number":42,"box":{"x":84,"y":771,"width":136,"height":11}},{"id":"a6bbec02-02f4-4253-927d-71255cfbf166","block_type":"box","text":"The Fund generally does not attempt to take defensive positions under any market conditions, including","page_number":42,"box":{"x":225,"y":771,"width":735,"height":11}},{"id":"ebdb79f9-2924-41df-aa1f-2f842837093f","block_type":"box","text":"declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not","page_number":42,"box":{"x":83,"y":785,"width":833,"height":11}},{"id":"33df39dd-5753-44e2-9d4f-aa5e30dee736","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended","page_number":42,"box":{"x":83,"y":799,"width":864,"height":11}},{"id":"aeb5d99e-edd3-4fe8-a007-7bdbc03baabf","block_type":"box","text":"results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the","page_number":42,"box":{"x":84,"y":813,"width":824,"height":11}},{"id":"59ddb2a7-371e-45d4-a549-8bb9edac1d86","block_type":"box","text":"Underlying Index or that the Fund will achieve its investment objective.","page_number":42,"box":{"x":84,"y":828,"width":498,"height":10}},{"id":"a4cdd565-4cf1-4c28-8aec-2a0d51aa6cb0","block_type":"box","text":"Market Trading Risk.","page_number":42,"box":{"x":84,"y":851,"width":151,"height":11}},{"id":"462a8177-f2dd-4568-914a-371dfb52014b","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":42,"box":{"x":239,"y":851,"width":695,"height":11}},{"id":"025e07b7-dc23-4b5f-bb0c-d3e847db6e85","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":42,"box":{"x":84,"y":865,"width":841,"height":11}},{"id":"539896a5-adc3-445a-871f-6e907d440374","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":42,"box":{"x":83,"y":879,"width":887,"height":11}},{"id":"00357889-9027-4180-9906-fa0c87082cd6","block_type":"box","text":"S-33","page_number":42,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"8daeb042-a2a3-439c-a833-1f417ba46288","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":43,"box":{"x":83,"y":23,"width":839,"height":11}},{"id":"b514846f-fba2-42d8-868f-2b1e4c407fda","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":43,"box":{"x":84,"y":37,"width":865,"height":11}},{"id":"ec9baf01-7021-4845-b95b-3905b4a4c58e","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":43,"box":{"x":82,"y":52,"width":885,"height":10}},{"id":"7ea43f6c-fd82-4ad0-8899-3920dead2642","block_type":"box","text":"of the Fund shares.","page_number":43,"box":{"x":83,"y":66,"width":135,"height":8}},{"id":"d6ad148e-ae67-4ac0-be79-62aff6eda5c2","block_type":"box","text":"Operational and Technology Risks.","page_number":43,"box":{"x":83,"y":89,"width":255,"height":11}},{"id":"ce275f7c-2201-42fb-be2c-207ef9e01640","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":43,"box":{"x":342,"y":89,"width":582,"height":11}},{"id":"03705e79-ac9f-4acd-979e-efa8207a4c08","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":43,"box":{"x":83,"y":103,"width":876,"height":11}},{"id":"4311ef8b-e302-4eb8-8153-8ea4154e480c","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":43,"box":{"x":83,"y":117,"width":879,"height":11}},{"id":"9d972d22-a6bb-4cf4-808a-d40dad86fa4f","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":43,"box":{"x":83,"y":131,"width":825,"height":11}},{"id":"cc2cc491-69e6-451d-b8c0-78573c42ebdd","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":43,"box":{"x":83,"y":146,"width":863,"height":10}},{"id":"4d56c6fd-6f5b-45c0-b03f-93ab04acd805","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":43,"box":{"x":83,"y":160,"width":872,"height":11}},{"id":"31dc247b-8425-4943-8e11-f448dd6c67d2","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":43,"box":{"x":84,"y":174,"width":823,"height":11}},{"id":"2eddab89-53eb-4f01-8153-fba4329058ec","block_type":"box","text":"Prepayment Risk.","page_number":43,"box":{"x":84,"y":197,"width":128,"height":11}},{"id":"56c5f24c-cb54-4d38-b2eb-0113477b8104","block_type":"box","text":"During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the","page_number":43,"box":{"x":218,"y":197,"width":742,"height":11}},{"id":"499ddfa1-9f6b-491d-a90a-e32de6705019","block_type":"box","text":"debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of","page_number":43,"box":{"x":83,"y":211,"width":867,"height":11}},{"id":"893c580c-80ba-41a9-9cba-71e1f1077b8e","block_type":"box","text":"default, resulting in a decline in the Fund’s income or return potential.","page_number":43,"box":{"x":83,"y":225,"width":493,"height":11}},{"id":"ee8125de-c579-431b-a93e-6d8e8b77078f","block_type":"box","text":"Risk of Investing in China.","page_number":43,"box":{"x":84,"y":249,"width":190,"height":11}},{"id":"890b215b-e3a7-441e-8cbb-88a452b13053","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":43,"box":{"x":280,"y":249,"width":679,"height":11}},{"id":"0f9665ae-4012-47af-8cd6-0fed38a72f6d","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":43,"box":{"x":83,"y":263,"width":819,"height":11}},{"id":"dab98ce0-03f9-4a6f-ada1-7fd081800b42","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":43,"box":{"x":83,"y":277,"width":866,"height":11}},{"id":"23a0074e-6746-476a-b6a7-966afa2a630d","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":43,"box":{"x":83,"y":291,"width":866,"height":11}},{"id":"e00657e3-08db-4f2f-a5a9-5ed337b964b3","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":43,"box":{"x":82,"y":306,"width":842,"height":10}},{"id":"3125742b-2bcd-42dd-b103-19eab361ef8d","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":43,"box":{"x":83,"y":320,"width":864,"height":10}},{"id":"0da8c5e9-5c5b-4071-9418-9ead3997be67","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":43,"box":{"x":82,"y":334,"width":861,"height":11}},{"id":"64f10933-3652-4a24-bc88-e11e48a2e61d","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":43,"box":{"x":83,"y":348,"width":869,"height":11}},{"id":"b6c5d992-9b03-434b-a3dc-e115e44ce163","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":43,"box":{"x":83,"y":362,"width":784,"height":11}},{"id":"33591c1f-db5e-4288-88e1-1ceb9a907cb4","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":43,"box":{"x":83,"y":385,"width":887,"height":11}},{"id":"8fa71362-72c8-4580-8d9e-1b475a4c8b68","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":43,"box":{"x":82,"y":400,"width":834,"height":10}},{"id":"9d38485c-bd31-489e-b96c-67c385616d7a","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":43,"box":{"x":82,"y":414,"width":845,"height":11}},{"id":"23ca6773-274e-4d69-ae9c-6c94525e1e98","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":43,"box":{"x":83,"y":428,"width":876,"height":11}},{"id":"367b7463-a938-4c7d-a604-6690bd47178b","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":43,"box":{"x":83,"y":442,"width":834,"height":11}},{"id":"cc27df3e-e811-4621-a146-79e9482849dc","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":43,"box":{"x":83,"y":456,"width":421,"height":11}},{"id":"8ddc5b38-bbb3-4bee-b107-be94473ddfd9","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":43,"box":{"x":82,"y":480,"width":849,"height":10}},{"id":"70c13215-0390-4a3d-98d7-81cdf99913eb","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":43,"box":{"x":83,"y":494,"width":886,"height":11}},{"id":"2f4b07b9-3e6d-4999-b804-e946a2743e52","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":43,"box":{"x":83,"y":508,"width":878,"height":11}},{"id":"3a25478c-7094-48fa-ae7a-9eb319c0e0b4","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":43,"box":{"x":83,"y":522,"width":874,"height":11}},{"id":"5e341414-f391-49da-80f8-a2ce8ffcec58","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":43,"box":{"x":83,"y":536,"width":878,"height":11}},{"id":"090e97bd-27ee-468a-aef2-b587ffd72e3f","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":43,"box":{"x":83,"y":550,"width":807,"height":11}},{"id":"7b9aa041-2eeb-4c0e-be8d-0b8cbb83adb1","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":43,"box":{"x":84,"y":565,"width":889,"height":10}},{"id":"fb87181d-ae84-488f-a0cf-c65496c88337","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":43,"box":{"x":82,"y":579,"width":471,"height":11}},{"id":"1f37f2b5-404e-46a1-8908-56fa23793828","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":43,"box":{"x":83,"y":602,"width":883,"height":11}},{"id":"441f03a3-cdff-4e1d-8751-2d0099d2d7a1","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":43,"box":{"x":83,"y":616,"width":850,"height":11}},{"id":"9a46f47b-9dda-490f-bbcd-4d8685b2b58b","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":43,"box":{"x":83,"y":630,"width":862,"height":11}},{"id":"16b31ac7-dd25-4c85-b59f-3158ae6d02b1","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":43,"box":{"x":84,"y":645,"width":849,"height":10}},{"id":"35f407a2-0d63-4a28-8e0b-711e81fd83e5","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":43,"box":{"x":83,"y":659,"width":883,"height":11}},{"id":"a259d1f5-090f-4e6d-aa7a-84ff828ea0db","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":43,"box":{"x":82,"y":673,"width":861,"height":11}},{"id":"a6084603-8c22-4bf7-933d-e50db74dadb0","block_type":"box","text":"have limited legal remedies.","page_number":43,"box":{"x":84,"y":687,"width":195,"height":11}},{"id":"d19147ff-abe2-46ab-bcc7-3453492455f1","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":43,"box":{"x":84,"y":710,"width":844,"height":11}},{"id":"4053e076-b73e-4729-a3e7-8d08b0f46f49","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":43,"box":{"x":83,"y":724,"width":835,"height":11}},{"id":"a5c7296f-60df-4c10-9125-1f59aed793d0","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":43,"box":{"x":83,"y":739,"width":852,"height":10}},{"id":"beb983db-1438-40bc-b161-391e1fb70468","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":43,"box":{"x":82,"y":753,"width":779,"height":10}},{"id":"8de770ed-b109-4fe3-bcbc-51400c0a54e8","block_type":"box","text":"considerations.","page_number":43,"box":{"x":83,"y":767,"width":108,"height":8}},{"id":"ce67120c-4af2-45c6-a822-5345437a2285","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":43,"box":{"x":84,"y":790,"width":315,"height":11}},{"id":"f84e1444-4793-4f56-a41c-5506623f7b3c","block_type":"box","text":". The Fund invests directly in the domestic bond market in the People’s Republic","page_number":43,"box":{"x":400,"y":790,"width":564,"height":11}},{"id":"b787be17-8a69-4cd1-99ca-3b77a87ff7ad","block_type":"box","text":"of China (“China” or the “PRC”) (the “China Interbank Bond Market”) through the Bond Connect trading channel. All bonds","page_number":43,"box":{"x":83,"y":804,"width":863,"height":11}},{"id":"cf43e464-ff67-4af0-bdfb-04c01d6830ea","block_type":"box","text":"traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (“CMU”), which holds such","page_number":43,"box":{"x":82,"y":818,"width":885,"height":11}},{"id":"65b18406-26b6-40bb-a52a-b2e6f5b64e7b","block_type":"box","text":"bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China","page_number":43,"box":{"x":84,"y":833,"width":860,"height":11}},{"id":"28fd46ef-c655-4e39-9926-bb99a7cc0d0b","block_type":"box","text":"Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of","page_number":43,"box":{"x":84,"y":847,"width":867,"height":11}},{"id":"0f2b0a42-e7dd-4383-a210-1b56195f7020","block_type":"box","text":"the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.","page_number":43,"box":{"x":82,"y":861,"width":745,"height":11}},{"id":"4380037d-5099-4545-bce8-62248d0085b3","block_type":"box","text":"S-34","page_number":43,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"ae77aa80-ed22-4ec9-8912-44779750f18f","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market","page_number":44,"box":{"x":84,"y":23,"width":888,"height":11}},{"id":"ffb795c8-ef3e-4b4a-8947-184708d75769","block_type":"box","text":"may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may","page_number":44,"box":{"x":84,"y":37,"width":884,"height":11}},{"id":"760bdfc7-cac4-4376-8124-7f4265a234a7","block_type":"box","text":"not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations","page_number":44,"box":{"x":84,"y":52,"width":863,"height":10}},{"id":"61ba735c-eedc-4cb8-aec1-8bb81f349988","block_type":"box","text":"that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially","page_number":44,"box":{"x":82,"y":66,"width":853,"height":11}},{"id":"fc1ddddd-6aec-41d0-8914-c9384fe198d6","block_type":"box","text":"altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions","page_number":44,"box":{"x":83,"y":80,"width":846,"height":11}},{"id":"55ca6fa3-d154-42d9-b9c5-886059c67c60","block_type":"box","text":"under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or","page_number":44,"box":{"x":83,"y":94,"width":846,"height":11}},{"id":"c746372e-8de3-408f-9e0b-a0ec3a0f313f","block_type":"box","text":"indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund","page_number":44,"box":{"x":83,"y":108,"width":886,"height":11}},{"id":"01d94084-2b6d-43f9-b1d2-a7c22c48f2b0","block_type":"box","text":"to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China","page_number":44,"box":{"x":82,"y":122,"width":832,"height":11}},{"id":"39ea3fa9-5f2b-447a-98e0-2fa74876af76","block_type":"box","text":"Interbank Bond Market.","page_number":44,"box":{"x":84,"y":137,"width":165,"height":8}},{"id":"5a577f40-155e-4069-9335-603672187767","block_type":"box","text":"Risk of Investing in Russia.","page_number":44,"box":{"x":84,"y":160,"width":196,"height":11}},{"id":"e8ec3c62-fb2e-4208-b599-499efea1f802","block_type":"box","text":"Investing in Russian securities involves significant risks, including legal, regulatory, currency","page_number":44,"box":{"x":289,"y":160,"width":655,"height":11}},{"id":"00de5439-e05f-4b6d-9105-e8169afe6334","block_type":"box","text":"and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the","page_number":44,"box":{"x":83,"y":174,"width":869,"height":11}},{"id":"c623d29f-d62c-4eac-a836-ab3dd162b81e","block_type":"box","text":"settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system","page_number":44,"box":{"x":83,"y":188,"width":882,"height":11}},{"id":"dc548091-f50a-47f0-ac6b-c3b5c24ddd31","block_type":"box","text":"of share registration and custody in Russia. Governments, including the U.S., the U.K., the E.U., and many other countries have","page_number":44,"box":{"x":83,"y":202,"width":888,"height":11}},{"id":"3f5013a4-50d5-4fb2-a00a-8d1df62391c8","block_type":"box","text":"imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, and jurisdictions","page_number":44,"box":{"x":83,"y":217,"width":865,"height":10}},{"id":"fd5b6552-57ca-4b25-ad99-3731061cbfd6","block_type":"box","text":"may also institute broader sanctions on Russia. Russia has issued a number of countersanctions, some of which restrict the","page_number":44,"box":{"x":84,"y":231,"width":872,"height":11}},{"id":"dfd4dea8-10ec-43ac-8a67-d83bdf6c0d20","block_type":"box","text":"distribution of profits by limited liability companies (e.g., dividends), and prohibit Russian persons from entering into","page_number":44,"box":{"x":83,"y":245,"width":824,"height":11}},{"id":"563672eb-caad-4f4c-bfb0-8fc88c79adc7","block_type":"box","text":"transactions with designated persons from “unfriendly states” as well as the export of raw materials or other products from","page_number":44,"box":{"x":82,"y":259,"width":867,"height":11}},{"id":"b2259d27-097a-4bf0-beb9-9831962d904e","block_type":"box","text":"Russia to certain sanctioned persons.","page_number":44,"box":{"x":84,"y":273,"width":264,"height":11}},{"id":"c910f4c3-9a52-4c2f-ac58-c2fd5ef876d2","block_type":"box","text":"Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action,","page_number":44,"box":{"x":84,"y":296,"width":840,"height":11}},{"id":"42d91591-4f8a-4571-81fb-d2ee7f824c76","block_type":"box","text":"resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":44,"box":{"x":84,"y":311,"width":882,"height":10}},{"id":"f5a61027-1218-45c9-bd73-e74191f80d61","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or","page_number":44,"box":{"x":83,"y":325,"width":862,"height":11}},{"id":"c8c47dba-384f-47a9-a38b-20eff9f85e3b","block_type":"box","text":"other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including","page_number":44,"box":{"x":83,"y":339,"width":884,"height":11}},{"id":"cbbcb89c-0821-46bd-8ed8-49304fe7d568","block_type":"box","text":"purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, import and","page_number":44,"box":{"x":84,"y":353,"width":854,"height":11}},{"id":"c967de10-50d9-4b6d-a4c2-9eee47331d8f","block_type":"box","text":"export restrictions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including","page_number":44,"box":{"x":83,"y":367,"width":874,"height":11}},{"id":"e7a7088b-8c01-465d-9d60-c210fbfe2e2d","block_type":"box","text":"politicians, may impact Russia’s economy and Russian companies in which the Fund invests. Actual and threatened","page_number":44,"box":{"x":84,"y":381,"width":815,"height":11}},{"id":"a02fdad8-6e8e-4c61-b1eb-e2ce7520512b","block_type":"box","text":"responses to Russian military action may also impact the markets for certain Russian commodities, such as oil and natural","page_number":44,"box":{"x":84,"y":396,"width":866,"height":11}},{"id":"3887b803-c347-4e4b-adee-3e9925a79dd0","block_type":"box","text":"gas, as well as other sectors of the Russian economy, and are likely to have collateral impacts on such sectors globally.","page_number":44,"box":{"x":83,"y":410,"width":833,"height":11}},{"id":"f8177fae-97a2-4627-adab-8b5afc2f6515","block_type":"box","text":"Russian companies may be unable to pay dividends and, if they pay dividends, the Fund may be unable to receive them. As a","page_number":44,"box":{"x":84,"y":424,"width":875,"height":11}},{"id":"291388e4-918e-4b16-8c17-414dfe6e6e05","block_type":"box","text":"result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, and the","page_number":44,"box":{"x":84,"y":438,"width":881,"height":11}},{"id":"01da63c8-f891-49d5-a544-98394acd511c","block_type":"box","text":"Underlying Index has removed Russian securities. It is unknown when, or if, sanctions may be lifted or the Fund’s ability to","page_number":44,"box":{"x":84,"y":452,"width":859,"height":11}},{"id":"7f46ca7b-cd91-4394-89b0-24c055f19816","block_type":"box","text":"trade in Russian securities will resume.","page_number":44,"box":{"x":82,"y":467,"width":275,"height":8}},{"id":"617d2089-401b-432a-b603-78ffb050b9d1","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":44,"box":{"x":84,"y":490,"width":241,"height":11}},{"id":"5d6033c0-613e-424c-9be1-e85fd513f611","block_type":"box","text":"Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":44,"box":{"x":330,"y":490,"width":643,"height":11}},{"id":"661e7964-8706-4f4a-853a-55be356c0b1f","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum","page_number":44,"box":{"x":83,"y":504,"width":836,"height":11}},{"id":"fb3c7dd5-adeb-438f-a799-baa38489981e","block_type":"box","text":"exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in","page_number":44,"box":{"x":83,"y":518,"width":888,"height":11}},{"id":"7e279c8a-8825-43d8-81b7-41358456a7de","block_type":"box","text":"the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":44,"box":{"x":82,"y":532,"width":876,"height":11}},{"id":"0b65802e-ab6d-4bf8-91ad-226678ac51ee","block_type":"box","text":"developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include,","page_number":44,"box":{"x":83,"y":546,"width":862,"height":11}},{"id":"d6539f12-21f9-42a1-aea2-e4bd58a7d0b6","block_type":"box","text":"among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in","page_number":44,"box":{"x":83,"y":561,"width":795,"height":11}},{"id":"29d1034d-b1b4-48d3-a161-a59dac2b8e8b","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in","page_number":44,"box":{"x":83,"y":575,"width":817,"height":11}},{"id":"0c53405f-a65f-4e44-bb74-f5ae9fbb8bab","block_type":"box","text":"governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic","page_number":44,"box":{"x":83,"y":589,"width":859,"height":11}},{"id":"5da693de-6b18-46b5-81cd-67f292ec76ae","block_type":"box","text":"unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of","page_number":44,"box":{"x":83,"y":603,"width":888,"height":11}},{"id":"93c86083-231c-4215-aa20-b1f0126fd8bf","block_type":"box","text":"political stability in Saudi Arabia.","page_number":44,"box":{"x":84,"y":618,"width":230,"height":10}},{"id":"54f86dcf-ecf0-4b6a-b805-e89c843f8692","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian","page_number":44,"box":{"x":82,"y":641,"width":885,"height":10}},{"id":"3a976953-c0f5-437e-a0de-51623b674034","block_type":"box","text":"government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There","page_number":44,"box":{"x":83,"y":655,"width":866,"height":11}},{"id":"97751c35-0daa-4217-9c3b-afbbefb3d611","block_type":"box","text":"are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to","page_number":44,"box":{"x":83,"y":669,"width":881,"height":11}},{"id":"4d4dcad2-0a1a-4a0a-9914-540c8088fbe2","block_type":"box","text":"transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited","page_number":44,"box":{"x":82,"y":683,"width":875,"height":11}},{"id":"1b196f3e-c44b-47ce-9b5b-435cfe5a59c2","block_type":"box","text":"number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing","page_number":44,"box":{"x":84,"y":697,"width":880,"height":11}},{"id":"655f0957-da5c-4451-922d-5bdcab0c5e8c","block_type":"box","text":"of Fund transactions.","page_number":44,"box":{"x":83,"y":712,"width":150,"height":8}},{"id":"7de8e14a-9211-47d7-988c-b53f9999f6e9","block_type":"box","text":"Risk of Investing in the U.S.","page_number":44,"box":{"x":84,"y":735,"width":200,"height":11}},{"id":"3100ccdb-e401-489f-8af9-7faf41dd9c98","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":44,"box":{"x":289,"y":735,"width":664,"height":11}},{"id":"37664161-db4b-49df-bf3a-b7962e74fe2f","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":44,"box":{"x":83,"y":749,"width":878,"height":11}},{"id":"56cc2586-712a-4c0c-b70f-d03e4de0bb85","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":44,"box":{"x":83,"y":763,"width":470,"height":11}},{"id":"9990909a-b661-4ff0-ab1f-b470858ec95c","block_type":"box","text":"Securities Lending Risk.","page_number":44,"box":{"x":83,"y":786,"width":177,"height":11}},{"id":"8deb32e7-1720-4e51-9085-34f42fc9cb70","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":44,"box":{"x":264,"y":786,"width":692,"height":11}},{"id":"bcf1cd6f-1377-4c87-9193-00e99a2d671b","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":44,"box":{"x":84,"y":801,"width":869,"height":10}},{"id":"1fd4c2b8-b8d8-40d4-8c06-c743122accfa","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":44,"box":{"x":83,"y":815,"width":886,"height":11}},{"id":"347403b6-db5c-4ea4-8169-7850cacaf329","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":44,"box":{"x":83,"y":829,"width":831,"height":11}},{"id":"e2a2752e-ccff-4ec5-9d1e-1e9124662bf3","block_type":"box","text":"Tracking Error Risk.","page_number":44,"box":{"x":82,"y":852,"width":145,"height":11}},{"id":"569d1475-46f0-4df5-950e-735b6c4c18d8","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":44,"box":{"x":231,"y":852,"width":741,"height":11}},{"id":"6200f999-9dc0-45d2-9e50-f039513fbba8","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":44,"box":{"x":83,"y":866,"width":861,"height":11}},{"id":"037d9170-ad48-48d7-b7bc-4178548094de","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":44,"box":{"x":83,"y":880,"width":832,"height":11}},{"id":"23398962-ae1d-47dc-8188-c1700ae46a8d","block_type":"box","text":"S-35","page_number":44,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"70638df4-0d16-4832-a9cb-327b2f4ba953","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":45,"box":{"x":84,"y":23,"width":880,"height":11}},{"id":"e2079c4b-d462-4b01-bff4-49281988f89d","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":45,"box":{"x":84,"y":37,"width":830,"height":11}},{"id":"6b04bb72-bb80-4030-a2e4-d835d900c808","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":45,"box":{"x":82,"y":52,"width":828,"height":10}},{"id":"7f59d258-afcc-4a57-a40b-5d56e3552a23","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":45,"box":{"x":83,"y":66,"width":874,"height":11}},{"id":"6b907953-e572-41d7-a991-1b9433ed7acb","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":45,"box":{"x":84,"y":80,"width":888,"height":11}},{"id":"4095fa74-782f-48ea-8323-51b1f9e6b642","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":45,"box":{"x":84,"y":94,"width":851,"height":11}},{"id":"15d5219e-35c7-4211-8690-16a33df4cdc3","block_type":"box","text":"baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or","page_number":45,"box":{"x":84,"y":108,"width":850,"height":11}},{"id":"7cac9c93-8753-4b43-a69b-f58496567d4e","block_type":"box","text":"limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":45,"box":{"x":84,"y":122,"width":873,"height":11}},{"id":"74dcbeb5-907d-409f-97c1-81442bb95ccc","block_type":"box","text":"U.S. Agency Mortgage-Backed Securities Risk.","page_number":45,"box":{"x":83,"y":146,"width":341,"height":11}},{"id":"d6eda0ff-10f1-4d09-9388-be90f8a50671","block_type":"box","text":"MBS represent interests in “pools” of mortgages and are subject to interest","page_number":45,"box":{"x":430,"y":145,"width":530,"height":11}},{"id":"b0a0699b-f671-4e3b-9844-3ccaa9472756","block_type":"box","text":"rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or","page_number":45,"box":{"x":84,"y":160,"width":847,"height":11}},{"id":"9d207eb6-18ac-4c99-8ef4-1cb8f1ea0bed","block_type":"box","text":"sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent","page_number":45,"box":{"x":83,"y":174,"width":844,"height":11}},{"id":"3853c7dd-8a97-4485-8570-b9f960fb2cf0","block_type":"box","text":"greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks.","page_number":45,"box":{"x":83,"y":188,"width":887,"height":11}},{"id":"bacdceef-64e7-4de0-b352-63a534239035","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain","page_number":45,"box":{"x":83,"y":202,"width":869,"height":11}},{"id":"8335324d-fe4d-4b8a-b225-52e7d5b96753","block_type":"box","text":"MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the","page_number":45,"box":{"x":84,"y":217,"width":817,"height":10}},{"id":"16bda112-aff2-4ce2-9575-98afa49ce151","block_type":"box","text":"underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to","page_number":45,"box":{"x":83,"y":231,"width":886,"height":11}},{"id":"94a8645a-bef0-43f5-b34d-39881cc0fc94","block_type":"box","text":"a TBA transaction would expose the Fund to possible losses.","page_number":45,"box":{"x":83,"y":245,"width":424,"height":10}},{"id":"d3442cc1-e667-417e-bc3c-89c26f82b170","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":45,"box":{"x":83,"y":268,"width":225,"height":11}},{"id":"4c35f72b-2a65-4b6a-9c3b-eca219b3af68","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":45,"box":{"x":314,"y":268,"width":635,"height":11}},{"id":"6282560c-2ac7-43c0-85e1-6123fca5bd48","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in","page_number":45,"box":{"x":82,"y":282,"width":890,"height":11}},{"id":"33b1a5c6-a7be-4ad9-99f3-d31f2e2d9a97","block_type":"box","text":"the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct","page_number":45,"box":{"x":82,"y":296,"width":869,"height":11}},{"id":"00e2776c-3758-4970-9641-b3b2bd2ab9de","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value","page_number":45,"box":{"x":83,"y":311,"width":882,"height":10}},{"id":"0ba114bf-d165-4500-ae3b-da91669c5263","block_type":"box","text":"of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and","page_number":45,"box":{"x":83,"y":325,"width":859,"height":11}},{"id":"f39ce782-66d5-4a43-a1f4-31bbee7961d1","block_type":"box","text":"credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.","page_number":45,"box":{"x":83,"y":339,"width":816,"height":11}},{"id":"673916a8-ec83-4d6b-a23b-f474c360737b","block_type":"box","text":"Valuation Risk.","page_number":45,"box":{"x":82,"y":362,"width":110,"height":9}},{"id":"8fe0e3cf-0d97-4096-9618-fea82048b52e","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":45,"box":{"x":197,"y":362,"width":740,"height":11}},{"id":"ba481c8a-0c57-468e-97e0-106fdd5eb87b","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":45,"box":{"x":83,"y":376,"width":840,"height":11}},{"id":"a9d6f48a-d896-4e17-9157-480ecceecbfa","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":45,"box":{"x":82,"y":391,"width":869,"height":10}},{"id":"b9ca4748-88bb-4d8a-88c9-441d38762ce9","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":45,"box":{"x":83,"y":405,"width":888,"height":11}},{"id":"562cfa02-6f3b-4fcd-80fe-539fa7b9e459","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":45,"box":{"x":83,"y":419,"width":871,"height":11}},{"id":"7f6ce3dd-bfda-467b-8808-64ae46cabec2","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":45,"box":{"x":82,"y":433,"width":879,"height":11}},{"id":"68ee23eb-c467-44c8-a36e-ad5644984333","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":45,"box":{"x":83,"y":447,"width":880,"height":11}},{"id":"5c905743-3fdc-4d2e-8dee-d5ae9630ab47","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":45,"box":{"x":84,"y":461,"width":815,"height":11}},{"id":"e4fae3ea-b377-4330-93a3-a4bd7db7a029","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":45,"box":{"x":82,"y":476,"width":613,"height":10}},{"id":"2f56fbcb-1e76-4e48-8415-7cafb31510ba","block_type":"box","text":"Performance Information","page_number":45,"box":{"x":84,"y":497,"width":229,"height":10}},{"id":"7abd69d3-8c19-408d-bbd5-b2e7960232ba","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":45,"box":{"x":82,"y":522,"width":864,"height":11}},{"id":"42468f95-0b1e-41f4-963d-b03394837411","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":45,"box":{"x":83,"y":536,"width":871,"height":11}},{"id":"72bee239-dd72-4882-afd3-abf36b81fe28","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":45,"box":{"x":83,"y":550,"width":868,"height":11}},{"id":"75d96420-cba4-4de6-963c-d808dce06993","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":45,"box":{"x":84,"y":565,"width":837,"height":10}},{"id":"e6c0fcf4-a0d0-44a6-a179-b2b2f271cbc4","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":45,"box":{"x":83,"y":579,"width":869,"height":11}},{"id":"ca48b690-e2bb-40ce-950b-2b1b971f115a","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":45,"box":{"x":84,"y":593,"width":832,"height":11}},{"id":"29adad68-32f2-442f-a801-b25e08af6bfa","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":45,"box":{"x":84,"y":607,"width":841,"height":11}},{"id":"5bf4da6a-986c-46d5-9bc7-10c65873a849","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":45,"box":{"x":82,"y":621,"width":531,"height":11}},{"id":"a38d0be2-cac1-46f4-98e4-ac64a8d9d8a8","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":45,"box":{"x":165,"y":646,"width":260,"height":11}},{"id":"4fee3589-84b2-48f9-a516-592bbe6e4208","block_type":"box","text":"-1.49","page_number":45,"box":{"x":135,"y":742,"width":24,"height":6}},{"id":"69074b88-71b8-4e0b-9c46-8d30aac3ca10","block_type":"box","text":"-12.71","page_number":45,"box":{"x":206,"y":776,"width":29,"height":6}},{"id":"cee9803d-1737-4d0d-96ce-092fd860ba43","block_type":"box","text":"5.86","page_number":45,"box":{"x":286,"y":704,"width":19,"height":6}},{"id":"11e21438-b24e-4b86-837b-fd0bbc0ba2d2","block_type":"box","text":"1.94","page_number":45,"box":{"x":361,"y":716,"width":19,"height":6}},{"id":"b9ab7e21-4513-400c-b99e-7570e8b50cd6","block_type":"box","text":"7.28","page_number":45,"box":{"x":434,"y":700,"width":20,"height":6}},{"id":"0d4cc3ba-08f2-489f-a308-8456b0219fde","block_type":"box","text":"2021 2022 2023 2024 2025","page_number":45,"box":{"x":136,"y":800,"width":319,"height":6}},{"id":"df075826-f3d3-4907-8109-e75596bf769e","block_type":"box","text":"Return (%) Period Ended","page_number":45,"box":{"x":766,"y":661,"width":188,"height":9}},{"id":"c2023022-0912-4f33-a051-f57ed4014a69","block_type":"box","text":"Calendar Year-to-Date Return","page_number":45,"box":{"x":550,"y":679,"width":197,"height":8}},{"id":"9ae7b4d1-625a-4537-8a1b-2412ba292b03","block_type":"box","text":"-0.08% March 31, 2026","page_number":45,"box":{"x":778,"y":679,"width":194,"height":9}},{"id":"fe3310ca-4682-4a7b-b4cb-93b481df8610","block_type":"box","text":"During the periods shown in the chart:","page_number":45,"box":{"x":551,"y":692,"width":250,"height":10}},{"id":"8ee489ec-0602-40fc-bbba-6d64c9a5f665","block_type":"box","text":"Best Quarter 6.64% December 31, 2023","page_number":45,"box":{"x":564,"y":705,"width":408,"height":8}},{"id":"d3890f8b-1d8b-4f42-80de-923c9631851e","block_type":"box","text":"Worst Quarter -5.87% March 31, 2022","page_number":45,"box":{"x":563,"y":718,"width":409,"height":8}},{"id":"b8c0f76e-1d7d-4574-90e6-6cb17d090cb8","block_type":"box","text":"S-36","page_number":45,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"62765c60-25a9-4c8c-a67e-08eab464ea07","block_type":"box","text":"Average Annual Total Returns (%)","page_number":46,"box":{"x":403,"y":31,"width":250,"height":11}},{"id":"20f59552-3425-48ef-b5da-a62c548c392a","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":46,"box":{"x":371,"y":45,"width":315,"height":11}},{"id":"85f56a0e-5c11-4df1-9716-d9dda78f2dbe","block_type":"box","text":"One Year Five Years","page_number":46,"box":{"x":690,"y":72,"width":165,"height":7}},{"id":"08f9915f-fc79-45e8-ad80-84edd65d2a82","block_type":"box","text":"Since Fund","page_number":46,"box":{"x":896,"y":61,"width":72,"height":8}},{"id":"ef56310b-6ef1-484b-bb91-1b2bc245474d","block_type":"box","text":"Inception","page_number":46,"box":{"x":902,"y":72,"width":61,"height":9}},{"id":"274a3218-1c83-43f1-92d0-b7a239c48080","block_type":"box","text":"Fund Inception: 6/23/2020","page_number":46,"box":{"x":88,"y":87,"width":180,"height":10}},{"id":"decfd82f-706b-49f4-860a-1d2d6241455d","block_type":"box","text":"Return Before Taxes","page_number":46,"box":{"x":89,"y":99,"width":124,"height":7}},{"id":"ca67e1f4-868e-4130-9a99-b9c757179266","block_type":"box","text":"7.28% -0.09% 0.24%","page_number":46,"box":{"x":706,"y":99,"width":257,"height":7}},{"id":"151ab075-4386-4105-91f5-84088dfe413c","block_type":"box","text":"Return After Taxes on Distributions 5.60% -1.22% -0.82%","page_number":46,"box":{"x":89,"y":110,"width":874,"height":8}},{"id":"c7b3f466-c56e-4231-858d-1840f16c18ee","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.28% -0.56% -0.28%","page_number":46,"box":{"x":89,"y":122,"width":874,"height":8}},{"id":"1bba4294-2958-493d-9a7f-2318bb032c47","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":46,"box":{"x":88,"y":134,"width":206,"height":9}},{"id":"dfb0b027-a755-49f4-9a42-4fa9ab01e20c","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":46,"box":{"x":298,"y":134,"width":347,"height":9}},{"id":"60fc06a5-1274-47b2-80f8-ce1b7aef6802","block_type":"box","text":"taxes)","page_number":46,"box":{"x":101,"y":146,"width":37,"height":9}},{"id":"d52468a5-78db-44fb-9d32-4a9d64bdef3c","block_type":"box","text":"7.58% 0.06% 0.49%","page_number":46,"box":{"x":706,"y":147,"width":257,"height":7}},{"id":"732fdc3f-b299-4df6-9811-a15b19bbb722","block_type":"box","text":"Bloomberg MSCI US Universal Choice ESG Screened Index","page_number":46,"box":{"x":88,"y":158,"width":383,"height":10}},{"id":"2b4cdc3f-030d-4275-a2c9-a09305ecacfe","block_type":"box","text":"(Returns do not reflect","page_number":46,"box":{"x":475,"y":158,"width":141,"height":8}},{"id":"d2555010-2fb2-49d5-a0fb-3565caac02f5","block_type":"box","text":"deductions for fees, expenses or taxes) 7.48% 0.04% 0.38%","page_number":46,"box":{"x":101,"y":171,"width":862,"height":9}},{"id":"42c9a2d9-8fe1-4d79-bf4b-2610e1c00ff3","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":46,"box":{"x":82,"y":200,"width":857,"height":11}},{"id":"c735613f-bbb7-4704-bf21-3b420086a952","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":46,"box":{"x":84,"y":215,"width":864,"height":10}},{"id":"7eb36f4c-87cf-46ff-99a5-e8b39a696109","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":46,"box":{"x":84,"y":229,"width":847,"height":11}},{"id":"b471b4f2-56d5-4d92-bfc4-3c9f3a9c287b","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":46,"box":{"x":83,"y":243,"width":857,"height":11}},{"id":"c1442713-7dd3-4053-97a0-2dd0236e1751","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":46,"box":{"x":83,"y":257,"width":877,"height":11}},{"id":"7927a1e9-f644-4aa4-99e1-ebaea7cf2b7c","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":46,"box":{"x":82,"y":271,"width":837,"height":11}},{"id":"de931623-91ed-400f-acfb-c4467f985e84","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":46,"box":{"x":84,"y":285,"width":885,"height":11}},{"id":"5f3e726d-99a4-42a6-84bc-3e6a6c66e46d","block_type":"box","text":"on distributions.","page_number":46,"box":{"x":83,"y":300,"width":115,"height":8}},{"id":"2a00b335-6e02-484b-8989-6d0c4e70f478","block_type":"box","text":"Management","page_number":46,"box":{"x":84,"y":329,"width":120,"height":13}},{"id":"fe292137-d17c-456e-8301-246c4b3c100c","block_type":"box","text":"Investment Adviser.","page_number":46,"box":{"x":84,"y":354,"width":144,"height":8}},{"id":"a7aeb914-eec7-4839-9602-6c36d173d05f","block_type":"box","text":"BlackRock Fund Advisors.","page_number":46,"box":{"x":234,"y":354,"width":180,"height":8}},{"id":"2a245363-859e-4e90-b894-9f1d25029f25","block_type":"box","text":"Portfolio Managers.","page_number":46,"box":{"x":84,"y":377,"width":145,"height":11}},{"id":"414423c5-d266-47e4-b13f-e65ad967afb6","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":46,"box":{"x":233,"y":377,"width":679,"height":11}},{"id":"d88bd9f8-51f5-4dad-960a-8bf0d2caa292","block_type":"box","text":"management of the Fund:","page_number":46,"box":{"x":84,"y":391,"width":182,"height":11}},{"id":"93e5f8dd-57d6-4dea-896d-d5dcd5197edd","block_type":"box","text":"Portfolio Manager Portfolio Manager of the Fund Since Title with Investment Adviser","page_number":46,"box":{"x":88,"y":414,"width":886,"height":10}},{"id":"7961b5e6-b701-4053-992c-2dcb79f141b6","block_type":"box","text":"Jonathan Graves 2025 Managing Director","page_number":46,"box":{"x":87,"y":430,"width":850,"height":9}},{"id":"38f065b3-e6db-4616-a824-3e6a6501967d","block_type":"box","text":"James Mauro 2020 Managing Director","page_number":46,"box":{"x":87,"y":445,"width":850,"height":10}},{"id":"ecb74fdb-c4e9-4dde-bff9-91a2013b1d1c","block_type":"box","text":"Marcus Tom 2025 Director","page_number":46,"box":{"x":89,"y":461,"width":814,"height":7}},{"id":"482dbe46-91a5-44dc-9e3b-238149be6a86","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":46,"box":{"x":84,"y":496,"width":304,"height":10}},{"id":"531b540f-5649-4926-9f5f-779a5dbaa79c","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a","page_number":46,"box":{"x":82,"y":521,"width":806,"height":11}},{"id":"c600b66c-b361-46e2-b059-80d0c88ca056","block_type":"box","text":"broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a","page_number":46,"box":{"x":84,"y":535,"width":877,"height":11}},{"id":"9b5cf49b-dd43-45c3-a1ee-5df4c306fbb3","block_type":"box","text":"premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a","page_number":46,"box":{"x":84,"y":549,"width":886,"height":11}},{"id":"acac6dcc-8757-453e-a1ba-7168f2b03c25","block_type":"box","text":"buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the","page_number":46,"box":{"x":84,"y":563,"width":865,"height":11}},{"id":"b7b742df-02a4-4a43-8e93-4fffdf8d9232","block_type":"box","text":"Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).","page_number":46,"box":{"x":84,"y":577,"width":625,"height":11}},{"id":"dfdba69f-6326-4780-8d36-7804257aa108","block_type":"box","text":"Tax Information","page_number":46,"box":{"x":82,"y":606,"width":144,"height":11}},{"id":"fe675601-4ab0-49e1-ba67-b28a1459bb1e","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":46,"box":{"x":82,"y":632,"width":832,"height":10}},{"id":"6ee1f908-c64a-453d-8aa9-14debb4d6071","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":46,"box":{"x":83,"y":646,"width":883,"height":11}},{"id":"e3c32593-a235-43b3-92c3-69537bb47d7f","block_type":"box","text":"be taxed when withdrawn.","page_number":46,"box":{"x":84,"y":660,"width":181,"height":8}},{"id":"7a5d2b1d-2fb8-4186-8349-b2f9761fb73d","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":46,"box":{"x":84,"y":689,"width":575,"height":13}},{"id":"284b026a-6107-41df-9f97-dbfc213381de","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":46,"box":{"x":84,"y":714,"width":854,"height":11}},{"id":"70ed788e-f709-4d9b-a895-e39785fa1f18","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":46,"box":{"x":84,"y":728,"width":842,"height":11}},{"id":"736b101a-18e6-4a11-9d54-2a990e385430","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":46,"box":{"x":83,"y":743,"width":820,"height":10}},{"id":"3ecf0c9e-2195-40f8-892f-28306b64d302","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":46,"box":{"x":84,"y":757,"width":801,"height":11}},{"id":"42977a3b-de77-48a8-aefc-e47171fba811","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":46,"box":{"x":83,"y":771,"width":841,"height":11}},{"id":"76dce6a4-2ab6-4435-8bdb-6f1a3f44385a","block_type":"box","text":"financial intermediary’s website for more information.","page_number":46,"box":{"x":83,"y":785,"width":379,"height":11}},{"id":"db08148b-8db3-4706-86fa-b195dda28c8e","block_type":"box","text":"S-37","page_number":46,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"632897cf-630f-475d-ac86-ada1b84cfcb2","block_type":"box","text":"iSHARES","page_number":47,"box":{"x":84,"y":23,"width":125,"height":17}},{"id":"b96a121e-dcf8-49dd-9c23-b31dca0b1d02","block_type":"box","text":"®","page_number":47,"box":{"x":211,"y":17,"width":11,"height":9}},{"id":"e3e09461-f7ca-4696-90c0-667155edead1","block_type":"box","text":"ESG AWARE U.S. AGGREGATE BOND ETF","page_number":47,"box":{"x":233,"y":24,"width":572,"height":16}},{"id":"f2866d35-069d-497b-9bf4-eac67840309c","block_type":"box","text":"EAGG | NYSE Arca","page_number":47,"box":{"x":85,"y":47,"width":250,"height":18}},{"id":"be5a39bd-3e64-477d-ae49-d1ab7210626c","block_type":"box","text":"Investment Objective","page_number":47,"box":{"x":84,"y":86,"width":192,"height":13}},{"id":"4fdf2467-3cf1-4742-a2f4-fddea506f018","block_type":"box","text":"The iShares ESG Aware U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":47,"box":{"x":82,"y":111,"width":876,"height":11}},{"id":"5c4c32bf-bc62-4e7c-a532-c640ac30b5e7","block_type":"box","text":"U.S. dollar-denominated, investment-grade bonds from issuers generally evaluated for favorable environmental, social and","page_number":47,"box":{"x":84,"y":125,"width":868,"height":11}},{"id":"7872cbb4-6307-4298-94cf-95a3c32eba0c","block_type":"box","text":"governance practices while seeking to exhibit risk and return characteristics similar to those of the broad U.S.","page_number":47,"box":{"x":83,"y":139,"width":771,"height":11}},{"id":"135e3a56-cf5e-4201-8d7b-86a3b1114658","block_type":"box","text":"dollar-denominated investment-grade bond market.","page_number":47,"box":{"x":83,"y":154,"width":370,"height":10}},{"id":"4cc1eed3-b638-4ba9-ad6f-478f83159612","block_type":"box","text":"Fees and Expenses","page_number":47,"box":{"x":84,"y":183,"width":169,"height":12}},{"id":"72dd17e0-086a-468d-a67f-8651c746cbf2","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":47,"box":{"x":82,"y":208,"width":874,"height":10}},{"id":"672587ad-4873-484e-aa7c-8d4095c4f391","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":47,"box":{"x":83,"y":221,"width":871,"height":12}},{"id":"c1c59740-9d99-4025-8d6a-7678d4e4035d","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":47,"box":{"x":84,"y":236,"width":887,"height":11}},{"id":"dd443fee-d555-43eb-9a70-a0c71e429cb2","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":47,"box":{"x":84,"y":250,"width":795,"height":11}},{"id":"86ce6e08-11cf-49f0-9d4f-25b9e46cf009","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":47,"box":{"x":83,"y":264,"width":854,"height":11}},{"id":"1fcf4e50-70e2-47cf-bc19-e1054696fb07","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":47,"box":{"x":82,"y":278,"width":829,"height":11}},{"id":"871a733b-f0b4-4e91-b939-a91fe007b6a8","block_type":"box","text":"extraordinary expenses.","page_number":47,"box":{"x":83,"y":293,"width":168,"height":10}},{"id":"2355fe7f-9be2-46f0-be61-0c45700026cb","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share","page_number":47,"box":{"x":82,"y":314,"width":879,"height":11}},{"id":"7a7f097b-4ee4-4e16-af49-0ce6a97de903","block_type":"box","text":"of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of","page_number":47,"box":{"x":83,"y":329,"width":888,"height":11}},{"id":"e2f988a3-eb83-4368-8d8a-f44df7c1f554","block_type":"box","text":"Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to","page_number":47,"box":{"x":82,"y":343,"width":878,"height":10}},{"id":"940ce3e0-4530-4c69-b027-002e64686c5b","block_type":"box","text":"average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).","page_number":47,"box":{"x":83,"y":357,"width":865,"height":11}},{"id":"ae09c561-a313-4806-9b1a-700f9f2fdc94","block_type":"box","text":"BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount","page_number":47,"box":{"x":84,"y":371,"width":863,"height":11}},{"id":"6f9c961f-5c80-4da2-9207-abc6448452f5","block_type":"box","text":"equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment","page_number":47,"box":{"x":83,"y":385,"width":883,"height":11}},{"id":"2286312b-6d21-4766-9680-20659e56f064","block_type":"box","text":"companies advised by BFA, or its affiliates, through June 30, 2029. The contractual waiver may be terminated prior to","page_number":47,"box":{"x":83,"y":400,"width":828,"height":10}},{"id":"09b4eb31-010b-4838-8fc9-8d94707480d6","block_type":"box","text":"June 30, 2029 only upon written agreement of the Trust and BFA.","page_number":47,"box":{"x":82,"y":414,"width":462,"height":11}},{"id":"bc1ec4b7-a331-40a1-adf8-007e88cffbe3","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":47,"box":{"x":82,"y":437,"width":830,"height":11}},{"id":"4bb64315-99e8-4e75-93c0-fef988137940","block_type":"box","text":"reflected in the tables and examples below.","page_number":47,"box":{"x":83,"y":451,"width":316,"height":11}},{"id":"3844a959-8fbb-4dc5-985d-8c606287a940","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":47,"box":{"x":87,"y":474,"width":761,"height":10}},{"id":"f66eb719-e43c-451c-9702-0eab0ba7ed18","block_type":"box","text":"1","page_number":47,"box":{"x":849,"y":473,"width":5,"height":4}},{"id":"15afd2f9-8bd8-4bb0-b5bd-6fb1629d7a4d","block_type":"box","text":"Management Fee","page_number":47,"box":{"x":89,"y":494,"width":109,"height":10}},{"id":"b5e6b6d5-88bb-45f9-9f1a-0924594d3ce9","block_type":"box","text":"0.10%","page_number":47,"box":{"x":922,"y":494,"width":42,"height":7}},{"id":"7f44f052-cbcf-4953-a5d0-27eea22f6feb","block_type":"box","text":"Other Expenses","page_number":47,"box":{"x":88,"y":510,"width":99,"height":9}},{"id":"3f16115d-601d-4576-aaf6-9cd1233ab390","block_type":"box","text":"0.00%","page_number":47,"box":{"x":922,"y":510,"width":42,"height":7}},{"id":"8e8fc811-e007-4a42-b548-e48d69cb2da1","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":47,"box":{"x":87,"y":525,"width":216,"height":9}},{"id":"3722bc2f-29e3-49d9-b710-1adf2fbffe9c","block_type":"box","text":"0.00%","page_number":47,"box":{"x":922,"y":525,"width":42,"height":7}},{"id":"f7b6b248-85e5-4ea4-888b-d6523909518b","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":47,"box":{"x":87,"y":540,"width":246,"height":10}},{"id":"8ee87a63-a8e3-488b-945c-7ec948db213a","block_type":"box","text":"0.10%","page_number":47,"box":{"x":922,"y":540,"width":42,"height":8}},{"id":"717c05f7-94a6-4349-8f0d-a552843ff54a","block_type":"box","text":"Fee Waiver and/or Expense Reimbursement","page_number":47,"box":{"x":89,"y":556,"width":275,"height":9}},{"id":"e5b29313-2841-420b-b787-884d2215f955","block_type":"box","text":"(0.00)%","page_number":47,"box":{"x":918,"y":556,"width":50,"height":8}},{"id":"062324c6-1242-42f0-9e86-903d35b1ffdd","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.10%","page_number":47,"box":{"x":87,"y":571,"width":877,"height":10}},{"id":"ee883b2b-b84a-439f-ae24-5c0dc2224203","block_type":"box","text":"1","page_number":47,"box":{"x":110,"y":599,"width":5,"height":5}},{"id":"15cfc411-4fd0-4b65-92d3-051b61f0ab97","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":47,"box":{"x":123,"y":600,"width":788,"height":10}},{"id":"1376df13-c1bb-4d32-87b3-3e72d7fee6e4","block_type":"box","text":"Example.","page_number":47,"box":{"x":84,"y":620,"width":66,"height":11}},{"id":"d1c9bcca-16ed-4b5a-9b11-62b3f1b0399b","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":47,"box":{"x":154,"y":620,"width":795,"height":11}},{"id":"3b9dd08f-692c-4230-ae05-7fdd80f22529","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":47,"box":{"x":83,"y":634,"width":886,"height":11}},{"id":"c5f81ccc-c534-4e12-affb-9401f15cfe00","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":47,"box":{"x":83,"y":648,"width":870,"height":11}},{"id":"2b669fce-9a32-41b1-9655-c2b43c5161d2","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":47,"box":{"x":84,"y":663,"width":887,"height":10}},{"id":"a2d2549e-d286-4bfd-9ca3-2af4e8bea17e","block_type":"box","text":"your costs would be:","page_number":47,"box":{"x":82,"y":677,"width":143,"height":11}},{"id":"0be6ce54-51e3-4bd9-b75e-fccc42ab1551","block_type":"box","text":"Expense Example","page_number":47,"box":{"x":88,"y":700,"width":115,"height":9}},{"id":"d10f5241-f436-4f96-a626-6959a96e32c7","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":47,"box":{"x":693,"y":700,"width":281,"height":7}},{"id":"a450487d-2a78-44f1-b001-5f49dedb9fa7","block_type":"box","text":"Example Fund Costs","page_number":47,"box":{"x":89,"y":715,"width":128,"height":9}},{"id":"d8665551-aacb-4612-aef0-f12b5b93cc3b","block_type":"box","text":"$10 $32 $56 $128","page_number":47,"box":{"x":701,"y":715,"width":261,"height":8}},{"id":"f26fd1a0-55d3-4b61-a0a1-49fbba4bf4ae","block_type":"box","text":"Portfolio Turnover.","page_number":47,"box":{"x":84,"y":744,"width":136,"height":9}},{"id":"c8e1b558-376f-48f6-b42d-a29329b80278","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":47,"box":{"x":225,"y":744,"width":721,"height":11}},{"id":"81a5650a-9197-4038-b34e-9085fe87f537","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":47,"box":{"x":83,"y":759,"width":884,"height":10}},{"id":"9d11778f-40a7-470f-b954-a3be8319156c","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":47,"box":{"x":84,"y":773,"width":875,"height":11}},{"id":"6b43f159-7a5c-4dea-9b58-9742c5835ae7","block_type":"box","text":"the Example, affect the Fund’s performance. 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The","page_number":48,"box":{"x":83,"y":23,"width":863,"height":11}},{"id":"42a0b016-7cef-4b82-9101-5dc0298a1ee0","block_type":"box","text":"Underlying Index is an optimized fixed-income index designed to reflect the performance of U.S. dollar-denominated,","page_number":48,"box":{"x":84,"y":37,"width":828,"height":11}},{"id":"3551fb5e-8a47-4c60-8a5d-bbfe7e67b610","block_type":"box","text":"investment-grade (as determined by the Index Provider) bonds from issuers generally evaluated for favorable ESG practices","page_number":48,"box":{"x":83,"y":51,"width":874,"height":11}},{"id":"677ce25e-0fa0-4515-968e-715843071b22","block_type":"box","text":"(as determined by MSCI Solutions), while seeking to exhibit risk and return characteristics similar to those of the Bloomberg","page_number":48,"box":{"x":83,"y":66,"width":875,"height":11}},{"id":"1d02a7d6-5c9a-4a9e-81b5-833834337d04","block_type":"box","text":"US Aggregate Bond Index (the “Parent Index”).","page_number":48,"box":{"x":84,"y":80,"width":326,"height":11}},{"id":"ea23c6ec-1bc9-4f60-8c4e-b94084e8e4ea","block_type":"box","text":"The Underlying Index includes investment-grade U.S. Treasury bonds, non-securitized government-related bonds","page_number":48,"box":{"x":82,"y":102,"width":805,"height":11}},{"id":"dcf00a86-7cee-4bd6-9190-ef31a457313e","block_type":"box","text":"(“government-related bonds”), corporate bonds, mortgage-backed pass-through securities (“MBS”), commercial","page_number":48,"box":{"x":83,"y":116,"width":794,"height":11}},{"id":"efed13ba-f216-429e-b70e-7cb60e90bfa9","block_type":"box","text":"mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) that are publicly offered for sale in the U.S.","page_number":48,"box":{"x":84,"y":130,"width":828,"height":11}},{"id":"b55eba52-a7aa-4526-9a22-463f15e7aa23","block_type":"box","text":"To construct the Underlying Index, the Index Provider begins with the Parent Index and replicates its U.S. Treasury bond, MBS,","page_number":48,"box":{"x":82,"y":152,"width":889,"height":11}},{"id":"d681f872-7518-49b6-809a-d8484d617166","block_type":"box","text":"CMBS and ABS exposures. These exposures are preserved at the weights of the Parent Index and are not subject to the Index","page_number":48,"box":{"x":83,"y":166,"width":881,"height":11}},{"id":"4f50ac91-c5f8-48a9-b0e8-66f4b0bcbc70","block_type":"box","text":"Provider’s optimization process, which is a quantitative process that seeks to determine optimal weights for securities to","page_number":48,"box":{"x":84,"y":180,"width":847,"height":11}},{"id":"01267b6c-3769-4961-bc26-da69de57baae","block_type":"box","text":"maximize exposure to securities of entities with higher MSCI Solutions ratings, while seeking to exhibit risk and return","page_number":48,"box":{"x":84,"y":195,"width":831,"height":10}},{"id":"cbef7741-bad8-470b-bbad-e984f1cebe1f","block_type":"box","text":"characteristics similar to the Parent Index. At each quarterly review, the Underlying Index must have an ESG score of at least","page_number":48,"box":{"x":83,"y":209,"width":876,"height":11}},{"id":"5bf92a8e-0cf7-4dfb-87f5-e55fd0250e8a","block_type":"box","text":"10% better than that of the Parent Index, as determined by Bloomberg and MSCI. 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The Index Provider also excludes entities","page_number":48,"box":{"x":490,"y":294,"width":458,"height":10}},{"id":"9d98647c-993e-4f06-8c71-b3d92ec44bd2","block_type":"box","text":"involved in very severe business controversies (in each case as determined by MSCI Solutions), and securities of entities","page_number":48,"box":{"x":83,"y":308,"width":848,"height":11}},{"id":"3343077e-35f8-4866-850d-7770ac9e543a","block_type":"box","text":"without an MSCI Solutions rating, and then follows the Index Provider’s optimization process.","page_number":48,"box":{"x":82,"y":322,"width":660,"height":11}},{"id":"87629d78-6391-4acd-87be-f6ac766faaf5","block_type":"box","text":"For each industry, MSCI Solutions identifies key ESG issues that can lead to substantial costs or opportunities for entities","page_number":48,"box":{"x":84,"y":344,"width":856,"height":11}},{"id":"8a031c04-b076-4133-a15d-85bc0218f5a3","block_type":"box","text":"(","page_number":48,"box":{"x":83,"y":358,"width":4,"height":10}},{"id":"ba4a7fd1-e01b-4458-801b-e788098981e4","block_type":"box","text":"e.g.","page_number":48,"box":{"x":88,"y":361,"width":22,"height":8}},{"id":"159dcbde-9f54-4e27-abb4-f6bd70dd7bfa","block_type":"box","text":", climate change, resource scarcity, demographic shifts). 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To score well on a key issue, MSCI Solutions assesses management practices,","page_number":48,"box":{"x":84,"y":401,"width":806,"height":11}},{"id":"d729ed91-289d-4dc2-9baa-746110cb34c0","block_type":"box","text":"management performance (through demonstrated track record and other quantitative performance indicators), governance","page_number":48,"box":{"x":84,"y":415,"width":877,"height":11}},{"id":"d72cf556-48e7-4889-ac25-7fbbfa5ebf1a","block_type":"box","text":"structures, and/or implications in controversies, which all may be taken as a proxy for overall management quality.","page_number":48,"box":{"x":83,"y":429,"width":808,"height":11}},{"id":"5eff107f-2f56-47b0-934f-2f884954f2ea","block_type":"box","text":"Controversies, including, among other things, issues involving anti-competitive practices, toxic emissions and waste, and","page_number":48,"box":{"x":83,"y":443,"width":856,"height":11}},{"id":"44871fbe-927c-4a28-9449-219cfe4dc86a","block_type":"box","text":"health and safety, occurring within the last three years lead to a deduction from the overall management score on each issue.","page_number":48,"box":{"x":84,"y":458,"width":883,"height":10}},{"id":"4f38f91a-7e0d-41dc-bfca-40883722b841","block_type":"box","text":"Using a sector-specific key issue weighting model, entities are rated and ranked in comparison to their industry peers. 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The securities in the Underlying Index are updated on the last business day of each month.","page_number":48,"box":{"x":84,"y":621,"width":769,"height":11}},{"id":"2795b2b1-3620-47d3-836a-ac8939aed62c","block_type":"box","text":"As of February 28, 2026, there were 7,563 issues in the Underlying Index. As of February 28, 2026, a significant portion of the","page_number":48,"box":{"x":86,"y":643,"width":885,"height":11}},{"id":"1ecf4c44-ddd2-4357-b0eb-e1f7734eec9b","block_type":"box","text":"Underlying Index was represented by MBS and U.S. Treasury securities. The components of the Underlying Index are likely to","page_number":48,"box":{"x":84,"y":657,"width":878,"height":11}},{"id":"abb35d2e-1a6a-4323-aeb6-b6d67429f561","block_type":"box","text":"change over time.","page_number":48,"box":{"x":83,"y":672,"width":125,"height":10}},{"id":"45129688-d571-4fee-ad7d-21ae6f2ff358","block_type":"box","text":"U.S. fixed-rate agency MBS are securities issued by entities such as the Government National Mortgage Association (“Ginnie","page_number":48,"box":{"x":84,"y":693,"width":879,"height":11}},{"id":"6e918bca-5c6a-45bf-9dff-23988d9169db","block_type":"box","text":"Mae”), the Federal National Mortgage Association (“Fannie Mae”), and the Federal Home Loan Mortgage Corporation","page_number":48,"box":{"x":84,"y":707,"width":828,"height":12}},{"id":"a7080da9-d325-4433-aa1b-2b86bc67de4e","block_type":"box","text":"(“Freddie Mac”) and are backed by pools of mortgages. U.S. fixed-rate agency MBS exposure does not receive any MSCI","page_number":48,"box":{"x":83,"y":722,"width":842,"height":11}},{"id":"cc77f844-e571-4ac3-9ae8-df74701d3d20","block_type":"box","text":"Solutions rating as the Index Provider believes that U.S. fixed-rate agency MBS exposure is neither additive nor decremental","page_number":48,"box":{"x":83,"y":736,"width":875,"height":11}},{"id":"2153d7a5-c80c-46a9-9f21-89ec5890cb4a","block_type":"box","text":"to the Underlying Index's ESG rating profile. As such, based on currently available data, the Index Provider believes U.S.","page_number":48,"box":{"x":82,"y":750,"width":840,"height":11}},{"id":"ab22093a-05b1-40ba-b025-4261ef560a5c","block_type":"box","text":"fixed-rate agency MBS exposure is ESG neutral and not inconsistent with an ESG focused exposure. 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The Fund, pending settlement of such contracts, will invest its assets in high-quality, liquid","page_number":48,"box":{"x":83,"y":807,"width":846,"height":11}},{"id":"d5aeacce-e221-4568-aaaf-bcd2dac49667","block_type":"box","text":"short-term instruments, including shares of money market funds advised by BFA or its affiliates. The Fund will assume its pro","page_number":48,"box":{"x":83,"y":821,"width":885,"height":11}},{"id":"59a73128-0286-4dbe-969e-135bc00939d0","block_type":"box","text":"rata share of the fees and expenses of any money market fund that it may invest in, in addition to the Fund’s own fees and","page_number":48,"box":{"x":84,"y":835,"width":857,"height":11}},{"id":"37d9962b-7044-492e-ab31-98c404782c08","block_type":"box","text":"expenses. The Fund may also acquire interests in mortgage pools through means other than such standardized contracts for","page_number":48,"box":{"x":83,"y":849,"width":884,"height":11}},{"id":"fdd7d9bf-d472-4c3d-aa08-930012d72b0f","block_type":"box","text":"future delivery.","page_number":48,"box":{"x":83,"y":864,"width":104,"height":10}},{"id":"e1592e94-f0fa-4c2e-a79b-5b91a4387b39","block_type":"box","text":"S-39","page_number":48,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"b5adcbbf-a4c9-4c85-b35e-6b0e40ad2375","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it","page_number":49,"box":{"x":84,"y":23,"width":877,"height":11}},{"id":"05f316ee-df0a-4a56-ae71-2506ed121ebb","block_type":"box","text":"tracks and does not seek temporary defensive positions when markets decline or appear overvalued.","page_number":49,"box":{"x":82,"y":37,"width":709,"height":11}},{"id":"1bc675e3-7e35-4e25-a113-568c9126e192","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce","page_number":49,"box":{"x":84,"y":61,"width":853,"height":10}},{"id":"31bdd48f-8ea7-4965-9b36-0ba54afac773","block_type":"box","text":"some of the risks of active management, such as poor security selection.","page_number":49,"box":{"x":83,"y":75,"width":511,"height":11}},{"id":"1994ac25-05b8-4796-a10d-36f31cb3c80c","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy","page_number":49,"box":{"x":84,"y":98,"width":887,"height":11}},{"id":"edbcdfb7-abc0-4048-91dd-c4dc1019a967","block_type":"box","text":"that involves investing in a representative sample of securities or other instruments that collectively has an investment profile","page_number":49,"box":{"x":82,"y":112,"width":890,"height":11}},{"id":"eaaf5eb8-7d89-4d80-9725-306842e84e86","block_type":"box","text":"similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment","page_number":49,"box":{"x":83,"y":126,"width":886,"height":11}},{"id":"b67e7d35-ba4e-48aa-83d6-c3781effea11","block_type":"box","text":"characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return","page_number":49,"box":{"x":83,"y":140,"width":885,"height":11}},{"id":"8f7925c1-c519-49e6-bfe3-875db5dc68ed","block_type":"box","text":"variability, duration (","page_number":49,"box":{"x":82,"y":155,"width":146,"height":10}},{"id":"a1bd597d-61da-44e2-bd2a-b55135557640","block_type":"box","text":"i.e.","page_number":49,"box":{"x":229,"y":155,"width":17,"height":8}},{"id":"dca8b2a0-1a59-433e-89db-1948dbb4de27","block_type":"box","text":", an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield)","page_number":49,"box":{"x":248,"y":155,"width":697,"height":10}},{"id":"b805c2ea-8eeb-4f2e-95e8-a197f15043d3","block_type":"box","text":"and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the","page_number":49,"box":{"x":83,"y":169,"width":802,"height":11}},{"id":"3d564d75-f0c0-4fa5-b43f-095536d7dce4","block_type":"box","text":"components of the Underlying Index.","page_number":49,"box":{"x":83,"y":183,"width":261,"height":11}},{"id":"17499baa-660d-44aa-b933-61c67a230225","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and in investments that","page_number":49,"box":{"x":82,"y":206,"width":866,"height":11}},{"id":"c1678c4d-f5cf-4cbf-9ed4-86a522c2201e","block_type":"box","text":"have economic characteristics that are substantially identical to the component securities of the Underlying Index (","page_number":49,"box":{"x":84,"y":220,"width":815,"height":11}},{"id":"70696893-6e3a-4a54-a3ce-3b068a05ec8e","block_type":"box","text":"i.e.","page_number":49,"box":{"x":900,"y":221,"width":17,"height":8}},{"id":"631ad82d-65eb-443d-98de-0e962d822595","block_type":"box","text":", TBAs),","page_number":49,"box":{"x":919,"y":220,"width":51,"height":10}},{"id":"6614bf93-2f92-4513-98b1-5b8796091cf3","block_type":"box","text":"and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that","page_number":49,"box":{"x":83,"y":235,"width":887,"height":10}},{"id":"fdd5ee3e-4d96-4b27-9358-0c394bd131ce","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures,","page_number":49,"box":{"x":84,"y":249,"width":857,"height":11}},{"id":"632cede4-7df9-4dad-9022-7602a17e62d0","block_type":"box","text":"options, and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income","page_number":49,"box":{"x":83,"y":263,"width":836,"height":11}},{"id":"13f64ecd-c2c2-4143-98c8-67ca8a519225","block_type":"box","text":"securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the","page_number":49,"box":{"x":83,"y":277,"width":816,"height":11}},{"id":"083c7293-10e9-4c01-97f1-94f0870940b5","block_type":"box","text":"Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that","page_number":49,"box":{"x":84,"y":291,"width":871,"height":11}},{"id":"3b7b3cda-9d52-4425-ae5b-fd5535c7390e","block_type":"box","text":"position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to","page_number":49,"box":{"x":84,"y":305,"width":867,"height":11}},{"id":"7882f567-0ec7-4d7a-9382-7e4776e3093a","block_type":"box","text":"track the investment results of the Underlying Index before fees and expenses of the Fund.","page_number":49,"box":{"x":82,"y":320,"width":640,"height":10}},{"id":"b167868e-492b-453a-997a-b4f9384ae78f","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":49,"box":{"x":82,"y":343,"width":873,"height":11}},{"id":"b62ecf87-2fb6-463f-afbc-5a7c455c26b3","block_type":"box","text":"collateral received).","page_number":49,"box":{"x":83,"y":357,"width":136,"height":9}},{"id":"a99517ed-dc16-4006-bc82-5ebf165e5f3f","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, MSCI Solutions or their affiliates, which are independent of the Fund and","page_number":49,"box":{"x":82,"y":380,"width":871,"height":11}},{"id":"aaff0603-3e8c-43ea-a48d-0dbbcb117bc1","block_type":"box","text":"BFA, pursuant to an agreement between MSCI Solutions and Bloomberg Index Services Limited (a subsidiary of Bloomberg)","page_number":49,"box":{"x":84,"y":394,"width":876,"height":11}},{"id":"a0299b9a-f697-4da8-aa79-0ed03d0ddc3c","block_type":"box","text":"or an affiliate. The Index Provider determines the composition and relative weightings of the components of the Underlying","page_number":49,"box":{"x":83,"y":409,"width":868,"height":10}},{"id":"b233f931-9d13-462f-8ed6-c23e29dde118","block_type":"box","text":"Index and publishes information regarding the market value of the Underlying Index.","page_number":49,"box":{"x":84,"y":423,"width":598,"height":11}},{"id":"f6248864-35a4-4ccf-bfce-194fc0c6f9c7","block_type":"box","text":"Industry Concentration Policy.","page_number":49,"box":{"x":84,"y":446,"width":223,"height":11}},{"id":"963c5725-38a9-4705-befd-50d5e230e601","block_type":"box","text":"The Fund will concentrate its investments (","page_number":49,"box":{"x":312,"y":446,"width":304,"height":9}},{"id":"d1b8c0bb-7b13-4d14-a34c-3bd42eb0a2a6","block_type":"box","text":"i.e.","page_number":49,"box":{"x":617,"y":446,"width":17,"height":8}},{"id":"dfa35fb8-e2cc-4ae1-8dbc-cc24b6b669ec","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":49,"box":{"x":636,"y":446,"width":292,"height":10}},{"id":"a1782065-7506-4b0c-8867-9bd26012abb8","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":49,"box":{"x":84,"y":460,"width":858,"height":11}},{"id":"94f09ea1-d06b-4c21-9211-0434c9cf4a55","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase","page_number":49,"box":{"x":84,"y":474,"width":840,"height":11}},{"id":"befbe017-1c25-4869-b976-05a5504ec281","block_type":"box","text":"agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political","page_number":49,"box":{"x":83,"y":489,"width":879,"height":10}},{"id":"8be293e4-b882-4aca-b3a8-caf321b499ef","block_type":"box","text":"subdivisions are not considered to be issued by members of any industry.","page_number":49,"box":{"x":83,"y":503,"width":517,"height":11}},{"id":"93113cee-0397-4f87-9a01-8b9d3d68fb28","block_type":"box","text":"Summary of Principal Risks","page_number":49,"box":{"x":83,"y":532,"width":248,"height":13}},{"id":"892860e4-dee6-49d6-b8a7-472cf2cd4763","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":49,"box":{"x":82,"y":557,"width":882,"height":11}},{"id":"18eeea3b-1e3e-4207-a476-80671858ad9b","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below any of which may","page_number":49,"box":{"x":83,"y":571,"width":822,"height":11}},{"id":"15e259e1-6f87-40de-ab39-d06acc286b8b","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":49,"box":{"x":83,"y":585,"width":807,"height":11}},{"id":"6b061696-9a77-4db2-96cf-c9ccb5769b44","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":49,"box":{"x":83,"y":599,"width":844,"height":11}},{"id":"35c67870-f862-4991-ac04-a81053705e0c","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":49,"box":{"x":83,"y":614,"width":814,"height":10}},{"id":"b323218a-3b9d-4bce-a450-e6b1158473b6","block_type":"box","text":"Risk of Investing in the U.S.","page_number":49,"box":{"x":84,"y":637,"width":200,"height":11}},{"id":"e9f9d80f-3548-4988-aabe-ab20a171c13e","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":49,"box":{"x":289,"y":637,"width":664,"height":11}},{"id":"5a6bdf77-f03b-43ea-9530-8c2c4006a4d3","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":49,"box":{"x":83,"y":651,"width":878,"height":11}},{"id":"40f17ba5-5327-4a2e-a995-549db09da473","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":49,"box":{"x":83,"y":665,"width":470,"height":11}},{"id":"99d48d5c-b887-44ae-964d-8099973c0579","block_type":"box","text":"Interest Rate Risk.","page_number":49,"box":{"x":84,"y":688,"width":134,"height":9}},{"id":"c2557029-eeb3-49ed-b9e5-79e8f4c0bdef","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":49,"box":{"x":223,"y":688,"width":743,"height":11}},{"id":"4d78ae40-4f53-43ec-be1e-fc5748d266a6","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":49,"box":{"x":82,"y":703,"width":880,"height":10}},{"id":"54c313ab-3ca9-4eb1-b504-d975a6bed958","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":49,"box":{"x":83,"y":717,"width":882,"height":11}},{"id":"2fb92898-66cf-4290-961f-c547fd1fbbf6","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":49,"box":{"x":83,"y":731,"width":845,"height":11}},{"id":"9d40bd24-e8aa-4dc6-8770-8492ce73e248","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":49,"box":{"x":83,"y":745,"width":870,"height":11}},{"id":"c27c94c0-86fe-4f97-84d1-29beb284415a","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":49,"box":{"x":82,"y":759,"width":873,"height":11}},{"id":"6d9a0c8a-1cd1-474d-9d1a-af1a144e5f74","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":49,"box":{"x":83,"y":773,"width":866,"height":11}},{"id":"eb51a44b-6a95-4184-8d29-fb85a134942f","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":49,"box":{"x":84,"y":788,"width":759,"height":10}},{"id":"feb83cf4-c322-4051-9816-bc1ce2c64ead","block_type":"box","text":"Credit Risk.","page_number":49,"box":{"x":83,"y":811,"width":84,"height":8}},{"id":"fdb1ad42-bf5c-47f1-8740-51454e563832","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":49,"box":{"x":172,"y":811,"width":777,"height":11}},{"id":"1ddf925c-c81a-4e4d-a902-7f3646c8f22a","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":49,"box":{"x":83,"y":825,"width":891,"height":11}},{"id":"6ec940cf-980f-471f-ba0d-b8998ee04282","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":49,"box":{"x":83,"y":839,"width":869,"height":11}},{"id":"e0816054-c612-4d63-89f8-3ec4233d5ee5","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":49,"box":{"x":83,"y":853,"width":890,"height":11}},{"id":"6e3ee048-4d92-459a-9720-6960a071ca1f","block_type":"box","text":"S-40","page_number":49,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"59dbd1be-996d-4342-9643-dbbc41b89ea2","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":50,"box":{"x":83,"y":23,"width":851,"height":11}},{"id":"0ac50d23-064b-4b61-8245-e208f957d09a","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":50,"box":{"x":83,"y":37,"width":809,"height":11}},{"id":"d276fa83-31ce-4d71-8dda-ece8ab0ff0c6","block_type":"box","text":"ESG Risk.","page_number":50,"box":{"x":84,"y":60,"width":68,"height":9}},{"id":"546c9d8c-b031-403f-a83a-0db5b86faa99","block_type":"box","text":"To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the","page_number":50,"box":{"x":156,"y":61,"width":810,"height":10}},{"id":"b0e049b9-d59e-41cd-aa40-89ebfa824d95","block_type":"box","text":"types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds","page_number":50,"box":{"x":82,"y":75,"width":888,"height":11}},{"id":"151402fe-3268-42ac-815a-bb7ba07d7c9e","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing","page_number":50,"box":{"x":82,"y":89,"width":886,"height":11}},{"id":"d1096fe2-8cde-4356-bafd-384675c73e53","block_type":"box","text":"in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform","page_number":50,"box":{"x":83,"y":103,"width":851,"height":11}},{"id":"a2d6c097-9249-4dc1-bfe1-a2e24c9540e6","block_type":"box","text":"other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s","page_number":50,"box":{"x":83,"y":117,"width":842,"height":11}},{"id":"1394a5bb-777b-4431-bce9-b085a8310da9","block_type":"box","text":"overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level","page_number":50,"box":{"x":83,"y":131,"width":858,"height":11}},{"id":"dbcfb3f7-7797-4490-be19-806726297b3a","block_type":"box","text":"ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or","page_number":50,"box":{"x":84,"y":146,"width":863,"height":10}},{"id":"1bf5ac89-e783-41a3-bef1-fc784dbbe1c1","block_type":"box","text":"rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless","page_number":50,"box":{"x":84,"y":160,"width":856,"height":11}},{"id":"1a18ab17-b9d8-4700-8940-678d674bc3f5","block_type":"box","text":"remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain","page_number":50,"box":{"x":84,"y":174,"width":844,"height":11}},{"id":"bf22fea8-cb30-4bbf-be4e-fc7e81f4197c","block_type":"box","text":"securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or","page_number":50,"box":{"x":83,"y":188,"width":809,"height":11}},{"id":"6ccfcc1c-421b-450b-b669-9d9ce9ef4ec6","block_type":"box","text":"constraints at all times.","page_number":50,"box":{"x":83,"y":203,"width":164,"height":8}},{"id":"b9f01b80-ee83-4b61-84ff-e25fb33dce88","block_type":"box","text":"Market Risk.","page_number":50,"box":{"x":84,"y":225,"width":90,"height":9}},{"id":"7d2458f0-efd7-4516-b59a-c8aaea3ce9fd","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":50,"box":{"x":179,"y":226,"width":767,"height":10}},{"id":"4597646c-b2d9-49c1-9c7b-9c7c00d135b4","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":50,"box":{"x":83,"y":240,"width":882,"height":11}},{"id":"96f4426d-30aa-4c9f-86c2-a387fa580753","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":50,"box":{"x":84,"y":254,"width":857,"height":11}},{"id":"09f39139-0a0f-4ed1-bfaf-8eea8a39592d","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":50,"box":{"x":83,"y":268,"width":875,"height":11}},{"id":"d19d9804-766f-404b-abc8-81733739964e","block_type":"box","text":"Fund’s NAV.","page_number":50,"box":{"x":84,"y":282,"width":81,"height":9}},{"id":"1493c18c-88fe-427a-890d-7fda8d5250f5","block_type":"box","text":"Index-Related Risk.","page_number":50,"box":{"x":84,"y":305,"width":143,"height":9}},{"id":"51c2069b-e71a-4e41-8273-55d53c7beb09","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":50,"box":{"x":231,"y":305,"width":742,"height":11}},{"id":"1f4f9d2b-6d6a-49ac-b7a2-ae907629ea62","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":50,"box":{"x":84,"y":320,"width":855,"height":10}},{"id":"372354fb-8391-43e6-98e2-428f5f916051","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":50,"box":{"x":83,"y":334,"width":852,"height":11}},{"id":"11a5afcf-f2ad-4435-9c89-9ae0d42c2c74","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":50,"box":{"x":83,"y":348,"width":877,"height":11}},{"id":"268b8c72-b84f-4c85-85db-5cf1b2887868","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":50,"box":{"x":82,"y":362,"width":849,"height":11}},{"id":"87b099bb-ca0e-45fb-938c-6cd24714cd43","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":50,"box":{"x":83,"y":376,"width":849,"height":11}},{"id":"c4b3b3f2-ad9b-4fad-9893-6211b51cb52f","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":50,"box":{"x":84,"y":390,"width":890,"height":11}},{"id":"167cc6f4-6ca8-4433-9262-90482e687301","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":50,"box":{"x":84,"y":405,"width":852,"height":11}},{"id":"d10921cd-408a-48e6-ad47-7af5190911a6","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":50,"box":{"x":83,"y":419,"width":539,"height":11}},{"id":"e4117d59-7b50-4b8d-8529-63c0fbe33960","block_type":"box","text":"Asset Class Risk.","page_number":50,"box":{"x":82,"y":442,"width":123,"height":9}},{"id":"2c6ff9c3-1523-4aca-9d60-f5c4ab34f904","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":50,"box":{"x":209,"y":442,"width":721,"height":11}},{"id":"5f11db2f-b7f8-465e-87c3-ff22fb3edd71","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":50,"box":{"x":83,"y":456,"width":774,"height":11}},{"id":"adcda96f-7257-487a-a0bf-f4d83f5fef51","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":50,"box":{"x":82,"y":479,"width":318,"height":11}},{"id":"deb3331e-eed7-4006-b2aa-37421398570c","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":50,"box":{"x":405,"y":479,"width":531,"height":11}},{"id":"9fcc6b7c-958c-435b-868a-27ca70d9dc40","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":50,"box":{"x":84,"y":494,"width":809,"height":11}},{"id":"28cd872e-a7d0-4504-be3e-d5818bc5af1f","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":50,"box":{"x":82,"y":508,"width":816,"height":11}},{"id":"b43eefe9-55c2-4393-8af6-8957db5f25ee","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":50,"box":{"x":82,"y":522,"width":885,"height":11}},{"id":"5eaee09d-c0c3-4b97-9a76-2b7da075f3f4","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":50,"box":{"x":83,"y":536,"width":871,"height":11}},{"id":"8a53f1f2-0be6-4271-a3d8-80e42e625f4b","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":50,"box":{"x":84,"y":551,"width":845,"height":10}},{"id":"ed51eb56-6f09-43f2-9144-a453b68124e1","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":50,"box":{"x":82,"y":565,"width":882,"height":10}},{"id":"a68996a9-5cf1-4db3-9d1c-5961aa528456","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":50,"box":{"x":84,"y":579,"width":853,"height":11}},{"id":"d0b30976-f8ee-4f34-b388-0998044105e6","block_type":"box","text":"halts or delisting.","page_number":50,"box":{"x":84,"y":593,"width":120,"height":11}},{"id":"004df532-2f6c-4a14-b5d8-e1661d3a30bf","block_type":"box","text":"Call Risk.","page_number":50,"box":{"x":83,"y":616,"width":66,"height":9}},{"id":"655e06fe-07f3-4be6-a16c-34735826c47e","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may “call” or repay","page_number":50,"box":{"x":155,"y":616,"width":799,"height":11}},{"id":"168ef735-ee57-40a0-a80a-f26b1d81cfa0","block_type":"box","text":"the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower","page_number":50,"box":{"x":82,"y":630,"width":848,"height":11}},{"id":"5de64ebc-1f9f-4093-96f4-1b2d65fe0697","block_type":"box","text":"yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable","page_number":50,"box":{"x":82,"y":645,"width":867,"height":10}},{"id":"5013fcfa-3653-416d-9f0f-a38996e847cc","block_type":"box","text":"features.","page_number":50,"box":{"x":83,"y":659,"width":61,"height":8}},{"id":"9e965d22-df50-4cc8-8681-4bd8d81693c1","block_type":"box","text":"Concentration Risk.","page_number":50,"box":{"x":83,"y":682,"width":145,"height":8}},{"id":"5629ced4-3627-4127-b352-0093552590de","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":50,"box":{"x":232,"y":682,"width":712,"height":11}},{"id":"cef50cb7-644e-4e45-971c-1d5571f7970f","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":50,"box":{"x":83,"y":696,"width":884,"height":10}},{"id":"be76ccd4-5f81-4a1f-896c-9d54cdc0d691","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":50,"box":{"x":82,"y":710,"width":887,"height":11}},{"id":"862abb44-4587-4dce-9457-085af2e5daac","block_type":"box","text":"asset classes.","page_number":50,"box":{"x":83,"y":725,"width":95,"height":8}},{"id":"0c6972c9-0b1e-4eec-a675-cebc8810d8d6","block_type":"box","text":"Extension Risk.","page_number":50,"box":{"x":84,"y":748,"width":111,"height":8}},{"id":"f70cc63e-8f39-41f2-b244-c26811cdc5dd","block_type":"box","text":"During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly","page_number":50,"box":{"x":201,"y":748,"width":737,"height":10}},{"id":"ffe105dd-25cb-434b-8f7c-aff6e6fd10f0","block_type":"box","text":"than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income","page_number":50,"box":{"x":82,"y":762,"width":890,"height":11}},{"id":"db1b42de-61d0-40f3-bb1d-e9d2a93dda9a","block_type":"box","text":"and potentially in the value of the Fund’s investments.","page_number":50,"box":{"x":83,"y":776,"width":381,"height":11}},{"id":"25910671-7911-4c7e-9cf3-fe486378312c","block_type":"box","text":"Income Risk.","page_number":50,"box":{"x":84,"y":799,"width":92,"height":9}},{"id":"f25261b6-9b08-48fc-af6b-208c98c01ef6","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":50,"box":{"x":181,"y":799,"width":770,"height":11}},{"id":"c8406518-c7f7-41a3-bacb-ac05d95385d8","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":50,"box":{"x":84,"y":813,"width":881,"height":11}},{"id":"b75ec1a8-4130-4fdf-9187-cde14e53a2cb","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":50,"box":{"x":84,"y":828,"width":841,"height":10}},{"id":"9e6d4275-315d-4ba6-934c-01d9bd158003","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":50,"box":{"x":84,"y":842,"width":876,"height":11}},{"id":"1ed7abfd-f753-469d-bd43-4265cbe3600a","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":50,"box":{"x":83,"y":856,"width":579,"height":11}},{"id":"752535c5-596b-4a43-a6db-5633be5d241c","block_type":"box","text":"S-41","page_number":50,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"76a13f14-9977-48ca-aa36-999ae2f9c45d","block_type":"box","text":"Issuer Risk.","page_number":51,"box":{"x":84,"y":23,"width":82,"height":9}},{"id":"7c2c375c-4437-4e3d-bad2-c006edfec687","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":51,"box":{"x":170,"y":23,"width":780,"height":11}},{"id":"0f2d7008-ed5a-4d95-a47d-8b4595f71e79","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":51,"box":{"x":84,"y":37,"width":885,"height":11}},{"id":"3b45b6f4-1f80-4906-8e54-dfd39ef5ebdf","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":51,"box":{"x":82,"y":52,"width":577,"height":10}},{"id":"298393bb-a288-48ec-919d-19b4e3d02988","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":51,"box":{"x":84,"y":75,"width":394,"height":11}},{"id":"14d3ce62-40fe-4565-9776-534eff970fae","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":51,"box":{"x":484,"y":75,"width":410,"height":11}},{"id":"ae41fba7-839c-43eb-828f-b9b0865cd770","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":51,"box":{"x":84,"y":89,"width":882,"height":11}},{"id":"0b19b3eb-5ba4-4027-9b59-9090e8e1f053","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":51,"box":{"x":83,"y":103,"width":884,"height":11}},{"id":"dd5159b8-75e6-4e44-9ebd-e0690d297fca","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":51,"box":{"x":84,"y":117,"width":872,"height":11}},{"id":"a04e1fb7-f1f5-47e0-a62e-23c35d71df71","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":51,"box":{"x":83,"y":131,"width":813,"height":11}},{"id":"c6e2da27-4dd7-46d1-a455-e666b9eeb83c","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":51,"box":{"x":84,"y":146,"width":889,"height":10}},{"id":"ddc0df9e-8e83-45a9-b7e1-4908c2b4dab6","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":51,"box":{"x":82,"y":160,"width":891,"height":10}},{"id":"e53833b8-445c-4b7f-afc1-8ea28a79b989","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":51,"box":{"x":84,"y":174,"width":836,"height":11}},{"id":"051a71f4-83bb-47fa-875d-0a38c7cc3747","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":51,"box":{"x":84,"y":188,"width":810,"height":11}},{"id":"20abc458-d5ac-4a48-abe8-275a6767c52c","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":51,"box":{"x":83,"y":202,"width":861,"height":11}},{"id":"500d4bfa-dcbd-4966-8774-c76f1324dcf3","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":51,"box":{"x":84,"y":216,"width":874,"height":11}},{"id":"2db9b701-b320-4826-a34c-35229e0a5398","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":51,"box":{"x":82,"y":231,"width":654,"height":11}},{"id":"b330aa89-a839-4abf-a6c7-94c683760b0c","block_type":"box","text":"Management Risk.","page_number":51,"box":{"x":84,"y":254,"width":136,"height":11}},{"id":"83d25bae-8bc4-433c-b206-06eebcb569e7","block_type":"box","text":"The Fund generally does not attempt to take defensive positions under any market conditions, including","page_number":51,"box":{"x":225,"y":254,"width":735,"height":11}},{"id":"6a295162-72ac-482b-a4ea-7936db5580fb","block_type":"box","text":"declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not","page_number":51,"box":{"x":83,"y":268,"width":833,"height":11}},{"id":"d80e34eb-4b51-4f30-a5ce-750d7ab1b5e7","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended","page_number":51,"box":{"x":83,"y":282,"width":864,"height":11}},{"id":"ed340789-2983-42ec-a2c6-7ab4e873ede7","block_type":"box","text":"results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the","page_number":51,"box":{"x":84,"y":296,"width":824,"height":11}},{"id":"7c80e023-dd5f-4fd1-b6dd-66a8784af341","block_type":"box","text":"Underlying Index or that the Fund will achieve its investment objective.","page_number":51,"box":{"x":84,"y":311,"width":498,"height":10}},{"id":"b1592d6d-ddd3-46e3-8074-3c866a15092e","block_type":"box","text":"Market Trading Risk.","page_number":51,"box":{"x":84,"y":334,"width":151,"height":11}},{"id":"722ed22d-70da-4268-b37c-863b37e4afb8","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":51,"box":{"x":239,"y":334,"width":695,"height":11}},{"id":"43e8d9f4-bf94-4188-9a21-393721f7bbd3","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":51,"box":{"x":84,"y":348,"width":841,"height":11}},{"id":"aef53f1a-0096-40c9-9b93-ab5a218480dd","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":51,"box":{"x":83,"y":362,"width":887,"height":11}},{"id":"a31c22ca-70dd-4d3e-846a-8d166aa91f1b","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":51,"box":{"x":83,"y":376,"width":839,"height":11}},{"id":"998e446f-5e2d-49a0-bfea-e31f50a411b2","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":51,"box":{"x":84,"y":391,"width":865,"height":10}},{"id":"8fee5b9c-96e2-4bc6-b8d1-8ae6573c7af8","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":51,"box":{"x":82,"y":405,"width":885,"height":11}},{"id":"91813c45-3cdd-4e45-aa22-c718331a194d","block_type":"box","text":"of the Fund shares.","page_number":51,"box":{"x":83,"y":419,"width":135,"height":8}},{"id":"fa712eb9-40a9-4339-9c05-2e7dc90a5367","block_type":"box","text":"Operational and Technology Risks.","page_number":51,"box":{"x":83,"y":442,"width":255,"height":11}},{"id":"3dff0c1b-8733-48cf-966b-6147f9765e4a","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":51,"box":{"x":342,"y":442,"width":582,"height":11}},{"id":"d579d78b-30cc-451e-9bdb-2157de26cd83","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":51,"box":{"x":83,"y":456,"width":876,"height":11}},{"id":"292c4b76-427c-4c56-a956-4321c651d28b","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":51,"box":{"x":83,"y":470,"width":879,"height":11}},{"id":"a2fefdb3-eb64-43c3-82f4-d558841941a6","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":51,"box":{"x":83,"y":485,"width":825,"height":10}},{"id":"41a5009f-7907-4b20-bf13-6aab495b2272","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":51,"box":{"x":83,"y":499,"width":863,"height":11}},{"id":"f7fcb369-0d80-48e5-be17-60691642c4af","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":51,"box":{"x":83,"y":513,"width":872,"height":11}},{"id":"2fe380e6-0191-45be-89f8-6a7698ba88de","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":51,"box":{"x":84,"y":527,"width":823,"height":11}},{"id":"dc15328d-be76-4868-ad78-cfe0b156cf2e","block_type":"box","text":"Prepayment Risk.","page_number":51,"box":{"x":84,"y":550,"width":128,"height":11}},{"id":"2f4e700c-2da3-4473-959a-9bac4694b0fc","block_type":"box","text":"During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the","page_number":51,"box":{"x":218,"y":550,"width":742,"height":11}},{"id":"f7242f45-8b35-45dd-9fde-968348b12a13","block_type":"box","text":"debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of","page_number":51,"box":{"x":83,"y":565,"width":867,"height":10}},{"id":"c643fff6-ae89-4323-9df0-782f5095c812","block_type":"box","text":"default, resulting in a decline in the Fund’s income or return potential.","page_number":51,"box":{"x":83,"y":579,"width":493,"height":11}},{"id":"66e3e9c1-8d82-4ac7-b386-74648da30ba5","block_type":"box","text":"Risk of Investing in China.","page_number":51,"box":{"x":84,"y":602,"width":190,"height":11}},{"id":"aaae4d1c-4b7a-4d7d-8bb4-28773a7549ba","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":51,"box":{"x":280,"y":602,"width":679,"height":11}},{"id":"095c918e-12fd-4de2-9fce-7521646aa3f0","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":51,"box":{"x":83,"y":616,"width":819,"height":11}},{"id":"8b94b657-ebe3-4e80-9b8f-1433153b267f","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":51,"box":{"x":83,"y":630,"width":866,"height":11}},{"id":"016f7fc5-c5da-4bb5-bf6d-74c6eca503c7","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":51,"box":{"x":83,"y":645,"width":866,"height":10}},{"id":"93b2d3f6-2b04-45da-a923-e5cdbf51a624","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":51,"box":{"x":82,"y":659,"width":842,"height":11}},{"id":"8ff3e9c5-36c7-422e-90a4-6b24d13e12c2","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":51,"box":{"x":83,"y":673,"width":864,"height":11}},{"id":"aac08b71-36b7-43ea-9a26-63fce738c6c6","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":51,"box":{"x":82,"y":687,"width":861,"height":11}},{"id":"a7b4e53f-1fac-456e-953d-d1a186376e0c","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":51,"box":{"x":83,"y":701,"width":869,"height":11}},{"id":"3c4dca15-c1c8-471f-a36e-56f828e19dce","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":51,"box":{"x":83,"y":715,"width":784,"height":11}},{"id":"08c258e3-5061-45cd-9713-cbd6b2cffcbb","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":51,"box":{"x":83,"y":739,"width":887,"height":10}},{"id":"938995c7-810c-4257-84e8-267173e1a665","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":51,"box":{"x":82,"y":753,"width":834,"height":11}},{"id":"a9a377d6-fb5b-4aa9-950f-d72e25fd3893","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":51,"box":{"x":82,"y":767,"width":845,"height":11}},{"id":"92033f20-a16f-4338-a7d8-5a74023cfe0e","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":51,"box":{"x":83,"y":781,"width":876,"height":11}},{"id":"b86e195c-5f0f-448a-8a26-3d79bb01f233","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":51,"box":{"x":83,"y":795,"width":834,"height":11}},{"id":"6381a94d-e3be-4eab-b0e2-ce75128493a1","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":51,"box":{"x":83,"y":809,"width":421,"height":11}},{"id":"f354c292-c5a3-4424-aafd-28fe3acfd3a1","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":51,"box":{"x":82,"y":833,"width":849,"height":11}},{"id":"5ef10b71-14a2-4145-8a77-3f721c7d82ef","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":51,"box":{"x":83,"y":847,"width":886,"height":11}},{"id":"ba661ff5-dfd4-4ef0-bf09-e07c4a281c45","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":51,"box":{"x":83,"y":861,"width":878,"height":11}},{"id":"daa6f328-6b0d-4630-a3c7-1475b6b1fdfd","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":51,"box":{"x":83,"y":875,"width":874,"height":11}},{"id":"b8922bb0-a015-447a-a134-9ec646570e70","block_type":"box","text":"S-42","page_number":51,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"aa5a1ccc-0e56-4c26-9f7d-84d522e992e4","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":52,"box":{"x":83,"y":23,"width":878,"height":11}},{"id":"2162a225-2217-4b1b-ac6f-8a24092e46b9","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":52,"box":{"x":83,"y":37,"width":807,"height":11}},{"id":"034d4c25-8209-48c4-9bd0-0967c371b643","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":52,"box":{"x":84,"y":52,"width":889,"height":10}},{"id":"b89a2ad2-4261-45b4-b164-f8ef8f227b03","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":52,"box":{"x":82,"y":66,"width":471,"height":11}},{"id":"b8202ef4-7072-469a-8fb3-f2562c059083","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":52,"box":{"x":83,"y":89,"width":883,"height":11}},{"id":"81b70e53-4f48-44e6-846e-57a9c9fdd1a4","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":52,"box":{"x":83,"y":103,"width":850,"height":11}},{"id":"b1acb39f-ae0e-4438-9b4c-b7fdae21fb08","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":52,"box":{"x":83,"y":117,"width":862,"height":11}},{"id":"2e04b31e-af29-425e-b3a1-3f17bf332d24","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":52,"box":{"x":84,"y":131,"width":849,"height":11}},{"id":"5a84cf2f-e94c-4e27-b172-1af22424dbf5","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":52,"box":{"x":83,"y":146,"width":883,"height":10}},{"id":"dcd0a70d-56f8-4611-bec4-69ed088720f4","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":52,"box":{"x":82,"y":160,"width":861,"height":11}},{"id":"47896a7e-aa56-4681-bd67-a3f36e02b38c","block_type":"box","text":"have limited legal remedies.","page_number":52,"box":{"x":84,"y":174,"width":195,"height":11}},{"id":"84378049-c086-437a-9326-de7cd1c70505","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":52,"box":{"x":84,"y":197,"width":844,"height":11}},{"id":"c393fade-bda1-44bd-bf3b-91603bfbb024","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":52,"box":{"x":83,"y":211,"width":835,"height":11}},{"id":"bf705676-86d0-4723-99df-4077dcc45a1b","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":52,"box":{"x":83,"y":226,"width":852,"height":10}},{"id":"4ab2dec1-13bb-4f2f-aaa6-ca5a2e2ffa48","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":52,"box":{"x":82,"y":240,"width":779,"height":10}},{"id":"02cdca52-9599-4d95-bca1-ebe85d36828f","block_type":"box","text":"considerations.","page_number":52,"box":{"x":83,"y":254,"width":108,"height":8}},{"id":"b953e089-94d0-4b1a-a3b5-bf76a60f03ba","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":52,"box":{"x":84,"y":277,"width":315,"height":11}},{"id":"6d96001b-670f-4b27-b25c-4d84b5e26a0b","block_type":"box","text":". The Fund invests directly in the domestic bond market in the People’s Republic","page_number":52,"box":{"x":400,"y":277,"width":564,"height":11}},{"id":"6aec89aa-80c2-46f4-895b-5e7e15095d3c","block_type":"box","text":"of China (“China” or the “PRC”) (the “China Interbank Bond Market”) through the Bond Connect trading channel. All bonds","page_number":52,"box":{"x":83,"y":291,"width":863,"height":11}},{"id":"cd4534b0-e297-41cf-acdf-6234761d7270","block_type":"box","text":"traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (“CMU”), which holds such","page_number":52,"box":{"x":82,"y":305,"width":885,"height":11}},{"id":"5348d9d3-a35e-49ce-8f6b-4fc41d47213f","block_type":"box","text":"bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China","page_number":52,"box":{"x":84,"y":320,"width":860,"height":10}},{"id":"e77e56ca-14c4-4ff9-b750-650bc30d900b","block_type":"box","text":"Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of","page_number":52,"box":{"x":84,"y":334,"width":867,"height":11}},{"id":"572a4fc6-279f-409f-883b-ea9a98192429","block_type":"box","text":"the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.","page_number":52,"box":{"x":82,"y":348,"width":745,"height":11}},{"id":"77a8442e-1ed7-4d55-84cf-8d176be6b70a","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market","page_number":52,"box":{"x":84,"y":371,"width":888,"height":11}},{"id":"08a77fe0-31fa-4d74-bf4c-ddd0f3bc0cc2","block_type":"box","text":"may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may","page_number":52,"box":{"x":84,"y":385,"width":884,"height":11}},{"id":"f280f384-e4b4-4570-a39e-d80704ce5d49","block_type":"box","text":"not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations","page_number":52,"box":{"x":84,"y":400,"width":863,"height":10}},{"id":"1f89168f-3102-4d43-8fd4-af1c182885f7","block_type":"box","text":"that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially","page_number":52,"box":{"x":82,"y":414,"width":853,"height":11}},{"id":"1a584bf5-4276-4f19-8a47-cbfaddd5cb21","block_type":"box","text":"altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions","page_number":52,"box":{"x":83,"y":428,"width":846,"height":11}},{"id":"c70351ef-33d9-4ead-98a9-098a4e23c15e","block_type":"box","text":"under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or","page_number":52,"box":{"x":83,"y":442,"width":846,"height":11}},{"id":"3998664f-6979-4ab0-8883-63877527f391","block_type":"box","text":"indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund","page_number":52,"box":{"x":83,"y":456,"width":886,"height":11}},{"id":"21a6b072-788a-40d3-991b-4b86f4e0afd6","block_type":"box","text":"to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China","page_number":52,"box":{"x":82,"y":470,"width":832,"height":11}},{"id":"cd178bad-dcad-4a3d-927c-f5f038357e98","block_type":"box","text":"Interbank Bond Market.","page_number":52,"box":{"x":84,"y":485,"width":165,"height":8}},{"id":"96e716e2-1803-49e2-86f0-af75676d64ca","block_type":"box","text":"Securities Lending Risk.","page_number":52,"box":{"x":83,"y":508,"width":177,"height":11}},{"id":"2a862f18-f4c2-49a8-9a2b-01b3fb92dfa3","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":52,"box":{"x":264,"y":508,"width":692,"height":11}},{"id":"79cb0c54-6f3b-4c0e-a10e-73b65284f82a","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":52,"box":{"x":84,"y":522,"width":869,"height":11}},{"id":"5237d0ca-584c-41fc-9809-f0f5eea5fd6c","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":52,"box":{"x":83,"y":536,"width":886,"height":11}},{"id":"f0c4d583-0679-4e4d-9f71-0691521ef321","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":52,"box":{"x":83,"y":550,"width":831,"height":11}},{"id":"17dbd1ab-9a67-462b-ab1a-8ef332304e32","block_type":"box","text":"Tracking Error Risk.","page_number":52,"box":{"x":82,"y":574,"width":145,"height":11}},{"id":"b73d63da-1dd7-46e2-b7b3-559406e980be","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":52,"box":{"x":231,"y":573,"width":741,"height":11}},{"id":"4d04baea-77a9-4984-930d-637ed651e3c4","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":52,"box":{"x":83,"y":588,"width":861,"height":11}},{"id":"03ee0492-f032-44e9-8cf3-5601eab0a586","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":52,"box":{"x":83,"y":602,"width":832,"height":11}},{"id":"03c850a7-c2f3-4645-aad7-2ed4ddb1fe47","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":52,"box":{"x":84,"y":616,"width":880,"height":11}},{"id":"d50e81ef-0148-4e6f-a05f-1f0d3f7ca67d","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":52,"box":{"x":84,"y":630,"width":830,"height":11}},{"id":"7f3a4646-799b-496b-9d2a-2d103bbfba2a","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":52,"box":{"x":82,"y":645,"width":828,"height":10}},{"id":"293d2580-673a-4efd-bbe3-4f254c082544","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":52,"box":{"x":83,"y":659,"width":874,"height":11}},{"id":"a422d48f-f634-4cdd-953a-62a72c091fd2","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":52,"box":{"x":84,"y":673,"width":888,"height":11}},{"id":"75062af3-3156-4b49-9eb8-d393f8b8ad10","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":52,"box":{"x":84,"y":687,"width":851,"height":11}},{"id":"21d0adee-7713-4d21-b66f-bd44f1bd9371","block_type":"box","text":"baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or","page_number":52,"box":{"x":84,"y":701,"width":850,"height":11}},{"id":"0e4260b2-4d76-4549-be49-04c5fc0a9e0a","block_type":"box","text":"limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":52,"box":{"x":84,"y":715,"width":873,"height":11}},{"id":"a1f72c92-4bb6-4ceb-8300-837ca3f48a11","block_type":"box","text":"U.S. Agency Mortgage-Backed Securities Risk.","page_number":52,"box":{"x":83,"y":739,"width":341,"height":11}},{"id":"7cdb6d18-6abb-4291-81db-03d44175c3ae","block_type":"box","text":"MBS represent interests in “pools” of mortgages and are subject to interest","page_number":52,"box":{"x":430,"y":738,"width":530,"height":11}},{"id":"d0b3a9af-14f6-4c69-ac1b-3542c04f229d","block_type":"box","text":"rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or","page_number":52,"box":{"x":84,"y":753,"width":847,"height":11}},{"id":"d7cb3c5a-6e97-45e8-8a98-28b1c99c8fd6","block_type":"box","text":"sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent","page_number":52,"box":{"x":83,"y":767,"width":844,"height":11}},{"id":"7e07a832-a0ef-445d-8b94-33ce6b17b945","block_type":"box","text":"greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks.","page_number":52,"box":{"x":83,"y":781,"width":887,"height":11}},{"id":"619d3336-8dd1-4519-a07d-4c534ee06a87","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain","page_number":52,"box":{"x":83,"y":795,"width":869,"height":11}},{"id":"48d77672-0b81-4092-bc1c-1d448af50b30","block_type":"box","text":"MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the","page_number":52,"box":{"x":84,"y":810,"width":817,"height":10}},{"id":"bb7e18a2-adc7-40ee-94f4-8c6b6a0f6913","block_type":"box","text":"underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to","page_number":52,"box":{"x":83,"y":824,"width":886,"height":11}},{"id":"3284c831-5bf4-4742-960b-1eaf5b687a9c","block_type":"box","text":"a TBA transaction would expose the Fund to possible losses.","page_number":52,"box":{"x":83,"y":838,"width":424,"height":10}},{"id":"30a68d4d-b72d-406e-bfc4-8451eedb0801","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":52,"box":{"x":83,"y":861,"width":225,"height":11}},{"id":"1b98aa46-3901-4992-8347-a616ce0e8753","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":52,"box":{"x":314,"y":861,"width":635,"height":11}},{"id":"f087a209-a285-4d36-aa62-785635c29bf2","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in","page_number":52,"box":{"x":82,"y":875,"width":890,"height":11}},{"id":"19d76b5e-c9f8-47fa-836b-8cf982c77796","block_type":"box","text":"S-43","page_number":52,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"8532ccc7-0c00-4a1c-a7dd-03ae67a1a0c5","block_type":"box","text":"the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct","page_number":53,"box":{"x":82,"y":23,"width":869,"height":11}},{"id":"6aad6be0-8142-4ad7-9558-e63ba5bfafa0","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value","page_number":53,"box":{"x":83,"y":37,"width":882,"height":11}},{"id":"019462c3-1a99-4bf4-ba75-01b455a28439","block_type":"box","text":"of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and","page_number":53,"box":{"x":83,"y":52,"width":859,"height":10}},{"id":"d549c815-c0b6-4d2d-84cb-6873dbf2ea40","block_type":"box","text":"credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.","page_number":53,"box":{"x":83,"y":66,"width":816,"height":11}},{"id":"0ab6d06d-0a79-4d15-9d14-a03f48cc7eb4","block_type":"box","text":"Valuation Risk.","page_number":53,"box":{"x":82,"y":89,"width":110,"height":8}},{"id":"9610c2e9-21c4-40b5-a86d-ff51140516a6","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":53,"box":{"x":197,"y":89,"width":740,"height":11}},{"id":"bae2c5e6-7317-4ba3-935b-94dea07de2ad","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":53,"box":{"x":83,"y":103,"width":840,"height":11}},{"id":"ff94fc53-33e4-49ac-a1d2-02aed02df853","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":53,"box":{"x":82,"y":117,"width":869,"height":11}},{"id":"3c279707-c623-428c-aba2-bde85c02e66c","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":53,"box":{"x":83,"y":131,"width":888,"height":11}},{"id":"51ce2bb2-0651-4f52-949a-56331fe94e99","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":53,"box":{"x":83,"y":146,"width":871,"height":10}},{"id":"09123f03-b48c-42ae-a947-e040f1afc85a","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":53,"box":{"x":82,"y":160,"width":879,"height":11}},{"id":"d30db3ac-0223-4de1-8aa3-79974673bb1d","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":53,"box":{"x":83,"y":174,"width":880,"height":11}},{"id":"bfd98221-0907-4cf1-8aca-a47a726bf6a4","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":53,"box":{"x":84,"y":188,"width":815,"height":11}},{"id":"a99e5dcc-e39d-4640-98a1-401414e2231c","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":53,"box":{"x":82,"y":203,"width":613,"height":10}},{"id":"d495b971-87c5-42d1-bf71-66427292ccea","block_type":"box","text":"Performance Information","page_number":53,"box":{"x":84,"y":224,"width":229,"height":10}},{"id":"a40e7047-5588-45ba-a750-25d7b561ad5e","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":53,"box":{"x":82,"y":249,"width":864,"height":10}},{"id":"15c6062e-8baf-4e97-9a93-9cb88713bfab","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":53,"box":{"x":83,"y":263,"width":871,"height":11}},{"id":"bc42ea15-89d2-4170-a17c-f945fffe9fbb","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":53,"box":{"x":83,"y":277,"width":868,"height":11}},{"id":"18c0d7cb-4545-4f1e-91cc-0f83fa395540","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":53,"box":{"x":84,"y":291,"width":837,"height":11}},{"id":"74f322e0-6cb7-4926-a7fa-18d7dbe6c5c3","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":53,"box":{"x":83,"y":305,"width":869,"height":11}},{"id":"318088a7-a2f4-4fdf-afde-97318ddcf552","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":53,"box":{"x":84,"y":320,"width":832,"height":10}},{"id":"c25b33bf-1917-460a-af76-f75565311255","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":53,"box":{"x":84,"y":334,"width":841,"height":11}},{"id":"bf6f4127-057e-4cb8-9268-57ef8876d426","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":53,"box":{"x":82,"y":348,"width":531,"height":11}},{"id":"ebfd24af-c4b6-4e7a-b79e-f56ea62f33e1","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":53,"box":{"x":165,"y":372,"width":260,"height":11}},{"id":"2160cf50-51c2-41ab-96bb-93b6222ddad8","block_type":"box","text":"8.71","page_number":53,"box":{"x":127,"y":422,"width":19,"height":6}},{"id":"5ebb8258-5705-4ffa-80c1-0c0775f3a74f","block_type":"box","text":"7.41","page_number":53,"box":{"x":180,"y":426,"width":18,"height":6}},{"id":"54d84691-590d-4527-9395-af443fb2f6ee","block_type":"box","text":"-1.73","page_number":53,"box":{"x":231,"y":469,"width":23,"height":6}},{"id":"76d4581c-7b85-44d5-ad68-5dd711f06c25","block_type":"box","text":"-13.17","page_number":53,"box":{"x":280,"y":504,"width":30,"height":6}},{"id":"24a76683-9f23-4a07-a51d-36526f5a6cd4","block_type":"box","text":"5.51","page_number":53,"box":{"x":338,"y":432,"width":19,"height":6}},{"id":"ac8fa2e6-bdfc-4c1c-ad0b-d81ffa376a2c","block_type":"box","text":"1.23","page_number":53,"box":{"x":393,"y":445,"width":18,"height":6}},{"id":"03eb2d11-565d-4718-8736-ad7dbc2dc0ad","block_type":"box","text":"7.13","page_number":53,"box":{"x":444,"y":427,"width":20,"height":6}},{"id":"f4eb8a1f-af60-4514-939c-528c214752db","block_type":"box","text":"2019 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Sale of Fund Shares 4.19% -0.86% 1.18%","page_number":53,"box":{"x":89,"y":648,"width":871,"height":8}},{"id":"d260d0c2-b9f8-468a-959d-ca275bae1042","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":53,"box":{"x":88,"y":660,"width":206,"height":9}},{"id":"7c9dc33d-ef2b-4f77-bb03-30befe2ef98a","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":53,"box":{"x":298,"y":660,"width":347,"height":9}},{"id":"87c07e70-625c-4bea-ac77-d0c38533cc6b","block_type":"box","text":"taxes)","page_number":53,"box":{"x":101,"y":672,"width":37,"height":9}},{"id":"6fb08d63-0d22-4f27-bc2c-6bfdd3765f02","block_type":"box","text":"7.58% 0.06% 2.58%","page_number":53,"box":{"x":706,"y":673,"width":254,"height":7}},{"id":"b4916e18-0a96-4be5-982a-d69beb234287","block_type":"box","text":"Bloomberg MSCI US Aggregate ESG Focus Index","page_number":53,"box":{"x":88,"y":684,"width":318,"height":10}},{"id":"5ebc846e-694b-45bf-a0ff-ba91b4854bba","block_type":"box","text":"(Returns do not reflect deductions for","page_number":53,"box":{"x":410,"y":684,"width":236,"height":8}},{"id":"00f72a20-c8b9-4fea-9a45-f4abaff6536c","block_type":"box","text":"fees, expenses or taxes)","page_number":53,"box":{"x":101,"y":697,"width":148,"height":9}},{"id":"d625304d-ef59-4b15-90ef-fe105978d202","block_type":"box","text":"7.34% -0.36% 2.29%","page_number":53,"box":{"x":706,"y":697,"width":254,"height":8}},{"id":"a1f8790a-af42-4123-af65-c99b5b4dbc10","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":53,"box":{"x":82,"y":726,"width":857,"height":11}},{"id":"a2456f92-e28e-49aa-9bd9-f6d23fd07831","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":53,"box":{"x":84,"y":741,"width":864,"height":10}},{"id":"bb0ba691-62cd-41b6-bf47-6e2bd3a973d3","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":53,"box":{"x":84,"y":755,"width":847,"height":11}},{"id":"56fe7ed2-4561-4ea0-9bd5-60b404cc3b84","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":53,"box":{"x":83,"y":769,"width":857,"height":11}},{"id":"61010444-89ee-454c-aa07-184221650f28","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":53,"box":{"x":83,"y":783,"width":877,"height":11}},{"id":"f0e29d35-dadc-45b2-8403-3d5378494e09","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":53,"box":{"x":82,"y":797,"width":837,"height":11}},{"id":"9876fb1a-e859-4f1b-a23c-0f97e683e93b","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":53,"box":{"x":84,"y":811,"width":885,"height":11}},{"id":"267f1d5b-cfd7-44ab-af0d-e1eda27c7b3f","block_type":"box","text":"on distributions.","page_number":53,"box":{"x":83,"y":826,"width":115,"height":8}},{"id":"dd853c33-b85b-47a0-910b-10376cbeb6f4","block_type":"box","text":"Management","page_number":53,"box":{"x":84,"y":855,"width":120,"height":13}},{"id":"a0c27e2b-6957-42b4-bf21-0596805610b0","block_type":"box","text":"Investment Adviser.","page_number":53,"box":{"x":84,"y":880,"width":144,"height":8}},{"id":"0d812b9d-2e58-42a6-9bbd-9f14b2a767d5","block_type":"box","text":"BlackRock Fund Advisors.","page_number":53,"box":{"x":234,"y":880,"width":180,"height":8}},{"id":"02f1134d-81a0-44de-a5a1-466d6090befd","block_type":"box","text":"S-44","page_number":53,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"3be3f7a2-18ea-4948-b444-10a52f17379b","block_type":"box","text":"Portfolio Managers.","page_number":54,"box":{"x":84,"y":23,"width":145,"height":11}},{"id":"1a36a54e-219a-48c4-a339-c3b7574a6316","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":54,"box":{"x":233,"y":23,"width":679,"height":11}},{"id":"3f6ec6e6-c96a-46a8-a575-adc38c6b529a","block_type":"box","text":"management of the Fund:","page_number":54,"box":{"x":84,"y":37,"width":182,"height":11}},{"id":"f58ff449-495c-4e4e-a6a2-ef8ec023d527","block_type":"box","text":"Portfolio Manager Portfolio Manager of the Fund Since Title with Investment Adviser","page_number":54,"box":{"x":88,"y":60,"width":886,"height":10}},{"id":"d10aa26b-ecb0-48c0-b677-8a82a314c742","block_type":"box","text":"Jonathan Graves 2025 Managing Director","page_number":54,"box":{"x":87,"y":76,"width":850,"height":9}},{"id":"b584934c-e7ec-471c-b413-81cec53ea53f","block_type":"box","text":"James Mauro 2018 Managing Director","page_number":54,"box":{"x":87,"y":91,"width":850,"height":10}},{"id":"b0d8fa48-9251-4b7a-a074-a4108ca6a0c2","block_type":"box","text":"Marcus Tom 2025 Director","page_number":54,"box":{"x":89,"y":107,"width":814,"height":7}},{"id":"db01f40c-21c1-4a57-9452-d2b0d340cddf","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":54,"box":{"x":84,"y":142,"width":304,"height":10}},{"id":"d83487f4-999b-4d00-a54c-7821e1b6db46","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":54,"box":{"x":82,"y":167,"width":878,"height":11}},{"id":"9ca53fa6-11e7-464c-88bf-41aa365065dc","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":54,"box":{"x":83,"y":181,"width":855,"height":11}},{"id":"8ed4bf6e-5948-417d-b070-e606e8b9b0b7","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":54,"box":{"x":83,"y":195,"width":817,"height":11}},{"id":"56840d51-4686-440d-8d9c-ffb4c052b371","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":54,"box":{"x":83,"y":209,"width":878,"height":11}},{"id":"69ed89c7-47da-40af-bd3a-86052165aff8","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":54,"box":{"x":84,"y":224,"width":860,"height":10}},{"id":"279df211-3bd1-496d-abd3-6c9b8591796c","block_type":"box","text":"(the “bid-ask spread”).","page_number":54,"box":{"x":83,"y":238,"width":157,"height":10}},{"id":"cd25deba-44b1-4f87-b498-99870a06b4d9","block_type":"box","text":"Tax Information","page_number":54,"box":{"x":82,"y":267,"width":144,"height":10}},{"id":"8e4e6052-d51e-4094-ad06-09e6ebd6d5e7","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":54,"box":{"x":82,"y":292,"width":832,"height":11}},{"id":"ee7bf5f1-54c6-4e84-9263-65597aaecd16","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":54,"box":{"x":83,"y":306,"width":883,"height":11}},{"id":"4afbe615-b882-4eb7-a083-f552dbb8114e","block_type":"box","text":"be taxed when withdrawn.","page_number":54,"box":{"x":84,"y":321,"width":181,"height":8}},{"id":"4bf8e599-36b8-43cd-8b0b-77c52abf5d90","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":54,"box":{"x":84,"y":349,"width":575,"height":14}},{"id":"0331ce85-0931-4664-91d9-2b517212eab5","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":54,"box":{"x":84,"y":374,"width":854,"height":11}},{"id":"3552070c-955c-4e01-a67e-6f6ead5b30e6","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":54,"box":{"x":84,"y":389,"width":842,"height":10}},{"id":"05b08c43-89f4-4dee-abc7-98e6bbe64aaf","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":54,"box":{"x":83,"y":403,"width":820,"height":11}},{"id":"d54e4127-42c6-4b86-8e75-840b6ea45520","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":54,"box":{"x":84,"y":417,"width":801,"height":11}},{"id":"f2b7a21b-c5b8-4d9c-9a4c-afba4a52a876","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":54,"box":{"x":83,"y":431,"width":841,"height":11}},{"id":"fd76d7fc-bc17-4f16-bc0a-66064267c568","block_type":"box","text":"financial intermediary’s website for more information.","page_number":54,"box":{"x":83,"y":445,"width":379,"height":11}},{"id":"22450aa7-5c4e-4a6d-9f03-fcce09c562b0","block_type":"box","text":"S-45","page_number":54,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"3738b00e-a928-4d0b-a09a-ded13d2fcfd6","block_type":"box","text":"iSHARES","page_number":55,"box":{"x":84,"y":23,"width":125,"height":17}},{"id":"00c7eace-4849-4b06-8d07-81175dd642a7","block_type":"box","text":"®","page_number":55,"box":{"x":211,"y":17,"width":11,"height":9}},{"id":"f660fa83-af97-4280-9ee4-fc3063e8bd8e","block_type":"box","text":"GOVERNMENT/CREDIT BOND ETF","page_number":55,"box":{"x":232,"y":24,"width":493,"height":16}},{"id":"63032dbc-6d39-44de-b8f3-df5ccd267cf2","block_type":"box","text":"GBF | NYSE Arca","page_number":55,"box":{"x":84,"y":47,"width":229,"height":18}},{"id":"c8650eff-42da-44c6-a4ab-4e5023614dc7","block_type":"box","text":"Investment Objective","page_number":55,"box":{"x":84,"y":86,"width":192,"height":13}},{"id":"815dd568-f3ee-4349-8f07-3d882143f59a","block_type":"box","text":"The iShares Government/Credit Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":55,"box":{"x":82,"y":111,"width":861,"height":10}},{"id":"3e3fef8d-9331-4e05-a26a-bc927b16211e","block_type":"box","text":"dollar-denominated government, government-related and investment-grade U.S. corporate bonds.","page_number":55,"box":{"x":83,"y":125,"width":698,"height":11}},{"id":"16e31c39-cc65-45f3-a2f0-8abc50ea0d97","block_type":"box","text":"Fees and Expenses","page_number":55,"box":{"x":84,"y":154,"width":169,"height":13}},{"id":"92cdb231-b351-40ea-a57d-08555baaa101","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":55,"box":{"x":82,"y":179,"width":874,"height":11}},{"id":"e84a9261-2547-4b1d-bc32-c8899cc177f4","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":55,"box":{"x":83,"y":193,"width":871,"height":11}},{"id":"898aade2-6bca-4bd1-b93c-a01c50e16007","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":55,"box":{"x":84,"y":207,"width":887,"height":11}},{"id":"e91f6938-f038-49c2-a8ab-c17b487167f8","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":55,"box":{"x":84,"y":222,"width":795,"height":11}},{"id":"3ef8dc64-38c0-4b48-80d1-5c9d9f40008b","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":55,"box":{"x":83,"y":236,"width":854,"height":10}},{"id":"304c8cbb-de11-4a58-bd95-c6101b7acd47","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":55,"box":{"x":82,"y":250,"width":829,"height":11}},{"id":"c8866708-3bb2-432a-9e27-5d2724bd8e36","block_type":"box","text":"extraordinary expenses.","page_number":55,"box":{"x":83,"y":264,"width":168,"height":11}},{"id":"6f35a61c-9f31-4989-8387-0ff9dd59136b","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":55,"box":{"x":82,"y":287,"width":830,"height":11}},{"id":"dd949097-9119-467a-9288-db3c5e347f84","block_type":"box","text":"reflected in the tables and examples below.","page_number":55,"box":{"x":83,"y":301,"width":316,"height":11}},{"id":"3113c031-4180-4341-a98c-1d15f8fd5780","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":55,"box":{"x":87,"y":324,"width":761,"height":10}},{"id":"f14a7ef1-7506-4f1b-bf48-a5dc81fd537b","block_type":"box","text":"1","page_number":55,"box":{"x":849,"y":323,"width":5,"height":5}},{"id":"f178480c-0f47-4eb0-be63-a37216576367","block_type":"box","text":"Management Fee","page_number":55,"box":{"x":89,"y":345,"width":109,"height":9}},{"id":"31677b6d-88cf-4633-9e01-217769533828","block_type":"box","text":"0.20%","page_number":55,"box":{"x":920,"y":344,"width":41,"height":8}},{"id":"681dd0f1-4839-456f-ad1e-9674c5facca1","block_type":"box","text":"Other Expenses","page_number":55,"box":{"x":88,"y":360,"width":99,"height":9}},{"id":"b0fe1d71-e6a7-41dc-af23-602c54cdf95f","block_type":"box","text":"0.00%","page_number":55,"box":{"x":920,"y":360,"width":41,"height":7}},{"id":"78672915-3b6b-4c54-a56a-9e23f495178a","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":55,"box":{"x":87,"y":375,"width":246,"height":10}},{"id":"fe2ad5df-470d-4441-bc70-e4eaf03fe1cb","block_type":"box","text":"0.20%","page_number":55,"box":{"x":920,"y":375,"width":41,"height":8}},{"id":"cfb22965-32ff-4fa4-94cf-7fe3a8734a4e","block_type":"box","text":"1","page_number":55,"box":{"x":110,"y":403,"width":5,"height":5}},{"id":"06afceb5-63f5-455b-9039-e22ab4a7f0e7","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":55,"box":{"x":123,"y":404,"width":780,"height":10}},{"id":"2fdab11d-cc76-4d6a-99a5-09aab591b68d","block_type":"box","text":"Example.","page_number":55,"box":{"x":84,"y":424,"width":66,"height":11}},{"id":"c276acc3-0e4d-464e-842a-b8b0814437f3","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":55,"box":{"x":154,"y":424,"width":795,"height":11}},{"id":"56b67381-79a5-494b-b14f-03c502a28322","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":55,"box":{"x":83,"y":438,"width":886,"height":11}},{"id":"8624fd91-6b12-47e8-8738-fcc34a3c201d","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":55,"box":{"x":83,"y":452,"width":870,"height":11}},{"id":"7566e240-d33d-4fe5-b1c2-f791130a096d","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":55,"box":{"x":84,"y":467,"width":887,"height":10}},{"id":"cec63218-55d9-4ee4-93ed-2557b175695c","block_type":"box","text":"your costs would be:","page_number":55,"box":{"x":82,"y":481,"width":143,"height":11}},{"id":"12003710-efdf-443e-8561-751b3c6c0c0d","block_type":"box","text":"Expense Example","page_number":55,"box":{"x":88,"y":504,"width":115,"height":9}},{"id":"b2372454-96df-459b-897a-f61cc76d955c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":55,"box":{"x":693,"y":504,"width":281,"height":7}},{"id":"35420416-5ac1-4cf8-acb2-64c9cd17ea8b","block_type":"box","text":"Example Fund Costs","page_number":55,"box":{"x":89,"y":519,"width":128,"height":9}},{"id":"0f4c183f-4893-4402-9b20-35fbc127360b","block_type":"box","text":"$20 $64 $113 $255","page_number":55,"box":{"x":701,"y":519,"width":261,"height":8}},{"id":"62c0e7ed-db13-487e-a672-5f6876d2430b","block_type":"box","text":"Portfolio Turnover.","page_number":55,"box":{"x":84,"y":548,"width":136,"height":9}},{"id":"5e91284f-e8da-4577-8f97-69abd2cddca7","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":55,"box":{"x":225,"y":548,"width":721,"height":11}},{"id":"a3327d0b-f149-4ede-a3f1-e8c123eadeef","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":55,"box":{"x":83,"y":563,"width":884,"height":10}},{"id":"346ce0ef-a2c3-4a50-8925-06b895b6eac1","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":55,"box":{"x":84,"y":577,"width":875,"height":11}},{"id":"562fc212-9c42-4666-baf6-70fc69023d26","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of","page_number":55,"box":{"x":82,"y":591,"width":887,"height":11}},{"id":"dab0e5c4-5bc6-45f8-919f-3046e7330172","block_type":"box","text":"the average value of its portfolio.","page_number":55,"box":{"x":82,"y":605,"width":231,"height":11}},{"id":"211446cf-52a0-49f8-8b45-2b871c0d6c0b","block_type":"box","text":"Principal Investment Strategies","page_number":55,"box":{"x":84,"y":634,"width":284,"height":14}},{"id":"8666ad2c-039d-4f5a-bdec-0db8311d068e","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg U.S. Government/Credit Bond Index (the “Underlying","page_number":55,"box":{"x":82,"y":659,"width":836,"height":11}},{"id":"b0a47492-0d76-4d2c-81f1-2363849478dd","block_type":"box","text":"Index”), which measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government-related bonds (","page_number":55,"box":{"x":84,"y":673,"width":839,"height":11}},{"id":"58fe254f-1c6e-4bf5-9191-a5598653f2b7","block_type":"box","text":"i.e","page_number":55,"box":{"x":925,"y":674,"width":14,"height":8}},{"id":"548c3d29-878e-4ed0-b0a6-7358af57d7b6","block_type":"box","text":".,","page_number":55,"box":{"x":940,"y":681,"width":6,"height":2}},{"id":"d29f226b-e6db-4631-a14f-e9f0c3cefe59","block_type":"box","text":"U.S. and foreign agencies, sovereign, supranational and local authority debt) and investment-grade (as determined by","page_number":55,"box":{"x":84,"y":688,"width":834,"height":11}},{"id":"f42b092f-f284-410b-8071-71208a93a934","block_type":"box","text":"Bloomberg Index Services Limited (the “Index Provider” or “Bloomberg”)) U.S. corporate bonds that have a remaining maturity","page_number":55,"box":{"x":84,"y":702,"width":890,"height":11}},{"id":"89ff851f-987a-4f42-a764-b95e6bd05cae","block_type":"box","text":"of greater than or equal to one year. As of February 28, 2026, there were 10,082 issues in the Underlying Index. As of","page_number":55,"box":{"x":83,"y":716,"width":820,"height":11}},{"id":"88b532ae-492a-4179-90cd-96d70cea0923","block_type":"box","text":"February 28, 2026, a significant portion of the Underlying Index was represented by U.S. Treasury securities. The components","page_number":55,"box":{"x":84,"y":730,"width":885,"height":11}},{"id":"f8d75530-452a-45b0-8f84-9e50b7add2c7","block_type":"box","text":"of the Underlying Index are likely to change over time.","page_number":55,"box":{"x":83,"y":744,"width":378,"height":11}},{"id":"e3696cc8-37c9-4617-92fd-35ac7e992931","block_type":"box","text":"The Underlying Index consists of U.S. government, government-related and investment-grade U.S. credit securities that have","page_number":55,"box":{"x":82,"y":766,"width":883,"height":11}},{"id":"1c3e884c-4c33-4f15-b307-bb6e6807dab4","block_type":"box","text":"greater than or equal to one year remaining to maturity and have $300 million or more of outstanding face value. In addition,","page_number":55,"box":{"x":83,"y":780,"width":881,"height":11}},{"id":"e116af9f-92f8-4a49-899c-88ebc0d41e75","block_type":"box","text":"the securities in the Underlying Index must be denominated in U.S. dollars and must be fixed-rate and non-convertible.","page_number":55,"box":{"x":82,"y":795,"width":842,"height":11}},{"id":"8852c013-1d26-42ba-acc7-e1fb8a1e8b11","block_type":"box","text":"Excluded from the Underlying Index are certain special issues such as targeted investor notes, state and local government","page_number":55,"box":{"x":84,"y":809,"width":863,"height":11}},{"id":"325bb5b7-71f5-41f5-9eaf-fc74187a9981","block_type":"box","text":"series bonds and coupon issues that have been stripped from bonds. Also excluded from the Underlying Index are structured","page_number":55,"box":{"x":83,"y":823,"width":882,"height":11}},{"id":"87c0e981-2308-4bb9-a01a-56dc7369e1a6","block_type":"box","text":"notes with embedded swaps or other special features, private placements, floating-rate securities and bonds that have been","page_number":55,"box":{"x":84,"y":837,"width":875,"height":11}},{"id":"715924f7-bdeb-4718-b0bc-de7f90d48799","block_type":"box","text":"issued in one country's currency but are traded outside of that country in a different monetary and regulatory system (","page_number":55,"box":{"x":83,"y":851,"width":836,"height":11}},{"id":"06a60608-a5d1-49d1-bc8f-27cdf22e84c5","block_type":"box","text":"e.g.","page_number":55,"box":{"x":920,"y":854,"width":22,"height":8}},{"id":"35692ff2-b349-4339-ad6c-a4045ecd2445","block_type":"box","text":",","page_number":55,"box":{"x":944,"y":858,"width":2,"height":3}},{"id":"469376be-4fd3-4e7d-93a5-dfeaa9547ca2","block_type":"box","text":"Eurobonds). The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are updated","page_number":55,"box":{"x":84,"y":866,"width":870,"height":10}},{"id":"5d5ed76c-ce73-44a9-b17f-218ea82f8c15","block_type":"box","text":"on the last business day of each month.","page_number":55,"box":{"x":83,"y":880,"width":279,"height":11}},{"id":"12a66488-65e8-4c8b-955b-c90fc47518a9","block_type":"box","text":"S-46","page_number":55,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"d4e0f8fa-da9f-4d92-9c8d-4d2e55e29e95","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it","page_number":56,"box":{"x":84,"y":23,"width":877,"height":11}},{"id":"07c9a3cb-408f-4a38-b7bc-e2d2e449536b","block_type":"box","text":"tracks and does not seek temporary defensive positions when markets decline or appear overvalued.","page_number":56,"box":{"x":82,"y":37,"width":709,"height":11}},{"id":"4364f1f2-7ff3-41d5-9bfc-26ac32e08ccd","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce","page_number":56,"box":{"x":84,"y":61,"width":853,"height":10}},{"id":"a16a268e-c5d1-493b-8599-a62a600746b2","block_type":"box","text":"some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better","page_number":56,"box":{"x":83,"y":75,"width":857,"height":11}},{"id":"469be4a3-56d1-40b3-a9b7-40e743f25b83","block_type":"box","text":"after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":56,"box":{"x":83,"y":89,"width":863,"height":11}},{"id":"19da8777-833c-459a-b751-dfc75c706f5a","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy","page_number":56,"box":{"x":84,"y":112,"width":887,"height":11}},{"id":"d3fe6190-6110-48fd-a52d-826ede9ecf44","block_type":"box","text":"that involves investing in a representative sample of securities or other instruments that collectively has an investment profile","page_number":56,"box":{"x":82,"y":126,"width":890,"height":11}},{"id":"6c847aa6-2ea9-45d1-8663-6f29088d98d6","block_type":"box","text":"similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment","page_number":56,"box":{"x":83,"y":140,"width":886,"height":11}},{"id":"fef84ec5-bda7-4b0a-a05b-2523eadf73e6","block_type":"box","text":"characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return","page_number":56,"box":{"x":83,"y":155,"width":885,"height":10}},{"id":"cc5d0f45-8abd-4f5f-b833-2516e578350f","block_type":"box","text":"variability, duration (","page_number":56,"box":{"x":82,"y":169,"width":146,"height":11}},{"id":"a8cc1c0c-a335-42fb-9268-7778af5b7740","block_type":"box","text":"i.e.","page_number":56,"box":{"x":229,"y":169,"width":17,"height":8}},{"id":"23e77078-92a5-4077-98f9-a27a59d4eb65","block_type":"box","text":", an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield)","page_number":56,"box":{"x":248,"y":169,"width":697,"height":11}},{"id":"ff4cb2dc-c38e-4bd7-82e5-07e948331b8c","block_type":"box","text":"and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the","page_number":56,"box":{"x":83,"y":183,"width":802,"height":11}},{"id":"1a66f7c1-0d4c-4a63-ba54-fccabd3396ea","block_type":"box","text":"components of the Underlying Index.","page_number":56,"box":{"x":83,"y":197,"width":261,"height":11}},{"id":"bb01c24a-0300-43d9-a54c-08e95d4acae6","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at","page_number":56,"box":{"x":82,"y":220,"width":887,"height":11}},{"id":"7c5043de-5834-43ef-887f-4957834808a9","block_type":"box","text":"least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the","page_number":56,"box":{"x":84,"y":235,"width":879,"height":10}},{"id":"cce1081e-a805-4aaa-9177-2c213159164b","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts","page_number":56,"box":{"x":84,"y":249,"width":885,"height":11}},{"id":"97e11da0-1435-43c9-9758-f71ed6b61e7c","block_type":"box","text":"that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types","page_number":56,"box":{"x":82,"y":263,"width":846,"height":11}},{"id":"26737f4a-592a-4b23-afdc-0106e7a7a261","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash","page_number":56,"box":{"x":83,"y":277,"width":833,"height":11}},{"id":"064030ed-dce3-4391-b3d6-fbfef357c757","block_type":"box","text":"equivalent investments associated with a derivative position will be treated as part of that position for the purposes of","page_number":56,"box":{"x":83,"y":291,"width":831,"height":11}},{"id":"d07df2e8-8468-490f-a634-fbf23ee53e58","block_type":"box","text":"calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of","page_number":56,"box":{"x":83,"y":305,"width":889,"height":11}},{"id":"336887ed-e58f-44be-b696-71c4fb3e8211","block_type":"box","text":"the Underlying Index before fees and expenses of the Fund.","page_number":56,"box":{"x":82,"y":320,"width":420,"height":10}},{"id":"4db23e3a-5342-469d-a5a8-bf017afaaf25","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":56,"box":{"x":82,"y":343,"width":873,"height":11}},{"id":"e8610fdc-d533-4fe7-9c67-189eb71a30f9","block_type":"box","text":"collateral received).","page_number":56,"box":{"x":83,"y":357,"width":136,"height":9}},{"id":"0e579eea-bb5e-411d-b4ff-a3542f8078e1","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which is independent of the Fund and BFA. The Index Provider determines","page_number":56,"box":{"x":82,"y":380,"width":880,"height":11}},{"id":"c953ac1c-1d95-446b-b073-a3a827100141","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":56,"box":{"x":82,"y":394,"width":884,"height":11}},{"id":"9d0d6a28-f6cd-4c3a-ba77-1bd88af1cebd","block_type":"box","text":"market value of the Underlying Index.","page_number":56,"box":{"x":84,"y":409,"width":262,"height":10}},{"id":"35e8229c-4be4-42e7-806d-a270bc2f2301","block_type":"box","text":"Industry Concentration Policy.","page_number":56,"box":{"x":84,"y":432,"width":223,"height":11}},{"id":"b9f49d60-43be-4749-9afe-a802db9cb342","block_type":"box","text":"The Fund will concentrate its investments (","page_number":56,"box":{"x":312,"y":432,"width":304,"height":9}},{"id":"cc6a52f4-c8dd-43ba-b950-d8ad51ca59b6","block_type":"box","text":"i.e.","page_number":56,"box":{"x":617,"y":432,"width":17,"height":8}},{"id":"54795bc5-3749-4c54-b2f0-fb41ec2abb2f","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":56,"box":{"x":636,"y":432,"width":292,"height":10}},{"id":"7970e173-21d6-42af-a550-c9a0457a18f1","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":56,"box":{"x":84,"y":446,"width":858,"height":11}},{"id":"eefebb74-3afe-493b-b261-ffe2d3506f3d","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase","page_number":56,"box":{"x":84,"y":460,"width":840,"height":11}},{"id":"89a064d4-8c9c-4314-961d-d037201713a1","block_type":"box","text":"agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political","page_number":56,"box":{"x":83,"y":474,"width":879,"height":11}},{"id":"4d92cc58-cca1-48f1-92e7-cd018a3bbd91","block_type":"box","text":"subdivisions are not considered to be issued by members of any industry.","page_number":56,"box":{"x":83,"y":489,"width":517,"height":10}},{"id":"24cca31e-d5c5-476f-972b-5ff4a22f90e0","block_type":"box","text":"Summary of Principal Risks","page_number":56,"box":{"x":83,"y":517,"width":248,"height":14}},{"id":"cc16561e-7e58-4480-a452-82eef764d050","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":56,"box":{"x":82,"y":543,"width":882,"height":11}},{"id":"d3bb72ca-1945-4b59-9d73-73e597764c17","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below any of which may","page_number":56,"box":{"x":83,"y":557,"width":822,"height":11}},{"id":"2d704f3e-f27e-408a-baa2-751ca4005fef","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":56,"box":{"x":83,"y":571,"width":807,"height":11}},{"id":"7307f203-f26a-45c5-892d-738e61cd5f20","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":56,"box":{"x":83,"y":585,"width":844,"height":11}},{"id":"950a7adc-5bab-4328-8a9d-5cd4daff135d","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":56,"box":{"x":83,"y":599,"width":814,"height":11}},{"id":"5e504a72-8490-49db-bf86-55fc975ff975","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":56,"box":{"x":83,"y":623,"width":225,"height":10}},{"id":"0db19808-ee4f-44d5-873e-d8c7f87b0f9f","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":56,"box":{"x":314,"y":623,"width":635,"height":10}},{"id":"d7597db8-3231-4b78-a346-3b5c8b37a657","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in","page_number":56,"box":{"x":82,"y":637,"width":890,"height":11}},{"id":"291cc2fe-8fcd-4549-b046-bf8ea90a8445","block_type":"box","text":"the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct","page_number":56,"box":{"x":82,"y":651,"width":869,"height":11}},{"id":"df1ba054-0824-432f-89b0-bccd540be3e8","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value","page_number":56,"box":{"x":83,"y":665,"width":882,"height":11}},{"id":"cfdf5268-1f5d-4932-b4f6-7b207f3f3e4c","block_type":"box","text":"of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and","page_number":56,"box":{"x":83,"y":679,"width":859,"height":11}},{"id":"4b964645-e3c3-4957-b046-ed3305112074","block_type":"box","text":"credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.","page_number":56,"box":{"x":83,"y":694,"width":816,"height":10}},{"id":"ecea0dfe-c499-49b2-973f-354f0b286d90","block_type":"box","text":"Interest Rate Risk.","page_number":56,"box":{"x":84,"y":717,"width":134,"height":8}},{"id":"667d5ed6-b623-4d69-a8a6-e22c031d32fe","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":56,"box":{"x":223,"y":717,"width":743,"height":11}},{"id":"b527160c-eb5a-46cb-9273-98b38184de1e","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":56,"box":{"x":82,"y":731,"width":880,"height":11}},{"id":"94b75cd7-d6b0-4a7e-93d4-5dbf71679ee8","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":56,"box":{"x":83,"y":745,"width":882,"height":11}},{"id":"724bff21-1d59-49c3-98df-e633d649a342","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":56,"box":{"x":83,"y":759,"width":845,"height":11}},{"id":"41c3ae72-0d5d-4707-badd-4c0fb7f29af0","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":56,"box":{"x":83,"y":773,"width":870,"height":11}},{"id":"125ace2d-0f22-4172-b31d-fe1378b28ff9","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":56,"box":{"x":82,"y":788,"width":873,"height":10}},{"id":"8128e2f4-4553-4373-be28-ddcb67f23a1e","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":56,"box":{"x":83,"y":802,"width":866,"height":11}},{"id":"ad524ac6-82e3-4a0b-91bb-a0a38a8f82d1","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":56,"box":{"x":84,"y":816,"width":759,"height":11}},{"id":"064e983f-aab2-4fa5-b67e-66a00781ed56","block_type":"box","text":"Credit Risk.","page_number":56,"box":{"x":83,"y":839,"width":84,"height":9}},{"id":"83353954-fcca-4f7c-8f05-00cd167e8ce0","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":56,"box":{"x":172,"y":839,"width":777,"height":11}},{"id":"90981989-cab7-47b7-af7c-d914db2314c1","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":56,"box":{"x":83,"y":854,"width":891,"height":10}},{"id":"b508f459-3080-467e-8b89-21c24de4a69b","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":56,"box":{"x":83,"y":867,"width":869,"height":11}},{"id":"bf7502b6-b7a3-4659-8f6b-336f43c8b1b1","block_type":"box","text":"S-47","page_number":56,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"3f3abe90-bd39-4b87-9e60-9caf36383cf8","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":57,"box":{"x":83,"y":23,"width":890,"height":11}},{"id":"98655ed8-deaf-47be-8e1e-f8125b3f4a32","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":57,"box":{"x":83,"y":37,"width":851,"height":11}},{"id":"23525df2-70ca-4349-9d8e-f2b0e2733184","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":57,"box":{"x":83,"y":52,"width":809,"height":10}},{"id":"ecbd7815-00f4-4269-8917-4cce45707a9c","block_type":"box","text":"Market Risk.","page_number":57,"box":{"x":84,"y":75,"width":90,"height":8}},{"id":"6b6e02e2-8741-48f7-ba3c-8cd9c476919b","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":57,"box":{"x":179,"y":75,"width":767,"height":11}},{"id":"1f497bf4-f588-44cc-aa3c-ea5308bee8ad","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":57,"box":{"x":83,"y":89,"width":882,"height":11}},{"id":"ec5a0076-9f55-4334-87c2-a6213b44112d","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":57,"box":{"x":84,"y":103,"width":857,"height":11}},{"id":"cd2d4ef0-1d7c-47fc-b4b0-6f7f29db8ec5","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":57,"box":{"x":83,"y":117,"width":875,"height":11}},{"id":"5c51cf26-c872-484e-ba79-7e9d36a793a7","block_type":"box","text":"Fund’s NAV.","page_number":57,"box":{"x":84,"y":131,"width":81,"height":9}},{"id":"c98e02d6-58c4-4005-aadd-db6da9844726","block_type":"box","text":"Index-Related Risk.","page_number":57,"box":{"x":84,"y":155,"width":143,"height":8}},{"id":"4d3cffc2-7e58-46c1-b1cc-f9b7dca8069f","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":57,"box":{"x":231,"y":155,"width":742,"height":10}},{"id":"96d8a6f1-b1fb-4c3b-b219-aa9e13ecd985","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":57,"box":{"x":84,"y":169,"width":855,"height":11}},{"id":"fd43b32f-7b89-4c77-97c6-e768baa7bd83","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":57,"box":{"x":83,"y":183,"width":852,"height":11}},{"id":"18da6902-8d43-42b3-b5d5-e107b091fac1","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":57,"box":{"x":83,"y":197,"width":877,"height":11}},{"id":"da7f2ec8-c747-427c-9854-4ccd5c8f7bc3","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":57,"box":{"x":82,"y":211,"width":849,"height":11}},{"id":"3d98c60a-8314-46ac-98cd-4f11b5f43423","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":57,"box":{"x":83,"y":226,"width":849,"height":10}},{"id":"54a84a55-5d8a-4851-be74-70b06adcad2d","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":57,"box":{"x":84,"y":240,"width":890,"height":11}},{"id":"008a585a-e662-48ac-8e22-e21729ec3051","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":57,"box":{"x":84,"y":254,"width":852,"height":11}},{"id":"d8216d72-c796-4278-a479-1089c93d801a","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":57,"box":{"x":83,"y":268,"width":539,"height":11}},{"id":"98065710-8992-4412-bd06-70279b13123e","block_type":"box","text":"Asset Class Risk.","page_number":57,"box":{"x":82,"y":291,"width":123,"height":9}},{"id":"80688fc4-96fe-4a9f-ac32-39e6f9c1cfee","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":57,"box":{"x":209,"y":291,"width":721,"height":11}},{"id":"c85d5555-c803-4f72-917d-ab5578942899","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":57,"box":{"x":83,"y":305,"width":774,"height":11}},{"id":"5b722270-f9d6-41bd-ba1a-b652216f93a5","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":57,"box":{"x":82,"y":329,"width":318,"height":10}},{"id":"0a7ba98f-ae68-4c47-83a2-928c255c1548","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":57,"box":{"x":405,"y":328,"width":531,"height":12}},{"id":"c3192962-635a-477b-9f5e-866d73a4a42a","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":57,"box":{"x":84,"y":343,"width":809,"height":11}},{"id":"1b5c0d88-f5bc-489f-8d42-843f53cd95db","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":57,"box":{"x":82,"y":357,"width":816,"height":11}},{"id":"6f1988a2-1eae-47bb-b2db-9de597610309","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":57,"box":{"x":82,"y":371,"width":885,"height":11}},{"id":"ef378248-a581-4d42-a9de-2a4703e17bed","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":57,"box":{"x":83,"y":385,"width":871,"height":11}},{"id":"9bc9c658-6c6f-4dbb-9bc6-33f70eace263","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":57,"box":{"x":84,"y":400,"width":845,"height":10}},{"id":"de8edb8c-0949-4ec8-baf8-3ecc8e48185d","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":57,"box":{"x":82,"y":414,"width":882,"height":10}},{"id":"3d3a09d2-926c-458d-a14d-84ebb96b7130","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":57,"box":{"x":84,"y":428,"width":853,"height":11}},{"id":"e0c16f18-c516-48f9-9a05-2614278e7417","block_type":"box","text":"halts or delisting.","page_number":57,"box":{"x":84,"y":442,"width":120,"height":11}},{"id":"f6d79da5-c496-4d64-8b23-c1a2acdd1cfb","block_type":"box","text":"Call Risk.","page_number":57,"box":{"x":83,"y":465,"width":66,"height":9}},{"id":"22705a9a-5f81-4ef2-9926-c5376488f179","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may “call” or repay","page_number":57,"box":{"x":155,"y":465,"width":799,"height":11}},{"id":"6f6728d1-0827-4d66-8dc9-1c1f64f24bde","block_type":"box","text":"the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower","page_number":57,"box":{"x":82,"y":480,"width":848,"height":10}},{"id":"565070aa-63fc-40f2-bea3-4362d0c196d0","block_type":"box","text":"yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable","page_number":57,"box":{"x":82,"y":494,"width":867,"height":11}},{"id":"a8235b3f-7c03-4ccc-bb0e-5ec092849324","block_type":"box","text":"features.","page_number":57,"box":{"x":83,"y":508,"width":61,"height":8}},{"id":"e723d22b-b243-476b-a206-e3af42d4250f","block_type":"box","text":"Concentration Risk.","page_number":57,"box":{"x":83,"y":531,"width":145,"height":9}},{"id":"6e57bc6c-c459-4805-9c71-a15ffb76ca14","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":57,"box":{"x":232,"y":531,"width":712,"height":11}},{"id":"6f2e5a02-2b71-43c1-a1bd-bf07b9bba36e","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":57,"box":{"x":83,"y":545,"width":884,"height":10}},{"id":"bc40a6f4-e2f3-4bd2-879b-e32061203d60","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":57,"box":{"x":82,"y":559,"width":887,"height":11}},{"id":"6fd007e5-86e3-4955-b515-d23c23fa6877","block_type":"box","text":"asset classes.","page_number":57,"box":{"x":83,"y":574,"width":95,"height":8}},{"id":"90a2383b-0acd-4241-a0dd-904978464fb0","block_type":"box","text":"Income Risk.","page_number":57,"box":{"x":84,"y":597,"width":92,"height":8}},{"id":"e45a0f59-2079-4e51-8d8b-924c68358d2f","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":57,"box":{"x":181,"y":597,"width":770,"height":11}},{"id":"b3483cc3-0c38-4b8a-a55f-af23790aecdf","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":57,"box":{"x":84,"y":611,"width":881,"height":11}},{"id":"522c32cd-1067-44bb-954d-810e1478eb23","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":57,"box":{"x":84,"y":625,"width":841,"height":11}},{"id":"452dc9a8-42cc-49ac-b3cb-bbfb4815a9d7","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":57,"box":{"x":84,"y":639,"width":876,"height":11}},{"id":"859f4d8b-4773-45f7-89a2-41116d6a7ab0","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":57,"box":{"x":83,"y":653,"width":579,"height":11}},{"id":"ead25d06-dc4e-4358-8611-bb9dde326f6c","block_type":"box","text":"Issuer Risk.","page_number":57,"box":{"x":84,"y":677,"width":82,"height":8}},{"id":"120b8d00-d5cd-4388-808d-e429e0e1b88d","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":57,"box":{"x":170,"y":677,"width":780,"height":10}},{"id":"3f3397aa-15e7-411f-b2cf-adafa97ce6ab","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":57,"box":{"x":84,"y":691,"width":885,"height":11}},{"id":"e89e5ebc-eb74-4e1a-9363-26dd14d4a8b8","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":57,"box":{"x":82,"y":705,"width":577,"height":11}},{"id":"9937132b-a9b5-492f-926e-89d8b4f67a73","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":57,"box":{"x":84,"y":728,"width":394,"height":11}},{"id":"94145cfe-ab0e-4f7d-8f60-5afb06c310fd","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":57,"box":{"x":484,"y":728,"width":410,"height":11}},{"id":"3053d5d7-3abc-42c9-9365-3d261000c957","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":57,"box":{"x":84,"y":742,"width":882,"height":11}},{"id":"4e646a34-ba9c-4bb5-975a-4db5d4e78aef","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":57,"box":{"x":83,"y":757,"width":884,"height":11}},{"id":"956eebe3-9fff-4b5f-ad20-19a6be4e521c","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":57,"box":{"x":84,"y":771,"width":872,"height":11}},{"id":"646315a0-9f71-4d02-8f9b-e6574a817374","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":57,"box":{"x":83,"y":785,"width":813,"height":11}},{"id":"e4e07f69-8631-479b-979e-50fb9a6465c1","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":57,"box":{"x":84,"y":799,"width":889,"height":11}},{"id":"8b1e81e6-ba98-466c-837b-15c62ede1f0a","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":57,"box":{"x":82,"y":814,"width":891,"height":9}},{"id":"ceb95f6c-b5d7-4e71-8680-57930b27de36","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":57,"box":{"x":84,"y":828,"width":836,"height":10}},{"id":"9a721903-25be-48b6-8c86-876bb812274a","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":57,"box":{"x":84,"y":842,"width":810,"height":11}},{"id":"87d8a15f-9869-4c93-95ac-892d4df73484","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":57,"box":{"x":83,"y":856,"width":861,"height":11}},{"id":"76e77406-b9ab-4157-89c8-6a422f1c6f4e","block_type":"box","text":"S-48","page_number":57,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"d878395e-c335-4f8b-9b1a-080bd7fceb04","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":58,"box":{"x":84,"y":23,"width":874,"height":11}},{"id":"dfff3686-66a5-4d9b-b481-7d60a42b6d54","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":58,"box":{"x":82,"y":37,"width":654,"height":11}},{"id":"2cbe1359-61dd-4b6d-ab8f-d2fdea2492ee","block_type":"box","text":"Management Risk.","page_number":58,"box":{"x":84,"y":60,"width":136,"height":11}},{"id":"80fad398-d6cd-4383-91d5-cdf5a024fccb","block_type":"box","text":"The Fund generally does not attempt to take defensive positions under any market conditions, including","page_number":58,"box":{"x":225,"y":61,"width":735,"height":10}},{"id":"a01b8992-06d6-41f9-a82c-159788dbfdd8","block_type":"box","text":"declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not","page_number":58,"box":{"x":83,"y":75,"width":833,"height":11}},{"id":"51182e5c-303b-40ae-8829-bcb6c8dfe8c5","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended","page_number":58,"box":{"x":83,"y":89,"width":864,"height":11}},{"id":"782d8c41-a7d8-4756-be35-949e3d08f557","block_type":"box","text":"results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the","page_number":58,"box":{"x":84,"y":103,"width":824,"height":11}},{"id":"5a9dbad8-a95b-404c-882d-5b28bfb90595","block_type":"box","text":"Underlying Index or that the Fund will achieve its investment objective.","page_number":58,"box":{"x":84,"y":117,"width":498,"height":11}},{"id":"47cfebc7-5174-419f-80a5-80bd16dc7990","block_type":"box","text":"Market Trading Risk.","page_number":58,"box":{"x":84,"y":140,"width":151,"height":11}},{"id":"1606b35d-a6b2-4c69-8903-ab2ef1bb2ae0","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":58,"box":{"x":239,"y":140,"width":695,"height":11}},{"id":"16102023-f184-43a2-b77d-e74fa0062d7f","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":58,"box":{"x":84,"y":155,"width":841,"height":10}},{"id":"01396a9f-2ead-4167-92d4-a893c5531809","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":58,"box":{"x":83,"y":169,"width":887,"height":11}},{"id":"04b0a24e-7cbd-4078-ad37-10e95b19c5b1","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":58,"box":{"x":83,"y":183,"width":839,"height":11}},{"id":"1661f84b-3ce1-41c7-928c-3d1262bc6f9c","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":58,"box":{"x":84,"y":197,"width":865,"height":11}},{"id":"d8463a24-c1ee-46d8-bac1-d33377779bb8","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":58,"box":{"x":82,"y":211,"width":885,"height":11}},{"id":"e3db66e4-b2e7-482b-bbf4-7641ce1e9404","block_type":"box","text":"of the Fund shares.","page_number":58,"box":{"x":83,"y":226,"width":135,"height":8}},{"id":"1b999f8b-374b-439a-af5e-091de9e8c4a2","block_type":"box","text":"Operational and Technology Risks.","page_number":58,"box":{"x":83,"y":249,"width":255,"height":11}},{"id":"3d798136-fa02-461d-a611-dd6a677e1e7b","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":58,"box":{"x":342,"y":249,"width":582,"height":11}},{"id":"5460dcdc-f940-476a-9cf8-7127e23ef317","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":58,"box":{"x":83,"y":263,"width":876,"height":11}},{"id":"eb170453-50e2-43ac-ae16-8ab2bd8991a9","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":58,"box":{"x":83,"y":277,"width":879,"height":11}},{"id":"9fbf4742-74d7-420b-9acf-0f8d62ce9245","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":58,"box":{"x":83,"y":291,"width":825,"height":11}},{"id":"c37ffd65-fc3e-4454-b623-0f1461b59bb2","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":58,"box":{"x":83,"y":305,"width":863,"height":11}},{"id":"40852a95-7917-4e55-9154-c4519421d6e7","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":58,"box":{"x":83,"y":320,"width":872,"height":10}},{"id":"2a1063c8-3557-447f-b0c7-21dc9c2d0331","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":58,"box":{"x":84,"y":334,"width":823,"height":11}},{"id":"a10a8b18-dcaa-468c-b74e-4f14359e876f","block_type":"box","text":"Risk of Investing in China.","page_number":58,"box":{"x":84,"y":357,"width":190,"height":11}},{"id":"8966ef51-6dd3-4013-8f62-ccf744dc9f68","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":58,"box":{"x":280,"y":357,"width":679,"height":11}},{"id":"3fb40c8d-07ff-45ec-a1e2-829f0d53cc8a","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":58,"box":{"x":83,"y":371,"width":819,"height":11}},{"id":"18090853-a0df-4ab9-a8cf-962609f7d062","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":58,"box":{"x":83,"y":385,"width":866,"height":11}},{"id":"ca63423d-411b-4fa8-b660-41019234f080","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":58,"box":{"x":83,"y":400,"width":866,"height":10}},{"id":"848d0e83-e9cf-4b6e-abc4-3ae180a6b1a8","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":58,"box":{"x":82,"y":414,"width":842,"height":11}},{"id":"2900cef4-b954-430f-83f9-12c9d369ad3f","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":58,"box":{"x":83,"y":428,"width":864,"height":11}},{"id":"782fd5a5-a061-4fe4-894d-575a1e0ce498","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":58,"box":{"x":82,"y":442,"width":861,"height":11}},{"id":"cb95288f-1d0f-4df4-87e6-002085718c59","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":58,"box":{"x":83,"y":456,"width":869,"height":11}},{"id":"e7390b99-7ad3-4229-bb53-0c0e547cb002","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":58,"box":{"x":83,"y":470,"width":784,"height":11}},{"id":"9ae2dac2-f37e-4aff-b317-d9a616b0f0d4","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":58,"box":{"x":83,"y":494,"width":887,"height":11}},{"id":"c6a24f3e-e250-4a3f-ad05-acb6a557537f","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":58,"box":{"x":82,"y":508,"width":834,"height":11}},{"id":"eb2cc8db-09b8-468e-af9a-29df6ca854f9","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":58,"box":{"x":82,"y":522,"width":845,"height":11}},{"id":"ca8acfae-847e-450c-8b3c-3bc9293bd84a","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":58,"box":{"x":83,"y":536,"width":876,"height":11}},{"id":"e8243b34-185d-49be-8040-4864dba870b6","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":58,"box":{"x":83,"y":550,"width":834,"height":11}},{"id":"ad8b221c-fb48-4b07-8d41-f5407266f6cc","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":58,"box":{"x":83,"y":565,"width":421,"height":10}},{"id":"01edd6ea-d99b-4d14-a45c-ec2929761adb","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":58,"box":{"x":82,"y":588,"width":849,"height":11}},{"id":"db06f0f1-298b-46de-b3ac-b41fecbfd052","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":58,"box":{"x":83,"y":602,"width":886,"height":11}},{"id":"ba27d885-5f46-4696-aa60-bc3284aeb8cc","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":58,"box":{"x":83,"y":616,"width":878,"height":11}},{"id":"dcbf713c-9ff5-4120-9c0d-4ecbfcad0df3","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":58,"box":{"x":83,"y":630,"width":874,"height":11}},{"id":"6a47d353-1425-4da7-a773-ec7d5fd589e8","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":58,"box":{"x":83,"y":644,"width":878,"height":11}},{"id":"cd93d08c-d98a-4bb7-a0a8-9cd0aa9207ad","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":58,"box":{"x":83,"y":659,"width":807,"height":11}},{"id":"53f5f6d3-5156-4681-b6c8-a72e03215010","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":58,"box":{"x":84,"y":673,"width":889,"height":11}},{"id":"45dde25f-bd14-4055-9fe6-f37ecc65a937","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":58,"box":{"x":82,"y":687,"width":471,"height":11}},{"id":"17d2d63d-cfa4-427c-97e6-76027209b265","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":58,"box":{"x":83,"y":710,"width":883,"height":11}},{"id":"23da9ae0-c6ad-47f3-a3bf-ca4684e24401","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":58,"box":{"x":83,"y":724,"width":850,"height":11}},{"id":"0074a022-81a6-4335-8e35-2c6033322d36","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":58,"box":{"x":83,"y":739,"width":862,"height":10}},{"id":"5cb06612-56aa-4b1a-9c64-b13a6cbbae8c","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":58,"box":{"x":84,"y":753,"width":849,"height":11}},{"id":"54e70f1f-dbbd-455b-a557-429cfb465fd7","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":58,"box":{"x":83,"y":767,"width":883,"height":11}},{"id":"da44cc98-f148-4451-9142-154cca8793ec","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":58,"box":{"x":82,"y":781,"width":861,"height":11}},{"id":"5d632cd5-de75-4570-9b54-e2228f1bf129","block_type":"box","text":"have limited legal remedies.","page_number":58,"box":{"x":84,"y":796,"width":195,"height":10}},{"id":"c3f8626f-d5e9-43c5-9b85-167be8029b7c","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":58,"box":{"x":84,"y":818,"width":844,"height":11}},{"id":"f1c26d43-b396-4fcc-bcbc-7fd68aedc2ea","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":58,"box":{"x":83,"y":833,"width":835,"height":11}},{"id":"6d2411b8-aead-4036-bbcc-416b23e6f180","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":58,"box":{"x":83,"y":847,"width":852,"height":11}},{"id":"af692fb2-a53f-4f10-a008-954492835078","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":58,"box":{"x":82,"y":861,"width":779,"height":11}},{"id":"7c6c6f56-83ed-48e9-bb02-7982a7c59c6e","block_type":"box","text":"considerations.","page_number":58,"box":{"x":83,"y":875,"width":108,"height":9}},{"id":"3c9b40d7-b8ca-4f90-83c7-72c0333b311a","block_type":"box","text":"S-49","page_number":58,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e2d6e72a-676f-4369-a0d0-524def07c3d6","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":59,"box":{"x":84,"y":23,"width":315,"height":11}},{"id":"2b396fc4-dd9e-4b27-83c8-5ae462911e73","block_type":"box","text":". The Fund invests directly in the domestic bond market in the People’s Republic","page_number":59,"box":{"x":400,"y":23,"width":564,"height":11}},{"id":"f2de0a26-5edc-48be-9dd0-f958c9c726dd","block_type":"box","text":"of China (“China” or the “PRC”) (the “China Interbank Bond Market”) through the Bond Connect trading channel. All bonds","page_number":59,"box":{"x":83,"y":37,"width":863,"height":11}},{"id":"9dbdfebd-211a-4cde-a201-5a99f5dc96ba","block_type":"box","text":"traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (“CMU”), which holds such","page_number":59,"box":{"x":82,"y":51,"width":885,"height":11}},{"id":"d33bdb2a-7fdb-48af-a3c5-f481256ab4f8","block_type":"box","text":"bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China","page_number":59,"box":{"x":84,"y":66,"width":860,"height":11}},{"id":"e2dd1428-73d9-482d-bcee-6be1055080a2","block_type":"box","text":"Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of","page_number":59,"box":{"x":84,"y":80,"width":867,"height":11}},{"id":"6f9b3073-24a9-4771-8e7a-527358ef0e75","block_type":"box","text":"the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.","page_number":59,"box":{"x":82,"y":94,"width":745,"height":11}},{"id":"b7ecc97a-fe0a-4675-a415-dc1fde777dc7","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market","page_number":59,"box":{"x":84,"y":117,"width":888,"height":11}},{"id":"31ee4d73-c327-4f43-81e2-ffdcd7fb4b56","block_type":"box","text":"may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may","page_number":59,"box":{"x":84,"y":131,"width":884,"height":11}},{"id":"e80e15c9-7478-450b-b275-fcebd8989e5e","block_type":"box","text":"not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations","page_number":59,"box":{"x":84,"y":146,"width":863,"height":10}},{"id":"bcf4108e-f45f-46e2-a7fb-2770b4e68087","block_type":"box","text":"that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially","page_number":59,"box":{"x":82,"y":160,"width":853,"height":11}},{"id":"3c3d9ab0-8ea6-4d60-98bf-6129a921c12a","block_type":"box","text":"altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions","page_number":59,"box":{"x":83,"y":174,"width":846,"height":11}},{"id":"9580dd88-7ab4-4824-8072-7a6e78ac4acd","block_type":"box","text":"under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or","page_number":59,"box":{"x":83,"y":188,"width":846,"height":11}},{"id":"e4d5391b-c6c8-4f9d-8d8b-743661bdb720","block_type":"box","text":"indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund","page_number":59,"box":{"x":83,"y":202,"width":886,"height":11}},{"id":"75db1a83-03d2-4a60-9887-5ce12124b177","block_type":"box","text":"to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China","page_number":59,"box":{"x":82,"y":217,"width":832,"height":10}},{"id":"279f03d5-3504-4836-83ff-c25f6ad95621","block_type":"box","text":"Interbank Bond Market.","page_number":59,"box":{"x":84,"y":231,"width":165,"height":8}},{"id":"5e59a616-b234-4970-b70d-1d92e226da42","block_type":"box","text":"Risk of Investing in the U.S.","page_number":59,"box":{"x":84,"y":254,"width":200,"height":11}},{"id":"911d3e62-3d48-49e7-b692-956028461f74","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":59,"box":{"x":289,"y":254,"width":664,"height":11}},{"id":"98f81806-f2d0-4446-838d-795d2cd43d4f","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":59,"box":{"x":83,"y":268,"width":878,"height":11}},{"id":"7478ca17-15a9-470b-8d22-11e6be3a7441","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":59,"box":{"x":83,"y":282,"width":470,"height":11}},{"id":"38ac56e3-86f3-4236-a215-b1bd601ec5a5","block_type":"box","text":"Securities Lending Risk.","page_number":59,"box":{"x":83,"y":305,"width":177,"height":11}},{"id":"439e7d77-cf67-4ff2-aecb-5321a66b97be","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":59,"box":{"x":264,"y":306,"width":692,"height":10}},{"id":"c42c9909-9ce1-40d9-ba01-d5276a973043","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":59,"box":{"x":84,"y":320,"width":869,"height":10}},{"id":"3e3f6ee7-cc72-44b1-87bc-8943f3cd4537","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":59,"box":{"x":83,"y":334,"width":886,"height":11}},{"id":"3aa70593-fa21-4dbd-bf93-f1138b8ae106","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":59,"box":{"x":83,"y":348,"width":831,"height":11}},{"id":"2d94cf5f-ba7a-42a4-b209-1003e0ddddf4","block_type":"box","text":"Tracking Error Risk.","page_number":59,"box":{"x":82,"y":371,"width":145,"height":11}},{"id":"94063523-84e4-481d-8fad-51ea7496aebb","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":59,"box":{"x":231,"y":371,"width":741,"height":11}},{"id":"5e4830d0-17ce-44bb-b640-93498f1b70ed","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":59,"box":{"x":83,"y":385,"width":861,"height":11}},{"id":"1e4dd4cc-368c-420d-942e-23cf5fdba164","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":59,"box":{"x":83,"y":400,"width":832,"height":10}},{"id":"595b121c-1ef4-4117-8189-f420975392d8","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":59,"box":{"x":84,"y":414,"width":880,"height":11}},{"id":"7e8d7363-9ee5-4fa8-b116-f0b080e852be","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":59,"box":{"x":84,"y":428,"width":830,"height":11}},{"id":"a744dd74-1c25-403d-87a0-02888344d3f0","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":59,"box":{"x":82,"y":442,"width":828,"height":11}},{"id":"0eb7f86a-2849-4661-9bd1-652f27788918","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":59,"box":{"x":83,"y":456,"width":874,"height":11}},{"id":"b4f4b614-ae71-4dad-a2be-602f51ffc5f6","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":59,"box":{"x":84,"y":470,"width":888,"height":11}},{"id":"f8a50ca0-9f61-4736-b55d-0f3766394b9f","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":59,"box":{"x":84,"y":485,"width":851,"height":10}},{"id":"6b8776f2-1e45-4794-a45f-e61cecbabf88","block_type":"box","text":"baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or","page_number":59,"box":{"x":84,"y":499,"width":850,"height":11}},{"id":"71f88a25-7fd6-4860-b0ba-a76da657f1b6","block_type":"box","text":"limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":59,"box":{"x":84,"y":513,"width":873,"height":11}},{"id":"3836642a-59e0-48d7-8aa9-eb3c75603cef","block_type":"box","text":"Valuation Risk.","page_number":59,"box":{"x":82,"y":536,"width":110,"height":9}},{"id":"39e4a74a-30a8-4cfb-bf4c-028494f9412e","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":59,"box":{"x":197,"y":536,"width":740,"height":11}},{"id":"4d22a57f-5874-4ada-be95-71f202bba9f0","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":59,"box":{"x":83,"y":550,"width":840,"height":11}},{"id":"83d32d88-526e-48b0-b1a4-5f77cdb30283","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":59,"box":{"x":82,"y":565,"width":869,"height":10}},{"id":"f22b85af-10c2-4574-9770-c1076ce69d7a","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":59,"box":{"x":83,"y":579,"width":888,"height":11}},{"id":"8fe58a74-4158-4b86-a0d7-60e272ab4d7f","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":59,"box":{"x":83,"y":593,"width":871,"height":11}},{"id":"004216d9-5f10-4410-8672-511d116cc342","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":59,"box":{"x":82,"y":607,"width":879,"height":11}},{"id":"963f404c-3bf1-4b95-a505-a28b9f893c73","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":59,"box":{"x":83,"y":622,"width":880,"height":10}},{"id":"198997ed-3bd6-4c69-b8e5-738207670364","block_type":"box","text":"been fair valued or been valued using a different methodology. 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The bar chart shows how the performance of the Fund has varied from","page_number":59,"box":{"x":83,"y":710,"width":871,"height":11}},{"id":"67c998d5-4541-49c2-9e43-e32726437811","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":59,"box":{"x":83,"y":724,"width":868,"height":11}},{"id":"2045a07a-6e39-4714-8557-4e002f24403a","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":59,"box":{"x":84,"y":739,"width":837,"height":10}},{"id":"babd3ed6-8466-4f8f-ab1e-682711f06597","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":59,"box":{"x":83,"y":753,"width":869,"height":11}},{"id":"6c506e8f-1633-4e94-9442-5ba4009a232a","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":59,"box":{"x":84,"y":767,"width":832,"height":11}},{"id":"4e4d67b9-310c-4e01-93a6-ad0cc2874531","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":59,"box":{"x":84,"y":781,"width":841,"height":11}},{"id":"1fb94bb1-ddad-43e3-af9e-587c071d84a0","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":59,"box":{"x":82,"y":795,"width":531,"height":11}},{"id":"6c558063-6af1-4d2e-b724-8c9d74186aaf","block_type":"box","text":"S-50","page_number":59,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"50c8b8b8-942e-4502-ab79-c8ec7aada022","block_type":"box","text":"Calendar Year-by-Year Returns 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fees,","page_number":60,"box":{"x":405,"y":324,"width":268,"height":9}},{"id":"9f0f6172-cf8d-4e0f-993a-f215f0d8e9b8","block_type":"box","text":"expenses or taxes)","page_number":60,"box":{"x":101,"y":337,"width":116,"height":10}},{"id":"ad496ac3-dbbe-45dc-94ce-3e0dd8b4f56a","block_type":"box","text":"6.88% -0.59% 2.16%","page_number":60,"box":{"x":716,"y":337,"width":249,"height":8}},{"id":"6e560b51-f4b9-4e43-a7a7-cdb08f3032e4","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":60,"box":{"x":82,"y":367,"width":857,"height":11}},{"id":"676d0e1b-fec3-4454-84f5-9d86c3af4cbf","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":60,"box":{"x":84,"y":381,"width":864,"height":10}},{"id":"ee1ce3c0-e0d4-4d58-94d4-a1b21b5efae8","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":60,"box":{"x":84,"y":395,"width":847,"height":11}},{"id":"a5b50ef0-5b89-4b40-8cbb-f2fe1739ebfd","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":60,"box":{"x":83,"y":409,"width":857,"height":11}},{"id":"322e0af1-17b0-497d-bf43-914c7612175d","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":60,"box":{"x":83,"y":423,"width":877,"height":11}},{"id":"45560d51-d2c3-435f-b29d-bdd9ceae3820","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":60,"box":{"x":82,"y":438,"width":837,"height":10}},{"id":"e8c46894-b2c1-452b-b019-aebd237d9179","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":60,"box":{"x":84,"y":452,"width":885,"height":11}},{"id":"11902af2-653b-4dd6-82fc-1f5f2f39dcc5","block_type":"box","text":"on distributions.","page_number":60,"box":{"x":83,"y":466,"width":115,"height":8}},{"id":"0edea0b1-9498-4da9-9da0-7003c982a56c","block_type":"box","text":"Management","page_number":60,"box":{"x":84,"y":495,"width":120,"height":13}},{"id":"68447996-8fdf-418f-9480-933f0a3025cd","block_type":"box","text":"Investment Adviser.","page_number":60,"box":{"x":84,"y":520,"width":144,"height":9}},{"id":"d12be4ab-9640-4ff6-951a-17d7f8587a57","block_type":"box","text":"BlackRock Fund Advisors.","page_number":60,"box":{"x":234,"y":520,"width":180,"height":9}},{"id":"71024e4d-7249-4da1-a60d-3d6d8aff8e65","block_type":"box","text":"Portfolio Managers.","page_number":60,"box":{"x":84,"y":543,"width":145,"height":11}},{"id":"6b03a70f-fc59-41e7-bfbc-614d77c7265f","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":60,"box":{"x":233,"y":543,"width":679,"height":11}},{"id":"35c7e379-62d5-47f5-84f6-76b93e58a38c","block_type":"box","text":"management of the Fund:","page_number":60,"box":{"x":84,"y":558,"width":182,"height":10}},{"id":"5a199176-2f06-4170-a8df-a5f7bb4c70bd","block_type":"box","text":"Portfolio Manager Portfolio Manager of the Fund Since Title with Investment Adviser","page_number":60,"box":{"x":88,"y":580,"width":886,"height":10}},{"id":"d73d35d6-36a9-4e01-b744-0a1ae9342aae","block_type":"box","text":"Jonathan Graves 2025 Managing Director","page_number":60,"box":{"x":87,"y":596,"width":850,"height":9}},{"id":"80be369f-4508-482c-a7c5-84cfa0a6c430","block_type":"box","text":"James Mauro 2011 Managing Director","page_number":60,"box":{"x":87,"y":611,"width":850,"height":10}},{"id":"d0522f13-8544-42c5-af9c-67c34babec6c","block_type":"box","text":"Marcus Tom 2025 Director","page_number":60,"box":{"x":89,"y":627,"width":814,"height":7}},{"id":"2007953e-57c8-4c98-aca5-3ba1a3c523ac","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":60,"box":{"x":84,"y":662,"width":304,"height":10}},{"id":"75ba364f-40a3-47ab-8a44-d1e8297dc20a","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":60,"box":{"x":82,"y":687,"width":878,"height":11}},{"id":"869a3f8a-008d-44f5-9f37-49fc0f4c0005","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":60,"box":{"x":83,"y":701,"width":855,"height":11}},{"id":"4def8f9b-1902-44d3-8985-f3eee342cca0","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":60,"box":{"x":83,"y":715,"width":817,"height":11}},{"id":"27f77129-5a32-4c15-90e4-0c2dad82a0a7","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":60,"box":{"x":83,"y":730,"width":878,"height":10}},{"id":"1db5fe4c-919f-4219-b5ac-682348b2c6a7","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":60,"box":{"x":84,"y":744,"width":860,"height":11}},{"id":"de93d714-7392-415d-b323-bd781dda39bc","block_type":"box","text":"(the “bid-ask spread”).","page_number":60,"box":{"x":83,"y":758,"width":157,"height":10}},{"id":"b6795c84-4897-4dad-826e-d894e38acf80","block_type":"box","text":"Tax Information","page_number":60,"box":{"x":82,"y":787,"width":144,"height":10}},{"id":"ac0ed323-7593-4589-a1c7-982bfb972456","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":60,"box":{"x":82,"y":812,"width":832,"height":11}},{"id":"bc329ddd-8092-47d3-9ad5-af5d17e88a63","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":60,"box":{"x":83,"y":826,"width":883,"height":11}},{"id":"51dd59d6-05ea-4dba-a140-cc5dfe7f5022","block_type":"box","text":"be taxed when withdrawn.","page_number":60,"box":{"x":84,"y":841,"width":181,"height":8}},{"id":"37bacb9b-960e-4df9-839e-b0fa33ccba06","block_type":"box","text":"S-51","page_number":60,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"f7d9bff8-5718-4433-8be3-7268789767e4","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":61,"box":{"x":84,"y":22,"width":575,"height":14}},{"id":"30e16a8f-c777-4024-8424-b5dcb13d1313","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":61,"box":{"x":84,"y":48,"width":854,"height":10}},{"id":"d4254231-2d1a-4424-893e-92faaa5443c6","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":61,"box":{"x":84,"y":62,"width":842,"height":11}},{"id":"e39e668a-f164-475d-a49e-754848faf70b","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":61,"box":{"x":83,"y":76,"width":820,"height":11}},{"id":"0b1a9b8c-b12f-46b9-b69e-f34e65da23b4","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":61,"box":{"x":84,"y":90,"width":801,"height":11}},{"id":"dba75db8-eb01-4671-8f7a-3c997c6b13a1","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":61,"box":{"x":83,"y":105,"width":841,"height":10}},{"id":"c53f161a-6134-4bcd-94e0-a0c7ff95f27c","block_type":"box","text":"financial intermediary’s website for more information.","page_number":61,"box":{"x":83,"y":118,"width":379,"height":11}},{"id":"9cb1f86c-4b71-495c-a4ba-05b74665f635","block_type":"box","text":"S-52","page_number":61,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"cebcc61e-c3ef-4229-b2d6-28ff112c0fe1","block_type":"box","text":"iSHARES","page_number":62,"box":{"x":84,"y":23,"width":125,"height":17}},{"id":"e21b3a20-e7a7-42ef-9cfe-1e491b2722b9","block_type":"box","text":"®","page_number":62,"box":{"x":211,"y":17,"width":11,"height":9}},{"id":"01ca1f0b-9fad-40ee-b6ab-0fcc7c633b13","block_type":"box","text":"INTERMEDIATE GOVERNMENT/CREDIT","page_number":62,"box":{"x":233,"y":24,"width":568,"height":16}},{"id":"95a49963-8758-4c03-84c1-0863f7f381ef","block_type":"box","text":"BOND ETF","page_number":62,"box":{"x":85,"y":47,"width":147,"height":16}},{"id":"af8c86b0-ae02-4f92-9dbb-f5c6611c035a","block_type":"box","text":"GVI | Cboe BZX","page_number":62,"box":{"x":84,"y":70,"width":208,"height":18}},{"id":"a7f280e7-3992-410f-9276-17f7cce51e3f","block_type":"box","text":"Investment Objective","page_number":62,"box":{"x":84,"y":109,"width":192,"height":13}},{"id":"aed02646-90ac-4542-ba7d-ccdd42019622","block_type":"box","text":"The iShares Intermediate Government/Credit Bond ETF (the “Fund”) seeks to track the investment results of an index","page_number":62,"box":{"x":82,"y":134,"width":830,"height":9}},{"id":"1534f7b0-2400-4640-a270-370c90534857","block_type":"box","text":"composed of U.S. dollar-denominated government, government-related and investment-grade U.S. corporate bonds with","page_number":62,"box":{"x":83,"y":147,"width":855,"height":11}},{"id":"974ba77c-6d80-47ef-b063-daa78b86d474","block_type":"box","text":"remaining maturities between one and ten years.","page_number":62,"box":{"x":84,"y":160,"width":344,"height":11}},{"id":"51be9921-6fad-48d4-8da4-984293526212","block_type":"box","text":"Fees and Expenses","page_number":62,"box":{"x":84,"y":188,"width":169,"height":12}},{"id":"fd8cc308-83f5-475b-af66-4926ee436913","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":62,"box":{"x":82,"y":213,"width":874,"height":10}},{"id":"ef858e6c-36ef-4d19-8c64-c1fc4eab85b1","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":62,"box":{"x":83,"y":225,"width":871,"height":11}},{"id":"53253120-1cdf-4f00-8d41-f5de2b6e4dbd","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":62,"box":{"x":84,"y":238,"width":887,"height":11}},{"id":"ae798857-f0d2-4633-8335-9422051aaa9d","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":62,"box":{"x":84,"y":251,"width":795,"height":11}},{"id":"4dcc4482-6891-4b62-8c31-3d0e2e356451","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":62,"box":{"x":83,"y":264,"width":854,"height":11}},{"id":"0e658ca5-ef3f-4a26-b939-f61174bb2f74","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":62,"box":{"x":82,"y":277,"width":829,"height":11}},{"id":"b8131c36-ab05-4143-bcf3-6dbb46fa487c","block_type":"box","text":"extraordinary expenses.","page_number":62,"box":{"x":83,"y":290,"width":168,"height":11}},{"id":"1af08fe2-a476-4486-aa2e-f20ad842f824","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":62,"box":{"x":82,"y":312,"width":830,"height":11}},{"id":"ee9c72f9-02e6-4fb9-acda-87cf45e02c61","block_type":"box","text":"reflected in the tables and examples below.","page_number":62,"box":{"x":83,"y":325,"width":316,"height":10}},{"id":"e2a42ca6-92a9-4b38-a85c-6ffd98205b93","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":62,"box":{"x":87,"y":346,"width":761,"height":10}},{"id":"346d7778-fbb3-4d87-b89f-11aee82979d6","block_type":"box","text":"1","page_number":62,"box":{"x":849,"y":345,"width":5,"height":5}},{"id":"029e1012-1a9e-4c98-9bb8-64b932fd54e1","block_type":"box","text":"Management Fee","page_number":62,"box":{"x":89,"y":367,"width":109,"height":9}},{"id":"66665f62-2595-467f-842c-0ae70b422021","block_type":"box","text":"0.20%","page_number":62,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"cad276d0-b9a5-483f-bc31-e07945f19253","block_type":"box","text":"Other Expenses","page_number":62,"box":{"x":88,"y":382,"width":99,"height":9}},{"id":"3cd4da2c-9f9d-4514-9d31-256842fce8ce","block_type":"box","text":"0.00%","page_number":62,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"f80dd190-4346-4956-b433-3a45a2738f25","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":62,"box":{"x":87,"y":397,"width":246,"height":10}},{"id":"6b5c96fa-9998-44fc-bfa9-797c2db555b3","block_type":"box","text":"0.20%","page_number":62,"box":{"x":920,"y":397,"width":41,"height":8}},{"id":"93be1845-fb2a-4096-94dc-769856270650","block_type":"box","text":"1","page_number":62,"box":{"x":110,"y":425,"width":5,"height":5}},{"id":"635d31de-1020-4923-8509-0a89d1b3d4c6","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":62,"box":{"x":123,"y":426,"width":780,"height":10}},{"id":"24c6a7ca-c3a6-4260-8a44-3599502b9c62","block_type":"box","text":"Example.","page_number":62,"box":{"x":84,"y":446,"width":66,"height":10}},{"id":"8f8cee31-f1a9-4a53-b6f2-5edca6697e2a","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":62,"box":{"x":154,"y":446,"width":795,"height":11}},{"id":"6d5ae0d8-144d-4783-99ea-a6b3be27e9eb","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":62,"box":{"x":83,"y":458,"width":886,"height":12}},{"id":"cbcf5188-2448-4d80-9e47-bc0047f4c937","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":62,"box":{"x":83,"y":472,"width":870,"height":11}},{"id":"69cdd29e-9b75-434d-aad9-82929d026ce9","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":62,"box":{"x":84,"y":485,"width":887,"height":10}},{"id":"b60bbee2-84e7-4b3c-964b-73f9f848e6a9","block_type":"box","text":"your costs would be:","page_number":62,"box":{"x":82,"y":498,"width":143,"height":10}},{"id":"80da3d6a-1eba-4af9-8a07-013e0de99dc2","block_type":"box","text":"Expense Example","page_number":62,"box":{"x":88,"y":519,"width":115,"height":9}},{"id":"7fe4e6b9-035b-4856-8ccb-3f1b7952d91c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":62,"box":{"x":693,"y":519,"width":281,"height":8}},{"id":"e345a80b-be6c-4b1b-a3ad-ba4241b580ee","block_type":"box","text":"Example Fund Costs","page_number":62,"box":{"x":89,"y":535,"width":128,"height":9}},{"id":"e22618f9-6ed9-49f7-b80f-aa006cb282f4","block_type":"box","text":"$20 $64 $113 $255","page_number":62,"box":{"x":701,"y":534,"width":261,"height":9}},{"id":"f4f5792d-7fe2-4ee1-ab01-a2435531bde6","block_type":"box","text":"Portfolio Turnover.","page_number":62,"box":{"x":84,"y":564,"width":136,"height":8}},{"id":"266be754-f2b2-4218-9e13-2040a0143b19","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":62,"box":{"x":225,"y":564,"width":721,"height":11}},{"id":"e79cf619-d65f-479d-9f9d-22cf897d1e48","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":62,"box":{"x":83,"y":577,"width":884,"height":11}},{"id":"4edf01b4-c02a-4753-9561-fda2edb906f5","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":62,"box":{"x":84,"y":590,"width":875,"height":11}},{"id":"5ce007ab-6ac5-4d88-b544-9c8268f1fc2d","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of","page_number":62,"box":{"x":82,"y":603,"width":887,"height":10}},{"id":"70f79c2e-ff25-411a-ac76-f9fdc42fd346","block_type":"box","text":"the average value of its portfolio.","page_number":62,"box":{"x":82,"y":616,"width":231,"height":10}},{"id":"ba5716ba-8e0f-403a-b251-cdd10dd52d46","block_type":"box","text":"Principal Investment Strategies","page_number":62,"box":{"x":84,"y":643,"width":284,"height":14}},{"id":"5645f584-7af7-4732-917f-3cb5b9d9a183","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg U.S. Intermediate Government/Credit Bond Index (the","page_number":62,"box":{"x":82,"y":668,"width":843,"height":11}},{"id":"25bfa399-2de8-4795-acca-2155b5a1b008","block_type":"box","text":"“Underlying Index”), which measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government-related","page_number":62,"box":{"x":83,"y":682,"width":871,"height":11}},{"id":"f1f355ca-c3f1-467e-8318-9d11f902886d","block_type":"box","text":"bonds (","page_number":62,"box":{"x":84,"y":697,"width":51,"height":9}},{"id":"dd43110a-ade4-40c2-abbf-96c8279ba18b","block_type":"box","text":"i.e","page_number":62,"box":{"x":136,"y":697,"width":15,"height":8}},{"id":"6643ff13-f040-4f40-ae4e-01e28c14c1a3","block_type":"box","text":"., U.S. and non-U.S. agencies, sovereign, supranational and local authority debt) and investment-grade (as","page_number":62,"box":{"x":152,"y":697,"width":749,"height":11}},{"id":"2c368dd7-b8c5-4849-b7ea-b877de941cea","block_type":"box","text":"determined by Bloomberg Index Services Limited (the “Index Provider” or “Bloomberg”)) U.S. corporate bonds that have a","page_number":62,"box":{"x":83,"y":711,"width":855,"height":11}},{"id":"4a759fcb-000d-49fa-a08d-e73ce9ad6cb2","block_type":"box","text":"remaining maturity of greater than one year and less than ten years. As of February 28, 2026, there were 6,518 issues in the","page_number":62,"box":{"x":84,"y":725,"width":871,"height":11}},{"id":"c6d98ec8-db7e-4147-91fd-62eadb84d7c3","block_type":"box","text":"Underlying Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by U.S. Treasury","page_number":62,"box":{"x":84,"y":739,"width":854,"height":11}},{"id":"55fc80ff-d5b9-46f5-a498-b9e2790005b3","block_type":"box","text":"securities. The components of the Underlying Index are likely to change over time.","page_number":62,"box":{"x":83,"y":753,"width":578,"height":11}},{"id":"625d406b-0b86-4c8a-b0cc-d56ba804cae2","block_type":"box","text":"The Underlying Index consists of U.S. government, government-related and investment-grade U.S. credit securities that have","page_number":62,"box":{"x":82,"y":775,"width":883,"height":11}},{"id":"dc426d32-1705-4050-9202-8997d039d831","block_type":"box","text":"greater than one year and less than ten years remaining to maturity and have $300 million or more of outstanding face value.","page_number":62,"box":{"x":83,"y":789,"width":885,"height":11}},{"id":"3465b340-4c73-4d66-ad11-75d66c8138a1","block_type":"box","text":"In addition, the securities in the Underlying Index must be denominated in U.S. dollars and must be fixed-rate and","page_number":62,"box":{"x":84,"y":804,"width":803,"height":11}},{"id":"0ca37f75-6cc1-43b4-966a-9e01f494b026","block_type":"box","text":"non-convertible. Excluded from the Underlying Index are certain special issues such as targeted investor notes, state and","page_number":62,"box":{"x":84,"y":818,"width":856,"height":11}},{"id":"05e79c2e-0481-416a-b884-9d543d765889","block_type":"box","text":"local government series bonds and coupon issues that have been stripped from bonds. Also excluded from the Underlying","page_number":62,"box":{"x":84,"y":832,"width":861,"height":11}},{"id":"9dae6737-af42-4051-a716-1cd87703ce69","block_type":"box","text":"Index are structured notes with embedded swaps or other special features, private placements, floating-rate securities and","page_number":62,"box":{"x":84,"y":846,"width":865,"height":11}},{"id":"09487a3d-c28c-40dd-a39e-e90f82bd550a","block_type":"box","text":"bonds that have been issued in one country's currency but are traded outside of that country in a different monetary and","page_number":62,"box":{"x":84,"y":860,"width":851,"height":11}},{"id":"d9ce427f-1e5f-4666-b0a5-67e393c5e0b4","block_type":"box","text":"regulatory system (","page_number":62,"box":{"x":84,"y":875,"width":134,"height":10}},{"id":"17d7e4b2-c4d3-4773-abf1-f4a07d586933","block_type":"box","text":"e.g.","page_number":62,"box":{"x":220,"y":877,"width":22,"height":8}},{"id":"7c07c719-b7d5-4223-844f-0eef3310db34","block_type":"box","text":", Eurobonds). The Underlying Index is market capitalization-weighted and the securities in the","page_number":62,"box":{"x":244,"y":875,"width":664,"height":10}},{"id":"242658f7-61a6-4cb9-85fc-8570b4a4b8d7","block_type":"box","text":"Underlying Index are updated on the last business day of each month.","page_number":62,"box":{"x":84,"y":889,"width":493,"height":11}},{"id":"a0a92403-e894-462d-b49f-45ee0d8a0874","block_type":"box","text":"S-53","page_number":62,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"9a179b80-ba17-4eaa-887f-46e924e15902","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it","page_number":63,"box":{"x":84,"y":23,"width":877,"height":11}},{"id":"3cc8902b-7aa5-4b2b-bcd0-c12e38fa76f7","block_type":"box","text":"tracks and does not seek temporary defensive positions when markets decline or appear overvalued.","page_number":63,"box":{"x":82,"y":37,"width":709,"height":11}},{"id":"dfc75455-790e-4da5-9de2-a3f2dfaa42dd","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce","page_number":63,"box":{"x":84,"y":61,"width":853,"height":10}},{"id":"fa388430-dc73-4b2d-9307-458154e6a1c1","block_type":"box","text":"some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better","page_number":63,"box":{"x":83,"y":75,"width":857,"height":11}},{"id":"5f3adaa0-04f0-4224-a207-0403b7f6b474","block_type":"box","text":"after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":63,"box":{"x":83,"y":89,"width":863,"height":11}},{"id":"764b531d-439c-43c7-baf6-76889f52a9c5","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy","page_number":63,"box":{"x":84,"y":112,"width":887,"height":11}},{"id":"bfdab527-465f-42aa-ae89-106eb23d5fbe","block_type":"box","text":"that involves investing in a representative sample of securities or other instruments that collectively has an investment profile","page_number":63,"box":{"x":82,"y":126,"width":890,"height":11}},{"id":"878cbe71-864d-464a-b5c7-8fc75da68607","block_type":"box","text":"similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment","page_number":63,"box":{"x":83,"y":140,"width":886,"height":11}},{"id":"9f0e0f3e-ee69-469f-886f-6e8ba3333bda","block_type":"box","text":"characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return","page_number":63,"box":{"x":83,"y":155,"width":885,"height":10}},{"id":"ff84a9bc-1609-472a-a3b3-23ad8355ca9f","block_type":"box","text":"variability, duration (","page_number":63,"box":{"x":82,"y":169,"width":146,"height":11}},{"id":"ab80090a-8cf2-4b08-9944-3605a3bc0643","block_type":"box","text":"i.e.","page_number":63,"box":{"x":229,"y":169,"width":17,"height":8}},{"id":"a08a66fe-76e7-4a48-87a6-eaf9777771e2","block_type":"box","text":", an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield)","page_number":63,"box":{"x":248,"y":169,"width":697,"height":11}},{"id":"23005fc4-3628-4850-8757-6808c62e987d","block_type":"box","text":"and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the","page_number":63,"box":{"x":83,"y":183,"width":802,"height":11}},{"id":"b955e006-1ecc-4397-a55e-dc8fd93cd20b","block_type":"box","text":"components of the Underlying Index.","page_number":63,"box":{"x":83,"y":197,"width":261,"height":11}},{"id":"cd349f81-8f77-4d8a-af00-79e6d7a7e48b","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at","page_number":63,"box":{"x":82,"y":220,"width":887,"height":11}},{"id":"c840ed9d-afce-4703-9b54-4c44aa171131","block_type":"box","text":"least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the","page_number":63,"box":{"x":84,"y":235,"width":879,"height":10}},{"id":"a9195f07-366d-4940-908f-c7bfbf061de5","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts","page_number":63,"box":{"x":84,"y":249,"width":885,"height":11}},{"id":"f547875b-b1ba-4e0d-b4fc-3682f70ec171","block_type":"box","text":"that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types","page_number":63,"box":{"x":82,"y":263,"width":846,"height":11}},{"id":"173c2dbb-a12c-4097-a301-739ed4102867","block_type":"box","text":"included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash","page_number":63,"box":{"x":83,"y":277,"width":837,"height":11}},{"id":"42f88857-c0ec-4760-bb24-af1d6948ca97","block_type":"box","text":"equivalent investments associated with a derivative position will be treated as part of that position for the purposes of","page_number":63,"box":{"x":83,"y":291,"width":831,"height":11}},{"id":"14302aa2-b548-4378-816f-84d884245a09","block_type":"box","text":"calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of","page_number":63,"box":{"x":83,"y":305,"width":889,"height":11}},{"id":"bd46a19c-1adb-4914-8c08-8c0b184fe3c6","block_type":"box","text":"the Underlying Index before fees and expenses of the Fund.","page_number":63,"box":{"x":82,"y":320,"width":420,"height":10}},{"id":"ad6d53a9-8792-44d3-b406-3d432f7f703b","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":63,"box":{"x":82,"y":343,"width":873,"height":11}},{"id":"3e5e90bc-d78b-4841-8f8e-41ef39683810","block_type":"box","text":"collateral received).","page_number":63,"box":{"x":83,"y":357,"width":136,"height":9}},{"id":"9c79d602-7d18-4554-a40e-42deecef90af","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which is independent of the Fund and BFA. The Index Provider determines","page_number":63,"box":{"x":82,"y":380,"width":880,"height":11}},{"id":"ca40a048-0b5c-4704-a378-4459880a99c9","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":63,"box":{"x":82,"y":394,"width":884,"height":11}},{"id":"11c6f599-8e2c-45e8-b0ae-2c6132db72fd","block_type":"box","text":"market value of the Underlying Index.","page_number":63,"box":{"x":84,"y":409,"width":262,"height":10}},{"id":"7af155c2-4f86-4e56-b3b4-a324eddc6ff9","block_type":"box","text":"Industry Concentration Policy.","page_number":63,"box":{"x":84,"y":432,"width":223,"height":11}},{"id":"cba21d85-1d52-4a4d-8275-051f4bd930ea","block_type":"box","text":"The Fund will concentrate its investments (","page_number":63,"box":{"x":312,"y":432,"width":304,"height":9}},{"id":"12588e61-b0aa-4353-b7c5-a66d98aea636","block_type":"box","text":"i.e.","page_number":63,"box":{"x":617,"y":432,"width":17,"height":8}},{"id":"2fbef46f-aad8-4135-8cc6-63f4bde7fb4e","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":63,"box":{"x":636,"y":432,"width":292,"height":10}},{"id":"6d9c3472-3361-4f5d-b32b-07177657400b","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":63,"box":{"x":84,"y":446,"width":858,"height":11}},{"id":"a53d0377-29d6-4331-814b-34f324ef3290","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase","page_number":63,"box":{"x":84,"y":460,"width":840,"height":11}},{"id":"a2c33c4a-816d-447f-b905-dbffd7be4c8f","block_type":"box","text":"agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political","page_number":63,"box":{"x":83,"y":474,"width":879,"height":11}},{"id":"8e2c4670-b434-4dc9-bf7f-6a9908df3f0b","block_type":"box","text":"subdivisions are not considered to be issued by members of any industry.","page_number":63,"box":{"x":83,"y":489,"width":517,"height":10}},{"id":"e67e489b-15ad-45db-87f7-46c068f12193","block_type":"box","text":"Summary of Principal Risks","page_number":63,"box":{"x":83,"y":517,"width":248,"height":14}},{"id":"41414330-3227-4ff1-bb0c-36e5ee605737","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":63,"box":{"x":82,"y":543,"width":882,"height":11}},{"id":"0647de04-5ac9-4c58-968e-045702aea829","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below any of which may","page_number":63,"box":{"x":83,"y":557,"width":822,"height":11}},{"id":"b1fa39f7-0190-43ae-8e63-d21133abf089","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":63,"box":{"x":83,"y":571,"width":807,"height":11}},{"id":"88bfd251-4096-4852-b927-468be6177504","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":63,"box":{"x":83,"y":585,"width":844,"height":11}},{"id":"8dfe8445-d6a9-4401-b70d-56f164784f3e","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":63,"box":{"x":83,"y":599,"width":814,"height":11}},{"id":"6e95f976-9693-447b-84e2-fb767902df1c","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":63,"box":{"x":83,"y":623,"width":225,"height":10}},{"id":"213ee10f-0806-4e13-a2ed-a2a8f12f6a34","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":63,"box":{"x":314,"y":623,"width":635,"height":10}},{"id":"813596dc-4018-44b3-a3e7-cd4ed8aaf7e9","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in","page_number":63,"box":{"x":82,"y":637,"width":890,"height":11}},{"id":"13f67991-4a2d-48ac-88fa-e161b9cc6f6e","block_type":"box","text":"the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct","page_number":63,"box":{"x":82,"y":651,"width":869,"height":11}},{"id":"8491d7b1-e760-46b4-89ba-d75c1d8d74dd","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value","page_number":63,"box":{"x":83,"y":665,"width":882,"height":11}},{"id":"f07576db-268b-4b02-87c4-c35b34095a36","block_type":"box","text":"of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and","page_number":63,"box":{"x":83,"y":679,"width":859,"height":11}},{"id":"dad749c6-2c13-4981-a3bb-2f3995cc60e3","block_type":"box","text":"credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.","page_number":63,"box":{"x":83,"y":694,"width":816,"height":10}},{"id":"d9d358c2-309c-4406-b307-c6810024573f","block_type":"box","text":"Interest Rate Risk.","page_number":63,"box":{"x":84,"y":717,"width":134,"height":8}},{"id":"50f9e2bf-b629-4703-add5-7b1ec5155ca0","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":63,"box":{"x":223,"y":717,"width":743,"height":11}},{"id":"bb31d355-730b-453e-9a23-11a2bf753388","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":63,"box":{"x":82,"y":731,"width":880,"height":11}},{"id":"3407a23c-0137-4874-9e69-78973c57b8be","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":63,"box":{"x":83,"y":745,"width":882,"height":11}},{"id":"d0bf0671-25ab-4941-b29e-2e6969f3c235","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":63,"box":{"x":83,"y":759,"width":845,"height":11}},{"id":"e2111844-dc1b-422b-9adf-89cbdaf0765f","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":63,"box":{"x":83,"y":773,"width":870,"height":11}},{"id":"0f67fc1e-7af6-467b-8327-f196e4998ae8","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":63,"box":{"x":82,"y":788,"width":873,"height":10}},{"id":"76a2b341-d5e8-4d8b-a893-e18a7ab5309b","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":63,"box":{"x":83,"y":802,"width":866,"height":11}},{"id":"a23c230c-d217-4cea-a091-6fe1ea933cb3","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":63,"box":{"x":84,"y":816,"width":759,"height":11}},{"id":"118a4a55-a1ac-4a5e-a391-5caee1ccb0f8","block_type":"box","text":"Credit Risk.","page_number":63,"box":{"x":83,"y":839,"width":84,"height":9}},{"id":"3dec419d-1327-4e45-b01f-06056d2d0d79","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":63,"box":{"x":172,"y":839,"width":777,"height":11}},{"id":"7774e376-d4a1-43bd-9c51-2c2c04330703","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":63,"box":{"x":83,"y":854,"width":891,"height":10}},{"id":"307b3a12-5f11-4299-a10b-7d0b80a5146a","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":63,"box":{"x":83,"y":867,"width":869,"height":11}},{"id":"2d9f8402-48c9-4ed6-9ee3-4321236feff4","block_type":"box","text":"S-54","page_number":63,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"a2020929-f670-42c8-9757-1d19328f7aa9","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":64,"box":{"x":83,"y":23,"width":890,"height":11}},{"id":"b1c15350-0ced-4666-b973-94cda1bf8a5f","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":64,"box":{"x":83,"y":37,"width":851,"height":11}},{"id":"e593b48d-31f3-4c35-b3f2-44b249f01732","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":64,"box":{"x":83,"y":52,"width":809,"height":10}},{"id":"169cab4b-f176-42af-b72f-739d27d1e97c","block_type":"box","text":"Market Risk.","page_number":64,"box":{"x":84,"y":75,"width":90,"height":8}},{"id":"17b7a087-649a-4041-9b85-67b128e414bc","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":64,"box":{"x":179,"y":75,"width":767,"height":11}},{"id":"cf7eb008-efe6-45ee-bc73-813e041473be","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":64,"box":{"x":83,"y":89,"width":882,"height":11}},{"id":"6f3bb6f2-90f2-499f-adc7-6bc14d6bea1c","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":64,"box":{"x":84,"y":103,"width":857,"height":11}},{"id":"50673879-c235-4285-9e37-d70746c16350","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":64,"box":{"x":83,"y":117,"width":875,"height":11}},{"id":"1208ccce-96b9-4d59-b06a-45f421d2bda4","block_type":"box","text":"Fund’s NAV.","page_number":64,"box":{"x":84,"y":131,"width":81,"height":9}},{"id":"2edd056a-60aa-4d5a-a221-197d1baac3aa","block_type":"box","text":"Index-Related Risk.","page_number":64,"box":{"x":84,"y":155,"width":143,"height":8}},{"id":"44cfa3c2-cf4f-4ad5-8296-bfa07dc44839","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":64,"box":{"x":231,"y":155,"width":742,"height":10}},{"id":"0301b26e-fbfc-4a91-8099-9c36e03ffbba","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":64,"box":{"x":84,"y":169,"width":855,"height":11}},{"id":"75abdd94-345d-43b1-9052-b52d53327d8b","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":64,"box":{"x":83,"y":183,"width":852,"height":11}},{"id":"4d2e1797-770d-467b-b7e2-2f4af8b515dd","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":64,"box":{"x":83,"y":197,"width":877,"height":11}},{"id":"4c7b5956-4f0e-4fbe-bfde-0735f05b0af2","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":64,"box":{"x":82,"y":211,"width":849,"height":11}},{"id":"fb6bb6a6-41ae-4d29-895e-6c66bec1340f","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":64,"box":{"x":83,"y":226,"width":849,"height":10}},{"id":"92ce72d8-b1eb-45a4-9d66-f28b1658af34","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":64,"box":{"x":84,"y":240,"width":890,"height":11}},{"id":"6525dc02-a95a-4c1b-a318-c4d122c0151c","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":64,"box":{"x":84,"y":254,"width":852,"height":11}},{"id":"8034cf3c-6cdb-4748-87f7-59ed38b9255f","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":64,"box":{"x":83,"y":268,"width":539,"height":11}},{"id":"3c29f752-fec4-4f58-8f62-c7475f650604","block_type":"box","text":"Asset Class Risk.","page_number":64,"box":{"x":82,"y":291,"width":123,"height":9}},{"id":"1441f127-01e2-433e-a632-9bba1b93f27d","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":64,"box":{"x":209,"y":291,"width":721,"height":11}},{"id":"2a49c007-38aa-4244-87d7-672c04cb760b","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":64,"box":{"x":83,"y":305,"width":774,"height":11}},{"id":"44bc69ba-3235-4f69-9119-863ac3634e35","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":64,"box":{"x":82,"y":329,"width":318,"height":10}},{"id":"f06ff72f-4103-42f1-af9d-eeddec89ddaf","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":64,"box":{"x":405,"y":328,"width":531,"height":12}},{"id":"4e42fca1-5c77-4b76-afd4-edea32a163b8","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":64,"box":{"x":84,"y":343,"width":809,"height":11}},{"id":"ab7e9a2c-cf24-4732-8e25-1cdf417e344a","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":64,"box":{"x":82,"y":357,"width":816,"height":11}},{"id":"7a40c0a5-2a1b-4605-9410-c22fc4ce78f5","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":64,"box":{"x":82,"y":371,"width":885,"height":11}},{"id":"0f05d50e-3775-4d60-815a-b50f3b65c2eb","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":64,"box":{"x":83,"y":385,"width":871,"height":11}},{"id":"99225479-3bf8-4449-8217-b78d519c3060","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":64,"box":{"x":84,"y":400,"width":845,"height":10}},{"id":"9cffc8f0-b593-4576-8508-a53b743932a7","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":64,"box":{"x":82,"y":414,"width":882,"height":10}},{"id":"af4a22bd-9735-4c0d-9d7e-797d7217506a","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":64,"box":{"x":84,"y":428,"width":853,"height":11}},{"id":"ee19b60c-62be-44d8-945d-e6102c5b33d0","block_type":"box","text":"halts or delisting.","page_number":64,"box":{"x":84,"y":442,"width":120,"height":11}},{"id":"481bd6e3-e7f4-4b88-8e93-729cb4f5b3bd","block_type":"box","text":"Call Risk.","page_number":64,"box":{"x":83,"y":465,"width":66,"height":9}},{"id":"f15ef43b-79ed-4041-8740-00fc99f4f9ec","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may “call” or repay","page_number":64,"box":{"x":155,"y":465,"width":799,"height":11}},{"id":"c5962bbb-5299-4d89-9c83-ba992125e3ff","block_type":"box","text":"the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower","page_number":64,"box":{"x":82,"y":480,"width":848,"height":10}},{"id":"d6e39983-20dd-42e1-b92e-d94686cfbab0","block_type":"box","text":"yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable","page_number":64,"box":{"x":82,"y":494,"width":867,"height":11}},{"id":"10524fa0-ee32-47c0-b32e-cc3bc63ebd73","block_type":"box","text":"features.","page_number":64,"box":{"x":83,"y":508,"width":61,"height":8}},{"id":"044af3ee-29ab-48f8-b061-109e4bd0cd66","block_type":"box","text":"Concentration Risk.","page_number":64,"box":{"x":83,"y":531,"width":145,"height":9}},{"id":"41725e07-0ac2-4ddd-9dc7-9cd63fe3b12b","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":64,"box":{"x":232,"y":531,"width":712,"height":11}},{"id":"4113fd4e-c56e-4648-adcc-6b11eca81da9","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":64,"box":{"x":83,"y":545,"width":884,"height":10}},{"id":"4c7b1634-71fe-4993-91da-1fb9b014c28e","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":64,"box":{"x":82,"y":559,"width":887,"height":11}},{"id":"a4694496-884b-419a-a2e6-7fe9af0cfaf1","block_type":"box","text":"asset classes.","page_number":64,"box":{"x":83,"y":574,"width":95,"height":8}},{"id":"ca64c460-7f83-4c26-a31b-a2c061edcb14","block_type":"box","text":"Income Risk.","page_number":64,"box":{"x":84,"y":597,"width":92,"height":8}},{"id":"9c0518dc-15fa-4942-9e96-35358c50f314","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":64,"box":{"x":181,"y":597,"width":770,"height":11}},{"id":"0674e9fb-0293-4e2a-8521-f8110efb579d","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":64,"box":{"x":84,"y":611,"width":881,"height":11}},{"id":"a60c90a2-c6d1-4ca3-b6e7-853b8c6c5fb2","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":64,"box":{"x":84,"y":625,"width":841,"height":11}},{"id":"293aa840-98af-4975-b04e-54ac75e7d713","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":64,"box":{"x":84,"y":639,"width":876,"height":11}},{"id":"7f562d69-9830-4c95-9342-c56d750a3e24","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":64,"box":{"x":83,"y":653,"width":579,"height":11}},{"id":"6e338f74-f108-4b9a-aaab-efc743b96806","block_type":"box","text":"Issuer Risk.","page_number":64,"box":{"x":84,"y":677,"width":82,"height":8}},{"id":"3f9023be-8058-4357-baf3-59b88b043c21","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":64,"box":{"x":170,"y":677,"width":780,"height":10}},{"id":"eadb6014-36cb-445e-98cf-5b6d7fd8d384","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":64,"box":{"x":84,"y":691,"width":885,"height":11}},{"id":"7943cc16-2c52-46df-b925-b2a08931fb83","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":64,"box":{"x":82,"y":705,"width":577,"height":11}},{"id":"5db8a509-9ce6-4fc8-b2cf-ae6e985aba8b","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":64,"box":{"x":84,"y":728,"width":394,"height":11}},{"id":"27ac740d-d658-4923-a52b-baf17ee56618","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":64,"box":{"x":484,"y":728,"width":410,"height":11}},{"id":"aabd5725-8ede-4296-8a04-e3d4952ef1bc","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":64,"box":{"x":84,"y":742,"width":882,"height":11}},{"id":"54bcf285-25f3-41ec-9d05-48a2727ab570","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":64,"box":{"x":83,"y":757,"width":884,"height":11}},{"id":"2d4afb98-d793-4139-ad60-4fe52322b5c1","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":64,"box":{"x":84,"y":771,"width":872,"height":11}},{"id":"00fc3727-757c-4a2f-8819-1bdf2f656208","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":64,"box":{"x":83,"y":785,"width":813,"height":11}},{"id":"94f7be93-cb5c-4a34-947a-b0b4f7921aa2","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":64,"box":{"x":84,"y":799,"width":889,"height":11}},{"id":"db18b42c-499e-432a-9bfc-e7b910d28dcd","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":64,"box":{"x":82,"y":814,"width":891,"height":9}},{"id":"1922c82b-9d94-4614-9dfc-4bca178d60b5","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":64,"box":{"x":84,"y":828,"width":836,"height":10}},{"id":"ae8b0a3d-de43-4310-9e44-161e0e6a3201","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":64,"box":{"x":84,"y":842,"width":810,"height":11}},{"id":"70721245-81dd-433a-960d-e0dda6cfc07e","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":64,"box":{"x":83,"y":856,"width":861,"height":11}},{"id":"e3d0923b-df73-4e52-aead-553b6fed410d","block_type":"box","text":"S-55","page_number":64,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"f6ae33fe-b322-4019-b671-3642823b238c","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":65,"box":{"x":84,"y":23,"width":874,"height":11}},{"id":"1fd0c85b-2f2f-4697-8fa9-c18fa7d0538f","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":65,"box":{"x":82,"y":37,"width":654,"height":11}},{"id":"b2c9b2a2-e379-4f91-950e-e653d59b0888","block_type":"box","text":"Management Risk.","page_number":65,"box":{"x":84,"y":60,"width":136,"height":11}},{"id":"2a786928-6814-40d2-904b-34a64e50ec7c","block_type":"box","text":"The Fund generally does not attempt to take defensive positions under any market conditions, including","page_number":65,"box":{"x":225,"y":61,"width":735,"height":10}},{"id":"f0f2e011-0f0e-4ebb-8bb0-79a1a3e5c836","block_type":"box","text":"declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not","page_number":65,"box":{"x":83,"y":75,"width":833,"height":11}},{"id":"82c71b44-4923-4488-8bac-e8898bb577d8","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended","page_number":65,"box":{"x":83,"y":89,"width":864,"height":11}},{"id":"98f0cc82-130d-408c-9316-adfc5feac658","block_type":"box","text":"results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the","page_number":65,"box":{"x":84,"y":103,"width":824,"height":11}},{"id":"e23e892b-c335-4ab5-baf6-8b0492913e7d","block_type":"box","text":"Underlying Index or that the Fund will achieve its investment objective.","page_number":65,"box":{"x":84,"y":117,"width":498,"height":11}},{"id":"b38061ed-c4c0-4ea3-8b10-70158649dc52","block_type":"box","text":"Market Trading Risk.","page_number":65,"box":{"x":84,"y":140,"width":151,"height":11}},{"id":"fa70b504-344e-4c01-86e9-992659d41519","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":65,"box":{"x":239,"y":140,"width":695,"height":11}},{"id":"b734c49f-7f80-420b-9b22-cb2c1632212d","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":65,"box":{"x":84,"y":155,"width":841,"height":10}},{"id":"c2af67dc-be03-484d-9a75-e26e6a21ff62","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":65,"box":{"x":83,"y":169,"width":887,"height":11}},{"id":"03f32a13-c176-4393-a4a1-915a767d4c97","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":65,"box":{"x":83,"y":183,"width":839,"height":11}},{"id":"f4dca811-7f86-4a18-9666-d0a8639b02be","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":65,"box":{"x":84,"y":197,"width":865,"height":11}},{"id":"e701dd53-6fcd-4a14-8677-5ebf5d271312","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":65,"box":{"x":82,"y":211,"width":885,"height":11}},{"id":"02363293-db75-4192-b2a2-2cdc70edd073","block_type":"box","text":"of the Fund shares.","page_number":65,"box":{"x":83,"y":226,"width":135,"height":8}},{"id":"068c7a1b-17aa-404f-abeb-f3ff7ab8a003","block_type":"box","text":"Operational and Technology Risks.","page_number":65,"box":{"x":83,"y":249,"width":255,"height":11}},{"id":"afd06b6f-8f83-4fa8-8ad0-52dcda0ab146","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":65,"box":{"x":342,"y":249,"width":582,"height":11}},{"id":"5eddf18b-9e2e-4e49-8f96-464fa7aa6d70","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":65,"box":{"x":83,"y":263,"width":876,"height":11}},{"id":"f1d4ac99-4ce4-4f08-938e-8034e02bf06f","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":65,"box":{"x":83,"y":277,"width":879,"height":11}},{"id":"40bf310e-3866-4701-8736-de75e75b6d99","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":65,"box":{"x":83,"y":291,"width":825,"height":11}},{"id":"c146ca8b-bf0a-4ccf-bdc2-91f25eb91faf","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":65,"box":{"x":83,"y":305,"width":863,"height":11}},{"id":"7ce52079-300f-46a3-919f-e6b46c029e88","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":65,"box":{"x":83,"y":320,"width":872,"height":10}},{"id":"8032b84a-47bb-45dd-8dc2-49d915dbdbd6","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":65,"box":{"x":84,"y":334,"width":823,"height":11}},{"id":"da569359-c895-4019-aeaf-bb8e685af842","block_type":"box","text":"Risk of Investing in China.","page_number":65,"box":{"x":84,"y":357,"width":190,"height":11}},{"id":"ebb140ac-38fb-4940-bbe0-5bb9fd091e15","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":65,"box":{"x":280,"y":357,"width":679,"height":11}},{"id":"269f13ef-54fe-4431-8c71-abea7a53f86a","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":65,"box":{"x":83,"y":371,"width":819,"height":11}},{"id":"894ec3a4-72c7-4ab2-ad66-51577942bc95","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":65,"box":{"x":83,"y":385,"width":866,"height":11}},{"id":"f6499d2a-1b2d-4f52-a932-e47884cef4a3","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":65,"box":{"x":83,"y":400,"width":866,"height":10}},{"id":"5d1e8449-4776-4655-826e-eb5eb65b2883","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":65,"box":{"x":82,"y":414,"width":842,"height":11}},{"id":"2200dbad-50d8-4428-aa9a-dd16d5cbf82f","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":65,"box":{"x":83,"y":428,"width":864,"height":11}},{"id":"ed43b552-d045-446f-87ba-0989fdff0afe","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":65,"box":{"x":82,"y":442,"width":861,"height":11}},{"id":"47e60ec0-d881-4d75-aa27-079aa729c3eb","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":65,"box":{"x":83,"y":456,"width":869,"height":11}},{"id":"4a619676-3551-4a8c-a45f-d2aeb39208e5","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":65,"box":{"x":83,"y":470,"width":784,"height":11}},{"id":"6d4290df-096b-4e6b-9f17-ed47ba365480","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":65,"box":{"x":83,"y":494,"width":887,"height":11}},{"id":"b6292f3b-e207-42fb-aed0-4f74e896897d","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":65,"box":{"x":82,"y":508,"width":834,"height":11}},{"id":"0c54b517-aa4e-4b98-911a-1fe0359138af","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":65,"box":{"x":82,"y":522,"width":845,"height":11}},{"id":"ecd432d6-6ceb-421a-af76-7effb3e53b4f","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":65,"box":{"x":83,"y":536,"width":876,"height":11}},{"id":"b823218a-aa09-43b0-8c6a-cf90f4678b1f","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":65,"box":{"x":83,"y":550,"width":834,"height":11}},{"id":"52deb07d-c102-49e6-a4d1-914e23426903","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":65,"box":{"x":83,"y":565,"width":421,"height":10}},{"id":"99c8ae41-2d05-429b-a17a-8a59be047f06","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":65,"box":{"x":82,"y":588,"width":849,"height":11}},{"id":"d8ca99a1-2c2a-449e-8efc-dffecb23d222","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":65,"box":{"x":83,"y":602,"width":886,"height":11}},{"id":"ea154b8e-adad-47e7-971c-b7639c007384","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":65,"box":{"x":83,"y":616,"width":878,"height":11}},{"id":"b8b4f54b-139a-40bd-819b-8c679263560c","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":65,"box":{"x":83,"y":630,"width":874,"height":11}},{"id":"1b2585ad-af3c-42d3-92fa-c3af63622bf0","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":65,"box":{"x":83,"y":644,"width":878,"height":11}},{"id":"e809f226-f2ba-4db6-b819-216a9c97b39d","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":65,"box":{"x":83,"y":659,"width":807,"height":11}},{"id":"8b741ca4-af08-4244-bb7b-5b3fe03d131a","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":65,"box":{"x":84,"y":673,"width":889,"height":11}},{"id":"fe6bedc2-0ebf-49f3-832e-8afff6e29544","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":65,"box":{"x":82,"y":687,"width":471,"height":11}},{"id":"ba473a16-2527-459e-9b92-45c0259e8efa","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":65,"box":{"x":83,"y":710,"width":883,"height":11}},{"id":"3305a6d2-29c1-4ef7-aa2d-9c09c91b06d5","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":65,"box":{"x":83,"y":724,"width":850,"height":11}},{"id":"e63e1a4f-f25e-4820-acd4-a3509668e6f9","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":65,"box":{"x":83,"y":739,"width":862,"height":10}},{"id":"1c4e8c20-fa5c-47e0-842a-ecd30fe6b1aa","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":65,"box":{"x":84,"y":753,"width":849,"height":11}},{"id":"f88eefa2-c786-44a7-a5ac-7c32a252652c","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":65,"box":{"x":83,"y":767,"width":883,"height":11}},{"id":"0404cc30-9259-4e63-9d42-2d0362d7907c","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":65,"box":{"x":82,"y":781,"width":861,"height":11}},{"id":"149126ee-48b3-4856-a9b6-03a7b3d4e837","block_type":"box","text":"have limited legal remedies.","page_number":65,"box":{"x":84,"y":796,"width":195,"height":10}},{"id":"74468603-9d16-4fc6-8e26-95c5bd2da3e6","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":65,"box":{"x":84,"y":818,"width":844,"height":11}},{"id":"43c4f7d3-d8ab-4c51-a472-983df68db950","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":65,"box":{"x":83,"y":833,"width":835,"height":11}},{"id":"1255a2dd-120c-476b-97e1-587e22d8270b","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":65,"box":{"x":83,"y":847,"width":852,"height":11}},{"id":"5b1da5ae-72f6-4eac-899c-3a100398d6db","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":65,"box":{"x":82,"y":861,"width":779,"height":11}},{"id":"4588de04-a44f-4362-a6a2-a9c471377a4f","block_type":"box","text":"considerations.","page_number":65,"box":{"x":83,"y":875,"width":108,"height":9}},{"id":"6d1ea771-bf28-44a0-aeef-6b91dd79d9e2","block_type":"box","text":"S-56","page_number":65,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"93f582ba-cccf-4632-aeb6-9d275a55c805","block_type":"box","text":"Risk of Investing in the China Bond Market","page_number":66,"box":{"x":84,"y":23,"width":315,"height":11}},{"id":"021f2bd1-83f0-4c14-b382-efe1bdddd1f8","block_type":"box","text":". The Fund invests directly in the domestic bond market in the People’s Republic","page_number":66,"box":{"x":400,"y":23,"width":564,"height":11}},{"id":"992f3500-ba27-463c-880b-31c6a1b88085","block_type":"box","text":"of China (“China” or the “PRC”) (the “China Interbank Bond Market”) through the Bond Connect trading channel. All bonds","page_number":66,"box":{"x":83,"y":37,"width":863,"height":11}},{"id":"d4c5d964-72e3-4029-b6ff-bee60cf714de","block_type":"box","text":"traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (“CMU”), which holds such","page_number":66,"box":{"x":82,"y":51,"width":885,"height":11}},{"id":"1c2b8071-3938-4ad6-84ac-d9f0c40bf431","block_type":"box","text":"bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China","page_number":66,"box":{"x":84,"y":66,"width":860,"height":11}},{"id":"94783a04-b713-45bb-9293-379a600cdae1","block_type":"box","text":"Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of","page_number":66,"box":{"x":84,"y":80,"width":867,"height":11}},{"id":"3994a76b-1ea1-4b2a-956c-9f27043a48fb","block_type":"box","text":"the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.","page_number":66,"box":{"x":82,"y":94,"width":745,"height":11}},{"id":"1315b82f-346d-48b2-bf82-e16d7115c029","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market","page_number":66,"box":{"x":84,"y":117,"width":888,"height":11}},{"id":"82a4d4e0-59e8-48f5-a892-d011ff5177da","block_type":"box","text":"may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may","page_number":66,"box":{"x":84,"y":131,"width":884,"height":11}},{"id":"e8b99c04-3e9b-4d3e-bb80-ddade2b8a378","block_type":"box","text":"not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations","page_number":66,"box":{"x":84,"y":146,"width":863,"height":10}},{"id":"cc1c6221-95d9-40ea-921c-275bdd7a00fd","block_type":"box","text":"that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially","page_number":66,"box":{"x":82,"y":160,"width":853,"height":11}},{"id":"bf03f119-1e38-4100-8229-366f4eedd443","block_type":"box","text":"altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions","page_number":66,"box":{"x":83,"y":174,"width":846,"height":11}},{"id":"46d5fb89-36f3-4c0a-aaf7-0f134d93b303","block_type":"box","text":"under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or","page_number":66,"box":{"x":83,"y":188,"width":846,"height":11}},{"id":"2798913a-5e5f-4d11-bea7-95dfff9798ea","block_type":"box","text":"indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund","page_number":66,"box":{"x":83,"y":202,"width":886,"height":11}},{"id":"4f59e8df-8b48-4f9d-8fd2-98c10876667e","block_type":"box","text":"to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China","page_number":66,"box":{"x":82,"y":217,"width":832,"height":10}},{"id":"75c3290f-2e6f-48b3-93b3-10b6f2a31958","block_type":"box","text":"Interbank Bond Market.","page_number":66,"box":{"x":84,"y":231,"width":165,"height":8}},{"id":"54b1af07-1493-4ea6-a50f-f3161fddc95a","block_type":"box","text":"Risk of Investing in the U.S.","page_number":66,"box":{"x":84,"y":254,"width":200,"height":11}},{"id":"64d6becf-d54e-4923-bad2-a19616741def","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":66,"box":{"x":289,"y":254,"width":664,"height":11}},{"id":"3efb7a9d-69a2-4491-a13d-85dc3e0f577f","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":66,"box":{"x":83,"y":268,"width":878,"height":11}},{"id":"a2f42fba-bb80-4cb5-a805-adda2e276cd4","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":66,"box":{"x":83,"y":282,"width":470,"height":11}},{"id":"fc48262e-dbe3-4bae-ab11-d2214c23be06","block_type":"box","text":"Securities Lending Risk.","page_number":66,"box":{"x":83,"y":305,"width":177,"height":11}},{"id":"5a24556a-ee4e-4558-8bca-160234d57901","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":66,"box":{"x":264,"y":306,"width":692,"height":10}},{"id":"c3a55eab-89b4-4178-8ed4-2bc686e5a6b0","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":66,"box":{"x":84,"y":320,"width":869,"height":10}},{"id":"513cbaa3-c270-4e0f-bc97-be7b7cc97eb2","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":66,"box":{"x":83,"y":334,"width":886,"height":11}},{"id":"4cd5545a-b571-479a-bd1c-52f4013739cf","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":66,"box":{"x":83,"y":348,"width":831,"height":11}},{"id":"b329a14d-a35c-4b7f-9168-8ad64ee0098d","block_type":"box","text":"Tracking Error Risk.","page_number":66,"box":{"x":82,"y":371,"width":145,"height":11}},{"id":"991d1039-5d6e-438f-8a8e-433bbdc30e79","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":66,"box":{"x":231,"y":371,"width":741,"height":11}},{"id":"37c9f13c-7741-470a-8c51-4ffc8370b27c","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":66,"box":{"x":83,"y":385,"width":861,"height":11}},{"id":"d16717d5-2c6d-4c57-bcda-32c280072852","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":66,"box":{"x":83,"y":400,"width":832,"height":10}},{"id":"417837f5-4e29-44d9-bf9a-b4ff4a673ed6","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":66,"box":{"x":84,"y":414,"width":880,"height":11}},{"id":"a9bc6d32-5842-4873-b541-3247381cfdb2","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":66,"box":{"x":84,"y":428,"width":830,"height":11}},{"id":"9d36011f-b5ca-43ff-98f6-66bb0baba195","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":66,"box":{"x":82,"y":442,"width":828,"height":11}},{"id":"24544430-c27e-4603-8fcb-1fddd8cb3641","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":66,"box":{"x":83,"y":456,"width":874,"height":11}},{"id":"37cf80ec-c48c-467e-9c3b-83a5b849ddc4","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":66,"box":{"x":84,"y":470,"width":888,"height":11}},{"id":"fa54eb9d-4a15-4149-8ad6-c18c26718dab","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":66,"box":{"x":84,"y":485,"width":851,"height":10}},{"id":"fa737661-b573-4415-b3cf-1595114d4d2f","block_type":"box","text":"baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or","page_number":66,"box":{"x":84,"y":499,"width":850,"height":11}},{"id":"75a9c92c-16d8-45d3-afda-99c0b55ad724","block_type":"box","text":"limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":66,"box":{"x":84,"y":513,"width":873,"height":11}},{"id":"20b52fa2-8864-425c-b43c-172e8ecd4255","block_type":"box","text":"Valuation Risk.","page_number":66,"box":{"x":82,"y":536,"width":110,"height":9}},{"id":"fb0e1245-4d15-4fa7-90ec-8458c5851099","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":66,"box":{"x":197,"y":536,"width":740,"height":11}},{"id":"7b51f4a3-06fa-425f-98ba-fc61b4927b62","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":66,"box":{"x":83,"y":550,"width":840,"height":11}},{"id":"c43abdee-4d3e-44f0-a738-aabb4266d58b","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":66,"box":{"x":82,"y":565,"width":869,"height":10}},{"id":"95dd1131-0fb2-4378-8742-8aee2bb8e3c1","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":66,"box":{"x":83,"y":579,"width":888,"height":11}},{"id":"87101c03-5262-438a-a5ef-011f770606fc","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":66,"box":{"x":83,"y":593,"width":871,"height":11}},{"id":"5ee0d2ee-3af1-4442-9e44-e2af275e910e","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":66,"box":{"x":82,"y":607,"width":879,"height":11}},{"id":"3760d7f1-e99e-4859-9d07-ba6da64e8f42","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":66,"box":{"x":83,"y":622,"width":880,"height":10}},{"id":"4d9bd2c4-c753-4f5b-8d5b-f04726ca4b38","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":66,"box":{"x":84,"y":635,"width":815,"height":11}},{"id":"4abe5b80-8ca9-46a7-8d86-a8fdc48827e3","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":66,"box":{"x":82,"y":650,"width":613,"height":11}},{"id":"a860545d-a51a-466f-8b77-20d1235ccf55","block_type":"box","text":"Performance Information","page_number":66,"box":{"x":84,"y":671,"width":229,"height":10}},{"id":"a6d5e559-057e-4512-b4df-deb78be7698c","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":66,"box":{"x":82,"y":696,"width":864,"height":11}},{"id":"232db50b-f9d1-4cc9-80b7-73f949654d60","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":66,"box":{"x":83,"y":710,"width":871,"height":11}},{"id":"bb82a2a8-a23d-4923-8e23-0fce5d6be8fd","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":66,"box":{"x":83,"y":724,"width":868,"height":11}},{"id":"af50dae3-653e-4a2b-9514-99d3e8fb3a2f","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":66,"box":{"x":84,"y":739,"width":837,"height":10}},{"id":"1a47f05b-e86a-4cdc-8e35-05f9396da43d","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":66,"box":{"x":83,"y":753,"width":869,"height":11}},{"id":"c1bd261a-1bb9-4d90-b181-f4b22269ef0e","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":66,"box":{"x":84,"y":767,"width":832,"height":11}},{"id":"2197ad65-293f-4e0a-9502-a51f6103dc72","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":66,"box":{"x":84,"y":781,"width":841,"height":11}},{"id":"0330db54-73b7-4f52-9cdf-7de51533eba1","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":66,"box":{"x":82,"y":795,"width":531,"height":11}},{"id":"0e14e956-3bf3-4b4f-9ffa-fe081c0462ee","block_type":"box","text":"S-57","page_number":66,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"7ccde5d2-fec8-483e-97fe-5dfc118c22b0","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":67,"box":{"x":165,"y":23,"width":260,"height":11}},{"id":"e2caaaa0-234a-425e-b2a4-7019b0e8b4e7","block_type":"box","text":"1.89","page_number":67,"box":{"x":120,"y":100,"width":19,"height":6}},{"id":"1ddd67c0-8ccb-4948-89c4-e23f5380b39b","block_type":"box","text":"1.96","page_number":67,"box":{"x":157,"y":100,"width":19,"height":6}},{"id":"7d0bc2b5-dae4-485b-a12a-7017dd535589","block_type":"box","text":"0.70","page_number":67,"box":{"x":193,"y":104,"width":20,"height":6}},{"id":"ccfc16b9-251a-4162-a45a-b21ba72b5224","block_type":"box","text":"6.64","page_number":67,"box":{"x":230,"y":83,"width":20,"height":6}},{"id":"a93d61ac-c883-4860-a050-c68aa4cf28e9","block_type":"box","text":"6.23","page_number":67,"box":{"x":267,"y":85,"width":20,"height":6}},{"id":"5046f9d5-94c8-4a63-b36d-9d459c42c18b","block_type":"box","text":"-1.67","page_number":67,"box":{"x":302,"y":128,"width":24,"height":6}},{"id":"43eb862c-a0bd-41b2-9eea-5827dd69e98e","block_type":"box","text":"-8.46","page_number":67,"box":{"x":339,"y":152,"width":24,"height":6}},{"id":"43eed7f1-1689-4af0-a853-97e3e9d83171","block_type":"box","text":"5.14","page_number":67,"box":{"x":378,"y":89,"width":20,"height":6}},{"id":"0c01a96d-724f-460f-86f7-89c3da7006ca","block_type":"box","text":"2.90","page_number":67,"box":{"x":415,"y":97,"width":20,"height":6}},{"id":"5ae89524-e658-4763-9d0f-7eda27787581","block_type":"box","text":"6.70","page_number":67,"box":{"x":452,"y":83,"width":20,"height":6}},{"id":"1cfafce7-59f2-4cfe-b4c1-ed04e393975a","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":67,"box":{"x":117,"y":177,"width":357,"height":6}},{"id":"72770a4d-b3b6-4f89-9347-e48baa6238b3","block_type":"box","text":"Return (%) Period Ended","page_number":67,"box":{"x":766,"y":38,"width":188,"height":9}},{"id":"8beba05d-fc37-4df9-9353-e8651450fb68","block_type":"box","text":"Calendar Year-to-Date Return","page_number":67,"box":{"x":550,"y":56,"width":197,"height":8}},{"id":"e75a64cf-7d60-40fb-b0d1-de46cef7e3e4","block_type":"box","text":"-0.01% March 31, 2026","page_number":67,"box":{"x":778,"y":56,"width":194,"height":9}},{"id":"b1cf2f3e-8e73-459b-ab53-f3f0eb048c09","block_type":"box","text":"During the periods shown in the chart:","page_number":67,"box":{"x":551,"y":69,"width":250,"height":10}},{"id":"d0b88971-e969-4879-a47f-971592922a42","block_type":"box","text":"Best Quarter 4.46% December 31, 2023","page_number":67,"box":{"x":564,"y":82,"width":408,"height":9}},{"id":"85db69a1-2abd-4684-af50-a0a6c3d79fa1","block_type":"box","text":"Worst Quarter -4.50% March 31, 2022","page_number":67,"box":{"x":563,"y":95,"width":409,"height":9}},{"id":"a7705ab3-a6df-457c-958c-acbd156b876b","block_type":"box","text":"Average Annual Total Returns (%)","page_number":67,"box":{"x":403,"y":207,"width":250,"height":11}},{"id":"0890ef5e-6616-4369-8686-655c172209e3","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":67,"box":{"x":371,"y":222,"width":315,"height":10}},{"id":"b11aafaf-c788-48ea-9c19-850b4b08eb87","block_type":"box","text":"One Year Five Years Ten Years","page_number":67,"box":{"x":701,"y":238,"width":268,"height":8}},{"id":"ac8be4e6-683f-4c8a-bdef-c52005b00970","block_type":"box","text":"Fund Inception: 1/5/2007","page_number":67,"box":{"x":88,"y":253,"width":171,"height":10}},{"id":"d09e3c21-3206-4c9f-98dd-385a1e5a66df","block_type":"box","text":"Return Before Taxes","page_number":67,"box":{"x":89,"y":265,"width":124,"height":8}},{"id":"c0c3f6b7-b014-465e-8f25-3ebc26a603da","block_type":"box","text":"6.70% 0.77% 2.10%","page_number":67,"box":{"x":716,"y":265,"width":249,"height":8}},{"id":"c9737daa-bd2c-4db2-b07d-729efa8cc733","block_type":"box","text":"Return After Taxes on Distributions 5.19% -0.29% 1.14%","page_number":67,"box":{"x":89,"y":277,"width":876,"height":7}},{"id":"a8078d64-d27f-4e07-a9f4-778c2ddf693f","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.95% 0.12% 1.19%","page_number":67,"box":{"x":89,"y":288,"width":876,"height":8}},{"id":"c09b69ac-6e8c-4ddc-b134-5ef7c4a95ef0","block_type":"box","text":"Bloomberg U.S. Universal Index","page_number":67,"box":{"x":88,"y":300,"width":206,"height":10}},{"id":"aa3eba4d-3f4b-4c14-9f31-51c9ca31a0ff","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":67,"box":{"x":298,"y":300,"width":347,"height":9}},{"id":"024e531f-5773-4d8d-9846-b0ba3c5578c5","block_type":"box","text":"taxes)","page_number":67,"box":{"x":101,"y":313,"width":37,"height":8}},{"id":"e07b8cc5-0425-4c3f-a5f0-399f16e38979","block_type":"box","text":"7.58% 0.06% 2.44%","page_number":67,"box":{"x":716,"y":313,"width":249,"height":7}},{"id":"facf824e-7018-48df-b20c-95e1f83a3e1d","block_type":"box","text":"Bloomberg U.S. Intermediate Government/Credit Bond Index","page_number":67,"box":{"x":88,"y":324,"width":402,"height":10}},{"id":"18e08b82-69f9-4764-9642-ab4d72d06eee","block_type":"box","text":"(Returns do not reflect","page_number":67,"box":{"x":494,"y":324,"width":141,"height":9}},{"id":"05abbda6-a902-4791-8603-9f0f397b58bd","block_type":"box","text":"deductions for fees, expenses or taxes) 6.97% 0.96% 2.29%","page_number":67,"box":{"x":101,"y":337,"width":864,"height":10}},{"id":"48370e33-19ac-43e9-ade6-1e6b1b6a63cc","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":67,"box":{"x":82,"y":367,"width":857,"height":11}},{"id":"2a6eabed-7098-42ab-ad08-c86d95abdcc7","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":67,"box":{"x":84,"y":381,"width":864,"height":10}},{"id":"7066c2e7-1d9a-47ea-979d-8a1327ad89c9","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":67,"box":{"x":84,"y":395,"width":847,"height":11}},{"id":"96106617-8e63-4623-b93b-f8136e5a570e","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":67,"box":{"x":83,"y":409,"width":857,"height":11}},{"id":"296ecdd0-6ac4-4217-b0ec-b6e0eb19c5a5","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":67,"box":{"x":83,"y":423,"width":877,"height":11}},{"id":"f8ef5550-5672-4aea-bbcc-69dc89eec1df","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":67,"box":{"x":82,"y":438,"width":837,"height":10}},{"id":"8c1c620c-3970-4b40-982e-fe7d79852115","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":67,"box":{"x":84,"y":452,"width":885,"height":11}},{"id":"79888aef-23d6-46aa-8d02-506a1804dab9","block_type":"box","text":"on distributions.","page_number":67,"box":{"x":83,"y":466,"width":115,"height":8}},{"id":"fb078d2b-de5a-41f7-aa96-1bf5edc984c0","block_type":"box","text":"Management","page_number":67,"box":{"x":84,"y":495,"width":120,"height":13}},{"id":"3d1810b8-08b0-44e7-ae4d-ad7790c397a0","block_type":"box","text":"Investment Adviser.","page_number":67,"box":{"x":84,"y":520,"width":144,"height":9}},{"id":"b3e875c2-5e92-49c8-9107-5d1d350d51c5","block_type":"box","text":"BlackRock Fund Advisors.","page_number":67,"box":{"x":234,"y":520,"width":180,"height":9}},{"id":"535990fc-f2df-4794-bad2-89a094d94936","block_type":"box","text":"Portfolio Managers.","page_number":67,"box":{"x":84,"y":543,"width":145,"height":11}},{"id":"a0884c2d-b342-4bd3-aaf5-804eb92fa396","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":67,"box":{"x":233,"y":543,"width":679,"height":11}},{"id":"fcee4e46-5363-4ab5-be1d-2805dd336cfe","block_type":"box","text":"management of the Fund:","page_number":67,"box":{"x":84,"y":558,"width":182,"height":10}},{"id":"c0d75361-9759-4720-b122-ff04653355b4","block_type":"box","text":"Portfolio Manager Portfolio Manager of the Fund Since Title with Investment Adviser","page_number":67,"box":{"x":88,"y":580,"width":886,"height":10}},{"id":"fef7f794-2bf3-4b52-b962-10c40c072d3d","block_type":"box","text":"Jonathan Graves 2025 Managing Director","page_number":67,"box":{"x":87,"y":596,"width":850,"height":9}},{"id":"4f89189e-4d86-4535-aa70-3b9d0ee8052f","block_type":"box","text":"James Mauro 2011 Managing Director","page_number":67,"box":{"x":87,"y":611,"width":850,"height":10}},{"id":"0d26b414-5235-4490-89c7-25231e30457a","block_type":"box","text":"Marcus Tom 2025 Director","page_number":67,"box":{"x":89,"y":627,"width":814,"height":7}},{"id":"7b440757-fda8-4904-ae97-02af1d392b1d","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":67,"box":{"x":84,"y":662,"width":304,"height":10}},{"id":"0806c5fb-d335-4e20-8b82-e3b487206ccf","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":67,"box":{"x":82,"y":687,"width":878,"height":11}},{"id":"f155ba21-6c36-4f10-a20b-436e35215d79","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":67,"box":{"x":83,"y":701,"width":855,"height":11}},{"id":"a41d55fd-be9f-44f1-8ea8-d031ce31a4b0","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). 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These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":68,"box":{"x":84,"y":90,"width":801,"height":11}},{"id":"a813dc16-1058-4038-a0b0-38091bd70acd","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":68,"box":{"x":83,"y":105,"width":841,"height":10}},{"id":"c6c6eee4-6db1-46c7-9450-5bb0c595b733","block_type":"box","text":"financial intermediary’s website for more information.","page_number":68,"box":{"x":83,"y":118,"width":379,"height":11}},{"id":"b627ba22-1e0e-4ecc-882c-2c3b4b7a4c8f","block_type":"box","text":"S-59","page_number":68,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"3f58ac7f-266b-4568-bb19-84f8a3e633a7","block_type":"box","text":"iSHARES","page_number":69,"box":{"x":84,"y":23,"width":125,"height":17}},{"id":"b3d970a6-7e24-4ad5-bff7-49f86a803dd8","block_type":"box","text":"®","page_number":69,"box":{"x":211,"y":17,"width":11,"height":9}},{"id":"76e73100-9d36-4fcc-8af3-203a62dba569","block_type":"box","text":"TOTAL USD FIXED INCOME MARKET","page_number":69,"box":{"x":230,"y":24,"width":522,"height":16}},{"id":"458a3d61-329c-4f2e-b378-21ffc0dd3452","block_type":"box","text":"ETF","page_number":69,"box":{"x":85,"y":47,"width":52,"height":15}},{"id":"e57086a4-c392-4363-a1ed-410f81785640","block_type":"box","text":"BTOT | NYSE Arca","page_number":69,"box":{"x":85,"y":70,"width":246,"height":18}},{"id":"96b43314-0eb9-48cf-832e-2dd484db9f5b","block_type":"box","text":"Investment Objective","page_number":69,"box":{"x":84,"y":109,"width":192,"height":13}},{"id":"eeb6f66e-d54f-4416-942a-8700f3c179ac","block_type":"box","text":"The iShares Total USD Fixed Income Market ETF (the “Fund”) seeks to track the investment results of an index that provides","page_number":69,"box":{"x":82,"y":134,"width":873,"height":11}},{"id":"d1de732c-543a-4b86-8b90-7969adf55e8b","block_type":"box","text":"comprehensive exposure to U.S. dollar-denominated fixed income securities that are rated either investment-grade or high","page_number":69,"box":{"x":83,"y":148,"width":869,"height":11}},{"id":"144e686f-6d90-47f1-a4c0-459b7450bca5","block_type":"box","text":"yield.","page_number":69,"box":{"x":82,"y":163,"width":36,"height":10}},{"id":"c976c038-9d9d-426d-bbf1-e859e26584e8","block_type":"box","text":"Fees and Expenses","page_number":69,"box":{"x":84,"y":192,"width":169,"height":12}},{"id":"5fc9ec37-8802-4c9f-a317-9d0a8f5fa8d4","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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The impact of","page_number":69,"box":{"x":83,"y":338,"width":888,"height":11}},{"id":"a2019905-40e7-481a-afb6-4f91c4af7373","block_type":"box","text":"Acquired Fund Fees and Expenses is included in the Fund's total return but is not included in the Fund's ratio of expenses to","page_number":69,"box":{"x":82,"y":352,"width":878,"height":10}},{"id":"8f914b16-0b0b-4154-80c5-bf399ac0749d","block_type":"box","text":"average net assets. Both figures are shown in the","page_number":69,"box":{"x":83,"y":366,"width":346,"height":11}},{"id":"b653a32d-228d-40cd-9d4c-80064f763f8e","block_type":"box","text":"Financial Highlights","page_number":69,"box":{"x":434,"y":366,"width":140,"height":11}},{"id":"ca566cbd-9c5b-458e-9b87-4015389f55b2","block_type":"box","text":"section of the Fund's prospectus (the “Prospectus”).","page_number":69,"box":{"x":579,"y":366,"width":366,"height":11}},{"id":"4b50b825-2347-4ae9-8412-a1392cb1eee3","block_type":"box","text":"BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount","page_number":69,"box":{"x":84,"y":380,"width":863,"height":11}},{"id":"536e5d1a-5034-4c20-aca7-034da7d4d46c","block_type":"box","text":"equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment","page_number":69,"box":{"x":83,"y":394,"width":883,"height":11}},{"id":"194e7c49-2ce7-4229-b2e7-7a5b7fea19f3","block_type":"box","text":"companies advised by BFA, or its affiliates, through June 28, 2030. The contractual waiver may be terminated prior to","page_number":69,"box":{"x":83,"y":409,"width":828,"height":10}},{"id":"f02acd81-e4ba-4be6-b416-c1da6df2266f","block_type":"box","text":"June 28, 2030 only upon written agreement of the Trust and BFA.","page_number":69,"box":{"x":82,"y":423,"width":462,"height":11}},{"id":"3b213f83-784b-45aa-a177-98e93ca048ce","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":69,"box":{"x":82,"y":446,"width":830,"height":11}},{"id":"277c7878-eb3f-413d-8684-b0f93bd52688","block_type":"box","text":"reflected in the tables and examples below.","page_number":69,"box":{"x":83,"y":460,"width":316,"height":11}},{"id":"48c37089-880c-4b42-a77b-7fbd85d82b71","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":69,"box":{"x":87,"y":483,"width":761,"height":10}},{"id":"d244cfdb-de6d-4312-897e-6ac9ebcbcf63","block_type":"box","text":"1","page_number":69,"box":{"x":849,"y":482,"width":5,"height":4}},{"id":"32f81125-8fa3-4336-b0fc-fd4ca8ec0229","block_type":"box","text":"Management Fee","page_number":69,"box":{"x":89,"y":503,"width":109,"height":10}},{"id":"e17b4ac3-65ef-4833-8917-75cd49ac7eb1","block_type":"box","text":"0.09%","page_number":69,"box":{"x":922,"y":503,"width":42,"height":8}},{"id":"8c7bd2a7-aef4-41ec-95f7-2d5e5fc283bf","block_type":"box","text":"Other Expenses","page_number":69,"box":{"x":88,"y":519,"width":99,"height":9}},{"id":"6fccd862-c2e5-47dc-a431-cb0d5d1c7bee","block_type":"box","text":"2","page_number":69,"box":{"x":188,"y":517,"width":5,"height":5}},{"id":"8331b15d-20ce-4ba1-a763-855a1877f3be","block_type":"box","text":"0.00%","page_number":69,"box":{"x":922,"y":519,"width":42,"height":7}},{"id":"baaaf607-19c6-4617-a466-c3a151c487a9","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":69,"box":{"x":87,"y":534,"width":216,"height":9}},{"id":"d924d810-fa59-4cae-b720-4aa2e5c111f3","block_type":"box","text":"2","page_number":69,"box":{"x":305,"y":533,"width":5,"height":4}},{"id":"068c29e6-f6e9-4ef8-ac45-ad1fc4ef8638","block_type":"box","text":"0.01%","page_number":69,"box":{"x":922,"y":534,"width":42,"height":7}},{"id":"af0a031f-6aca-4440-9256-796cb7b459d0","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":69,"box":{"x":87,"y":549,"width":246,"height":10}},{"id":"e5790f4c-44c1-41d7-b9bd-ac64f55f844b","block_type":"box","text":"0.10%","page_number":69,"box":{"x":922,"y":549,"width":42,"height":8}},{"id":"adb1908d-0d50-4799-a1f3-a970b0af3b62","block_type":"box","text":"Fee Waiver and/or Expense Reimbursement","page_number":69,"box":{"x":89,"y":565,"width":275,"height":9}},{"id":"82ff3d03-1153-402f-87b3-d1983a26015e","block_type":"box","text":"(0.01)%","page_number":69,"box":{"x":918,"y":565,"width":50,"height":8}},{"id":"fda20989-e15c-4d6b-9d02-2ff6ab423351","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.09%","page_number":69,"box":{"x":87,"y":580,"width":877,"height":10}},{"id":"75d60641-c534-4849-bd57-73009511ad74","block_type":"box","text":"1","page_number":69,"box":{"x":110,"y":608,"width":5,"height":5}},{"id":"153e0d08-1f9f-4a48-a4f5-69f6e757ba7a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":69,"box":{"x":123,"y":609,"width":788,"height":10}},{"id":"31f0756b-2513-43c6-82cf-37801f788d9b","block_type":"box","text":"2","page_number":69,"box":{"x":110,"y":618,"width":5,"height":5}},{"id":"509dbffe-0ac4-4f4d-81b5-873569f052bf","block_type":"box","text":"Based on estimated amounts for the current fiscal year.","page_number":69,"box":{"x":124,"y":620,"width":347,"height":9}},{"id":"04b09675-7c78-4361-9e4a-294d0c94c0fa","block_type":"box","text":"Example.","page_number":69,"box":{"x":84,"y":640,"width":66,"height":10}},{"id":"f8d6739a-4e8f-43cc-814f-69ffa0ee6568","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":69,"box":{"x":154,"y":639,"width":795,"height":11}},{"id":"c19aa023-0078-4718-b82e-8f0f7b035805","block_type":"box","text":"other funds. 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Although your actual costs may be higher or lower, based on these assumptions,","page_number":69,"box":{"x":84,"y":682,"width":887,"height":11}},{"id":"4e9788ba-5514-4f94-b84e-e15684675e02","block_type":"box","text":"your costs would be:","page_number":69,"box":{"x":82,"y":696,"width":143,"height":11}},{"id":"d27199fd-9cf4-414f-82bc-c9031d3e688c","block_type":"box","text":"Expense Example","page_number":69,"box":{"x":88,"y":719,"width":115,"height":9}},{"id":"4029339a-f5ea-4012-a25b-373bb2850d71","block_type":"box","text":"1 Year 3 Years","page_number":69,"box":{"x":857,"y":719,"width":117,"height":7}},{"id":"9d6b9333-0c01-43d3-bda0-1ed3f6e9e913","block_type":"box","text":"Example Fund Costs","page_number":69,"box":{"x":89,"y":734,"width":128,"height":10}},{"id":"1f38f5c8-cdad-4d50-8afb-3a4c73f98601","block_type":"box","text":"$9 $29","page_number":69,"box":{"x":869,"y":734,"width":93,"height":8}},{"id":"6ca4ce3c-74e9-424f-bd64-799aa2b6344f","block_type":"box","text":"Portfolio Turnover.","page_number":69,"box":{"x":84,"y":764,"width":136,"height":8}},{"id":"d7f0c829-7d13-4a7d-aeeb-02b7859e9cff","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":69,"box":{"x":225,"y":764,"width":721,"height":11}},{"id":"71b7332a-b786-4025-ac6d-4060369f4e70","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":69,"box":{"x":83,"y":778,"width":884,"height":11}},{"id":"f36d40f0-7639-4613-8592-84288f36cc0d","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":69,"box":{"x":84,"y":792,"width":875,"height":11}},{"id":"2d085f16-4ec4-484a-b581-26a7f0a0303a","block_type":"box","text":"the Example, affect the Fund’s performance. From inception (December 10, 2025) to the most recent fiscal year end, the","page_number":69,"box":{"x":82,"y":806,"width":850,"height":11}},{"id":"645726d1-8ab8-4168-950f-5b0486e5a26f","block_type":"box","text":"Fund’s portfolio turnover rate was 17% of the average value of its portfolio.","page_number":69,"box":{"x":84,"y":820,"width":528,"height":11}},{"id":"4d05c856-9cd0-49c5-860c-327dbcb04f82","block_type":"box","text":"Principal Investment Strategies","page_number":69,"box":{"x":84,"y":849,"width":284,"height":14}},{"id":"58e58a05-eae3-49fa-8909-67b58f3a4f52","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg U.S. Total Fixed Income Market Index (the “Underlying","page_number":69,"box":{"x":82,"y":874,"width":842,"height":11}},{"id":"8b87ca62-b99f-4327-9f54-1b72ac30d4fe","block_type":"box","text":"Index”), which measures the performance of U.S. dollar-denominated fixed income securities that are rated either","page_number":69,"box":{"x":84,"y":889,"width":801,"height":10}},{"id":"3d5a4b28-6662-443b-b221-61e75fc8846f","block_type":"box","text":"S-60","page_number":69,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"0fd56087-6516-4fdf-9c87-4042319ef4b0","block_type":"box","text":"investment-grade or high yield (as determined by Bloomberg Index Services Limited (the “Index Provider” or “Bloomberg”)).","page_number":70,"box":{"x":83,"y":23,"width":872,"height":11}},{"id":"2062738e-5999-421a-a80c-f052f1f9be6d","block_type":"box","text":"The Underlying Index includes fixed and floating rate U.S. Treasury bonds, U.S. Treasury Inflation-Protected Securities","page_number":70,"box":{"x":82,"y":37,"width":832,"height":11}},{"id":"8b304f6a-cba1-4fb6-a975-163a4f2d4c81","block_type":"box","text":"(“TIPS”), government-related bonds, investment-grade and high yield U.S. corporate bonds, securitized assets, fixed and","page_number":70,"box":{"x":83,"y":51,"width":848,"height":11}},{"id":"1f3beec7-8ad2-456d-aed5-bb466242c65a","block_type":"box","text":"floating rate notes and corporate bonds, leveraged loans, Eurodollar bonds, bonds registered with the SEC or exempt from","page_number":70,"box":{"x":83,"y":66,"width":863,"height":11}},{"id":"cbdb0b30-6ffe-4870-aebf-b5d4b6a9d3bc","block_type":"box","text":"registration at the time of issuance or offered pursuant to Rule 144A with or without registration rights and U.S. dollar","page_number":70,"box":{"x":84,"y":80,"width":836,"height":11}},{"id":"0f4bd00f-8ce7-4bd0-8971-d14db9921bff","block_type":"box","text":"denominated emerging market bonds.","page_number":70,"box":{"x":83,"y":94,"width":271,"height":11}},{"id":"2ddb766c-4a68-432d-b296-ea4adb38d954","block_type":"box","text":"The securities in the Underlying Index must be denominated in U.S. dollars. The Underlying Index consisted of securities from","page_number":70,"box":{"x":82,"y":116,"width":887,"height":11}},{"id":"3aced6ad-a241-4049-ad8c-e38b9f55f8cc","block_type":"box","text":"110 countries or regions as of February 28, 2026. As of February 28, 2026, there were 22,707 issues in the Underlying Index.","page_number":70,"box":{"x":83,"y":130,"width":879,"height":11}},{"id":"e2159709-d21e-4701-a35a-eb64553dccef","block_type":"box","text":"As of February 28, 2026, a significant portion of the Underlying Index was represented by U.S. agency mortgage-backed","page_number":70,"box":{"x":82,"y":144,"width":848,"height":11}},{"id":"95d6f3a7-7701-4fac-8180-6d214cfb4b6d","block_type":"box","text":"securities and U.S. Treasury bonds. The components of the Underlying Index are likely to change over time.","page_number":70,"box":{"x":83,"y":159,"width":753,"height":10}},{"id":"9ddf6622-7723-4386-85b2-451433b029b0","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it","page_number":70,"box":{"x":84,"y":182,"width":877,"height":11}},{"id":"d1aee7b0-493a-4af9-95fa-14e958b984e2","block_type":"box","text":"tracks and does not seek temporary defensive positions when markets decline or appear overvalued.","page_number":70,"box":{"x":82,"y":196,"width":709,"height":11}},{"id":"624b71b1-1e51-4dec-bd55-39507f3087ab","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce","page_number":70,"box":{"x":84,"y":219,"width":853,"height":11}},{"id":"6aee673c-0cbd-4ee4-9d7d-3c7a486b2d21","block_type":"box","text":"some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better","page_number":70,"box":{"x":83,"y":233,"width":857,"height":11}},{"id":"87d9c23d-bea6-4993-8b8f-54705e360415","block_type":"box","text":"after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":70,"box":{"x":83,"y":247,"width":863,"height":11}},{"id":"0ad2e87a-3e76-4e1e-941b-967271c4036d","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy","page_number":70,"box":{"x":84,"y":270,"width":887,"height":11}},{"id":"9c907b9b-7e70-40e8-b5e9-4a0548d98942","block_type":"box","text":"that involves investing in a representative sample of securities or other instruments that collectively has an investment profile","page_number":70,"box":{"x":82,"y":285,"width":890,"height":11}},{"id":"35e6520d-798d-42ba-96a2-dc2ec496d582","block_type":"box","text":"similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment","page_number":70,"box":{"x":83,"y":299,"width":886,"height":11}},{"id":"b3fd0849-67c9-47c5-b4d0-59dc23de6f1b","block_type":"box","text":"characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return","page_number":70,"box":{"x":83,"y":313,"width":885,"height":11}},{"id":"3254d4b5-76ec-4cdc-b53d-4341fe9ccd49","block_type":"box","text":"variability, duration (","page_number":70,"box":{"x":82,"y":327,"width":146,"height":11}},{"id":"df5300b4-232f-4e42-8502-39a0cf63ac62","block_type":"box","text":"i.e.","page_number":70,"box":{"x":229,"y":328,"width":17,"height":8}},{"id":"4177d271-8cc5-46b8-a9d4-d634d44c996d","block_type":"box","text":", an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield)","page_number":70,"box":{"x":248,"y":327,"width":697,"height":11}},{"id":"7a632e04-039e-4430-bb18-57c990009cb0","block_type":"box","text":"and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the","page_number":70,"box":{"x":83,"y":342,"width":802,"height":10}},{"id":"721e3222-7ca7-4d28-b7b8-43ec90b37663","block_type":"box","text":"components of the Underlying Index.","page_number":70,"box":{"x":83,"y":356,"width":261,"height":11}},{"id":"2067fc49-259a-466d-a71f-727bfd374c89","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced","page_number":70,"box":{"x":82,"y":379,"width":853,"height":11}},{"id":"d3a106dd-1cdb-440f-a100-6e76d83684df","block_type":"box","text":"transactions (“TBAs”) that have economic characteristics that are substantially identical to the economic characteristics of","page_number":70,"box":{"x":82,"y":393,"width":869,"height":11}},{"id":"12346b93-0bd7-4242-be5b-bab45eca9859","block_type":"box","text":"the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income","page_number":70,"box":{"x":82,"y":407,"width":819,"height":11}},{"id":"045cdcef-60f5-4c7e-9692-d9072b32819e","block_type":"box","text":"securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The","page_number":70,"box":{"x":83,"y":422,"width":870,"height":10}},{"id":"d5fe0da7-c909-46fd-a963-e6776fc44280","block_type":"box","text":"Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund","page_number":70,"box":{"x":84,"y":436,"width":871,"height":10}},{"id":"5529eef3-019a-4cf1-8f0e-10aa2fca6317","block_type":"box","text":"track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but","page_number":70,"box":{"x":82,"y":450,"width":857,"height":11}},{"id":"9f5f3589-47ed-4e01-9f91-47a40673bcd2","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a","page_number":70,"box":{"x":82,"y":464,"width":864,"height":11}},{"id":"3ad2be86-ecb2-4009-874c-4ecb57579691","block_type":"box","text":"TBA position will be treated as part of that position for purposes of calculating investments in the component securities of the","page_number":70,"box":{"x":82,"y":478,"width":889,"height":11}},{"id":"0780c587-110c-4ebb-b105-042717add806","block_type":"box","text":"Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that","page_number":70,"box":{"x":84,"y":492,"width":868,"height":11}},{"id":"8dac8628-84f5-4482-bef8-c13b88a393ef","block_type":"box","text":"position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to","page_number":70,"box":{"x":84,"y":507,"width":867,"height":10}},{"id":"6a77e5ea-a987-4645-9c79-c275d9c32b4f","block_type":"box","text":"track the investment results of the Underlying Index before fees and expenses of the Fund.","page_number":70,"box":{"x":82,"y":521,"width":640,"height":11}},{"id":"daea5de0-19e0-46d8-ac9e-e667c0834a33","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":70,"box":{"x":82,"y":544,"width":873,"height":11}},{"id":"8c05e351-2da0-473f-a9d3-2bcd7982f542","block_type":"box","text":"collateral received).","page_number":70,"box":{"x":83,"y":558,"width":136,"height":9}},{"id":"7ad6b9cf-94bc-4c76-98e5-8072e288c4cb","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which is independent of the Fund and BFA. The Index Provider determines","page_number":70,"box":{"x":82,"y":581,"width":880,"height":11}},{"id":"eb6f51bf-3b48-43eb-a779-583c459300b8","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":70,"box":{"x":82,"y":596,"width":884,"height":10}},{"id":"2ac4ad23-f8a4-47c0-8a18-fa0e8943990d","block_type":"box","text":"market value of the Underlying Index.","page_number":70,"box":{"x":84,"y":610,"width":262,"height":11}},{"id":"c62b2dbe-cb34-485b-8a63-e4f231abbb43","block_type":"box","text":"Industry Concentration Policy.","page_number":70,"box":{"x":84,"y":633,"width":223,"height":11}},{"id":"90aa2756-6897-48bc-bf24-ccaf43c2e83e","block_type":"box","text":"The Fund will concentrate its investments (","page_number":70,"box":{"x":312,"y":633,"width":304,"height":9}},{"id":"3bf7683e-be3e-4d63-98ed-94b8132e2b34","block_type":"box","text":"i.e.","page_number":70,"box":{"x":617,"y":633,"width":17,"height":8}},{"id":"904e3f18-d51f-4262-8756-afb78dd1b9c0","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":70,"box":{"x":636,"y":633,"width":292,"height":10}},{"id":"4a80600a-2951-45ea-9c5d-c9a1607681cf","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":70,"box":{"x":84,"y":647,"width":858,"height":11}},{"id":"4fb23cad-cb38-4502-b53e-560eb07652c9","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase","page_number":70,"box":{"x":84,"y":661,"width":840,"height":11}},{"id":"671e1796-3b78-4021-bb62-e57bcd4ae4e0","block_type":"box","text":"agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political","page_number":70,"box":{"x":83,"y":675,"width":879,"height":11}},{"id":"a7e1c4bc-10d0-4063-abe2-6833cdf7ed77","block_type":"box","text":"subdivisions are not considered to be issued by members of any industry.","page_number":70,"box":{"x":83,"y":690,"width":517,"height":10}},{"id":"8b10be09-be7c-42d5-bcd3-463b1a72d784","block_type":"box","text":"Summary of Principal Risks","page_number":70,"box":{"x":83,"y":719,"width":248,"height":13}},{"id":"0e46fd8e-0e9d-4d7c-aa78-decd73fb55ff","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":70,"box":{"x":82,"y":744,"width":882,"height":11}},{"id":"610d0c9e-4686-4f75-8a6c-b66086d2a5cf","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":70,"box":{"x":83,"y":758,"width":825,"height":11}},{"id":"72b1326b-a823-465b-acd7-357eef8e1011","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":70,"box":{"x":83,"y":772,"width":807,"height":11}},{"id":"ab0e0b83-a3dc-44a1-a97c-0ac64fe6b087","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":70,"box":{"x":83,"y":786,"width":844,"height":11}},{"id":"48a972a1-5e68-4f04-a3f2-4d6482f6d21b","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":70,"box":{"x":83,"y":801,"width":814,"height":10}},{"id":"e075dbfb-d3dc-4a75-940f-333521670dcd","block_type":"box","text":"Credit Risk.","page_number":70,"box":{"x":83,"y":824,"width":84,"height":8}},{"id":"5c98e95c-d628-44ab-b6e1-cafef4848c91","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":70,"box":{"x":172,"y":824,"width":777,"height":11}},{"id":"0dfb3c8d-c7ba-45ab-ac77-f1898481f354","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":70,"box":{"x":83,"y":838,"width":891,"height":11}},{"id":"16c8d03f-28c9-4f32-afa0-ca7a18e70feb","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":70,"box":{"x":83,"y":852,"width":869,"height":11}},{"id":"bf6810c5-48f3-4ad8-9805-ac3307a917c3","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":70,"box":{"x":83,"y":866,"width":890,"height":11}},{"id":"a1a3b2c7-54e4-49fb-87d0-e3319533feda","block_type":"box","text":"S-61","page_number":70,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"8bb223b0-1a0b-4d08-afbd-ca1d39e3863f","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":71,"box":{"x":83,"y":23,"width":851,"height":11}},{"id":"f91e2cd0-110c-4603-9250-69b113d50cf2","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":71,"box":{"x":83,"y":37,"width":809,"height":11}},{"id":"7e02b20f-3a52-4490-be14-b0dc67634345","block_type":"box","text":"Interest Rate Risk.","page_number":71,"box":{"x":84,"y":60,"width":134,"height":9}},{"id":"ff5a9211-dc24-46b7-b436-38dbbd2eaef5","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":71,"box":{"x":223,"y":61,"width":743,"height":10}},{"id":"ee1c2da2-ba72-4e4c-98be-5dc75ee45926","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":71,"box":{"x":82,"y":75,"width":880,"height":11}},{"id":"11368674-a9b9-44a2-b1cb-16cacda57a66","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":71,"box":{"x":83,"y":89,"width":882,"height":11}},{"id":"f6799318-1858-4a21-8a20-993d35faca97","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":71,"box":{"x":83,"y":103,"width":845,"height":11}},{"id":"99887cce-2ce3-4edf-8620-47f18e5a8d76","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":71,"box":{"x":83,"y":117,"width":870,"height":11}},{"id":"d26eea21-4dd0-4612-8807-63ec9675e2ae","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":71,"box":{"x":82,"y":131,"width":873,"height":11}},{"id":"f138e860-c879-4aab-bf4b-1ca35714ed85","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":71,"box":{"x":83,"y":146,"width":866,"height":10}},{"id":"0effbb24-d7b2-4d80-bfc3-5e441c9cb916","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":71,"box":{"x":84,"y":160,"width":759,"height":11}},{"id":"9a33cbd1-a0f3-4085-8b82-c61d78efa035","block_type":"box","text":"Market Risk.","page_number":71,"box":{"x":84,"y":183,"width":90,"height":8}},{"id":"0024016b-f38e-40a7-9efb-09937d82568a","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":71,"box":{"x":179,"y":183,"width":767,"height":11}},{"id":"1a770570-a5dc-4c05-8d6b-605186985829","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":71,"box":{"x":83,"y":197,"width":882,"height":11}},{"id":"bd7b4da8-7057-459a-aecf-965acb2b9817","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":71,"box":{"x":84,"y":211,"width":857,"height":11}},{"id":"12241d45-08a5-4ae5-a0b1-98a9a9ac5138","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":71,"box":{"x":83,"y":226,"width":875,"height":10}},{"id":"4e83ba67-98b3-4098-80a0-9496fa38a2f9","block_type":"box","text":"Fund’s NAV.","page_number":71,"box":{"x":84,"y":240,"width":81,"height":8}},{"id":"ab0ba184-21d5-4c47-aa20-bf827dd1259e","block_type":"box","text":"Index-Related Risk.","page_number":71,"box":{"x":84,"y":263,"width":143,"height":8}},{"id":"ea0b8458-9f12-4c46-b289-f2d34012bf31","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":71,"box":{"x":231,"y":263,"width":742,"height":11}},{"id":"8ad5503b-201c-47db-ab15-7b7190c1c669","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":71,"box":{"x":84,"y":277,"width":855,"height":11}},{"id":"5d0dfe95-9cae-4056-8e75-f1455acba094","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":71,"box":{"x":83,"y":291,"width":852,"height":11}},{"id":"5e609ff3-3aa6-4643-9ef7-3fe0eca78764","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":71,"box":{"x":83,"y":306,"width":877,"height":10}},{"id":"4e36d826-f7c9-4266-9b1d-ebd0ddc72cc3","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":71,"box":{"x":82,"y":320,"width":849,"height":10}},{"id":"49b22e43-1f77-4a81-aeb9-d68ac900396e","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":71,"box":{"x":83,"y":334,"width":849,"height":11}},{"id":"05ab0d64-cf11-4df2-b090-2c7a3b46fb3c","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":71,"box":{"x":84,"y":348,"width":890,"height":11}},{"id":"c88da1fa-8ce9-4b44-acba-c81a3c1ec4b3","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":71,"box":{"x":84,"y":362,"width":852,"height":11}},{"id":"cb0d45f2-c84c-45ff-b96b-fd67ccb39ac4","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":71,"box":{"x":83,"y":376,"width":539,"height":11}},{"id":"5e5ac542-a30f-4ccb-9988-8fb21a15fbbe","block_type":"box","text":"Asset-Backed and Mortgage-Backed Securities Risk.","page_number":71,"box":{"x":82,"y":400,"width":389,"height":10}},{"id":"45f7e257-b801-49f2-bb17-18b1812a3a92","block_type":"box","text":"Asset-backed securities (“ABS”) and mortgage-backed securities","page_number":71,"box":{"x":475,"y":399,"width":457,"height":11}},{"id":"11c2aedc-8ada-4f32-98ba-dff15a09d0a3","block_type":"box","text":"(“MBS”) (residential and commercial) represent interests in “pools” of mortgages or other assets, including consumer loans or","page_number":71,"box":{"x":83,"y":414,"width":890,"height":11}},{"id":"8a062911-7454-4f9f-bff3-68f1f7b1d80a","block_type":"box","text":"receivables held in trust. ABS and MBS are subject to credit, interest rate, call, extension, valuation and liquidity risk. These","page_number":71,"box":{"x":84,"y":428,"width":863,"height":11}},{"id":"c4f016eb-662d-4676-a2f9-693b7aa49f0c","block_type":"box","text":"securities, in most cases, are not backed by the full faith and credit of the U.S. government and are subject to the risk of","page_number":71,"box":{"x":83,"y":442,"width":841,"height":11}},{"id":"7443169b-5a90-4db5-8702-ddc02689222b","block_type":"box","text":"default on the underlying asset or mortgage, particularly during periods of economic downturn. Small movements in interest","page_number":71,"box":{"x":83,"y":456,"width":882,"height":11}},{"id":"f600507c-6dc9-4a77-b9cc-2ac81857955b","block_type":"box","text":"rates (both increases and decreases) may quickly and significantly reduce the value of certain ABS and MBS. For MBS issued","page_number":71,"box":{"x":84,"y":470,"width":881,"height":11}},{"id":"45edd544-1916-4e1a-ba9e-86c9bc986ac6","block_type":"box","text":"or guaranteed by the U.S. government or one of its agencies or sponsored entities, the default or bankruptcy of a counterparty","page_number":71,"box":{"x":83,"y":485,"width":889,"height":10}},{"id":"76d21bee-14c0-4c1c-9eba-96ce17b33a8a","block_type":"box","text":"to a TBA transaction would expose the Fund to possible losses.","page_number":71,"box":{"x":82,"y":499,"width":442,"height":10}},{"id":"87913ffe-c835-4791-b5a1-14bf3226e027","block_type":"box","text":"Asset Class Risk.","page_number":71,"box":{"x":82,"y":522,"width":123,"height":9}},{"id":"639c9106-2cd3-4adc-a12a-6a5d324c0489","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":71,"box":{"x":209,"y":522,"width":721,"height":11}},{"id":"a76278ca-cd77-4d65-ab57-0267f5a36fd0","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":71,"box":{"x":83,"y":536,"width":774,"height":11}},{"id":"0387e208-546c-430c-a0d8-ab9e9ce48ba9","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":71,"box":{"x":82,"y":559,"width":291,"height":11}},{"id":"a0d0312e-543d-48a8-b436-bbea17e26442","block_type":"box","text":"From time to time, an Authorized Participant (as defined below in","page_number":71,"box":{"x":379,"y":559,"width":458,"height":11}},{"id":"3b304367-bf17-4602-8ad7-44d3fa399882","block_type":"box","text":"Authorized","page_number":71,"box":{"x":841,"y":560,"width":77,"height":8}},{"id":"0263d171-5c94-4c3d-9eb1-a453da34e437","block_type":"box","text":"Participant Concentration Risk","page_number":71,"box":{"x":83,"y":574,"width":215,"height":10}},{"id":"309bd7a9-c523-4843-a758-f0f8415e942d","block_type":"box","text":"), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund","page_number":71,"box":{"x":298,"y":574,"width":647,"height":10}},{"id":"474ebf3f-9060-458d-954e-ebbfd37f3518","block_type":"box","text":"may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There","page_number":71,"box":{"x":84,"y":588,"width":865,"height":11}},{"id":"7a2cf6c7-54a3-4018-8727-8ca05b1af554","block_type":"box","text":"can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at","page_number":71,"box":{"x":83,"y":602,"width":890,"height":11}},{"id":"8d820936-ea54-48e8-9592-a2502ba235c2","block_type":"box","text":"such levels, which could negatively impact the Fund.","page_number":71,"box":{"x":83,"y":616,"width":370,"height":11}},{"id":"e0e74968-6292-4394-a7c2-bab801321761","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":71,"box":{"x":82,"y":639,"width":318,"height":11}},{"id":"8f193078-2577-4e9a-99a0-fb4b925a21bf","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":71,"box":{"x":405,"y":639,"width":531,"height":11}},{"id":"f0e57201-76ef-4c77-83d8-baddda04d7d4","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":71,"box":{"x":84,"y":654,"width":809,"height":10}},{"id":"5b866e7c-2dda-4cde-8a9a-1b47a0115a16","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":71,"box":{"x":82,"y":668,"width":816,"height":11}},{"id":"8d9ee3bd-e58d-4575-b397-4b05caa9a5a0","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":71,"box":{"x":82,"y":682,"width":885,"height":11}},{"id":"9eade915-88f2-41eb-b04d-803b22a55d5a","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":71,"box":{"x":83,"y":696,"width":871,"height":11}},{"id":"f410a7bf-242d-49b2-a692-3e207c63e120","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":71,"box":{"x":84,"y":710,"width":845,"height":11}},{"id":"9de5de12-f0b6-4993-b6fe-f29e4e6fb862","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":71,"box":{"x":82,"y":724,"width":882,"height":11}},{"id":"915fdf49-f95b-447c-b233-2da47bc0c2a5","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":71,"box":{"x":84,"y":739,"width":853,"height":10}},{"id":"deafae2c-35ba-4c27-a312-4e444cab88ac","block_type":"box","text":"halts or delisting.","page_number":71,"box":{"x":84,"y":753,"width":120,"height":11}},{"id":"787e6d19-344e-4b31-9789-3c7b0050d95d","block_type":"box","text":"Call Risk.","page_number":71,"box":{"x":83,"y":776,"width":66,"height":8}},{"id":"d5ffa9c7-1760-4a44-b752-7bb72d3b55f1","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may “call” or repay","page_number":71,"box":{"x":155,"y":776,"width":799,"height":11}},{"id":"0f7dab7f-e340-4574-b180-089b1370c3cd","block_type":"box","text":"the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower","page_number":71,"box":{"x":82,"y":790,"width":848,"height":11}},{"id":"e32b78b3-6ba3-49a6-ba00-7444d1552f36","block_type":"box","text":"yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable","page_number":71,"box":{"x":82,"y":804,"width":867,"height":11}},{"id":"68c98b7b-353f-45f8-bfa7-909ae157f489","block_type":"box","text":"features.","page_number":71,"box":{"x":83,"y":819,"width":61,"height":8}},{"id":"e725818b-9416-4ad4-bdbb-4f963bd671b3","block_type":"box","text":"Cash Management Risk.","page_number":71,"box":{"x":83,"y":842,"width":178,"height":11}},{"id":"995c38d7-e921-4d2f-bffa-46870f5df0b8","block_type":"box","text":"If a significant amount of the Fund’s assets is invested in cash and cash equivalents, the Fund may","page_number":71,"box":{"x":267,"y":842,"width":697,"height":11}},{"id":"255e231d-b8ab-443d-9028-3c5de79b3566","block_type":"box","text":"underperform other funds that do not similarly invest in cash and cash equivalents for investment purposes and/or to","page_number":71,"box":{"x":83,"y":856,"width":833,"height":11}},{"id":"eb30215d-ed89-4ac5-b7cd-9014ea967401","block_type":"box","text":"collateralize derivative instruments. Further, the Fund may face increased credit risk with respect to the bank or other","page_number":71,"box":{"x":83,"y":870,"width":827,"height":11}},{"id":"b33b7d3c-f3e8-44f8-9720-99b7a1341ab8","block_type":"box","text":"S-62","page_number":71,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"1f7fc93b-f422-4c73-9342-a1241e649629","block_type":"box","text":"counterparty holding such assets and the risk that the counterparty may be unable or unwilling (or perceived as such) to","page_number":72,"box":{"x":83,"y":23,"width":851,"height":11}},{"id":"3a68d15b-92b6-479c-8dc6-5320bb6437bd","block_type":"box","text":"honor its obligations.","page_number":72,"box":{"x":84,"y":38,"width":148,"height":10}},{"id":"cc29e9c0-f79f-4c5d-8745-b1949177777e","block_type":"box","text":"Concentration Risk.","page_number":72,"box":{"x":83,"y":60,"width":145,"height":9}},{"id":"de13d098-c111-419a-baea-5782af5cc2b9","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":72,"box":{"x":232,"y":61,"width":712,"height":10}},{"id":"85e3a95d-ec53-452e-b802-01b9e5fa8c9f","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":72,"box":{"x":83,"y":75,"width":884,"height":10}},{"id":"ee134dd8-7b34-4f4c-82d3-c66a00cc427b","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":72,"box":{"x":82,"y":89,"width":887,"height":11}},{"id":"82a12558-4ed2-4292-af36-de85a878c694","block_type":"box","text":"asset classes.","page_number":72,"box":{"x":83,"y":103,"width":95,"height":9}},{"id":"f31ead04-f537-4451-8b58-6f2b8f53324b","block_type":"box","text":"Corporate Loans Risk.","page_number":72,"box":{"x":83,"y":126,"width":161,"height":11}},{"id":"ce3ea04e-4e76-4296-b65a-6f2b6634519f","block_type":"box","text":"Commercial banks and other financial institutions or institutional investors make corporate loans to","page_number":72,"box":{"x":250,"y":126,"width":707,"height":11}},{"id":"7a9d923d-f696-418f-9f1a-c79ed499036b","block_type":"box","text":"companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change","page_number":72,"box":{"x":83,"y":141,"width":877,"height":10}},{"id":"04daa986-cc64-4f8d-bbad-cd993bf15862","block_type":"box","text":"in response to changes in market interest rates such as the Secured Overnight Financing Rate (“SOFR”), or the prime rates of","page_number":72,"box":{"x":83,"y":154,"width":884,"height":11}},{"id":"c2a2c5e7-493c-4c09-bd89-7c39022883b3","block_type":"box","text":"U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in","page_number":72,"box":{"x":84,"y":169,"width":853,"height":11}},{"id":"7f0f1afd-9c14-48ab-b70e-f90192438ac2","block_type":"box","text":"market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to","page_number":72,"box":{"x":84,"y":183,"width":847,"height":11}},{"id":"5c3a1605-60d8-4daa-951a-36634751067a","block_type":"box","text":"irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis.","page_number":72,"box":{"x":83,"y":197,"width":882,"height":11}},{"id":"a4439f38-ee98-4ad3-bbf7-18052a4635ff","block_type":"box","text":"As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to","page_number":72,"box":{"x":82,"y":211,"width":866,"height":11}},{"id":"c6a3fda9-5030-4950-886d-07e764f639db","block_type":"box","text":"meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity","page_number":72,"box":{"x":84,"y":225,"width":847,"height":11}},{"id":"c41f0f5f-0a82-4cdf-84b8-5c822a45eb75","block_type":"box","text":"needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. The","page_number":72,"box":{"x":84,"y":240,"width":820,"height":11}},{"id":"41ac45e3-78a2-4bae-aa4b-d54c5b4eef9b","block_type":"box","text":"corporate loans in which the Fund invests are usually rated below investment grade.","page_number":72,"box":{"x":83,"y":254,"width":593,"height":11}},{"id":"b2461fbc-fe49-4dd5-bb22-3cf1f7edf9cf","block_type":"box","text":"Credit Spread Risk.","page_number":72,"box":{"x":83,"y":277,"width":140,"height":11}},{"id":"52179e82-0cc5-4edc-a1ea-0b527df6faf6","block_type":"box","text":"Credit spread risk is the risk that credit spreads (","page_number":72,"box":{"x":228,"y":277,"width":341,"height":11}},{"id":"f78d8935-ef43-406e-8e8f-2ee13b8f401c","block_type":"box","text":"i.e.","page_number":72,"box":{"x":570,"y":277,"width":17,"height":9}},{"id":"116b1cae-9bf2-41a4-a28c-ca0b0a0d74eb","block_type":"box","text":", the difference in yield between securities that have","page_number":72,"box":{"x":589,"y":277,"width":366,"height":11}},{"id":"6b3a8ea8-c560-4fe6-9e88-97edf1548230","block_type":"box","text":"differences in credit quality or other factors) may increase, which may reduce the market values of certain or all of the Fund's","page_number":72,"box":{"x":83,"y":291,"width":880,"height":11}},{"id":"6c0e3596-87da-4029-a53a-9513197e65d3","block_type":"box","text":"securities. While the Fund may employ strategies to mitigate credit spread risk, these strategies may not be successful.","page_number":72,"box":{"x":83,"y":305,"width":842,"height":11}},{"id":"3f629cf9-415f-4776-b25d-ec0ceff29bc4","block_type":"box","text":"Extension Risk.","page_number":72,"box":{"x":84,"y":329,"width":111,"height":8}},{"id":"ef5e8ba8-dc7a-40f9-88f1-0cfbf3f11dd2","block_type":"box","text":"During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly","page_number":72,"box":{"x":201,"y":329,"width":737,"height":11}},{"id":"5eb4c881-a8c2-408c-b8fc-5df8d37a9988","block_type":"box","text":"than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income","page_number":72,"box":{"x":82,"y":343,"width":890,"height":11}},{"id":"b5dc69c8-b0c2-419b-bbd7-a16c7e13de42","block_type":"box","text":"and potentially in the value of the Fund’s investments.","page_number":72,"box":{"x":83,"y":357,"width":381,"height":11}},{"id":"4dba3e25-e99c-4e3b-b940-60e94a45ced9","block_type":"box","text":"Fixed-to-Floating Rate Securities Risk.","page_number":72,"box":{"x":84,"y":380,"width":285,"height":11}},{"id":"ab9c499b-2f12-4970-b715-445640feaff0","block_type":"box","text":"The Fund invests in fixed-to-floating rate securities, which are securities that have","page_number":72,"box":{"x":373,"y":380,"width":581,"height":11}},{"id":"56ac934c-89d5-4233-b9a2-76896079968c","block_type":"box","text":"an initial term with a fixed dividend or coupon rate and following this initial term bear a floating rate. Securities which include","page_number":72,"box":{"x":83,"y":394,"width":884,"height":11}},{"id":"7e88bf07-ead4-40e1-b9d7-9b7a0da78d02","block_type":"box","text":"a floating or variable interest rate component can be less sensitive to interest rate changes than securities with fixed interest","page_number":72,"box":{"x":83,"y":409,"width":880,"height":10}},{"id":"de03745b-3b4e-4d36-b6dd-0f275ec788a7","block_type":"box","text":"rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Although","page_number":72,"box":{"x":84,"y":423,"width":866,"height":11}},{"id":"3b68672f-0c49-41c7-bb4d-6f0bd6770ee8","block_type":"box","text":"floating rate securities can be less sensitive to interest rate risk than fixed-rate securities, they are subject to the risks","page_number":72,"box":{"x":83,"y":437,"width":827,"height":11}},{"id":"f44a21b5-02d2-4fbe-86a3-fe56de6c52bd","block_type":"box","text":"applicable to hybrid and preferred securities more generally.","page_number":72,"box":{"x":83,"y":451,"width":425,"height":11}},{"id":"a1d859b7-d7cb-46ae-8872-efcc8e1f6397","block_type":"box","text":"Floating Rate Securities Risk.","page_number":72,"box":{"x":84,"y":474,"width":214,"height":11}},{"id":"20fb9756-f2d3-4f4a-b59e-87ae1ccf3cac","block_type":"box","text":"Securities with floating or variable interest rates can be less sensitive to interest rate changes","page_number":72,"box":{"x":303,"y":474,"width":658,"height":11}},{"id":"d952051b-7346-458f-a84d-a2b916423eac","block_type":"box","text":"than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as","page_number":72,"box":{"x":82,"y":489,"width":863,"height":10}},{"id":"da5b7a27-0b25-4c07-a40c-8f1ec5a3d673","block_type":"box","text":"comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. Although","page_number":72,"box":{"x":83,"y":503,"width":835,"height":11}},{"id":"0971c4f4-13a2-4562-a05e-8b7d898b7a18","block_type":"box","text":"floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and","page_number":72,"box":{"x":83,"y":517,"width":843,"height":11}},{"id":"702855c3-2183-4add-8ee8-bba29c441cbf","block_type":"box","text":"default risk, which could impair their value.","page_number":72,"box":{"x":83,"y":531,"width":302,"height":11}},{"id":"160052a8-b035-4711-b106-f61856295797","block_type":"box","text":"High Yield Securities Risk.","page_number":72,"box":{"x":84,"y":554,"width":191,"height":11}},{"id":"e5be3347-8f1a-4655-9f33-8c87ffa81fca","block_type":"box","text":"Debt securities that are rated below investment grade (commonly referred to as “junk bonds”) and","page_number":72,"box":{"x":281,"y":554,"width":690,"height":11}},{"id":"8e8e9d04-1ef2-4cf5-bd62-eaca56d67e3d","block_type":"box","text":"debt securities that are unrated are generally considered to be speculative. Compared to higher-quality debt securities, high","page_number":72,"box":{"x":83,"y":569,"width":876,"height":10}},{"id":"c9f65205-cf45-44a5-9aa9-446df1f98b08","block_type":"box","text":"yield securities are subject to a greater risk of default, illiquidity, price volatility and valuation uncertainty. Such investments","page_number":72,"box":{"x":82,"y":583,"width":874,"height":10}},{"id":"28f532cb-f4dd-459d-98cd-4f35416f7d08","block_type":"box","text":"may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of","page_number":72,"box":{"x":84,"y":597,"width":890,"height":11}},{"id":"cdfaf3bf-b51f-435d-a702-275ca90b7d6e","block_type":"box","text":"a regular trading market, prepayment risk, and lack of publicly available information.","page_number":72,"box":{"x":83,"y":611,"width":596,"height":11}},{"id":"97ac43b0-2a12-4634-9293-20def043077d","block_type":"box","text":"Illiquid Investments Risk.","page_number":72,"box":{"x":84,"y":634,"width":185,"height":11}},{"id":"6594de98-9359-484e-b4ff-d1fc79002c6e","block_type":"box","text":"An illiquid investment is any investment that the Fund reasonably expects cannot be sold or","page_number":72,"box":{"x":273,"y":634,"width":650,"height":11}},{"id":"0116cc53-7f31-40e2-937f-f1461c095d43","block_type":"box","text":"disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the","page_number":72,"box":{"x":83,"y":648,"width":888,"height":11}},{"id":"596ae185-2cb9-439f-ab48-f4b7c6d0ec7d","block_type":"box","text":"investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce its returns because the","page_number":72,"box":{"x":83,"y":663,"width":858,"height":10}},{"id":"b9802e39-c76f-406f-8e67-d5bf8d73b573","block_type":"box","text":"Fund may be unable to transact at advantageous times or prices. In addition, if the Fund is limited in its ability to sell illiquid","page_number":72,"box":{"x":84,"y":677,"width":874,"height":11}},{"id":"47d5d0cc-a443-41fe-8a19-822161cc90aa","block_type":"box","text":"investments during periods when shareholders are redeeming their shares, it will need to sell liquid securities to meet","page_number":72,"box":{"x":83,"y":691,"width":831,"height":11}},{"id":"5c1d1452-0711-45fa-9ed6-30103764e71e","block_type":"box","text":"redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. During periods of market","page_number":72,"box":{"x":84,"y":705,"width":850,"height":11}},{"id":"fbf71327-2fad-4623-880a-74fc943c77de","block_type":"box","text":"volatility, liquidity in the market for Fund shares may be impacted by the liquidity in the market for the underlying securities or","page_number":72,"box":{"x":82,"y":719,"width":892,"height":11}},{"id":"d40af64e-5075-4291-8863-caf3ff45d130","block_type":"box","text":"other assets held by the Fund, which could lead to Fund shares trading at a premium or discount to the Fund’s NAV.","page_number":72,"box":{"x":83,"y":733,"width":815,"height":11}},{"id":"9638c0fc-468c-480f-a31c-271b0da29ecb","block_type":"box","text":"Income Risk.","page_number":72,"box":{"x":84,"y":757,"width":92,"height":8}},{"id":"f78a83c1-9db2-43aa-9e75-6fc58f872505","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":72,"box":{"x":181,"y":757,"width":770,"height":11}},{"id":"98a0c741-e175-4f2a-8d09-bdc03a7dbbf6","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":72,"box":{"x":84,"y":771,"width":881,"height":11}},{"id":"f88616b4-9298-4b94-adda-b2b4d01aec1a","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":72,"box":{"x":84,"y":785,"width":841,"height":11}},{"id":"f6af2ded-4bff-4305-9f9e-a31ff875b33b","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":72,"box":{"x":84,"y":799,"width":876,"height":11}},{"id":"46a387d1-576b-4355-9cf9-131babb98366","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":72,"box":{"x":83,"y":813,"width":579,"height":11}},{"id":"367bd250-df93-42a6-a71b-940e5a5e0d59","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":72,"box":{"x":84,"y":836,"width":218,"height":9}},{"id":"bb278f36-d685-4d3e-b776-ec0e56827cf7","block_type":"box","text":"The principal value of an investment in the Fund is not protected or otherwise guaranteed by","page_number":72,"box":{"x":306,"y":837,"width":655,"height":10}},{"id":"b2c49e0a-4538-46f3-a553-c82f1d5995ea","block_type":"box","text":"virtue of the Fund’s investments in inflation-indexed bonds. The value of inflation-indexed securities generally fluctuates with","page_number":72,"box":{"x":82,"y":851,"width":889,"height":11}},{"id":"1eec0abd-8889-4a9c-acf7-19f285e515a9","block_type":"box","text":"changes in real interest rates, decreasing when real interest rates rise and increasing when real interest rates fall. Real","page_number":72,"box":{"x":83,"y":865,"width":833,"height":11}},{"id":"5e4d6c39-9624-4311-a077-8133484a2a0c","block_type":"box","text":"interest rates represent nominal (or stated) interest rates minus the inflation rate. In addition, interest payments on","page_number":72,"box":{"x":83,"y":879,"width":813,"height":11}},{"id":"c0757a2b-7324-4a2e-9a68-011955267014","block_type":"box","text":"S-63","page_number":72,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"7d351f7a-2356-4718-9afb-c1d2f2ac8298","block_type":"box","text":"inflation-indexed securities generally vary up or down along with the rate of inflation. If the Fund purchases TIPS in the","page_number":73,"box":{"x":83,"y":23,"width":840,"height":11}},{"id":"5644441b-9dd8-4f31-bd28-46510a106369","block_type":"box","text":"secondary market and the bonds’ principal values previously were adjusted upward, but then there is a period of declining","page_number":73,"box":{"x":83,"y":37,"width":860,"height":11}},{"id":"309f4238-def0-4d01-8fb7-b981049fc10c","block_type":"box","text":"inflation rates, the Fund may receive at maturity less than it invested. Depending on changes in inflation rates while the Fund","page_number":73,"box":{"x":83,"y":52,"width":883,"height":10}},{"id":"89a03897-c3d3-4af8-ad89-ddf71a1bffbe","block_type":"box","text":"holds an inflation-indexed security, the Fund may earn less on the security than on a conventional bond.","page_number":73,"box":{"x":84,"y":66,"width":736,"height":11}},{"id":"dfb3ab6e-d71c-41bb-9018-cc1ca9adc193","block_type":"box","text":"Issuer Risk.","page_number":73,"box":{"x":84,"y":89,"width":82,"height":8}},{"id":"6a61e3b6-9e5a-4938-80dd-15ebd06cadae","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":73,"box":{"x":170,"y":89,"width":780,"height":10}},{"id":"8d69a137-2b1e-4b94-aeee-57ed5f8b247c","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":73,"box":{"x":84,"y":103,"width":885,"height":11}},{"id":"d48a3ac9-412a-4e4a-b8a2-12210228ae3c","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":73,"box":{"x":82,"y":117,"width":577,"height":11}},{"id":"9ef511cb-cf7f-498f-bbff-38379164a002","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":73,"box":{"x":84,"y":140,"width":394,"height":11}},{"id":"25ca42fc-cb4b-4eef-9781-2ca16d65db7b","block_type":"box","text":"Certain shareholders of the Fund, including an Authorized","page_number":73,"box":{"x":484,"y":140,"width":410,"height":11}},{"id":"7ab3ff9f-070c-487d-8901-424d694ee0e6","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":73,"box":{"x":84,"y":155,"width":882,"height":10}},{"id":"744fbfaa-d3d9-4877-81d4-e777fb532951","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited","page_number":73,"box":{"x":83,"y":169,"width":884,"height":11}},{"id":"cf65b3af-3a82-4d29-ae73-89acb3a4ac5d","block_type":"box","text":"period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":73,"box":{"x":84,"y":183,"width":872,"height":11}},{"id":"50926a03-caee-41c3-99c6-6356146041b9","block_type":"box","text":"investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the","page_number":73,"box":{"x":83,"y":197,"width":813,"height":11}},{"id":"fd91dcbf-c4a6-4a75-b993-cadf7d2c186a","block_type":"box","text":"redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make","page_number":73,"box":{"x":84,"y":211,"width":889,"height":11}},{"id":"a6fdb48f-b024-44fc-9698-5e575efbb0ed","block_type":"box","text":"taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":73,"box":{"x":82,"y":226,"width":891,"height":9}},{"id":"a597f088-7d04-47fc-acec-fb107dc437f2","block_type":"box","text":"non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":73,"box":{"x":84,"y":240,"width":836,"height":11}},{"id":"a33bc855-cceb-4426-b1d9-c3c7456479d6","block_type":"box","text":"respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in","page_number":73,"box":{"x":84,"y":254,"width":810,"height":11}},{"id":"688e9922-54a0-432a-bb4f-a4af62036646","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell","page_number":73,"box":{"x":83,"y":268,"width":861,"height":11}},{"id":"b3dcce7d-2733-4061-8445-71aae1e64288","block_type":"box","text":"portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase","page_number":73,"box":{"x":84,"y":282,"width":874,"height":11}},{"id":"9c758b66-1dea-4e43-8852-215b8ff1ffdb","block_type":"box","text":"the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.","page_number":73,"box":{"x":82,"y":296,"width":654,"height":11}},{"id":"e8ce2f8c-fc2a-482e-ad1f-c5e8e34cdbc3","block_type":"box","text":"Management Risk.","page_number":73,"box":{"x":84,"y":320,"width":136,"height":11}},{"id":"01406846-861c-4849-8598-cc00104de984","block_type":"box","text":"The Fund generally does not attempt to take defensive positions under any market conditions, including","page_number":73,"box":{"x":225,"y":320,"width":735,"height":10}},{"id":"e868b135-0855-4dcb-a4b5-c06d5af4bb4f","block_type":"box","text":"declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not","page_number":73,"box":{"x":83,"y":334,"width":833,"height":11}},{"id":"cf0701e7-55c1-4ea9-9b79-8f5a302ad5a8","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended","page_number":73,"box":{"x":83,"y":348,"width":864,"height":11}},{"id":"71dbcbdb-9831-417c-94f0-0c42b3516fd1","block_type":"box","text":"results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the","page_number":73,"box":{"x":84,"y":362,"width":824,"height":11}},{"id":"be8623e6-63fd-4210-af6b-2faa551fd226","block_type":"box","text":"Underlying Index or that the Fund will achieve its investment objective.","page_number":73,"box":{"x":84,"y":377,"width":498,"height":10}},{"id":"32b079bb-5a6a-4e13-bf65-aeda40bf7531","block_type":"box","text":"Market Trading Risk.","page_number":73,"box":{"x":84,"y":400,"width":151,"height":10}},{"id":"03f67400-53d9-495a-a663-56ed55b3f745","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":73,"box":{"x":239,"y":400,"width":695,"height":10}},{"id":"bf582154-265c-4207-9e59-b2c9801bb176","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":73,"box":{"x":84,"y":414,"width":841,"height":11}},{"id":"5c706118-6f44-456c-9b6d-265d0679c1a1","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":73,"box":{"x":83,"y":428,"width":887,"height":11}},{"id":"8e861836-60dc-4459-b406-26a8173f48f0","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":73,"box":{"x":83,"y":442,"width":839,"height":11}},{"id":"9eb169de-3ff9-45a5-af35-eb661cde31b0","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":73,"box":{"x":84,"y":456,"width":865,"height":11}},{"id":"31a01618-07de-4cd3-8404-ad2a88493e17","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":73,"box":{"x":82,"y":470,"width":885,"height":11}},{"id":"30d39d82-75d5-4b5b-99a7-787ea25c4026","block_type":"box","text":"of the Fund shares.","page_number":73,"box":{"x":83,"y":485,"width":135,"height":8}},{"id":"12f4ab42-b894-46ba-9250-8d24d745df6d","block_type":"box","text":"Non-Diversification Risk.","page_number":73,"box":{"x":84,"y":508,"width":184,"height":8}},{"id":"3dced1b5-a4e5-4040-a8f8-f2ea731c5ee4","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":73,"box":{"x":272,"y":508,"width":633,"height":10}},{"id":"92041dbd-e45a-4ebb-a81b-c731ed89859f","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":73,"box":{"x":83,"y":522,"width":803,"height":11}},{"id":"4d2e18c9-96cd-4b43-b72c-543a6c6c735c","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":73,"box":{"x":84,"y":536,"width":887,"height":11}},{"id":"84a74af5-15a6-4c33-825a-f81242fdcfa1","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":73,"box":{"x":84,"y":550,"width":875,"height":11}},{"id":"f2657e9c-ccba-42e1-ba00-61d3b4673398","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":73,"box":{"x":83,"y":565,"width":697,"height":10}},{"id":"e3291621-d00c-4d05-9238-75d565ea59a3","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":73,"box":{"x":84,"y":588,"width":181,"height":8}},{"id":"abd99a49-1448-49ee-95cc-6079d3937ab4","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":73,"box":{"x":270,"y":588,"width":687,"height":11}},{"id":"e292fcc8-cbe9-4476-ba2f-1237c8cfe090","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":73,"box":{"x":84,"y":602,"width":853,"height":11}},{"id":"31f8ce00-d66e-4169-b751-36557eed190e","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":73,"box":{"x":82,"y":616,"width":847,"height":11}},{"id":"c782dc70-5154-41f8-ba7d-2c779d857199","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":73,"box":{"x":83,"y":630,"width":889,"height":11}},{"id":"bc7da5ce-df38-4755-b53c-9f19bf72072b","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":73,"box":{"x":84,"y":645,"width":842,"height":10}},{"id":"42a1ae98-e0c5-443a-ab11-a5ffd6f588cc","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":73,"box":{"x":84,"y":659,"width":831,"height":11}},{"id":"f45ca335-6f18-42ff-bbf0-b37bf9dc25d3","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":73,"box":{"x":84,"y":673,"width":820,"height":11}},{"id":"1529d5f0-11fa-40b7-960d-b94615523df5","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":73,"box":{"x":83,"y":687,"width":871,"height":11}},{"id":"2be00ba4-f8b2-4f4a-bebb-2badaee0108d","block_type":"box","text":"Fund.","page_number":73,"box":{"x":84,"y":701,"width":38,"height":9}},{"id":"cba432da-3be5-4b26-ab2b-c4c0eee39360","block_type":"box","text":"Operational and Technology Risks.","page_number":73,"box":{"x":83,"y":724,"width":255,"height":11}},{"id":"21fd181a-f039-429b-89fe-10df8050d00b","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":73,"box":{"x":342,"y":725,"width":582,"height":10}},{"id":"5bd8ed3e-6b0a-4f96-bc15-688a169255b0","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":73,"box":{"x":83,"y":739,"width":876,"height":10}},{"id":"12d4e270-12a9-49a4-a832-4e38ff192492","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":73,"box":{"x":83,"y":753,"width":879,"height":11}},{"id":"3eaaacf9-cbc9-4402-89d8-77814ddfa13d","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":73,"box":{"x":83,"y":767,"width":825,"height":11}},{"id":"3b2f0b04-1e1d-49e5-8158-978689b8662a","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":73,"box":{"x":83,"y":781,"width":863,"height":11}},{"id":"7e30d736-be25-4d44-89bd-b7cc4d848813","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":73,"box":{"x":83,"y":795,"width":872,"height":11}},{"id":"d83b60c1-583a-451b-a2b1-0ca17e0ab956","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":73,"box":{"x":84,"y":809,"width":823,"height":11}},{"id":"3f2a925b-1185-4278-91f1-7a112d230805","block_type":"box","text":"Prepayment Risk.","page_number":73,"box":{"x":84,"y":833,"width":128,"height":11}},{"id":"bc333386-f758-4f9b-92d1-0493e4d23183","block_type":"box","text":"During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the","page_number":73,"box":{"x":218,"y":833,"width":742,"height":11}},{"id":"deb340b5-2a85-4708-b729-99cf5a345285","block_type":"box","text":"debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of","page_number":73,"box":{"x":83,"y":847,"width":867,"height":11}},{"id":"b672d6bb-1202-4c62-a851-34367683ca1d","block_type":"box","text":"default, resulting in a decline in the Fund’s income or return potential.","page_number":73,"box":{"x":83,"y":861,"width":493,"height":11}},{"id":"ac590fad-563a-4cf0-b716-6f42fd68eb5a","block_type":"box","text":"S-64","page_number":73,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"21d02f1e-8289-4879-8c53-66738f49a20c","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":74,"box":{"x":84,"y":23,"width":241,"height":11}},{"id":"20fca923-91a2-4683-bdcc-70dc08dc41a6","block_type":"box","text":"Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency,","page_number":74,"box":{"x":330,"y":23,"width":643,"height":11}},{"id":"9561de73-ec51-4550-9973-7a6d9247e4a3","block_type":"box","text":"security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum","page_number":74,"box":{"x":83,"y":37,"width":836,"height":11}},{"id":"8e842a89-fa29-49b7-add1-304a338a264a","block_type":"box","text":"exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in","page_number":74,"box":{"x":83,"y":52,"width":888,"height":10}},{"id":"05a48f60-5737-4c6a-888f-377f5f5b5e4a","block_type":"box","text":"the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":74,"box":{"x":82,"y":66,"width":876,"height":11}},{"id":"d4def2d7-aa4e-405b-85a0-85cc5d865c1a","block_type":"box","text":"developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include,","page_number":74,"box":{"x":83,"y":80,"width":862,"height":11}},{"id":"afad7029-0665-4c12-be62-4bd3313f64e4","block_type":"box","text":"among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in","page_number":74,"box":{"x":83,"y":94,"width":795,"height":11}},{"id":"3d68dd74-b60a-4b23-a5f3-48ac5251339a","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in","page_number":74,"box":{"x":83,"y":108,"width":817,"height":11}},{"id":"452774ce-a075-4e05-9707-8f231753bb13","block_type":"box","text":"governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic","page_number":74,"box":{"x":83,"y":122,"width":859,"height":11}},{"id":"e9c8be10-de87-4ec4-9fe0-42cb9273066d","block_type":"box","text":"unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of","page_number":74,"box":{"x":83,"y":137,"width":888,"height":10}},{"id":"e2981f8a-dc2f-4a47-9507-a99035a22910","block_type":"box","text":"political stability in Saudi Arabia.","page_number":74,"box":{"x":84,"y":151,"width":230,"height":11}},{"id":"980ce60b-4111-4fc0-9cc3-e8f162a4e54e","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian","page_number":74,"box":{"x":82,"y":174,"width":885,"height":11}},{"id":"987cf86b-c0b7-419e-9e0e-2f69bf64b115","block_type":"box","text":"government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There","page_number":74,"box":{"x":83,"y":188,"width":866,"height":11}},{"id":"a455f359-d04c-4464-9d43-78a7b2183767","block_type":"box","text":"are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to","page_number":74,"box":{"x":83,"y":202,"width":881,"height":11}},{"id":"d9dae4b0-7366-4272-86a4-50639b54bd22","block_type":"box","text":"transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited","page_number":74,"box":{"x":82,"y":217,"width":875,"height":10}},{"id":"65682d14-f82d-4036-8c49-0721642f5990","block_type":"box","text":"number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing","page_number":74,"box":{"x":84,"y":231,"width":880,"height":11}},{"id":"4b84a6ca-eaac-481d-b41f-663a06ac4f90","block_type":"box","text":"of Fund transactions.","page_number":74,"box":{"x":83,"y":245,"width":150,"height":8}},{"id":"e2ed9b1e-94e3-442b-a9d1-424b2a59bfda","block_type":"box","text":"Risk of Investing in the U.S.","page_number":74,"box":{"x":84,"y":268,"width":200,"height":11}},{"id":"c90caacc-b776-4bdf-a54d-bf4d414ebf5b","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":74,"box":{"x":289,"y":268,"width":664,"height":11}},{"id":"8a12fef1-61a6-4d5d-b1a8-7f2c7b4f98a5","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":74,"box":{"x":83,"y":282,"width":878,"height":11}},{"id":"bf55acd4-45d8-4d7e-91ae-ba9c06b71496","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":74,"box":{"x":83,"y":296,"width":470,"height":11}},{"id":"b8fc00ba-9960-4aa3-b236-4a4a6330fa0e","block_type":"box","text":"Securities Lending Risk.","page_number":74,"box":{"x":83,"y":320,"width":177,"height":11}},{"id":"de9f2a94-6c25-4f20-a9d4-730d63b36299","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":74,"box":{"x":264,"y":320,"width":692,"height":10}},{"id":"2656fd65-a899-4ad0-87d8-092947af339b","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":74,"box":{"x":84,"y":334,"width":869,"height":11}},{"id":"61ce36dc-401c-43e7-a385-8f9cc1438454","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":74,"box":{"x":83,"y":348,"width":886,"height":11}},{"id":"286c5fab-b545-41e7-8d1a-b49c165c6292","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":74,"box":{"x":83,"y":362,"width":831,"height":11}},{"id":"218c7bae-09ac-45b2-8d92-034a4b45b704","block_type":"box","text":"Small Fund Risk.","page_number":74,"box":{"x":83,"y":385,"width":121,"height":9}},{"id":"76eca4f8-8707-469e-b4bd-f184cdddeb79","block_type":"box","text":"When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The","page_number":74,"box":{"x":209,"y":385,"width":750,"height":11}},{"id":"3cc9ea11-3fde-4680-a1ca-1e11abf6348f","block_type":"box","text":"Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset","page_number":74,"box":{"x":84,"y":400,"width":868,"height":10}},{"id":"dafeca28-865e-4291-9dd1-04b4ec5477e6","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or","page_number":74,"box":{"x":84,"y":414,"width":889,"height":11}},{"id":"56d1cb47-760d-4c2b-9458-3af892a2877c","block_type":"box","text":"sold at a discount to similar “round lot” bonds. The prices used by the Fund may differ from the value that would be realized if","page_number":74,"box":{"x":83,"y":428,"width":884,"height":11}},{"id":"e4e5418e-9562-4050-b17d-ba4cb2ab62cb","block_type":"box","text":"these securities were sold, and the impact of such pricing differences on a Fund’s performance may be heightened when the","page_number":74,"box":{"x":82,"y":442,"width":880,"height":11}},{"id":"5e9cde3d-5640-43e9-afc9-5ba4278b7b81","block_type":"box","text":"Fund’s size is small. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by","page_number":74,"box":{"x":84,"y":456,"width":865,"height":11}},{"id":"36f2c6fd-164e-4a4b-a9b6-46396c75ea39","block_type":"box","text":"the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative","page_number":74,"box":{"x":82,"y":470,"width":882,"height":11}},{"id":"e1ee314e-3c32-4bc1-a877-59188b47c5a7","block_type":"box","text":"tax consequences for its shareholders.","page_number":74,"box":{"x":82,"y":485,"width":272,"height":10}},{"id":"54d50584-c8f3-44b3-9200-ce5cfb3d9246","block_type":"box","text":"Tracking Error Risk.","page_number":74,"box":{"x":82,"y":508,"width":145,"height":11}},{"id":"5b6fecae-a0fc-4568-91d8-b020ea2c945f","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":74,"box":{"x":231,"y":508,"width":741,"height":11}},{"id":"fd7cfc89-8f6d-495e-bf3d-d144d94675a4","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":74,"box":{"x":83,"y":522,"width":861,"height":11}},{"id":"73402ec8-1693-4e8d-afe9-992439dd1042","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":74,"box":{"x":83,"y":536,"width":832,"height":11}},{"id":"52f33221-d493-4cf9-9489-cfe59b155629","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":74,"box":{"x":84,"y":551,"width":880,"height":10}},{"id":"99cc5376-2580-4ea1-b256-891cfd9e1d0f","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":74,"box":{"x":84,"y":565,"width":830,"height":10}},{"id":"4a271c81-a00e-44fb-8239-0d9dcb706155","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":74,"box":{"x":82,"y":579,"width":828,"height":11}},{"id":"6df9aa09-42ea-4b22-b936-777afdb254e9","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":74,"box":{"x":83,"y":593,"width":874,"height":11}},{"id":"bcf86ccc-1286-481e-9130-eb24eca4f76e","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":74,"box":{"x":84,"y":607,"width":888,"height":11}},{"id":"9cdaa360-f8b0-472f-80b9-6b323f6742a0","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":74,"box":{"x":84,"y":621,"width":851,"height":11}},{"id":"03eb0936-ac94-4d62-a133-21e3756c8177","block_type":"box","text":"baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or","page_number":74,"box":{"x":84,"y":635,"width":850,"height":11}},{"id":"8a6642b5-9ca3-42de-9f12-11af9626d1ed","block_type":"box","text":"limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":74,"box":{"x":84,"y":650,"width":873,"height":11}},{"id":"e8e19c6c-e820-4544-b9da-f934795cc433","block_type":"box","text":"Until the Fund reaches greater scale, it may experience higher tracking error than is typical for similar index ETFs. A Fund that","page_number":74,"box":{"x":84,"y":664,"width":887,"height":11}},{"id":"4e48e496-125d-46ae-8793-3b6844567635","block_type":"box","text":"tracks an index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such","page_number":74,"box":{"x":82,"y":678,"width":847,"height":11}},{"id":"54c5a94f-027b-4809-ab27-88c0f9a7233d","block_type":"box","text":"indexes. A Fund that tracks an index where high yield securities are an investment focus may experience higher tracking error","page_number":74,"box":{"x":83,"y":692,"width":887,"height":11}},{"id":"4593d2ae-ce74-4688-bf35-1b312e6348b5","block_type":"box","text":"than ETFs that do not track such indexes.","page_number":74,"box":{"x":82,"y":707,"width":293,"height":8}},{"id":"1311ec2a-d7a6-4ea0-8501-7ccc4f934a04","block_type":"box","text":"U.S. Agency Mortgage-Backed Securities Risk.","page_number":74,"box":{"x":83,"y":730,"width":341,"height":10}},{"id":"956ea7db-ac6b-429c-aad4-59c7db4ee35e","block_type":"box","text":"MBS represent interests in “pools” of mortgages and are subject to interest","page_number":74,"box":{"x":430,"y":729,"width":530,"height":11}},{"id":"f750dfe7-4eb7-4281-bf45-40738b889771","block_type":"box","text":"rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or","page_number":74,"box":{"x":84,"y":744,"width":847,"height":11}},{"id":"dc088a86-a3a1-49e1-a775-bff6912cfa59","block_type":"box","text":"sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent","page_number":74,"box":{"x":83,"y":758,"width":844,"height":11}},{"id":"32ba3153-2cfc-4b88-b4e1-510287c9b1f8","block_type":"box","text":"greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks.","page_number":74,"box":{"x":83,"y":772,"width":887,"height":11}},{"id":"e8ffc648-a054-4039-a869-a894dca6c19f","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain","page_number":74,"box":{"x":83,"y":786,"width":869,"height":11}},{"id":"e1eba0ec-26f6-4b67-b063-2b2fd8ae7d43","block_type":"box","text":"MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the","page_number":74,"box":{"x":84,"y":801,"width":817,"height":10}},{"id":"51fb69b4-8afc-49a7-8e87-1e2eaeaf79ff","block_type":"box","text":"underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to","page_number":74,"box":{"x":83,"y":815,"width":886,"height":11}},{"id":"92a5bb36-e68b-46e9-a08d-d91c663a1a8e","block_type":"box","text":"a TBA transaction would expose the Fund to possible losses.","page_number":74,"box":{"x":83,"y":829,"width":424,"height":10}},{"id":"3971cbcc-ad79-4056-ae68-ec2d8297f986","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":74,"box":{"x":83,"y":852,"width":225,"height":11}},{"id":"e3fe4f7a-47f4-4a4f-a977-c066bf0d9d1a","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities,","page_number":74,"box":{"x":314,"y":852,"width":635,"height":11}},{"id":"2db523ec-eec6-46aa-82ee-8c12de716777","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in","page_number":74,"box":{"x":82,"y":866,"width":890,"height":11}},{"id":"4d8c4fc4-2cf6-41f4-87d3-6176fc94ff56","block_type":"box","text":"the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct","page_number":74,"box":{"x":82,"y":880,"width":869,"height":11}},{"id":"f01151bc-1361-4296-bc10-bcbd9cb36e69","block_type":"box","text":"S-65","page_number":74,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"ce598707-176b-45ec-8336-711ba74cb0b5","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value","page_number":75,"box":{"x":83,"y":23,"width":882,"height":11}},{"id":"4ffd59c4-2a32-4fc3-9392-e1b6dbe17f23","block_type":"box","text":"of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and","page_number":75,"box":{"x":83,"y":37,"width":859,"height":11}},{"id":"1d6ec70f-f541-405d-8fec-d7e87ef467fd","block_type":"box","text":"credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.","page_number":75,"box":{"x":83,"y":52,"width":816,"height":10}},{"id":"5ad7ab55-ed0a-42cb-92fb-7b457b36cc69","block_type":"box","text":"Valuation Risk.","page_number":75,"box":{"x":82,"y":75,"width":110,"height":8}},{"id":"bad7fef8-15f5-465a-9983-85b9a51b2b29","block_type":"box","text":"The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may","page_number":75,"box":{"x":197,"y":75,"width":740,"height":11}},{"id":"257c13a7-b0c3-40fa-9705-df0f5aad0eeb","block_type":"box","text":"differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low","page_number":75,"box":{"x":83,"y":89,"width":840,"height":11}},{"id":"c039e77d-f1ae-464a-8979-be683860bea7","block_type":"box","text":"volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ","page_number":75,"box":{"x":82,"y":103,"width":869,"height":11}},{"id":"62dcfd18-9b83-4628-bc1e-5e2e7b024991","block_type":"box","text":"from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may","page_number":75,"box":{"x":83,"y":117,"width":888,"height":11}},{"id":"0a05e2bb-ade6-4e6e-bbbd-c5c50c1abec8","block_type":"box","text":"change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants","page_number":75,"box":{"x":83,"y":132,"width":871,"height":10}},{"id":"f91857b6-d54e-40f1-9cc0-d41f234f4e88","block_type":"box","text":"that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer","page_number":75,"box":{"x":82,"y":146,"width":879,"height":10}},{"id":"cfc20bfe-9e2c-4f30-8880-7880306eff0c","block_type":"box","text":"or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not","page_number":75,"box":{"x":83,"y":160,"width":880,"height":11}},{"id":"34462c78-d3f2-4fcd-a958-c13a5f69d731","block_type":"box","text":"been fair valued or been valued using a different methodology. The ability to value investments may be impacted by","page_number":75,"box":{"x":84,"y":174,"width":815,"height":11}},{"id":"d8ffb151-2a10-441b-a75b-d376675915d2","block_type":"box","text":"technological issues or errors by pricing services or other third-party service providers.","page_number":75,"box":{"x":82,"y":188,"width":613,"height":11}},{"id":"38e501d3-2164-4b9e-a1b5-7b5c3d9d3329","block_type":"box","text":"Performance Information","page_number":75,"box":{"x":84,"y":217,"width":229,"height":11}},{"id":"b0050d54-132c-4c4a-a799-3fb2cd3631aa","block_type":"box","text":"As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.","page_number":75,"box":{"x":82,"y":242,"width":811,"height":11}},{"id":"3f89192b-6118-400f-9acb-e3f253b43a38","block_type":"box","text":"Management","page_number":75,"box":{"x":84,"y":272,"width":120,"height":13}},{"id":"5d7b30f1-2fab-43b7-b553-62cc2689bc79","block_type":"box","text":"Investment Adviser.","page_number":75,"box":{"x":84,"y":296,"width":144,"height":9}},{"id":"cdf5bfc4-1a00-4bf7-aa11-e4aeebcb4b32","block_type":"box","text":"BlackRock Fund Advisors.","page_number":75,"box":{"x":234,"y":297,"width":180,"height":8}},{"id":"1e5e3980-e8e4-425b-956d-ef3891e383d2","block_type":"box","text":"Portfolio Managers.","page_number":75,"box":{"x":84,"y":320,"width":145,"height":11}},{"id":"5ae545ef-7eef-483b-846b-7dbf4b8dc3b6","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":75,"box":{"x":233,"y":319,"width":679,"height":11}},{"id":"61833bdb-d775-4ce7-bbf6-018482f0e5c5","block_type":"box","text":"management of the Fund:","page_number":75,"box":{"x":84,"y":334,"width":182,"height":11}},{"id":"216008fe-6e60-467e-bf87-3759d11fe1c1","block_type":"box","text":"Portfolio Manager Portfolio Manager of the Fund Since Title with Investment Adviser","page_number":75,"box":{"x":88,"y":357,"width":886,"height":9}},{"id":"4bd802bd-523b-4716-8b7d-71c2738e80a9","block_type":"box","text":"Jonathan Graves 2025 Managing Director","page_number":75,"box":{"x":87,"y":372,"width":850,"height":10}},{"id":"8251eac5-5a49-4677-bccd-704fbaea3ef6","block_type":"box","text":"James Mauro 2025 Managing Director","page_number":75,"box":{"x":87,"y":388,"width":850,"height":9}},{"id":"b793992d-5f30-49d1-ba76-9d1e54beca99","block_type":"box","text":"Marcus Tom 2025 Director","page_number":75,"box":{"x":89,"y":403,"width":814,"height":8}},{"id":"cc7251f8-84e2-4e5c-9873-dd7907a8365e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":75,"box":{"x":84,"y":438,"width":304,"height":11}},{"id":"1f321159-f751-4332-a801-e481b4423859","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a","page_number":75,"box":{"x":82,"y":463,"width":806,"height":11}},{"id":"a41056e8-5dcf-4060-9ebc-d9e2d4bb5ee6","block_type":"box","text":"broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a","page_number":75,"box":{"x":84,"y":478,"width":877,"height":10}},{"id":"213161b7-6f5d-46d8-829f-91f81f2f8e76","block_type":"box","text":"premium) or less than NAV (a discount). 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A Fund will pay its pro rata share of fees and expenses of any","page_number":82,"box":{"x":77,"y":37,"width":888,"height":11}},{"id":"30e34161-5ef1-4e79-a6fe-8f241c1276d6","block_type":"box","text":"money market fund that it may invest in, in addition to the Fund’s own fees and expenses.","page_number":82,"box":{"x":76,"y":51,"width":574,"height":11}},{"id":"8ca4c556-9d71-44f0-9271-82f4827d6502","block_type":"box","text":"Asset Class Risk.","page_number":82,"box":{"x":76,"y":75,"width":117,"height":8}},{"id":"65ed367d-bb81-4151-a0b2-7d5857da3c04","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":82,"box":{"x":198,"y":75,"width":706,"height":11}},{"id":"0708d501-fe7d-4c30-aeb5-249dec7a9d3a","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":82,"box":{"x":76,"y":89,"width":878,"height":11}},{"id":"07322e2f-7b37-4193-bf6b-088ef296030d","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":82,"box":{"x":76,"y":103,"width":869,"height":11}},{"id":"8a4e21f9-1478-45c4-b800-6909d210e99d","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":82,"box":{"x":76,"y":117,"width":857,"height":11}},{"id":"3a6a6635-1c27-4b40-9fd1-84e4560039b5","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":82,"box":{"x":76,"y":131,"width":900,"height":11}},{"id":"f8732b0c-5e34-40a0-a8fc-45e8e154917c","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":82,"box":{"x":76,"y":146,"width":512,"height":10}},{"id":"6798f320-ffaa-4da9-9f3d-541613b27e52","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":82,"box":{"x":76,"y":169,"width":273,"height":11}},{"id":"9aaf88d6-7abb-45d6-8bd8-e700a381e557","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":82,"box":{"x":355,"y":169,"width":613,"height":11}},{"id":"826535bf-1afb-403a-a2d3-4cce835443e8","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":82,"box":{"x":76,"y":183,"width":879,"height":11}},{"id":"be9dad62-3f58-4c2a-9b25-debd92b1b49f","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":82,"box":{"x":76,"y":197,"width":841,"height":11}},{"id":"d4c2cfe4-3311-4944-b8a1-d2f3c86ba083","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":82,"box":{"x":76,"y":211,"width":426,"height":11}},{"id":"07b8d066-7406-415c-a66d-1963ae206b31","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":82,"box":{"x":76,"y":235,"width":296,"height":10}},{"id":"0a210f38-414c-4ea8-88c8-64a02e6aea9f","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":82,"box":{"x":378,"y":235,"width":578,"height":10}},{"id":"30519e91-2a4d-4840-aa3c-b3d1c9d5ad80","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":82,"box":{"x":76,"y":249,"width":894,"height":11}},{"id":"2d254c92-442e-4e09-ac76-31cf17e0b032","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":82,"box":{"x":76,"y":263,"width":882,"height":11}},{"id":"f2a3afd8-e355-4fe8-afeb-dbe1eb77747a","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":82,"box":{"x":76,"y":277,"width":888,"height":11}},{"id":"0a806f0d-f963-4586-b039-6d52a6ed3eb4","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":82,"box":{"x":76,"y":291,"width":889,"height":11}},{"id":"c833c790-5ae9-43e7-ba09-8b124aae1948","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":82,"box":{"x":77,"y":305,"width":885,"height":11}},{"id":"a65b898c-8cac-4d1c-a695-8f883dca3b23","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":82,"box":{"x":76,"y":320,"width":893,"height":10}},{"id":"be5ab9fd-cbf2-4638-abbf-465e05f7daf0","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":82,"box":{"x":76,"y":334,"width":521,"height":11}},{"id":"0d316fef-ab1e-4bac-b478-bfc6227a9197","block_type":"box","text":"Call Risk.","page_number":82,"box":{"x":76,"y":357,"width":63,"height":9}},{"id":"b38fadec-c605-4c3c-a7c8-f197b121776c","block_type":"box","text":"During periods of falling interest rates, an issuer of a callable debt obligation held by a Fund may “call” or repay the debt obligation","page_number":82,"box":{"x":145,"y":357,"width":834,"height":11}},{"id":"78f6a0e6-0efe-48f0-b2d7-a278df479dc2","block_type":"box","text":"before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in","page_number":82,"box":{"x":76,"y":371,"width":905,"height":11}},{"id":"5131324a-c313-43bf-bf1c-10c09759f699","block_type":"box","text":"a Fund’s income, or in instruments with greater risks or with other less favorable features.","page_number":82,"box":{"x":76,"y":385,"width":575,"height":11}},{"id":"0ddb5e79-0ced-425e-a303-0b58b348b532","block_type":"box","text":"Cash Management Risk.","page_number":82,"box":{"x":76,"y":409,"width":166,"height":10}},{"id":"17df1d7f-8489-4631-bbeb-c7fe84789716","block_type":"box","text":"A Fund may maintain cash and cash equivalent positions as part of its investment strategy, for other portfolio","page_number":82,"box":{"x":247,"y":409,"width":700,"height":10}},{"id":"c5918291-d68b-4e8a-a03b-3618b8383e49","block_type":"box","text":"management purposes and/or as collateral for derivative instruments. These cash and cash equivalent positions could constitute a","page_number":82,"box":{"x":76,"y":423,"width":839,"height":11}},{"id":"c318b2d6-08aa-46c4-bf6c-c047b45c69d8","block_type":"box","text":"significant portion of a Fund’s investments. A Fund that holds cash may earn reduced income (if any) on the cash and is subject to any fees","page_number":82,"box":{"x":76,"y":437,"width":890,"height":11}},{"id":"a07d4679-a4e2-478a-927a-374c8c4ad69d","block_type":"box","text":"imposed on large cash balances. If a significant amount of a Fund’s assets is invested in cash and cash equivalents, the Fund may","page_number":82,"box":{"x":76,"y":451,"width":830,"height":11}},{"id":"aef2f98f-1f3e-4cf5-9075-469089c9c17b","block_type":"box","text":"underperform other funds that do not similarly invest in cash and cash equivalents. In addition, a Fund is subject to (i) the credit risk of the","page_number":82,"box":{"x":77,"y":465,"width":886,"height":11}},{"id":"c4e7e28d-bc99-4788-bc33-40de17ac5841","block_type":"box","text":"bank or other counterparty holding the cash and (ii) the risk that the counterparty may be unable or unwilling (or perceived as such) to honor","page_number":82,"box":{"x":76,"y":480,"width":901,"height":10}},{"id":"06c4045c-2118-48e5-83b5-014d8fb8be79","block_type":"box","text":"its obligations.","page_number":82,"box":{"x":76,"y":494,"width":92,"height":11}},{"id":"9e81c361-f325-4e58-ae0e-7266c6ecdc51","block_type":"box","text":"Cash may be invested in institutional money market funds, including funds advised by BFA or its affiliates. An institutional money market fund","page_number":82,"box":{"x":76,"y":517,"width":904,"height":11}},{"id":"39468995-37df-471f-b8d1-0c35c58e7b42","block_type":"box","text":"does not maintain a stable $1.00 net asset value per share; rather, the fund’s net asset value fluctuates with changes in the values of the","page_number":82,"box":{"x":76,"y":530,"width":875,"height":12}},{"id":"252d3244-bfc5-4aa1-9dd4-370bd2f32cae","block_type":"box","text":"securities in which the fund invests, and the fund’s shares may be worth more or less than their original purchase price. An institutional","page_number":82,"box":{"x":76,"y":545,"width":864,"height":11}},{"id":"41acf9df-22c6-4044-9482-04d0d06dc87a","block_type":"box","text":"money market fund is permitted to impose a liquidity fee on the redemption of its shares and generally is required to impose a liquidity fee","page_number":82,"box":{"x":76,"y":559,"width":885,"height":11}},{"id":"6f6d2869-c830-44e2-87d2-f69acccf19e7","block_type":"box","text":"when daily net redemptions exceed certain levels.","page_number":82,"box":{"x":76,"y":574,"width":319,"height":10}},{"id":"bfc2b029-f3f2-40ab-a1b8-4a3e23520fa4","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":82,"box":{"x":76,"y":597,"width":336,"height":8}},{"id":"b6b99653-0550-4acb-ab47-5470a756537f","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":82,"box":{"x":418,"y":597,"width":562,"height":11}},{"id":"c24125c1-f517-4b38-aa28-71f4b6655ff3","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":82,"box":{"x":76,"y":611,"width":880,"height":11}},{"id":"cc6a4df8-da3e-4cde-954a-b47c7619fa79","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":82,"box":{"x":76,"y":625,"width":881,"height":11}},{"id":"8dfde666-bc80-4ea5-8452-1b851d16b405","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":82,"box":{"x":76,"y":639,"width":896,"height":11}},{"id":"d8a6674f-8cd9-4fa7-a4c1-41a6577e58a7","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":82,"box":{"x":76,"y":654,"width":889,"height":10}},{"id":"f5074bc6-f628-4ff9-8025-3bbdc402df9d","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":82,"box":{"x":76,"y":668,"width":903,"height":11}},{"id":"b170f455-6eea-4772-b274-edc0a84160d3","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":82,"box":{"x":76,"y":682,"width":231,"height":8}},{"id":"dbaf00a9-63d5-4ef4-aa59-4b71eb8951d3","block_type":"box","text":"Commercial Mortgage-Backed Securities Risk.","page_number":82,"box":{"x":76,"y":705,"width":321,"height":11}},{"id":"eeb280d5-3962-42df-b8bf-50dd389268a9","block_type":"box","text":"CMBS depend on cash flows generated by underlying commercial real estate loans,","page_number":82,"box":{"x":403,"y":705,"width":534,"height":11}},{"id":"d195eb95-2556-4781-9786-dfcaff9c8105","block_type":"box","text":"receivables or other assets. The value of CMBS can be significantly affected by changes in interest rates, the availability of information about","page_number":82,"box":{"x":77,"y":719,"width":900,"height":11}},{"id":"3cdc48a4-4549-4298-8e56-f29f9d2896ac","block_type":"box","text":"the underlying assets and their structure, and the creditworthiness of the originators of the underlying assets. In addition, the value of CMBS","page_number":82,"box":{"x":76,"y":733,"width":900,"height":11}},{"id":"6b263b0b-29a0-4f58-8fe1-5df1838ae31d","block_type":"box","text":"may be adversely affected by regulatory or tax changes.","page_number":82,"box":{"x":76,"y":748,"width":357,"height":10}},{"id":"d9076a62-d274-43a5-86e6-c8a05252de72","block_type":"box","text":"CMBS are subject to a greater degree of prepayment and extension risk than many other forms of fixed-income securities. Small movements","page_number":82,"box":{"x":76,"y":771,"width":903,"height":11}},{"id":"a89d2fd5-b4f1-42b0-af05-9089b6c54ce2","block_type":"box","text":"in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain CMBS. Certain CMBS are issued in","page_number":82,"box":{"x":76,"y":785,"width":896,"height":11}},{"id":"8d3af676-154b-482c-a26b-73ec7413fe60","block_type":"box","text":"several classes with different levels of yield and credit protection, and a Fund may invest in the lower classes that have greater risks than the","page_number":82,"box":{"x":76,"y":799,"width":902,"height":11}},{"id":"788e93d1-c877-4c19-b61a-060d0ceada6a","block_type":"box","text":"higher classes, including greater default, interest rate, prepayment and extension risks.","page_number":82,"box":{"x":77,"y":813,"width":557,"height":11}},{"id":"62554a3f-1ec2-4b82-9c6e-19bee3b4ce5e","block_type":"box","text":"CMBS issued by non-government entities such as banks and mortgage lenders may offer higher yields, but also may be subject to greater","page_number":82,"box":{"x":76,"y":837,"width":881,"height":10}},{"id":"c415873c-25bc-42c3-b602-f36aba3e0217","block_type":"box","text":"volatility, than those issued or guaranteed by government agencies or government-sponsored entities. Securities issued or guaranteed by","page_number":82,"box":{"x":76,"y":851,"width":881,"height":11}},{"id":"ba735e52-62a5-4367-b00c-336e9472526c","block_type":"box","text":"U.S. government-sponsored entities are not backed by the full faith and credit of the U.S. government, and there is no assurance that the","page_number":82,"box":{"x":77,"y":865,"width":877,"height":11}},{"id":"81c3dafc-d1cc-4b18-97e3-046479bd8d3c","block_type":"box","text":"U.S. government will provide financial support.","page_number":82,"box":{"x":77,"y":879,"width":297,"height":11}},{"id":"07ecc66e-0681-4890-9e4b-fce2ea5527a7","block_type":"box","text":"7","page_number":82,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"0c20a84c-d96e-4a85-ac1c-ebb94720fdf6","block_type":"box","text":"Communications Companies Risk.","page_number":83,"box":{"x":76,"y":23,"width":236,"height":11}},{"id":"d3ec403e-7eeb-47f1-a9ad-46f290435870","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":83,"box":{"x":317,"y":23,"width":633,"height":11}},{"id":"f8722c9d-f294-457f-ab27-a3db885a7255","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":83,"box":{"x":76,"y":37,"width":863,"height":11}},{"id":"26be1361-15e1-439f-8cd2-75426d9bf649","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":83,"box":{"x":76,"y":52,"width":897,"height":10}},{"id":"5e87e13a-7f9a-4626-b711-913c63b74ad2","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":83,"box":{"x":76,"y":66,"width":868,"height":11}},{"id":"ef225e27-c06a-4ec3-bb3b-16dac1e338f3","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":83,"box":{"x":76,"y":80,"width":881,"height":11}},{"id":"bb02651e-5263-4294-99da-c7af61e20355","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":83,"box":{"x":76,"y":94,"width":694,"height":11}},{"id":"5731a65e-4bc6-4d1f-85ee-52d4c0633a9d","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":83,"box":{"x":76,"y":117,"width":880,"height":11}},{"id":"c3b9207f-55ad-43da-b62a-b668992521fc","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":83,"box":{"x":76,"y":131,"width":897,"height":11}},{"id":"85750d68-60f8-4fff-9d0b-2d8e14d73596","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":83,"box":{"x":76,"y":146,"width":898,"height":10}},{"id":"45f2e030-87b9-4b13-bb0d-2d54d33de865","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":83,"box":{"x":76,"y":160,"width":805,"height":11}},{"id":"3709bce8-d199-4dac-bf2f-3edbb58b2545","block_type":"box","text":"Concentration Risk.","page_number":83,"box":{"x":76,"y":183,"width":136,"height":8}},{"id":"598a6697-1b4b-466d-ad21-91600375cf04","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":83,"box":{"x":217,"y":183,"width":744,"height":11}},{"id":"cbfed9fa-0846-41ad-9bb3-fc88de38581f","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":83,"box":{"x":76,"y":197,"width":903,"height":10}},{"id":"73688a11-a4f9-44dd-ab29-9c121f1bc449","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":83,"box":{"x":76,"y":211,"width":853,"height":11}},{"id":"e141b6d2-8e3c-4573-998e-3a77c290d46a","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":83,"box":{"x":76,"y":226,"width":897,"height":10}},{"id":"4ff36acb-6726-4bc0-b9bf-41c8e78bf19d","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":83,"box":{"x":76,"y":240,"width":905,"height":11}},{"id":"2b9f0420-b7d8-4bcc-8f47-6c9c7a669b6b","block_type":"box","text":"its investments.","page_number":83,"box":{"x":76,"y":254,"width":100,"height":8}},{"id":"8683231b-8ecb-41ef-90c1-08e65e9360f0","block_type":"box","text":"Consumer Goods and Services Com","page_number":83,"box":{"x":76,"y":277,"width":247,"height":9}},{"id":"b5c9a385-bbf5-4ee7-b28f-ff0fc0b2c7e2","block_type":"box","text":"panies Risk.","page_number":83,"box":{"x":325,"y":277,"width":83,"height":11}},{"id":"9d51d64a-7717-4b9a-839b-c86ce1b368db","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":83,"box":{"x":414,"y":277,"width":561,"height":11}},{"id":"a9434aec-3b56-4d78-9123-799d1839bf6f","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":83,"box":{"x":76,"y":291,"width":897,"height":11}},{"id":"699353f2-fe3a-4e93-8881-af31812a9861","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":83,"box":{"x":76,"y":305,"width":860,"height":11}},{"id":"67166b49-e74f-48c7-a5c3-01bc7b934b53","block_type":"box","text":"adverse impact on consumer companies.","page_number":83,"box":{"x":76,"y":320,"width":262,"height":10}},{"id":"786d43fd-3140-4b03-ac57-4c40c02e8e46","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":83,"box":{"x":76,"y":343,"width":849,"height":11}},{"id":"57c733ee-4260-45a3-a499-ab098ee03d94","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":83,"box":{"x":76,"y":357,"width":883,"height":11}},{"id":"427e6350-c1a9-4626-82ea-a037132f33c8","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":83,"box":{"x":76,"y":371,"width":856,"height":11}},{"id":"ccb78960-0d79-4b42-af76-1ffc6ba1aebe","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":83,"box":{"x":76,"y":385,"width":561,"height":11}},{"id":"6b0d8f7a-e428-4bf4-96cc-e9e6e452fc05","block_type":"box","text":"Corporate Loans Risk","page_number":83,"box":{"x":76,"y":409,"width":149,"height":10}},{"id":"dec95b86-e906-40c9-8974-63995543cbda","block_type":"box","text":".","page_number":83,"box":{"x":225,"y":415,"width":2,"height":2}},{"id":"6548b560-75ef-47b3-9bb1-3df6523aaed4","block_type":"box","text":"Commercial banks and other financial institutions or institutional investors make corporate loans to companies that","page_number":83,"box":{"x":233,"y":409,"width":742,"height":10}},{"id":"12751012-481c-41c0-930a-926b45129f40","block_type":"box","text":"need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in","page_number":83,"box":{"x":76,"y":423,"width":863,"height":11}},{"id":"f689385e-ed12-46d2-a4f4-835790c4d674","block_type":"box","text":"market interest rates such as the Secured Overnight Financing Rate (“SOFR”), or the prime rates of U.S. banks. As a result, the value of","page_number":83,"box":{"x":76,"y":437,"width":866,"height":11}},{"id":"c12806f7-b7e2-4ec8-a115-210b02b9fa1d","block_type":"box","text":"corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a","page_number":83,"box":{"x":76,"y":451,"width":874,"height":11}},{"id":"90576e8c-10c0-49cb-a827-15234dcd8246","block_type":"box","text":"fixed rate of interest. However, because the trading market for certain corporate loans may be less developed than the secondary market for","page_number":83,"box":{"x":76,"y":465,"width":902,"height":11}},{"id":"9e72777d-c6ba-4ec3-b94c-7ca266224870","block_type":"box","text":"bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in corporate loans may settle on a delayed","page_number":83,"box":{"x":76,"y":479,"width":894,"height":11}},{"id":"a846320c-7fd4-4a2e-a431-297a6c21d86d","block_type":"box","text":"basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the","page_number":83,"box":{"x":76,"y":494,"width":892,"height":10}},{"id":"507e0504-a473-49b1-bc32-74d588b88724","block_type":"box","text":"Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold","page_number":83,"box":{"x":77,"y":508,"width":876,"height":11}},{"id":"323b2f5f-ebd0-4acd-8810-3770609fe3ae","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a","page_number":83,"box":{"x":76,"y":522,"width":889,"height":11}},{"id":"9d718868-d17b-4eda-895d-40b23be2f1cd","block_type":"box","text":"broader group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans, holds collateral and","page_number":83,"box":{"x":76,"y":536,"width":861,"height":11}},{"id":"b09d32fa-5e11-49be-93e0-d3f0d752ac07","block_type":"box","text":"accepts payments of principal and interest. If the agent develops financial problems, the Fund may not recover its investment or recovery","page_number":83,"box":{"x":76,"y":550,"width":880,"height":11}},{"id":"874bb071-7fbb-4618-896e-08ee66fdfebc","block_type":"box","text":"may be delayed. By investing in a corporate loan, the Fund may become a member of the syndicate.","page_number":83,"box":{"x":76,"y":565,"width":638,"height":10}},{"id":"21b7154e-c4c1-4aaa-9a0c-a9e0da53ca36","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.","page_number":83,"box":{"x":76,"y":588,"width":647,"height":11}},{"id":"2fa8d0e1-358b-46e3-b8c0-f7e84f42f4f6","block_type":"box","text":"The corporate loans in which the Fund invests are subject to the risk of loss of principal and income. Although borrowers frequently provide","page_number":83,"box":{"x":76,"y":611,"width":892,"height":11}},{"id":"a0be6b05-91ad-45c8-b9b6-53d8fe8228bb","block_type":"box","text":"collateral to secure repayment of these obligations they do not always do so. If they do provide collateral, the value of the collateral may not","page_number":83,"box":{"x":76,"y":625,"width":897,"height":11}},{"id":"86cd0228-4b80-4912-a6ce-e19e726d2843","block_type":"box","text":"completely cover the borrower’s obligations at the time of a default. If a borrower files for protection from its creditors under the U.S.","page_number":83,"box":{"x":76,"y":639,"width":853,"height":11}},{"id":"068fa9bb-f350-4bc3-baff-b8209068d2b1","block_type":"box","text":"bankruptcy laws, these laws may limit the Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy","page_number":83,"box":{"x":76,"y":654,"width":878,"height":10}},{"id":"bb0d41fd-1ff9-4ed2-9805-007e65b56cb1","block_type":"box","text":"case. In the event of a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in recovering its","page_number":83,"box":{"x":76,"y":668,"width":898,"height":11}},{"id":"451deadd-98f7-48da-b9c8-36ed2d60a746","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":83,"box":{"x":76,"y":682,"width":367,"height":11}},{"id":"906c5458-08a5-4c11-b9c9-2fc4cacf2041","block_type":"box","text":"Credit Risk.","page_number":83,"box":{"x":76,"y":705,"width":79,"height":9}},{"id":"3dfe25ff-caa7-44ea-ba30-4e710193ba5b","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or unwilling, or may","page_number":83,"box":{"x":161,"y":705,"width":818,"height":11}},{"id":"6196cf46-2e6e-479d-a075-c9a5d22e8357","block_type":"box","text":"be perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise), to make timely principal","page_number":83,"box":{"x":76,"y":719,"width":904,"height":11}},{"id":"7ff4284c-5038-4bac-8c01-5ff6da139a99","block_type":"box","text":"and/or interest payments or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating","page_number":83,"box":{"x":76,"y":733,"width":877,"height":11}},{"id":"a0c84229-0e69-49ab-999b-bd36fa415b85","block_type":"box","text":"agency; generally, lower credit quality issuers present higher credit risks. The credit rating assigned to a security or its issuer does not","page_number":83,"box":{"x":76,"y":748,"width":858,"height":10}},{"id":"e524670f-d2ab-4364-baf7-1db73fc4d81a","block_type":"box","text":"necessarily reflect the issuer’s current financial condition or an investment’s volatility or liquidity. An actual or perceived decline in an","page_number":83,"box":{"x":76,"y":762,"width":853,"height":11}},{"id":"6a084079-c461-4aa9-af7b-992890dc6535","block_type":"box","text":"issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well as greater price volatility, which may make","page_number":83,"box":{"x":76,"y":776,"width":906,"height":11}},{"id":"720da1ff-90a7-44a3-8d38-24d8ff6d154b","block_type":"box","text":"it difficult for a Fund to sell the securities and otherwise have an adverse impact on the Fund. It is possible that the ability of an issuer to","page_number":83,"box":{"x":76,"y":790,"width":872,"height":11}},{"id":"9a3a332d-c8ed-4f86-810f-7a5cbcf67ac6","block_type":"box","text":"meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its","page_number":83,"box":{"x":76,"y":804,"width":897,"height":11}},{"id":"12e02ffe-3a2b-4a3a-9d26-93b5aca47ebb","block_type":"box","text":"obligations or that the obligations of the issuer will be limited or restructured. A Fund may be adversely affected if an investment that it holds","page_number":83,"box":{"x":76,"y":819,"width":903,"height":10}},{"id":"075d2596-a6eb-4cbd-a1cd-04d49d54a8b1","block_type":"box","text":"experiences a downgrade or a default.","page_number":83,"box":{"x":76,"y":833,"width":244,"height":11}},{"id":"825af9cf-169d-47d2-b83c-d3252aa2a756","block_type":"box","text":"Credit Spread Risk.","page_number":83,"box":{"x":76,"y":856,"width":132,"height":11}},{"id":"64aac214-9ea5-47b6-bb40-ad2ebe28f0a6","block_type":"box","text":"Credit spread risk is the risk that credit spreads (","page_number":83,"box":{"x":214,"y":856,"width":313,"height":11}},{"id":"73120976-4e80-4ea7-9bab-1164968dc97e","block_type":"box","text":"i.e.","page_number":83,"box":{"x":528,"y":856,"width":17,"height":8}},{"id":"153b25c1-9159-4d00-a1f1-461a278e9ccc","block_type":"box","text":", the difference in yield between securities that have differences in","page_number":83,"box":{"x":547,"y":856,"width":425,"height":11}},{"id":"cc2d8493-3a0e-4813-bfcf-0a1d6d3dccb3","block_type":"box","text":"credit quality or other factors) may increase. Widening credit spreads may reduce the market values of certain or all of the Fund’s securities.","page_number":83,"box":{"x":76,"y":870,"width":898,"height":11}},{"id":"cfe7163f-240f-4ccf-b054-2b36863a1eab","block_type":"box","text":"8","page_number":83,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"bfbdbdc6-8cd5-4312-8862-6581a118a6f7","block_type":"box","text":"While the Fund may employ strategies to mitigate credit spread risk, particularly diversification of the sectors of fixed-income securities held","page_number":84,"box":{"x":76,"y":23,"width":899,"height":11}},{"id":"db0252c6-0ca0-4ded-959c-a3cbc0942502","block_type":"box","text":"by the Fund, these strategies may not be successful.","page_number":84,"box":{"x":76,"y":37,"width":336,"height":11}},{"id":"7613783d-c212-4012-be52-039af290ce66","block_type":"box","text":"Currency Risk.","page_number":84,"box":{"x":76,"y":61,"width":100,"height":10}},{"id":"6bbeb7af-6bf1-47e0-a74e-e7e2943fec31","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a","page_number":84,"box":{"x":182,"y":61,"width":749,"height":10}},{"id":"991b76d2-595d-47bb-8717-7dbb35ffebc4","block_type":"box","text":"non-U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":84,"box":{"x":76,"y":75,"width":902,"height":11}},{"id":"7ee97cf9-23f1-4c5d-a4f6-54b71023ed21","block_type":"box","text":"even if the foreign currency value of the Fund’s holdings in that market increases. Currency exchange rates can be very volatile and can","page_number":84,"box":{"x":76,"y":89,"width":867,"height":11}},{"id":"f567d66d-4f7a-434a-bc8e-fce7a76884ca","block_type":"box","text":"change quickly and unpredictably. As a result, a Fund’s NAV may change quickly and without warning. In addition, a Fund may incur costs in","page_number":84,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"ad2ee8b9-cca4-48cb-a85b-b555082d9c77","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":84,"box":{"x":76,"y":117,"width":470,"height":11}},{"id":"5e5ed2a7-2c4b-46ea-85d6-abab08823560","block_type":"box","text":"Custody Risk.","page_number":84,"box":{"x":76,"y":140,"width":94,"height":11}},{"id":"e1ad0992-d6a2-4732-ae88-3bb1cf5cd55c","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":84,"box":{"x":175,"y":140,"width":780,"height":11}},{"id":"c458a6cb-447a-469b-a25f-03cda942e778","block_type":"box","text":"assets by local banks, agents and depositories. These risks are heightened in jurisdictions with less developed markets or less robust","page_number":84,"box":{"x":76,"y":155,"width":853,"height":10}},{"id":"0f787384-90f3-4574-b191-a88d676d4a20","block_type":"box","text":"settlement and custody infrastructure and processes, and they may result in losses or delays in payments, delivery or recovery of money or","page_number":84,"box":{"x":76,"y":169,"width":893,"height":11}},{"id":"111d3039-f156-4aa3-9a27-fd9b6264efca","block_type":"box","text":"other assets. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":84,"box":{"x":76,"y":183,"width":822,"height":11}},{"id":"764ca226-c24a-4212-91b6-90e3dac29dfc","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":84,"box":{"x":76,"y":197,"width":905,"height":11}},{"id":"fc26f940-4362-4f38-887c-15773b74bf79","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":84,"box":{"x":76,"y":211,"width":850,"height":11}},{"id":"b396ed32-feb3-49a5-9934-d20d0b0f4cef","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":84,"box":{"x":76,"y":226,"width":453,"height":10}},{"id":"3597fe41-092e-45cd-ab87-06383f05b94f","block_type":"box","text":"ESG Risk.","page_number":84,"box":{"x":77,"y":249,"width":64,"height":8}},{"id":"ed51b1a9-f61f-4748-a5b8-e91bab450369","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":84,"box":{"x":146,"y":249,"width":836,"height":11}},{"id":"8b100d9b-2302-4c1a-ae9f-d77681d7ff03","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":84,"box":{"x":76,"y":263,"width":888,"height":11}},{"id":"c3507595-41dd-44b4-85f9-cb44040776e3","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":84,"box":{"x":76,"y":277,"width":846,"height":11}},{"id":"8004e8f9-4f51-4377-891b-c84e5f9f90bc","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":84,"box":{"x":76,"y":291,"width":901,"height":11}},{"id":"6db98525-d2f0-4b51-bdd8-d0d7c494fbcf","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":84,"box":{"x":76,"y":305,"width":869,"height":11}},{"id":"97bbbafe-2dbc-4eea-9c4d-e5991010dcfc","block_type":"box","text":"Index.","page_number":84,"box":{"x":77,"y":320,"width":36,"height":8}},{"id":"5c5fd7dd-b782-4814-aba9-6f5606789b0b","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":84,"box":{"x":76,"y":343,"width":903,"height":11}},{"id":"951eff9d-723d-4f1b-ad66-e4b53c7d2ab2","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":84,"box":{"x":76,"y":357,"width":869,"height":11}},{"id":"a1987a33-c6bb-4275-87fb-3a68ad875c48","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":84,"box":{"x":76,"y":371,"width":857,"height":11}},{"id":"2c059dd6-f4c1-4c21-bbb8-d9babaac072d","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":84,"box":{"x":77,"y":385,"width":867,"height":11}},{"id":"bfe8c349-c383-4567-8d9e-a72f61fd3d14","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":84,"box":{"x":77,"y":400,"width":898,"height":10}},{"id":"12f6ef33-fcc4-41ba-80f4-58517fce1fe1","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":84,"box":{"x":76,"y":414,"width":875,"height":11}},{"id":"6525ee9f-fd6e-4bd2-b543-bbd52ad35a30","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":84,"box":{"x":77,"y":428,"width":871,"height":11}},{"id":"14a9a689-89c4-4dc1-ab2c-2436a95e76ce","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":84,"box":{"x":76,"y":442,"width":903,"height":11}},{"id":"3566f396-8053-4601-bee2-3354f2f0db30","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":84,"box":{"x":76,"y":456,"width":872,"height":11}},{"id":"4e160946-ed34-4404-9004-3327ae1df391","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":84,"box":{"x":76,"y":470,"width":868,"height":11}},{"id":"5a1f36f2-45d6-43ef-9aa4-7f4f170a1ddb","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":84,"box":{"x":76,"y":485,"width":900,"height":10}},{"id":"7c327a7f-1bc8-45fb-b32b-9a4db56ce9bb","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":84,"box":{"x":76,"y":499,"width":286,"height":8}},{"id":"e68dfb45-e0f9-48e2-8a0a-b7594f87e8f8","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":84,"box":{"x":76,"y":522,"width":844,"height":11}},{"id":"3d0d3380-cfd0-499e-8259-64adfb0e5dba","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":84,"box":{"x":76,"y":536,"width":895,"height":11}},{"id":"81dcd32d-2a69-45fd-937e-159d223508dc","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":84,"box":{"x":77,"y":550,"width":446,"height":11}},{"id":"c94422e9-44c4-437a-8c5a-928ef2793ee0","block_type":"box","text":"Extension Risk.","page_number":84,"box":{"x":77,"y":574,"width":104,"height":8}},{"id":"52f0c751-a39d-497e-981c-e93de1ec6dfc","block_type":"box","text":"During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly than originally","page_number":84,"box":{"x":187,"y":574,"width":761,"height":10}},{"id":"63940032-f241-472b-a3d6-b08c4d2ece79","block_type":"box","text":"anticipated and the value of those debt obligations may fall sharply, resulting in a decline in a Fund’s income and potentially in the value of a","page_number":84,"box":{"x":76,"y":588,"width":896,"height":11}},{"id":"8e6bae5f-cb1d-4c1d-b85c-d2c83d97c78c","block_type":"box","text":"Fund’s investments.","page_number":84,"box":{"x":77,"y":602,"width":126,"height":8}},{"id":"e5bc5c21-20ab-4862-ad0d-37f0c60a43e5","block_type":"box","text":"Financial Companies Risk.","page_number":84,"box":{"x":77,"y":625,"width":180,"height":11}},{"id":"a985d8c6-cf06-45af-b262-59dd58689391","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":84,"box":{"x":263,"y":625,"width":689,"height":11}},{"id":"a6bb5d25-1c3b-4e21-b532-c61b0cd03fdf","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":84,"box":{"x":76,"y":639,"width":892,"height":11}},{"id":"f83ed636-a7a6-4129-8426-48d66e8c2ddb","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":84,"box":{"x":76,"y":654,"width":891,"height":10}},{"id":"898ae1eb-c685-45b9-8a36-bee83c10be99","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":84,"box":{"x":76,"y":668,"width":888,"height":11}},{"id":"263da038-177d-4909-989b-22ecc146a4f6","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":84,"box":{"x":77,"y":682,"width":870,"height":11}},{"id":"ff6f43b5-9c88-4502-8487-1deb986ed0bf","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":84,"box":{"x":77,"y":696,"width":766,"height":11}},{"id":"156658ea-8537-440d-a964-c627e6f578b3","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":84,"box":{"x":77,"y":719,"width":890,"height":11}},{"id":"8f827843-19ef-43d6-8565-7cff2270aed0","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":84,"box":{"x":76,"y":733,"width":848,"height":11}},{"id":"54fe195d-0869-41d6-b125-0126f593a85a","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":84,"box":{"x":76,"y":748,"width":884,"height":10}},{"id":"99d4d029-dbcf-4b40-b299-c886ae733869","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":84,"box":{"x":76,"y":762,"width":889,"height":11}},{"id":"1711c744-0f30-4d54-8d8f-704edd3721ce","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":84,"box":{"x":76,"y":776,"width":856,"height":11}},{"id":"c91bfb4d-ac4d-44c6-9db6-a764177ed459","block_type":"box","text":"financial sector generally.","page_number":84,"box":{"x":76,"y":790,"width":162,"height":11}},{"id":"b24fe591-828f-47cc-afce-c16835042178","block_type":"box","text":"Fixed-to-Floating Rate Securities Risk.","page_number":84,"box":{"x":77,"y":813,"width":264,"height":11}},{"id":"0c82dcdb-31dd-4d17-bc60-53bdc8595b13","block_type":"box","text":"Fixed-to-floating rate securities have an initial term with a fixed dividend or coupon rate and","page_number":84,"box":{"x":347,"y":813,"width":587,"height":11}},{"id":"31652dbb-a5ce-4e76-a398-b8856d3d0b76","block_type":"box","text":"following this initial term bear a floating rate. Securities which include a floating or variable interest rate component can be less sensitive to","page_number":84,"box":{"x":76,"y":828,"width":893,"height":10}},{"id":"b08aa327-748c-4a06-97f0-625adfa28187","block_type":"box","text":"interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as","page_number":84,"box":{"x":76,"y":842,"width":857,"height":11}},{"id":"90634289-9c55-4ee8-8501-68026c062a92","block_type":"box","text":"quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A declin","page_number":84,"box":{"x":76,"y":856,"width":887,"height":11}},{"id":"382041cb-902d-4251-a091-8b12bad00d88","block_type":"box","text":"e","page_number":84,"box":{"x":965,"y":858,"width":7,"height":6}},{"id":"e3483cde-de61-4fb6-958e-f267341f993f","block_type":"box","text":"in interest rates may result in a reduction in income received from floating rate securities held by the Fund and may adversely affect the","page_number":84,"box":{"x":76,"y":870,"width":869,"height":11}},{"id":"7da38179-4562-472e-b6cb-6c06a28a5b98","block_type":"box","text":"value of the Fund’s shares. Generally, floating rate securities carry lower yields than similar fixed rate securities. The interest rate for a","page_number":84,"box":{"x":76,"y":884,"width":859,"height":11}},{"id":"6547ea17-9697-461b-a911-f13988d84ee3","block_type":"box","text":"9","page_number":84,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"631c9fe6-4cc4-4b4a-8cc4-c45be9a7a2b1","block_type":"box","text":"floating rate security resets or adjusts periodically by reference to a benchmark interest rate. The impact of interest rate changes on floating","page_number":85,"box":{"x":76,"y":23,"width":899,"height":11}},{"id":"bb66dd39-adb3-4b46-8bbc-021deb0bc9f1","block_type":"box","text":"rate investments is typically mitigated by the periodic interest rate reset of the investments. Fixed-to-floating rate securities generally are","page_number":85,"box":{"x":77,"y":37,"width":879,"height":11}},{"id":"d7346690-06b5-412f-991d-cc7293a613c1","block_type":"box","text":"subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to","page_number":85,"box":{"x":76,"y":51,"width":854,"height":11}},{"id":"eb645d04-7a5e-402f-8789-cabe84dba726","block_type":"box","text":"liquidate such securities. Benchmark interest rates, such as LIBOR or the Secured Overnight Financing Rate (“SOFR”), may not accurately","page_number":85,"box":{"x":77,"y":66,"width":881,"height":11}},{"id":"ffad5e31-92e9-484f-b46f-259ee7b89745","block_type":"box","text":"track market interest rates. There is no guarantee or assurance that: (i) the Fund will be able to invest in a desired amount of fixed-to-floating","page_number":85,"box":{"x":76,"y":80,"width":904,"height":11}},{"id":"557195e9-7d94-4bcb-8ae7-325a1dbf6db4","block_type":"box","text":"rate securities, (ii) the Fund will be able to buy such securities at a desirable price, or (iii) floating rate securities in which it invests or seeks","page_number":85,"box":{"x":77,"y":94,"width":889,"height":11}},{"id":"7633f881-c10d-4d49-bf3c-b65074b7d726","block_type":"box","text":"to invest will be actively traded. Any or all of the foregoing, should they occur, could negatively impact the Fund.","page_number":85,"box":{"x":76,"y":108,"width":716,"height":11}},{"id":"dd7de899-442d-4d4c-85f2-dd6fe601b50d","block_type":"box","text":"Floating Rate Securities Risk.","page_number":85,"box":{"x":77,"y":131,"width":202,"height":11}},{"id":"56d8cbad-f703-4bec-828b-af9403947be1","block_type":"box","text":"Securities with floating or variable interest rates can be less sensitive to interest rate changes than","page_number":85,"box":{"x":284,"y":131,"width":634,"height":11}},{"id":"c61d839f-ce63-495f-a879-362b25cc2696","block_type":"box","text":"securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in","page_number":85,"box":{"x":76,"y":146,"width":860,"height":10}},{"id":"375e0f99-5010-4ca1-bd1d-11f3d7b3efbd","block_type":"box","text":"general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result","page_number":85,"box":{"x":76,"y":160,"width":896,"height":11}},{"id":"eb79d329-5af1-4715-900c-ccab2c45c8f4","block_type":"box","text":"in a reduction in income received from floating rate securities held by a Fund and may adversely affect the value of the Fund’s shares.","page_number":85,"box":{"x":76,"y":174,"width":854,"height":11}},{"id":"e4aae57e-3ac9-4614-8896-683f8254da8f","block_type":"box","text":"Generally, floating rate securities carry lower yields than fixed securities of the same maturity. The interest rate for a floating rate security","page_number":85,"box":{"x":76,"y":188,"width":881,"height":11}},{"id":"aeb3ff8d-c4f2-4522-87b5-f27fc193a2fe","block_type":"box","text":"resets or adjusts periodically by reference to a benchmark interest rate. The impact of interest rate changes on floating rate investments is","page_number":85,"box":{"x":77,"y":202,"width":888,"height":11}},{"id":"26859fdc-af53-4a46-9ac6-12f4260e276e","block_type":"box","text":"typically mitigated by the periodic interest rate reset of the investments. Securities with longer durations tend to be more sensitive to","page_number":85,"box":{"x":76,"y":216,"width":854,"height":11}},{"id":"4ef9cf0f-596f-4de8-ac8a-596080877f2b","block_type":"box","text":"interest rate changes, usually making them more volatile than securities with shorter durations. Floating rate securities generally are subject","page_number":85,"box":{"x":76,"y":231,"width":900,"height":11}},{"id":"2ccf5f9c-2fd6-4779-9238-0e221ae8cb0f","block_type":"box","text":"to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such","page_number":85,"box":{"x":76,"y":245,"width":896,"height":11}},{"id":"d23761ea-8af4-4fc5-be25-3acc0d499965","block_type":"box","text":"loans. Benchmark interest rates such as the SOFR, may not accurately track market interest rates.","page_number":85,"box":{"x":77,"y":259,"width":630,"height":11}},{"id":"4ecbc334-4381-4f05-b252-9d8ab447b143","block_type":"box","text":"Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default","page_number":85,"box":{"x":76,"y":282,"width":882,"height":11}},{"id":"1a868ce8-d6fe-4da5-a5ca-830acfb643dc","block_type":"box","text":"risk, which could impair their value.","page_number":85,"box":{"x":77,"y":296,"width":224,"height":11}},{"id":"0248a4cd-e65e-43ea-bcb5-64c1fe59df10","block_type":"box","text":"Geographic and Security Risks.","page_number":85,"box":{"x":76,"y":320,"width":216,"height":10}},{"id":"a94b1518-ec40-4866-9e43-27755e83a456","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":85,"box":{"x":298,"y":320,"width":668,"height":10}},{"id":"23cedb83-21b5-4c16-bdc8-84a581bdd22b","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":85,"box":{"x":76,"y":334,"width":885,"height":11}},{"id":"a50ea32b-a190-4a9f-9695-bb2f1ab173d9","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":85,"box":{"x":76,"y":348,"width":840,"height":11}},{"id":"896f1f70-ab83-4690-932c-dace9382c1a7","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":85,"box":{"x":76,"y":362,"width":845,"height":11}},{"id":"72717703-bdf7-4f9e-ba32-bd02014d852d","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":85,"box":{"x":76,"y":376,"width":570,"height":11}},{"id":"cd59996c-9079-40bf-9ea8-bf5796a354d7","block_type":"box","text":"Healthcare Companies Risk.","page_number":85,"box":{"x":77,"y":400,"width":194,"height":10}},{"id":"595c6093-b0e9-4e5d-b8fe-95c933699b43","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":85,"box":{"x":276,"y":400,"width":688,"height":10}},{"id":"ad31ddb8-3e8e-4b6e-9e62-9cafd37fce0a","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":85,"box":{"x":76,"y":414,"width":879,"height":11}},{"id":"65fee8a0-daea-4b16-9941-0a43dc5337f3","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":85,"box":{"x":76,"y":428,"width":899,"height":11}},{"id":"275ab680-459c-434d-ba69-2f994c66c43b","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":85,"box":{"x":76,"y":442,"width":888,"height":11}},{"id":"be921fbc-9c16-47fe-9039-f3a46aace8b9","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":85,"box":{"x":76,"y":456,"width":891,"height":11}},{"id":"20d74349-b985-4270-90d0-f46a0b08a105","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":85,"box":{"x":76,"y":470,"width":882,"height":11}},{"id":"68f53c99-dd39-440a-b5d7-ff9f3ca4dbb3","block_type":"box","text":"product liability and similar claims.","page_number":85,"box":{"x":76,"y":485,"width":221,"height":10}},{"id":"afd4dd99-176f-41cd-8598-f4b5a5641c51","block_type":"box","text":"High Portfolio Turnover Risk.","page_number":85,"box":{"x":77,"y":508,"width":199,"height":11}},{"id":"28070331-fce6-47b5-ae77-7bfaefe1aa6c","block_type":"box","text":"The sale and purchase of securities and other assets in a Fund’s portfolio generally involve transaction costs","page_number":85,"box":{"x":281,"y":508,"width":694,"height":11}},{"id":"976206d1-c914-4b37-9412-2b7f80c76da4","block_type":"box","text":"to the Fund (","page_number":85,"box":{"x":76,"y":522,"width":81,"height":11}},{"id":"b0ad8620-8f69-4602-9916-c231fed675d6","block_type":"box","text":"e.g","page_number":85,"box":{"x":158,"y":524,"width":19,"height":9}},{"id":"d1076eac-d060-4bd6-b6c6-25c5af7b5f99","block_type":"box","text":"., brokerage commissions, dealer mark-ups). Higher portfolio turnover may cause the Fund to incur additional transaction","page_number":85,"box":{"x":177,"y":522,"width":777,"height":11}},{"id":"d89c82ed-fded-4335-b6e4-799a5b43ce1e","block_type":"box","text":"costs, which have the effect of reducing the Fund’s investment return. In addition, greater frequency in the sale of securities or other assets","page_number":85,"box":{"x":76,"y":536,"width":894,"height":11}},{"id":"bb38e2c9-ac0c-452c-b1da-d2b47e3b0b2c","block_type":"box","text":"may result in the realization or distribution to Fund shareholders of greater capital gains (including short-term gains) compared to a fund with","page_number":85,"box":{"x":76,"y":550,"width":903,"height":11}},{"id":"a733f25e-484f-4b70-94aa-5ff87cde2c52","block_type":"box","text":"less turnover. These effects of high portfolio turnover may adversely affect a Fund’s performance and could result in undesirable tax","page_number":85,"box":{"x":77,"y":565,"width":844,"height":10}},{"id":"684a0e5b-ae1c-4443-8ff7-a7559df69d29","block_type":"box","text":"consequences for shareholders. Certain investment strategies (","page_number":85,"box":{"x":76,"y":579,"width":407,"height":11}},{"id":"3e3a07ca-166d-4089-9be4-dff29a60128b","block_type":"box","text":"e.g","page_number":85,"box":{"x":484,"y":581,"width":19,"height":9}},{"id":"77ba1323-5c1f-4f89-b193-b479f255b9de","block_type":"box","text":"., active management, investing in dollar rolls or to-be-announced","page_number":85,"box":{"x":503,"y":579,"width":419,"height":11}},{"id":"779a41df-c121-4a9f-8ee2-20981618e75c","block_type":"box","text":"mortgage trades) and volatile market conditions may be more likely to involve higher portfolio turnover.","page_number":85,"box":{"x":76,"y":593,"width":661,"height":11}},{"id":"38929ab7-c412-4e3c-9373-baa0cd7a0d95","block_type":"box","text":"High Yield Securities Risk.","page_number":85,"box":{"x":77,"y":616,"width":181,"height":11}},{"id":"7bb3d717-e69e-4ed3-b6ba-5dda3b99001d","block_type":"box","text":"Debt securities that are rated below investment grade and debt securities that are unrated are generally","page_number":85,"box":{"x":264,"y":616,"width":667,"height":11}},{"id":"27bfe436-9bc6-4307-a21f-8cd7976be40d","block_type":"box","text":"considered to be speculative. Compared to higher-quality debt securities, high yield securities are subject to a greater risk of default,","page_number":85,"box":{"x":76,"y":630,"width":851,"height":11}},{"id":"79227f2d-0431-4062-83cb-42c485679498","block_type":"box","text":"illiquidity, price volatility and valuation uncertainty. Issuers of high yield securities may be less creditworthy and have a greater risk of","page_number":85,"box":{"x":76,"y":644,"width":853,"height":11}},{"id":"5d2241a0-9a1e-4b7d-982a-5c60e72efcdc","block_type":"box","text":"insolvency or bankruptcy than issuers of higher-quality debt securities. Certain privately held issuers may provide less timely or less detailed","page_number":85,"box":{"x":76,"y":659,"width":898,"height":11}},{"id":"2d0394e8-120f-4d88-8c85-941af698e444","block_type":"box","text":"financial reporting or other information.","page_number":85,"box":{"x":76,"y":673,"width":252,"height":11}},{"id":"007a37cd-0b59-4eac-af51-3470d593d44d","block_type":"box","text":"High yield securities may be less liquid than higher-rated debt securities, even under normal economic conditions. There are fewer dealers in","page_number":85,"box":{"x":77,"y":696,"width":899,"height":11}},{"id":"ab804593-c4e1-44ec-befd-561ae99ed79f","block_type":"box","text":"the high yield securities market, and there may be significant differences in the prices quoted for such securities. There may be no active","page_number":85,"box":{"x":76,"y":710,"width":875,"height":11}},{"id":"26812632-74f4-4066-a111-9ca8f546d325","block_type":"box","text":"trading market for some instruments, and certain securities may be subject to restrictions on resale. The inability to dispose of investments","page_number":85,"box":{"x":76,"y":724,"width":893,"height":11}},{"id":"bbe41ed9-7e25-431a-af47-33f89011ab62","block_type":"box","text":"in a timely fashion could result in losses to a Fund. High yield securities that are deemed to be liquid at the time of purchase may become","page_number":85,"box":{"x":76,"y":739,"width":879,"height":10}},{"id":"b5be2fc8-9d63-4cde-bd93-0c796fd68230","block_type":"box","text":"illiquid.","page_number":85,"box":{"x":76,"y":753,"width":44,"height":11}},{"id":"5c582e81-30b6-46c6-aa4b-89bd2cf80f45","block_type":"box","text":"High yield securities frequently have prepayment features. When securities are prepaid, a Fund may lose any premiums paid for the","page_number":85,"box":{"x":77,"y":776,"width":839,"height":11}},{"id":"3b76292a-274b-4be0-ad59-ce47f6032d28","block_type":"box","text":"instruments and may have to invest the proceeds in bonds with lower yields. This could result in an unexpected capital loss and/or a","page_number":85,"box":{"x":76,"y":790,"width":849,"height":11}},{"id":"819c804d-9295-40f1-8efe-bcc62f35646a","block_type":"box","text":"decrease in the amount of dividends and yield.","page_number":85,"box":{"x":76,"y":804,"width":297,"height":11}},{"id":"6508d7f5-44f4-4d76-9f25-15186f395802","block_type":"box","text":"Investments in high yield securities may be subject to additional risks, including subordination to other creditors (leaving few or no assets to","page_number":85,"box":{"x":77,"y":828,"width":896,"height":10}},{"id":"16fa7926-6934-4df9-aff5-287e340c23e1","block_type":"box","text":"repay high yield securities holders), no collateral or limited rights in collateral. High yield securities also may have weaker or less restrictive","page_number":85,"box":{"x":77,"y":842,"width":889,"height":11}},{"id":"e6db44de-95e1-421b-9a35-fa1ae36e5704","block_type":"box","text":"covenant protections for creditors than higher-quality instruments. For example, high yield issuers may be able to incur more debt (including","page_number":85,"box":{"x":76,"y":856,"width":899,"height":11}},{"id":"e34dfd17-3d35-472b-a54a-dfa1f28033ab","block_type":"box","text":"10","page_number":85,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"245fb6e9-3a62-454d-ac8f-9f4471ec8f99","block_type":"box","text":"secured debt), return more capital to shareholders, reduce assets designated as collateral or otherwise manage their business in ways that","page_number":86,"box":{"x":76,"y":23,"width":891,"height":11}},{"id":"e99729b7-c66d-4fb8-ac51-176f2b7122a1","block_type":"box","text":"could negatively impact creditors. If an issuer defaults, a Fund may incur expenses in seeking recovery or negotiating new terms with the","page_number":86,"box":{"x":76,"y":37,"width":876,"height":11}},{"id":"e9f1d7a9-4a25-407b-b707-f4788a9df5e4","block_type":"box","text":"issuer.","page_number":86,"box":{"x":76,"y":52,"width":40,"height":8}},{"id":"2b67e56e-10ef-42ce-a2f4-5902faa73bd7","block_type":"box","text":"Illiquid Investments Risk.","page_number":86,"box":{"x":77,"y":75,"width":174,"height":10}},{"id":"e3cbf85b-bf4f-4d92-bf07-578a4d4a4aa7","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":86,"box":{"x":256,"y":75,"width":719,"height":11}},{"id":"7acd08c7-9e5d-4b6d-a44d-83b29b1ed44d","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":86,"box":{"x":76,"y":89,"width":883,"height":11}},{"id":"086567e8-ea33-465c-bfcd-1bf3f219c968","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":86,"box":{"x":76,"y":103,"width":885,"height":11}},{"id":"95b96220-7f0d-4201-862f-cfc9a094c679","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":86,"box":{"x":76,"y":117,"width":902,"height":11}},{"id":"0048dc7a-d453-435f-8a24-32209a5e5f38","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":86,"box":{"x":76,"y":131,"width":890,"height":11}},{"id":"f8bf512e-575e-4489-918b-44f48764b1bb","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":86,"box":{"x":77,"y":146,"width":751,"height":10}},{"id":"6e7eb67f-766f-4aa9-8807-f40ed1911853","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":86,"box":{"x":77,"y":169,"width":884,"height":11}},{"id":"cf30a696-18a5-4c62-b1ab-10e9356ffd8a","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":86,"box":{"x":76,"y":183,"width":900,"height":11}},{"id":"0077d39c-5f33-4b8c-aa94-e75ac34be529","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":86,"box":{"x":76,"y":197,"width":867,"height":11}},{"id":"8e7fb8e8-4f78-4260-9a11-91102d31fdb7","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":86,"box":{"x":77,"y":220,"width":900,"height":11}},{"id":"7f2fe84d-b116-42b1-bb4b-de1b7fc44efb","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":86,"box":{"x":76,"y":235,"width":890,"height":10}},{"id":"1645230f-b071-484d-8533-e9974a9143d5","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":86,"box":{"x":76,"y":249,"width":828,"height":11}},{"id":"e1f38636-4d4e-4c52-ae0a-ee1dddd91c2a","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":86,"box":{"x":77,"y":263,"width":873,"height":11}},{"id":"24170df9-b41e-463a-85be-968ff9ed9994","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":86,"box":{"x":77,"y":277,"width":887,"height":11}},{"id":"abca973e-c512-412f-a883-25c608e26285","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":86,"box":{"x":77,"y":291,"width":896,"height":11}},{"id":"59e2f741-16b6-4f35-b366-832a21ae810d","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":86,"box":{"x":76,"y":305,"width":869,"height":11}},{"id":"6b5fa66a-b0b7-4b3b-88da-476e5327d0e9","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":86,"box":{"x":77,"y":320,"width":886,"height":10}},{"id":"e8e20d58-b34d-4d99-a068-c639e38849bb","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":86,"box":{"x":77,"y":334,"width":858,"height":11}},{"id":"001f9d0a-fc4c-4619-ba69-f6a4a839875c","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":86,"box":{"x":76,"y":348,"width":254,"height":11}},{"id":"52b1bf4b-1483-4eb3-a816-e165685f25bc","block_type":"box","text":"Income Risk.","page_number":86,"box":{"x":77,"y":371,"width":87,"height":9}},{"id":"0f7f848d-da92-4830-acdb-679e5e4676d9","block_type":"box","text":"A Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to","page_number":86,"box":{"x":169,"y":371,"width":811,"height":11}},{"id":"a6d16776-b5e9-4f34-864e-29da8527165c","block_type":"box","text":"invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid or when the Fund","page_number":86,"box":{"x":76,"y":385,"width":843,"height":11}},{"id":"cd32775a-1a1e-4e54-bc12-dd2767a6df30","block_type":"box","text":"otherwise needs to purchase additional bonds, such as due to a substitution in the underlying index for an index fund.","page_number":86,"box":{"x":76,"y":400,"width":752,"height":10}},{"id":"2445582e-5456-479c-88df-46c84a1ef9e2","block_type":"box","text":"Index-Related Risk.","page_number":86,"box":{"x":77,"y":423,"width":132,"height":8}},{"id":"7a378d8e-f351-4275-8423-1e059eff6e8d","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":86,"box":{"x":214,"y":423,"width":728,"height":11}},{"id":"c2898512-eda5-485f-ada3-40f0da5a1fd1","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":86,"box":{"x":76,"y":437,"width":869,"height":11}},{"id":"ff01fc3b-8a9c-4ab7-a189-b4069acb8174","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":86,"box":{"x":77,"y":451,"width":872,"height":11}},{"id":"0f1c83c0-d1d1-40e3-8c20-22a7e39cd81d","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":86,"box":{"x":77,"y":465,"width":862,"height":11}},{"id":"66236a08-f33f-4642-a9bf-ea429284dbc2","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":86,"box":{"x":76,"y":479,"width":897,"height":11}},{"id":"241ddcc2-e266-4fe7-8b16-32361ce9d0da","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":86,"box":{"x":76,"y":494,"width":881,"height":11}},{"id":"f2a6b405-cb53-4c2a-807b-4837468fe72e","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":86,"box":{"x":76,"y":517,"width":852,"height":11}},{"id":"ebca079b-cfe8-4b73-8df3-978b2b62ce54","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":86,"box":{"x":76,"y":531,"width":850,"height":11}},{"id":"f0af44a9-471c-4582-bdff-d0ded8bdedf3","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":86,"box":{"x":76,"y":545,"width":877,"height":11}},{"id":"40e60a96-76f0-4159-8506-1f2f440d520f","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":86,"box":{"x":76,"y":559,"width":906,"height":11}},{"id":"ee6c8fd7-4dbf-4f86-bbe4-7bc503ccb17d","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":86,"box":{"x":76,"y":574,"width":904,"height":10}},{"id":"f6da0301-f28a-4869-b571-fabf447d9ed2","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":86,"box":{"x":76,"y":588,"width":894,"height":11}},{"id":"88f3f7ad-b41c-4db1-8e54-1022bee6b510","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":86,"box":{"x":76,"y":602,"width":877,"height":11}},{"id":"d02af24c-6338-423c-b20b-2eadb4a7a1cf","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":86,"box":{"x":76,"y":616,"width":881,"height":11}},{"id":"5fada1ef-ed56-43a5-8813-f27e2b3afe21","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":86,"box":{"x":76,"y":630,"width":844,"height":11}},{"id":"e0aeafc6-3ee5-4601-8f1a-4bb3ca9651c3","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":86,"box":{"x":77,"y":644,"width":879,"height":11}},{"id":"938df5f9-ebed-44c1-b7ad-aa94ccc151f2","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":86,"box":{"x":76,"y":659,"width":340,"height":10}},{"id":"2c4ac87c-4f69-4620-b931-9fd2b3dec5eb","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":86,"box":{"x":77,"y":682,"width":857,"height":11}},{"id":"b8356b77-2127-405a-ab3a-54f3b388b80b","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":86,"box":{"x":77,"y":696,"width":880,"height":11}},{"id":"79fa76ea-0b27-41a3-85ea-0d2edac15bfd","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":86,"box":{"x":76,"y":710,"width":902,"height":11}},{"id":"34133b82-744e-4c60-8d5c-c600a2d02008","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":86,"box":{"x":76,"y":724,"width":905,"height":11}},{"id":"0d3f6ac0-2a57-4226-9986-bcab46491a91","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":86,"box":{"x":76,"y":739,"width":889,"height":10}},{"id":"2db5c890-b2b8-4fc2-bcd7-6e97ef359bee","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":86,"box":{"x":76,"y":753,"width":890,"height":11}},{"id":"ccd5642d-5038-4251-b013-9ba57c09b7fe","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":86,"box":{"x":76,"y":767,"width":723,"height":11}},{"id":"4ea0d794-7708-47ac-9771-74b504d4a234","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":86,"box":{"x":77,"y":790,"width":899,"height":11}},{"id":"86db7efe-64e5-4b14-9df4-7181c4c4bec2","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":86,"box":{"x":76,"y":804,"width":876,"height":11}},{"id":"6fbd3133-fb5c-403a-9710-f774ebce72c6","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":86,"box":{"x":76,"y":819,"width":865,"height":10}},{"id":"61849880-29f4-472f-bc6c-721ecb9bfd82","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":86,"box":{"x":76,"y":833,"width":897,"height":11}},{"id":"4cd41079-3ff7-41d7-920a-eb371aeb8e14","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":86,"box":{"x":76,"y":847,"width":213,"height":11}},{"id":"edd0fe1d-1e5f-4d9d-86f6-375d1a57cce3","block_type":"box","text":"Industrial Companies Risk.","page_number":86,"box":{"x":77,"y":870,"width":184,"height":11}},{"id":"34dd6710-2be2-4f27-97b4-4efb2dcbda23","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":86,"box":{"x":267,"y":870,"width":673,"height":11}},{"id":"6771d91b-4eab-4f67-b7c3-c86f49e61d53","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":86,"box":{"x":76,"y":884,"width":889,"height":11}},{"id":"bf7150f8-ae7a-4c79-a88b-4097bc9876a4","block_type":"box","text":"11","page_number":86,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"ec197acc-fce1-4ff2-8f1e-a05e1c610651","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":87,"box":{"x":76,"y":23,"width":878,"height":11}},{"id":"a90d7146-8989-4fbb-82c4-becb39733da6","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":87,"box":{"x":76,"y":37,"width":873,"height":11}},{"id":"ebadf109-abc3-45df-89db-5fdb1a963412","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":87,"box":{"x":76,"y":51,"width":902,"height":11}},{"id":"2f2bbf8b-a14d-4093-b824-ecdc86a63d37","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":87,"box":{"x":76,"y":66,"width":872,"height":11}},{"id":"669b1037-3451-46f8-b8ad-86a0cd78cc48","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":87,"box":{"x":77,"y":80,"width":881,"height":11}},{"id":"bb45e0be-e79a-441e-a363-91d17cfdb212","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":87,"box":{"x":76,"y":94,"width":892,"height":11}},{"id":"89929658-31a3-47b2-a475-bc3ebc0d71da","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":87,"box":{"x":76,"y":108,"width":322,"height":11}},{"id":"16584f90-f4ef-454e-adc1-0b92a551de81","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":87,"box":{"x":77,"y":131,"width":899,"height":11}},{"id":"27757e0a-fcf3-43e9-abcb-130ba50c62e9","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":87,"box":{"x":76,"y":146,"width":864,"height":10}},{"id":"2664df91-82d7-4aa4-9664-28db64813ae7","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":87,"box":{"x":77,"y":160,"width":402,"height":11}},{"id":"599af2ee-13c2-40be-a741-52921201a611","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":87,"box":{"x":77,"y":183,"width":201,"height":8}},{"id":"873c898c-4fe2-4322-bbec-4caa8edcab59","block_type":"box","text":"The principal value of an investment in a Fund is not protected or otherwise guaranteed by virtue of any","page_number":87,"box":{"x":283,"y":183,"width":663,"height":11}},{"id":"32ffd15e-9b1c-4cd0-8e72-3303f1987833","block_type":"box","text":"investments by the Fund in inflation-indexed bonds. The value of inflation-indexed securities generally fluctuates with changes in real interest","page_number":87,"box":{"x":76,"y":197,"width":904,"height":11}},{"id":"4d923035-391d-4e67-baed-fbf009cc2db0","block_type":"box","text":"rates, decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated)","page_number":87,"box":{"x":77,"y":211,"width":886,"height":11}},{"id":"93604e19-30e2-4ad7-a58c-9fdc6296d8f1","block_type":"box","text":"interest rates minus the inflation rates. If a Fund purchases TIPS in the secondary market and the bonds’ principal values previously were","page_number":87,"box":{"x":76,"y":226,"width":877,"height":10}},{"id":"c6afd0f5-f5ff-47f9-b644-d3ab7be266c7","block_type":"box","text":"adjusted upward, but then there is a period of declining inflation rates, the Fund may receive at maturity less than it invested.","page_number":87,"box":{"x":76,"y":240,"width":801,"height":11}},{"id":"6f676686-481a-411b-bd89-09ccbe2a798c","block_type":"box","text":"In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of inflation, and inflation-indexed","page_number":87,"box":{"x":77,"y":263,"width":894,"height":11}},{"id":"b6e5066b-6bc5-494f-806a-d2ecbaf1cd14","block_type":"box","text":"bonds typically have lower nominal yields than conventional fixed-rate bonds. If the index measuring inflation falls, the principal value of","page_number":87,"box":{"x":76,"y":277,"width":869,"height":11}},{"id":"c5b76c53-ac2a-47e8-b630-584fed08fd58","block_type":"box","text":"inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a","page_number":87,"box":{"x":76,"y":291,"width":888,"height":11}},{"id":"4a46b269-7356-4796-8bc6-260e63719e27","block_type":"box","text":"smaller principal amount) will be reduced.","page_number":87,"box":{"x":76,"y":305,"width":267,"height":11}},{"id":"58298303-4f5a-4194-9340-9962e970ee49","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not","page_number":87,"box":{"x":76,"y":329,"width":889,"height":10}},{"id":"c7d6dad4-a813-4b1f-af4e-5895bff407b9","block_type":"box","text":"receive their principal until maturity. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to","page_number":87,"box":{"x":77,"y":343,"width":888,"height":11}},{"id":"7a46e479-0061-4285-92f9-c09ea8df1c1b","block_type":"box","text":"original issue discount, which will be includable in a Fund’s gross income. Due to original issue discount, a Fund may be required to make","page_number":87,"box":{"x":76,"y":357,"width":877,"height":11}},{"id":"39cd77c4-0943-48f1-afc2-6a70b6a91817","block_type":"box","text":"annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not","page_number":87,"box":{"x":76,"y":371,"width":901,"height":11}},{"id":"69b353a0-515c-4640-8595-eaefbd22e467","block_type":"box","text":"advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously","page_number":87,"box":{"x":76,"y":385,"width":882,"height":11}},{"id":"71fa50ec-03de-4318-99cc-787d7a240335","block_type":"box","text":"distributed in the taxable year may be characterized in some circumstances as a return of capital.","page_number":87,"box":{"x":76,"y":400,"width":624,"height":10}},{"id":"44ed7760-f262-452c-91e9-616e361ce82c","block_type":"box","text":"Interest Rate Risk.","page_number":87,"box":{"x":77,"y":423,"width":127,"height":8}},{"id":"b81d83f6-7fe1-44f9-8b47-408fec145f42","block_type":"box","text":"Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government","page_number":87,"box":{"x":210,"y":423,"width":770,"height":11}},{"id":"f3f7ddd6-4c81-4255-943c-b5a148b1b8dc","block_type":"box","text":"policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. Changes in interest","page_number":87,"box":{"x":76,"y":437,"width":889,"height":11}},{"id":"adfb3372-134e-43e2-a092-ba50dec3fec2","block_type":"box","text":"rates may have unpredictable effects on fixed-income markets and may result in heightened volatility and lower liquidity for certain","page_number":87,"box":{"x":77,"y":451,"width":837,"height":11}},{"id":"367d805d-bee3-40af-a520-d5e79ee27da3","block_type":"box","text":"instruments, which may adversely affect a Fund’s performance. When interest rates rise, the value of fixed-income securities or other","page_number":87,"box":{"x":76,"y":465,"width":854,"height":11}},{"id":"5330f9b6-98a5-4221-bec0-992badd209e3","block_type":"box","text":"instruments sensitive to interest rates typically decreases. Duration is a measure of how sensitive a bond is to interest rate changes.","page_number":87,"box":{"x":76,"y":479,"width":848,"height":11}},{"id":"c73c98b7-ae7a-42d8-a937-9c6a2ea13447","block_type":"box","text":"Fixed-income securities with longer durations tend to be more sensitive to interest rate changes, and their prices usually are more volatile","page_number":87,"box":{"x":77,"y":494,"width":882,"height":11}},{"id":"72b04026-9993-495b-8e37-4299e0333a4f","block_type":"box","text":"than those of shorter-duration securities. For example, if a bond has a duration of five years and interest rates rise, the price of the bond will","page_number":87,"box":{"x":76,"y":508,"width":896,"height":11}},{"id":"1c21383d-4873-4f88-9708-554300b47bac","block_type":"box","text":"likely decline by a greater percentage than for a bond with a one-year duration. To the extent a Fund invests a substantial portion of its assets","page_number":87,"box":{"x":77,"y":522,"width":904,"height":11}},{"id":"c1a0daf4-2f85-49aa-9ec6-42fdcdcde718","block_type":"box","text":"in fixed-income securities with longer duration, rising interest rates may cause the value of the Fund’s investments to decline significantly,","page_number":87,"box":{"x":76,"y":536,"width":884,"height":11}},{"id":"a8947484-c5be-40df-a3b3-701679c6b812","block_type":"box","text":"which would adversely affect the Fund’s performance.","page_number":87,"box":{"x":76,"y":550,"width":345,"height":11}},{"id":"d88ec80e-1e34-4a2b-adcd-34b2cf5e99b9","block_type":"box","text":"In addition, changes in prevailing interest rates, particularly sudden and significant changes, may lead to fluctuations in the value of","page_number":87,"box":{"x":77,"y":574,"width":840,"height":10}},{"id":"3497755e-bb36-4e68-b067-cd664f5ae739","block_type":"box","text":"floating-rate debt securities, because the rates for those securities typically reset only periodically. Additionally, during periods of very low","page_number":87,"box":{"x":76,"y":588,"width":885,"height":11}},{"id":"1d667c3c-7228-4347-8c7c-0770146344c6","block_type":"box","text":"or","page_number":87,"box":{"x":965,"y":590,"width":13,"height":6}},{"id":"ab875be6-03e3-4209-b734-7ce13a88e9bf","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders. Under certain market conditions","page_number":87,"box":{"x":76,"y":602,"width":900,"height":11}},{"id":"dcc787e6-257f-4cde-a8d8-631c3f45725c","block_type":"box","text":"when interest rates are set at low levels and the market prices of portfolio securities have increased, a Fund may have a very low or even","page_number":87,"box":{"x":76,"y":616,"width":875,"height":11}},{"id":"c2cc0a73-1cc2-493a-a1b9-08ccf5988002","block_type":"box","text":"negative yield, which would cause the Fund to lose money under certain conditions.","page_number":87,"box":{"x":76,"y":630,"width":534,"height":11}},{"id":"1d6511b8-6119-49e7-89f5-5d5c05704380","block_type":"box","text":"Decreases in market-making capacity for fixed-income dealers may lead to lower trading volume, heightened volatility, wider bid-ask spreads","page_number":87,"box":{"x":77,"y":654,"width":902,"height":10}},{"id":"9f38e019-f087-4dbd-a065-fac79e28ad93","block_type":"box","text":"and less transparent pricing in certain fixed-income markets.","page_number":87,"box":{"x":76,"y":668,"width":389,"height":11}},{"id":"3c9ba79b-762d-45d5-aa13-eda7428da676","block_type":"box","text":"Issuer Risk.","page_number":87,"box":{"x":77,"y":691,"width":79,"height":8}},{"id":"6e345206-438f-4d33-876f-10cd0e8d5440","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":87,"box":{"x":161,"y":691,"width":755,"height":11}},{"id":"0f21ba16-c870-469c-a920-1f056b0dbc0a","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":87,"box":{"x":76,"y":705,"width":861,"height":11}},{"id":"c4fa188c-1c2a-46fa-8715-dae936dbd564","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":87,"box":{"x":76,"y":719,"width":406,"height":11}},{"id":"82dfa175-7b8a-4e27-8c6f-6285ef8ba582","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":87,"box":{"x":77,"y":742,"width":368,"height":11}},{"id":"79e1b569-3188-4d03-8f84-1ac044428358","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":87,"box":{"x":450,"y":742,"width":518,"height":11}},{"id":"07e5bb09-79ad-4aae-8dc5-1c414e5a4cfc","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":87,"box":{"x":76,"y":757,"width":875,"height":10}},{"id":"55c29205-1d69-4a22-a304-1b2bdf6d3528","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":87,"box":{"x":76,"y":771,"width":899,"height":11}},{"id":"f34a18cc-1cb9-4efd-8e30-49d3bed20b0d","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":87,"box":{"x":76,"y":785,"width":901,"height":11}},{"id":"fbb9dbfa-faf5-47bf-8624-8b0cd7b41de0","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":87,"box":{"x":76,"y":799,"width":888,"height":11}},{"id":"ba5dc81d-87e2-450d-ba42-0c06bcae6a61","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":87,"box":{"x":76,"y":813,"width":882,"height":11}},{"id":"12e0b7fb-f80a-4e51-8d4e-76eb0f3de76b","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":87,"box":{"x":76,"y":828,"width":889,"height":10}},{"id":"6705a099-0058-4bdb-9195-96e37d72023e","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":87,"box":{"x":76,"y":842,"width":906,"height":11}},{"id":"2455adc6-8e28-4dc3-8260-2ed1b52c86fe","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":87,"box":{"x":76,"y":856,"width":904,"height":11}},{"id":"4ea48449-26fd-4df2-812d-fa4b34259525","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":87,"box":{"x":76,"y":870,"width":855,"height":11}},{"id":"16a335fc-c913-48c9-b0cc-0cbd9e4bacbb","block_type":"box","text":"12","page_number":87,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"ddd65dd0-f45e-4be4-9fa1-72589a4be429","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":88,"box":{"x":77,"y":23,"width":892,"height":11}},{"id":"3192f18f-3ff5-416e-b970-fe1e53aea3d7","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":88,"box":{"x":77,"y":37,"width":901,"height":11}},{"id":"f521ebbe-7a3e-4d68-b450-aff83f82aed0","block_type":"box","text":"to price.","page_number":88,"box":{"x":76,"y":52,"width":52,"height":10}},{"id":"76ae6e5d-f516-4177-b2bc-0d6e733eea0f","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":88,"box":{"x":76,"y":75,"width":840,"height":11}},{"id":"ba101ccf-1685-41f7-a535-a7bb4e9096a8","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":88,"box":{"x":76,"y":89,"width":898,"height":11}},{"id":"f492185f-6e42-4af1-b4fd-293c3f50aff4","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":88,"box":{"x":76,"y":103,"width":878,"height":11}},{"id":"d30efb51-c871-4a75-97ea-1a42df778232","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":88,"box":{"x":76,"y":117,"width":792,"height":11}},{"id":"cbc46745-48c0-4c60-bf73-32db3a2ba7d6","block_type":"box","text":"Leveraged Loans Risk.","page_number":88,"box":{"x":77,"y":140,"width":154,"height":11}},{"id":"d8ac654e-33c3-4f6b-bbd0-2ae72dcba71c","block_type":"box","text":"Like other high yield debt instruments, leveraged loans are subject to increased risk of default in the payment of","page_number":88,"box":{"x":237,"y":140,"width":718,"height":11}},{"id":"7ed0b98d-3569-4ec3-b09e-65b845f3332c","block_type":"box","text":"principal and interest. Some leveraged loans are not as easily purchased or sold as publicly traded securities, and others are illiquid, which","page_number":88,"box":{"x":76,"y":155,"width":886,"height":10}},{"id":"69d6f38f-c359-44c8-8892-ab787320d504","block_type":"box","text":"may make it more difficult for the Fund to value them or dispose of them at an acceptable price. The customary form of new and/or","page_number":88,"box":{"x":76,"y":169,"width":844,"height":11}},{"id":"047590ed-171f-4cee-bc0d-eb935583e6b2","block_type":"box","text":"restructured leveraged loans is known as “covenant lite” loans, which include contractual provisions that are more favorable to borrowers","page_number":88,"box":{"x":77,"y":183,"width":880,"height":11}},{"id":"690052ff-a11d-404d-afd8-e40cd83b92a0","block_type":"box","text":"and offer less protection for lenders such as the Fund. Consequently, the Fund could experience relatively greater difficulty or delays in","page_number":88,"box":{"x":76,"y":197,"width":864,"height":11}},{"id":"ab5724c9-ec0e-43f0-a0c3-23b8737180c3","block_type":"box","text":"enforcing its rights on its holdings of covenant lite loans than its holdings of loans with financial maintenance covenants, which may result in","page_number":88,"box":{"x":76,"y":211,"width":898,"height":11}},{"id":"a9f5abf6-6b59-4926-873b-7db811066ed3","block_type":"box","text":"losses. The settlement period for some leveraged loans may be more than seven days.","page_number":88,"box":{"x":77,"y":226,"width":551,"height":10}},{"id":"50b75caf-ef83-4393-9010-2a21dde69560","block_type":"box","text":"There is less readily available, reliable information about most senior loans than is the case for many other types of securities. No active","page_number":88,"box":{"x":76,"y":249,"width":870,"height":11}},{"id":"b1fcc0af-3747-40a2-bf9f-b9a222bc1dcf","block_type":"box","text":"trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell","page_number":88,"box":{"x":76,"y":263,"width":895,"height":11}},{"id":"23793bb0-753e-474e-99eb-766c89ed50da","block_type":"box","text":"a loan and which may make it difficult to value a loan.","page_number":88,"box":{"x":76,"y":277,"width":341,"height":11}},{"id":"b6c94eb0-8b68-4d85-9493-8d780e927a09","block_type":"box","text":"An economic downturn generally leads to a higher non-payment rate for loans, and a loan may lose significant value before a default occurs.","page_number":88,"box":{"x":76,"y":300,"width":896,"height":11}},{"id":"1549a604-9474-4530-9f67-2e00f4a197ad","block_type":"box","text":"Although leveraged loans generally are secured by specific collateral, such collateral may decline in value or become illiquid, which would","page_number":88,"box":{"x":76,"y":314,"width":878,"height":11}},{"id":"cb25693a-94a8-4196-b912-3f89f30543d1","block_type":"box","text":"adversely affect the loan’s value. There can be no assurance that the liquidation of such collateral would satisfy the borrower’s obligation in","page_number":88,"box":{"x":76,"y":329,"width":891,"height":10}},{"id":"42412d62-011d-4aba-b22f-f3df944c9157","block_type":"box","text":"the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a loan is","page_number":88,"box":{"x":76,"y":343,"width":874,"height":11}},{"id":"9609e9f9-88a4-4d96-b54d-471065909d7c","block_type":"box","text":"collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the borrower’s bankruptcy.","page_number":88,"box":{"x":76,"y":357,"width":863,"height":11}},{"id":"9fdcbd92-0f35-4595-9861-914d13282ad2","block_type":"box","text":"Senior loans are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other","page_number":88,"box":{"x":76,"y":371,"width":864,"height":11}},{"id":"f07f046f-5934-4a63-ba0d-f039831737e6","block_type":"box","text":"action detrimental to the holders of such loans.","page_number":88,"box":{"x":76,"y":385,"width":302,"height":9}},{"id":"75d1a582-182b-4574-8aca-fa796eb3663c","block_type":"box","text":"Management Risk.","page_number":88,"box":{"x":77,"y":409,"width":126,"height":10}},{"id":"d5c4022c-45ca-4265-a7c1-ac548c3b6108","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":88,"box":{"x":208,"y":409,"width":757,"height":10}},{"id":"04a69b52-c9df-482b-a687-3fc7f23e7b74","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":88,"box":{"x":76,"y":423,"width":863,"height":11}},{"id":"daeaa60d-4c4a-404c-b466-ef8dd5f8b9b1","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":88,"box":{"x":76,"y":437,"width":864,"height":11}},{"id":"c7190ed0-ec88-4dde-99b5-2aeeaf623e17","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":88,"box":{"x":77,"y":451,"width":898,"height":11}},{"id":"8fc4b156-fc02-4d22-8fac-f86108e4e858","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":88,"box":{"x":76,"y":465,"width":837,"height":11}},{"id":"f23d4d27-56c8-4f19-a28f-bf022e20177b","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":88,"box":{"x":77,"y":480,"width":888,"height":10}},{"id":"f3dbf99d-2433-4438-9ae8-0d245dca445d","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":88,"box":{"x":77,"y":494,"width":883,"height":11}},{"id":"060d56dd-08f5-4813-9cc3-af80279d6ff1","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":88,"box":{"x":76,"y":508,"width":889,"height":11}},{"id":"b5dc7297-5e75-4d76-85fd-44b9cbfc0470","block_type":"box","text":"its investment objective.","page_number":88,"box":{"x":76,"y":522,"width":156,"height":11}},{"id":"8a4ad3b9-2d02-4934-b389-d75fec4505d4","block_type":"box","text":"Market Risk.","page_number":88,"box":{"x":77,"y":545,"width":85,"height":9}},{"id":"34d788cd-28e0-496a-8854-df64f8474a14","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":88,"box":{"x":167,"y":545,"width":764,"height":11}},{"id":"af91322a-4c6f-4d50-9a27-787183ab5d49","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":88,"box":{"x":76,"y":559,"width":879,"height":11}},{"id":"c0728e3d-a810-478b-9e74-be1439c72e60","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":88,"box":{"x":76,"y":574,"width":884,"height":10}},{"id":"371a56c6-4f3c-41b1-8c2b-e935d2f98490","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":88,"box":{"x":76,"y":588,"width":904,"height":11}},{"id":"b1e4333b-f132-48ff-965a-eae5f51b40dd","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":88,"box":{"x":76,"y":602,"width":858,"height":11}},{"id":"8b4e42df-139b-4ed5-a1fa-0a4062f83218","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":88,"box":{"x":76,"y":616,"width":869,"height":11}},{"id":"bc1eb18e-5db6-4f62-97d5-bb1cf701baaf","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":88,"box":{"x":76,"y":630,"width":885,"height":11}},{"id":"aec9ba94-e9c7-417f-89cc-372de35e39ae","block_type":"box","text":"and assets.","page_number":88,"box":{"x":76,"y":645,"width":71,"height":8}},{"id":"51d56dc0-daaf-4d2e-9a95-6fe3f013507e","block_type":"box","text":"It is possible that prices throughout the economy may decline over time, resulting in “deflation.” If this occurs, the principal and income of","page_number":88,"box":{"x":77,"y":668,"width":883,"height":11}},{"id":"ac85028d-205e-49fd-bca9-d363e266dddb","block_type":"box","text":"inflation-protected bonds held by a Fund would likely decline in value, which could result in losses for a Fund.","page_number":88,"box":{"x":76,"y":682,"width":697,"height":11}},{"id":"c6deaacc-c8d8-43a4-aa26-265116be6bc7","block_type":"box","text":"Market Trading Risk.","page_number":88,"box":{"x":77,"y":705,"width":140,"height":11}},{"id":"73fa68f2-29c8-485b-9c43-447a7bd2ade0","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":88,"box":{"x":222,"y":705,"width":753,"height":11}},{"id":"b2723cf5-d8d5-4e4a-af69-2eb6c36b3f17","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":88,"box":{"x":76,"y":719,"width":896,"height":11}},{"id":"18cbce2d-4f91-4035-bbb3-39ce4d875b1d","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":88,"box":{"x":76,"y":733,"width":877,"height":11}},{"id":"842c46e2-0e6f-474b-843b-2a144058244d","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":88,"box":{"x":77,"y":748,"width":446,"height":10}},{"id":"6706c09c-abc6-4020-8e5f-74996a5279ef","block_type":"box","text":"Absence of an Active Primary Market.","page_number":88,"box":{"x":75,"y":771,"width":236,"height":11}},{"id":"6f95b919-07aa-4a68-b591-0b9c6c16eae3","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":88,"box":{"x":317,"y":771,"width":663,"height":11}},{"id":"cd5818a6-cdb0-4f07-8805-fcc3b922ee0a","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":88,"box":{"x":76,"y":785,"width":826,"height":11}},{"id":"0ad890a7-b004-4a3a-8888-9709a8970a60","block_type":"box","text":"Secondary Listing Risks.","page_number":88,"box":{"x":76,"y":808,"width":151,"height":11}},{"id":"f23cbb01-f496-45f4-b404-169b8e669666","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":88,"box":{"x":233,"y":808,"width":732,"height":11}},{"id":"4f1f21ef-c55b-404c-a840-c57ebe55f4be","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":88,"box":{"x":76,"y":822,"width":841,"height":11}},{"id":"ef6f6f0a-b007-419f-97a5-f1498a46ae3c","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":88,"box":{"x":76,"y":837,"width":890,"height":10}},{"id":"de8d4c8a-a0ba-442d-b8e0-afaa6a6e9880","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":88,"box":{"x":76,"y":851,"width":880,"height":11}},{"id":"83c67742-6371-42f1-9d94-00c13e2df2cf","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":88,"box":{"x":76,"y":865,"width":872,"height":11}},{"id":"6b0ac0cf-6abe-4e6c-8b15-c967e0b91345","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":88,"box":{"x":76,"y":879,"width":897,"height":11}},{"id":"02fa2487-0b6c-4c5b-ba5b-2e1c3b2a904d","block_type":"box","text":"13","page_number":88,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"8317042c-ac9f-40d9-b774-3f3ea9adad2a","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":89,"box":{"x":76,"y":23,"width":862,"height":11}},{"id":"5e628ee6-8172-4fd8-826b-346b6abff0dc","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":89,"box":{"x":76,"y":37,"width":579,"height":11}},{"id":"481f6e0c-66d0-4d9b-a60e-783e1c11aa1a","block_type":"box","text":"Secondary Market Trading Risk.","page_number":89,"box":{"x":76,"y":61,"width":196,"height":10}},{"id":"82f43dc6-08d2-4190-918e-9c25eeb9dc2b","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":89,"box":{"x":279,"y":61,"width":703,"height":10}},{"id":"03da670a-0182-4f72-a457-fddda7d28ad8","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":89,"box":{"x":76,"y":75,"width":896,"height":11}},{"id":"9dac575b-3996-4e06-b5ec-b42dbd751eaf","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":89,"box":{"x":76,"y":89,"width":880,"height":11}},{"id":"c5c74790-5be5-4f43-89f5-71c1e04786c0","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":89,"box":{"x":76,"y":103,"width":900,"height":11}},{"id":"46b53715-3b49-475f-bbfa-374d24bdcdbc","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":89,"box":{"x":76,"y":117,"width":893,"height":11}},{"id":"88f6e3db-0413-487e-8ce6-e29e7d580a9e","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":89,"box":{"x":76,"y":131,"width":581,"height":11}},{"id":"ac9f622d-4389-420a-96a7-c24ac083d182","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":89,"box":{"x":77,"y":155,"width":900,"height":10}},{"id":"a7d373ea-6127-43cf-80d1-df86bb7c54d7","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":89,"box":{"x":76,"y":169,"width":547,"height":11}},{"id":"06165993-363f-4611-981c-390c6c662ada","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":89,"box":{"x":76,"y":192,"width":894,"height":11}},{"id":"f3540b7e-a327-43ed-b5b1-7822c2703b9f","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":89,"box":{"x":76,"y":206,"width":905,"height":11}},{"id":"85fb7319-f5e7-463c-a439-ec98e08ae554","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":89,"box":{"x":77,"y":220,"width":874,"height":11}},{"id":"05fdf7df-2132-4e26-a140-f24dcd860274","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":89,"box":{"x":76,"y":235,"width":890,"height":10}},{"id":"d5220ed1-e067-4fba-80d7-987e732b725f","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":89,"box":{"x":76,"y":249,"width":857,"height":11}},{"id":"f6ac7213-db84-486d-8803-bba86da17003","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":89,"box":{"x":76,"y":263,"width":891,"height":11}},{"id":"da76a581-b5c1-4a4e-846f-56ead4f1682e","block_type":"box","text":"substantial trading losses.","page_number":89,"box":{"x":76,"y":277,"width":166,"height":11}},{"id":"bb1978ae-e3d9-4f99-b023-76f99f365c58","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":89,"box":{"x":76,"y":300,"width":874,"height":11}},{"id":"4c2bc86b-d946-4d97-bda0-d02e9abfdc73","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":89,"box":{"x":76,"y":315,"width":893,"height":10}},{"id":"a4a83d5f-513f-4344-8f6e-8f0eb5c5d8a7","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":89,"box":{"x":76,"y":329,"width":658,"height":10}},{"id":"3db04012-166f-4a5a-8fe0-1a3ee497f493","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":89,"box":{"x":76,"y":352,"width":310,"height":11}},{"id":"1dfb60c7-cb5d-46fb-ab6c-962fe3311bf2","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":89,"box":{"x":385,"y":352,"width":572,"height":11}},{"id":"fe5d940d-dff8-4b8e-936e-cd96b2016b0f","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":89,"box":{"x":77,"y":366,"width":852,"height":11}},{"id":"6753b7ca-04eb-4753-91e5-c0347994137e","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":89,"box":{"x":76,"y":380,"width":892,"height":11}},{"id":"dfc31f90-1668-4e5c-bdb1-a6adb45ec678","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":89,"box":{"x":77,"y":394,"width":885,"height":11}},{"id":"4ed72b1d-c685-45af-b505-4017a04fea77","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions.","page_number":89,"box":{"x":76,"y":409,"width":796,"height":10}},{"id":"3150648b-0bde-425f-b3b2-bd39c576e27c","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":89,"box":{"x":77,"y":432,"width":886,"height":11}},{"id":"864981e3-4d8b-4347-83b5-c01557b87a6d","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":89,"box":{"x":77,"y":446,"width":891,"height":11}},{"id":"2ba4d92f-b0f2-4551-ac7a-1e6c9170d886","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":89,"box":{"x":76,"y":460,"width":899,"height":11}},{"id":"0cde4642-5fd8-4c2e-ac51-bb4abfbc520e","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":89,"box":{"x":77,"y":474,"width":899,"height":11}},{"id":"c0bc3580-f8f4-48ad-beee-4c4bfba05adb","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":89,"box":{"x":76,"y":489,"width":878,"height":10}},{"id":"f72dda6b-2de4-4aca-a01f-f315df8e47fa","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":89,"box":{"x":76,"y":503,"width":902,"height":11}},{"id":"ffb4f00e-05a6-40be-953a-18095029682a","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":89,"box":{"x":76,"y":517,"width":891,"height":11}},{"id":"718767c5-e897-41a3-ab1f-bcfeec3b537b","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":89,"box":{"x":76,"y":531,"width":849,"height":11}},{"id":"97b3645d-01a4-49f7-a2ca-2f3227e00fdd","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":89,"box":{"x":76,"y":545,"width":622,"height":11}},{"id":"b2839f25-1a75-4682-947c-56d61f3b8b54","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":89,"box":{"x":76,"y":568,"width":245,"height":11}},{"id":"e794760b-c41e-4307-bc03-d1133fc0f965","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":89,"box":{"x":328,"y":568,"width":636,"height":11}},{"id":"7d123e5c-92fe-4669-b385-e18f35cda70d","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":89,"box":{"x":76,"y":583,"width":853,"height":10}},{"id":"126c1a5d-f0e2-4b01-a39a-9fce151fbbb5","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":89,"box":{"x":76,"y":597,"width":895,"height":11}},{"id":"c48d440d-70c2-4b71-9501-0f3e5c12afad","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":89,"box":{"x":76,"y":611,"width":865,"height":11}},{"id":"e0726463-feaf-4740-abcd-6934334c6d37","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":89,"box":{"x":76,"y":625,"width":885,"height":11}},{"id":"f31340eb-1e10-44e2-b0cd-e0e065c75524","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":89,"box":{"x":77,"y":639,"width":891,"height":11}},{"id":"fed0efeb-e14e-463c-a799-e5f2ca4bc8f3","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":89,"box":{"x":76,"y":654,"width":901,"height":10}},{"id":"220ead98-26b4-47eb-bc42-3c379fc484c1","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":89,"box":{"x":76,"y":668,"width":858,"height":11}},{"id":"bd97a561-5fdd-4b0a-8856-a09f2b704086","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":89,"box":{"x":77,"y":682,"width":418,"height":11}},{"id":"6e428162-b607-457a-97d0-4fe01585c97b","block_type":"box","text":"Materials Companies Risk.","page_number":89,"box":{"x":77,"y":705,"width":182,"height":11}},{"id":"eb9f54c4-0529-4c73-a909-420abf8e12b4","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":89,"box":{"x":264,"y":705,"width":660,"height":11}},{"id":"8615be11-2f6c-4cba-926c-45ab76fe74d5","block_type":"box","text":"supply-demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social","page_number":89,"box":{"x":76,"y":719,"width":886,"height":11}},{"id":"1463375e-ba58-4931-89a6-2d399f957505","block_type":"box","text":"and political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical","page_number":89,"box":{"x":76,"y":733,"width":856,"height":11}},{"id":"3e3d4011-e37d-4abf-888b-0b0c529ca51c","block_type":"box","text":"advances, labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for","page_number":89,"box":{"x":76,"y":748,"width":842,"height":10}},{"id":"82e6388c-d451-4da3-9124-1cbad090512c","block_type":"box","text":"environmental damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":89,"box":{"x":76,"y":762,"width":772,"height":11}},{"id":"8f35e9b2-277a-4a95-b32f-0f85c0d98742","block_type":"box","text":"National Closed Market Trading Risk.","page_number":89,"box":{"x":77,"y":785,"width":254,"height":11}},{"id":"0af1e892-6e04-4d07-9a6f-a9b106c59c0e","block_type":"box","text":"To the extent that securities or other assets held by a Fund trade on foreign exchanges or in foreign","page_number":89,"box":{"x":336,"y":785,"width":637,"height":11}},{"id":"cd755d22-9cbc-4fa7-b141-51334b438033","block_type":"box","text":"markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between","page_number":89,"box":{"x":76,"y":799,"width":905,"height":11}},{"id":"0bbd5ed4-5889-4448-89de-00c65aab1ed1","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":89,"box":{"x":76,"y":813,"width":332,"height":11}},{"id":"ce36726d-ed89-4a31-9dd2-ae222e56acea","block_type":"box","text":"i.e","page_number":89,"box":{"x":408,"y":813,"width":15,"height":9}},{"id":"6ac53567-832b-412c-8ce2-e1f131abadf7","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":89,"box":{"x":425,"y":813,"width":508,"height":11}},{"id":"1d1e7686-c54d-47d3-8713-da519dd8cec2","block_type":"box","text":"foreign market on a Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a","page_number":89,"box":{"x":76,"y":828,"width":863,"height":10}},{"id":"28c8a37b-81c1-4f5c-b5b2-365aaa78a041","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund’s NAV that may be","page_number":89,"box":{"x":76,"y":842,"width":862,"height":11}},{"id":"5f88d996-9c8c-4063-af1a-8f79458946ba","block_type":"box","text":"greater than those experienced by other funds.","page_number":89,"box":{"x":76,"y":856,"width":300,"height":11}},{"id":"3c3c9b3b-de4f-43f8-b031-ab508697ca5b","block_type":"box","text":"14","page_number":89,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"dd1ab5db-ca21-4a5e-a6d0-2ffc87bf2c75","block_type":"box","text":"Non-Diversification Risk.","page_number":90,"box":{"x":77,"y":23,"width":170,"height":9}},{"id":"2842e5ad-6ffa-445b-a48f-1413445a891e","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":90,"box":{"x":252,"y":23,"width":711,"height":11}},{"id":"efbe646b-01d7-46b3-9c16-286028dc82bc","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A","page_number":90,"box":{"x":76,"y":37,"width":822,"height":11}},{"id":"4ab906fb-bcb2-44c9-a796-206f53bfe0d2","block_type":"box","text":"non-diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and","page_number":90,"box":{"x":76,"y":51,"width":871,"height":11}},{"id":"9c17d840-3b60-41e7-b681-259c1cca92ea","block_type":"box","text":"losses on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a","page_number":90,"box":{"x":77,"y":66,"width":852,"height":11}},{"id":"9d332c74-5cee-4acb-8f22-d2d21d5f91fc","block_type":"box","text":"diversified Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":90,"box":{"x":76,"y":80,"width":461,"height":11}},{"id":"ee3dfadb-e16b-4fd1-9d3c-de4ca3446852","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":90,"box":{"x":77,"y":103,"width":171,"height":9}},{"id":"bd307850-9d1f-4f4b-909f-68750a13ac27","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":90,"box":{"x":253,"y":103,"width":698,"height":11}},{"id":"7c2002cb-4d5c-4f66-bed8-8a8c49946520","block_type":"box","text":"political, economic, and market risks than securities issued by U.S. issuers. To the extent that investments are made in a limited number of","page_number":90,"box":{"x":76,"y":117,"width":889,"height":11}},{"id":"07f5162d-5367-4ce5-8509-a5f80a682b68","block_type":"box","text":"countries, events in those countries will have a more significant impact on a Fund. The risks of investing in non-U.S. securities include the","page_number":90,"box":{"x":76,"y":131,"width":880,"height":11}},{"id":"164149d0-7395-4b85-8faa-47895901d150","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":90,"box":{"x":76,"y":146,"width":402,"height":10}},{"id":"22d796c2-69ac-422a-a2c8-3360a20b81f9","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":90,"box":{"x":114,"y":164,"width":445,"height":10}},{"id":"1fb3e76e-6374-4ba2-b9d9-ac64e5e53ac2","block_type":"box","text":"Greater market volatility;","page_number":90,"box":{"x":113,"y":182,"width":158,"height":11}},{"id":"28dde200-098f-4f90-8c8c-944a5f3b2a00","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":90,"box":{"x":113,"y":200,"width":383,"height":11}},{"id":"8c2f933a-61b9-485f-a55b-014116865425","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":90,"box":{"x":113,"y":218,"width":348,"height":11}},{"id":"32aa75ac-882e-49d2-becf-4aab57d1da99","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":90,"box":{"x":114,"y":236,"width":316,"height":11}},{"id":"fb9c099a-9eb4-446a-b067-ac0bd52f4bd6","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":90,"box":{"x":114,"y":254,"width":319,"height":11}},{"id":"cde9940f-415f-4756-a5d2-468e99f1b9c4","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":90,"box":{"x":114,"y":272,"width":257,"height":11}},{"id":"22755d65-d8a3-487c-9c3b-1d3aa4a1c7fd","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":90,"box":{"x":114,"y":290,"width":265,"height":11}},{"id":"383ecc64-b12e-436b-9b5b-1255671ebc6c","block_type":"box","text":"Higher transaction and custody costs;","page_number":90,"box":{"x":114,"y":308,"width":241,"height":11}},{"id":"3fbe4062-0613-4809-bf71-06c98338d8e6","block_type":"box","text":"Foreign market trading hours, different clearing and settlement procedures, and holiday schedules, which may limit a Fund’s ability to","page_number":90,"box":{"x":114,"y":326,"width":852,"height":11}},{"id":"32d598b1-de85-4b2d-8b57-fc5f14631684","block_type":"box","text":"engage in portfolio transactions;","page_number":90,"box":{"x":113,"y":340,"width":206,"height":11}},{"id":"2f8c5fe3-9368-44e9-b240-c0c26b3f8718","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":90,"box":{"x":114,"y":358,"width":386,"height":11}},{"id":"7f5b9ff9-fc40-4d83-bfe1-99b3d78450fb","block_type":"box","text":"Less availability of public information about issuers;","page_number":90,"box":{"x":114,"y":376,"width":329,"height":11}},{"id":"9f6cff9d-23b9-4617-8c51-46e019b1aca7","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":90,"box":{"x":113,"y":394,"width":803,"height":11}},{"id":"408b8005-4038-4259-9fdd-33d317157cc7","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":90,"box":{"x":114,"y":412,"width":328,"height":11}},{"id":"992908b5-9ea4-4dd3-9a8e-16d091d1cca4","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":90,"box":{"x":114,"y":430,"width":853,"height":11}},{"id":"c0fc7aef-b1ff-4145-855d-e2d55538ccbf","block_type":"box","text":"than those that apply in the U.S.","page_number":90,"box":{"x":113,"y":445,"width":205,"height":10}},{"id":"fe4f3229-90ff-413f-94ac-6565dc9e5455","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":90,"box":{"x":77,"y":468,"width":188,"height":11}},{"id":"107f4989-4dbc-4b2a-a7d0-84fc4b728244","block_type":"box","text":". A Fund that holds non-U.S. securities may file claims to recover withholding tax on dividend and interest","page_number":90,"box":{"x":265,"y":468,"width":674,"height":11}},{"id":"bef5bb6d-2947-4878-bc0d-a7ffef1aba6a","block_type":"box","text":"income (if any) received from issuers in certain countries where such withholding tax reclaim is possible. Whether or when a Fund will receive","page_number":90,"box":{"x":76,"y":482,"width":905,"height":11}},{"id":"f0f433a2-8a93-4ca7-9d76-9b111c21694e","block_type":"box","text":"a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding tax based","page_number":90,"box":{"x":76,"y":496,"width":898,"height":11}},{"id":"db038bd5-0dce-4207-af43-dbd187f20816","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. Funds continue","page_number":90,"box":{"x":76,"y":510,"width":892,"height":11}},{"id":"5c379a29-bc52-4dd6-89b0-f8bd56a94ea6","block_type":"box","text":"to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":90,"box":{"x":76,"y":525,"width":840,"height":10}},{"id":"da3e01e7-fc87-4a39-84c8-0c5e4bbb89d3","block_type":"box","text":"decreases, such as due to a change in tax regulation or approach, accruals in a Fund’s NAV for such refunds may be written down partially or","page_number":90,"box":{"x":76,"y":539,"width":901,"height":11}},{"id":"4ca1744c-94b9-4f8b-b85e-732ccf78c2d0","block_type":"box","text":"in full, which will adversely affect the Fund’s NAV. Investors in a Fund at the time when an accrual is written down will bear the impact of any","page_number":90,"box":{"x":76,"y":553,"width":897,"height":11}},{"id":"144d1451-3198-4bbd-b9c3-3ff6b724e593","block_type":"box","text":"resulting reduction in NAV regardless of whether they were investors during the accrual period. Conversely, if a Fund receives a tax refund","page_number":90,"box":{"x":77,"y":567,"width":882,"height":11}},{"id":"ccaf628e-67ea-48ed-b796-ec891a59ea4e","block_type":"box","text":"that was not previously accrued, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s","page_number":90,"box":{"x":76,"y":581,"width":906,"height":11}},{"id":"9001be4c-ef19-42e0-93f0-7d73d2a09e9c","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":90,"box":{"x":77,"y":596,"width":636,"height":10}},{"id":"53e9f9e4-a29e-45c2-aaf0-b326e64dad9a","block_type":"box","text":"Operational and Technology Risks.","page_number":90,"box":{"x":76,"y":619,"width":239,"height":11}},{"id":"9b153508-7a42-414f-8892-dd949351ad6e","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":90,"box":{"x":320,"y":619,"width":648,"height":11}},{"id":"b99d003a-2fb3-4c53-8c40-0b6c3162fdd0","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":90,"box":{"x":76,"y":633,"width":842,"height":11}},{"id":"ea81f813-d37b-453f-96a4-7c159d9bac4b","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":90,"box":{"x":76,"y":647,"width":877,"height":11}},{"id":"597ca9b6-4431-4f85-9262-c80a8a481f4e","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":90,"box":{"x":76,"y":661,"width":844,"height":11}},{"id":"fe8a336a-841f-4171-91ee-7d9a26855db1","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":90,"box":{"x":76,"y":675,"width":866,"height":11}},{"id":"0089a241-9aad-491c-8af9-73187ff8d003","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":90,"box":{"x":76,"y":690,"width":892,"height":10}},{"id":"793d76d8-43b9-4a63-9efa-7b36064c76f3","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":90,"box":{"x":76,"y":704,"width":889,"height":11}},{"id":"707f8697-44df-4842-a313-9e46ea6dd4a0","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":90,"box":{"x":76,"y":718,"width":870,"height":11}},{"id":"8f58ee18-b0b2-4895-b765-7b1c1bab888f","block_type":"box","text":"risks.","page_number":90,"box":{"x":77,"y":732,"width":32,"height":9}},{"id":"da30a3d3-8ab5-4be4-b162-cdee143e9c86","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":90,"box":{"x":76,"y":755,"width":895,"height":11}},{"id":"c4c8df15-bff0-4aed-b384-11d1aeaec466","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":90,"box":{"x":76,"y":770,"width":878,"height":10}},{"id":"a9b152a5-0d5a-4ed5-a246-dcb1a9ee014a","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":90,"box":{"x":76,"y":784,"width":905,"height":11}},{"id":"9855f3c9-44d4-45b3-aef9-14acfc4cfc7b","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":90,"box":{"x":76,"y":798,"width":885,"height":11}},{"id":"d1b882bb-7141-41e7-ba4e-428ddfca3f43","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":90,"box":{"x":76,"y":812,"width":828,"height":11}},{"id":"7f489d7d-cc1a-4537-a8dc-cfcf3a17625f","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":90,"box":{"x":76,"y":826,"width":898,"height":11}},{"id":"7043f122-fa27-4e5a-b027-6c6da09cc177","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":90,"box":{"x":76,"y":840,"width":884,"height":11}},{"id":"b089483f-5c9a-4c99-8a30-185767c21e82","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":90,"box":{"x":77,"y":855,"width":880,"height":10}},{"id":"6702d065-c38b-40a4-8f21-9c2f756bff5b","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":90,"box":{"x":77,"y":869,"width":898,"height":11}},{"id":"037917e5-9407-4dd1-8d6e-b3df9bcbf408","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":90,"box":{"x":76,"y":883,"width":866,"height":11}},{"id":"71de07f6-6e19-401f-8485-35dd85aaf5e8","block_type":"box","text":"15","page_number":90,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"30cfef2b-ddfe-4de6-b9d1-e0db7584d12c","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":91,"box":{"x":76,"y":23,"width":906,"height":11}},{"id":"d815415a-e9c9-4c34-b3e4-990b03fdb1db","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":91,"box":{"x":76,"y":37,"width":904,"height":11}},{"id":"5fb348f5-de75-4163-b413-2c3201fc6cd7","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":91,"box":{"x":76,"y":52,"width":885,"height":10}},{"id":"7da1cf4e-03a1-4d82-82e3-3c76705bd55b","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":91,"box":{"x":77,"y":66,"width":872,"height":11}},{"id":"c68b88a2-106a-4331-b8b5-84db1dc62a6c","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":91,"box":{"x":76,"y":80,"width":855,"height":11}},{"id":"614de951-8373-4115-95c0-f72d76f90ab4","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":91,"box":{"x":76,"y":94,"width":857,"height":11}},{"id":"4eff4a4f-382a-41a2-9124-79ec540ce4f8","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":91,"box":{"x":76,"y":108,"width":897,"height":11}},{"id":"9c576e74-032a-40fc-aae1-201d886dc2cd","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":91,"box":{"x":76,"y":122,"width":886,"height":11}},{"id":"8863ac81-5d0c-42d9-9395-51f2d74ebc2d","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":91,"box":{"x":76,"y":137,"width":876,"height":10}},{"id":"44003748-f137-4276-8bb9-ba47c06151fe","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":91,"box":{"x":76,"y":151,"width":585,"height":11}},{"id":"eb0bd493-1b64-4ebf-8140-5c1cf3e8d1b5","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":91,"box":{"x":76,"y":174,"width":864,"height":11}},{"id":"b600d2ce-e1e8-4042-bd8c-3de0d7248e57","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":91,"box":{"x":76,"y":188,"width":889,"height":11}},{"id":"6747ab55-eb2c-4094-be3e-5e3977f1a30d","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":91,"box":{"x":77,"y":202,"width":839,"height":11}},{"id":"cec132db-8dcf-4858-94a5-54430ae8cfaf","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":91,"box":{"x":76,"y":217,"width":862,"height":10}},{"id":"d27186d8-1e2b-4205-b80b-000234986b46","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":91,"box":{"x":77,"y":231,"width":863,"height":11}},{"id":"6b7ddc45-0d37-4282-962e-23cc9da9decf","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":91,"box":{"x":76,"y":245,"width":871,"height":11}},{"id":"eab58078-a254-4eee-85a0-4b041eb75752","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":91,"box":{"x":76,"y":259,"width":895,"height":11}},{"id":"17bc8ceb-5336-45b1-9825-d68c6f1776d8","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":91,"box":{"x":76,"y":273,"width":882,"height":11}},{"id":"83d16a85-c904-4a0c-9cf3-05b3314d9232","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":91,"box":{"x":76,"y":287,"width":659,"height":11}},{"id":"f64ad5c5-39cb-4395-8bba-05fe85b9e59f","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":91,"box":{"x":77,"y":311,"width":830,"height":10}},{"id":"8a7a64e8-0ed0-4369-8df3-96c79d52950d","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":91,"box":{"x":75,"y":325,"width":905,"height":11}},{"id":"3e63968b-4601-4181-96b3-9d5aaf52958b","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":91,"box":{"x":77,"y":339,"width":756,"height":11}},{"id":"9cf60643-09ca-4a93-bf43-da143046b44a","block_type":"box","text":"Ownership Limitations Risk.","page_number":91,"box":{"x":76,"y":362,"width":195,"height":11}},{"id":"2b9dc9dd-8208-455b-8676-fd684aa18a1f","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":91,"box":{"x":277,"y":362,"width":697,"height":11}},{"id":"9a9f2cc8-82c9-4c46-bce4-746c59f9ee91","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":91,"box":{"x":77,"y":376,"width":900,"height":11}},{"id":"2fda6574-22bf-4f15-a759-f066b91e67ca","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":91,"box":{"x":76,"y":391,"width":851,"height":10}},{"id":"d22382f3-13f6-4325-9d18-64c918b9f193","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":91,"box":{"x":77,"y":405,"width":866,"height":11}},{"id":"2be9e4e5-caa9-497e-a1f0-a159d5fe8a44","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":91,"box":{"x":76,"y":419,"width":903,"height":11}},{"id":"18031f1d-4588-4b6e-b5dd-aaeebd114368","block_type":"box","text":"holdings.","page_number":91,"box":{"x":77,"y":433,"width":55,"height":11}},{"id":"1909b59a-b2e4-4987-9abf-4014d3285e18","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":91,"box":{"x":77,"y":456,"width":851,"height":11}},{"id":"a624b642-61bb-4e96-807e-14045f58b024","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":91,"box":{"x":76,"y":470,"width":890,"height":11}},{"id":"fcab8b28-b9eb-404c-850d-d74dbaa4c5fd","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":91,"box":{"x":76,"y":485,"width":870,"height":10}},{"id":"661943b6-ed79-4c28-81cf-e91ddb086f18","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":91,"box":{"x":76,"y":499,"width":884,"height":11}},{"id":"aecda277-a4c2-4377-a7f3-9e2da06de924","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":91,"box":{"x":76,"y":513,"width":906,"height":11}},{"id":"3f18b032-b484-4152-b9d7-d10e4d3fc0db","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":91,"box":{"x":76,"y":527,"width":886,"height":11}},{"id":"e355d293-eedc-4e07-be24-7a107d180773","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":91,"box":{"x":76,"y":541,"width":896,"height":11}},{"id":"d30625b4-ff83-480d-9e3b-2973b5100b6a","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":91,"box":{"x":76,"y":565,"width":885,"height":10}},{"id":"be327e3c-c55f-4bae-9c07-0c9599017bbb","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or","page_number":91,"box":{"x":76,"y":579,"width":821,"height":11}},{"id":"94ee81de-5955-4e20-9e57-def83ac598e2","block_type":"box","text":"non-disapproval that was obtained.","page_number":91,"box":{"x":76,"y":593,"width":224,"height":11}},{"id":"295691e6-2f0a-4367-909c-30ad1b5ec62d","block_type":"box","text":"Prepayment Risk.","page_number":91,"box":{"x":77,"y":616,"width":120,"height":11}},{"id":"9b57a223-22c8-4b4f-85f1-ab1d955c55fd","block_type":"box","text":"During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the debt","page_number":91,"box":{"x":203,"y":616,"width":705,"height":11}},{"id":"60e3bb1c-8dbf-4547-8f2f-236dccf4ec32","block_type":"box","text":"obligation’s maturity, which may cause a Fund to have to reinvest in instruments with lower yields or a higher risk of default, resulting in a","page_number":91,"box":{"x":76,"y":630,"width":880,"height":11}},{"id":"db82142e-e38e-41d5-8d18-c854a29b5be0","block_type":"box","text":"decline in a Fund’s income or return potential. Also, if an obligation subject to prepayment was purchased at a premium, the value of the","page_number":91,"box":{"x":76,"y":644,"width":873,"height":11}},{"id":"a778cf81-7d1f-4385-a2de-ecba3344e9e5","block_type":"box","text":"premium would be lost in the event of prepayment.","page_number":91,"box":{"x":76,"y":659,"width":325,"height":10}},{"id":"7efd00f6-51c9-4075-9974-6b1b836e682c","block_type":"box","text":"Privately Issued Securities Risk.","page_number":91,"box":{"x":77,"y":682,"width":222,"height":11}},{"id":"017f1ece-0d6a-49eb-b754-0b6f936f5b97","block_type":"box","text":"Privately issued securities are securities that have not been registered under the 1933 Act, including","page_number":91,"box":{"x":305,"y":682,"width":643,"height":11}},{"id":"4a086099-749c-4cfa-b39b-756f8ed324bf","block_type":"box","text":"securities that are normally purchased pursuant to Rule 144A or Regulation S under the 1933 Act. Such securities typically are subject to","page_number":91,"box":{"x":76,"y":696,"width":876,"height":11}},{"id":"5e002f02-4cf3-4945-8197-32b837469840","block_type":"box","text":"legal restrictions on resale and generally are not traded in established public markets. As a result, privately issued securities may be deemed","page_number":91,"box":{"x":77,"y":710,"width":899,"height":11}},{"id":"ff7824d3-7821-4839-a1f9-e67b57c06d56","block_type":"box","text":"to be illiquid investments, may be more difficult to value than publicly traded securities, may be subject to wide fluctuations in value and may","page_number":91,"box":{"x":76,"y":724,"width":903,"height":11}},{"id":"e4c5e6ec-955e-4c2f-9b2a-fee32a7f6453","block_type":"box","text":"have higher transaction costs. There can be no assurance that a trading market will exist at any time for any particular privately issued","page_number":91,"box":{"x":77,"y":739,"width":858,"height":10}},{"id":"527750d7-730e-4471-ad40-7ded22d4ac42","block_type":"box","text":"security, especially under adverse market or economic conditions or if there are adverse events related to the issuer. Because there may be","page_number":91,"box":{"x":76,"y":753,"width":895,"height":11}},{"id":"896ff189-afaf-4cae-b0cf-11e0ce231d63","block_type":"box","text":"relatively few potential purchasers for privately issued securities, a Fund may find it more difficult to sell such securities when it may be","page_number":91,"box":{"x":77,"y":767,"width":865,"height":11}},{"id":"dfe881d5-a7e8-40ed-ac3e-e4eb83e5829b","block_type":"box","text":"advisable to do so, or a Fund may be able to sell such securities only at prices that are lower than if such securities were more widely held","page_number":91,"box":{"x":76,"y":781,"width":882,"height":11}},{"id":"3a284bdd-6c15-4ba4-adc8-919d8567d812","block_type":"box","text":"and traded. Difficulty in selling such securities at a desirable time or price may result in a loss to a Fund.","page_number":91,"box":{"x":76,"y":795,"width":665,"height":11}},{"id":"cd6899b5-f18d-4b91-97b3-685357e118ce","block_type":"box","text":"At times, it may be more difficult to determine the fair value of privately issued securities for purposes of computing a Fund’s NAV due to the","page_number":91,"box":{"x":76,"y":819,"width":899,"height":10}},{"id":"d98f874a-33e8-4d09-a385-17eab84c6dcc","block_type":"box","text":"absence of an active trading market. There can be no assurance that a privately issued security that is deemed to be liquid when purchased","page_number":91,"box":{"x":76,"y":833,"width":892,"height":11}},{"id":"4066ce52-e797-47ac-96a3-fe9131727652","block_type":"box","text":"will continue to be liquid for as long as it is held by a Fund, and its value may decline as a result, which may adversely affect the Fund.","page_number":91,"box":{"x":76,"y":847,"width":853,"height":11}},{"id":"421489ac-8401-48d2-ba28-4d4fca05db02","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":91,"box":{"x":77,"y":870,"width":235,"height":11}},{"id":"061328dd-1194-458f-b18f-f25206a7bd99","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":91,"box":{"x":317,"y":870,"width":636,"height":11}},{"id":"9dc5a5f7-53b3-439b-8307-1047e9d283fc","block_type":"box","text":"reduction in spending on the products and services of these countries or regions, the institution of tariffs or other trade barriers by a key","page_number":91,"box":{"x":77,"y":884,"width":873,"height":11}},{"id":"fe5a825e-841a-4ab1-b3e3-e59141c44b8d","block_type":"box","text":"16","page_number":91,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"c4da60a5-e31f-4531-a885-ab92b713507b","block_type":"box","text":"trading partner or a slowdown in the economy of a key trading partner may cause an adverse impact on the economies of such countries or","page_number":92,"box":{"x":76,"y":23,"width":893,"height":11}},{"id":"ec344dc2-0838-4af5-935d-06fbb2f7b62e","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":92,"box":{"x":77,"y":37,"width":681,"height":11}},{"id":"f5d693f6-0aeb-4301-8cff-25d43582f4b2","block_type":"box","text":"Risk of Investing in China.","page_number":92,"box":{"x":77,"y":60,"width":178,"height":11}},{"id":"bf2337f4-24f8-45a3-8321-a7697c9220f7","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":92,"box":{"x":261,"y":61,"width":711,"height":10}},{"id":"dbb99a98-1dac-478e-a138-2ea0af2919e6","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":92,"box":{"x":76,"y":75,"width":708,"height":11}},{"id":"87a92592-f0b5-4285-81fa-b0ff8f46a212","block_type":"box","text":"Political and Social Risk.","page_number":92,"box":{"x":76,"y":98,"width":151,"height":8}},{"id":"5f43c9e3-b466-4282-ab3c-4ae8285d1df1","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":92,"box":{"x":233,"y":98,"width":713,"height":11}},{"id":"38d4b692-671d-47cf-8718-7c6b8ae1211f","block_type":"box","text":"wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to","page_number":92,"box":{"x":76,"y":112,"width":839,"height":11}},{"id":"8f0c24f4-d63c-4e3b-a064-232d912a46af","block_type":"box","text":"experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and Xinjiang. There is also a","page_number":92,"box":{"x":76,"y":126,"width":888,"height":11}},{"id":"14f08db3-fedd-4555-aa46-f417eb1ee59b","block_type":"box","text":"greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher","page_number":92,"box":{"x":76,"y":140,"width":892,"height":11}},{"id":"fe55ced6-06b4-4374-a3d8-2a60593f5b49","block_type":"box","text":"rates of inflation as a result of internal social unrest or conflicts with other countries. Unanticipated political or social developments may","page_number":92,"box":{"x":77,"y":155,"width":873,"height":10}},{"id":"47bc1474-9fc0-4970-9145-30198c4020e8","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":92,"box":{"x":77,"y":169,"width":888,"height":11}},{"id":"bb3d4052-e68a-4641-aeac-0521d604f763","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":92,"box":{"x":76,"y":183,"width":345,"height":11}},{"id":"2378bf17-c7d8-463b-b35a-a174858df4a5","block_type":"box","text":"Government Control and Regulations.","page_number":92,"box":{"x":76,"y":206,"width":234,"height":11}},{"id":"4a8d58b4-e732-4d80-a298-099b46e0d83c","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":92,"box":{"x":317,"y":206,"width":659,"height":11}},{"id":"52f45e37-12a0-45db-84d4-40d6b51fe5ea","block_type":"box","text":"government control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. China has","page_number":92,"box":{"x":76,"y":220,"width":889,"height":11}},{"id":"cfe095f5-9f18-49db-af7a-f97df44800e7","block_type":"box","text":"restrictions on investment in companies or industries deemed to be sensitive to particular national interests, trading of securities of Chinese","page_number":92,"box":{"x":77,"y":235,"width":898,"height":10}},{"id":"ba213e3a-d843-4d68-844f-9900f3704713","block_type":"box","text":"issuers, foreign ownership of Chinese corporations and/or the repatriation of assets by foreign investors. Restrictions on foreign ownership","page_number":92,"box":{"x":76,"y":249,"width":894,"height":11}},{"id":"e72b0e1d-a9a7-4eaf-ba69-00858f4ae533","block_type":"box","text":"of Chinese securities may have adverse effects on a Fund’s liquidity and performance and could lead to higher tracking error. Chinese","page_number":92,"box":{"x":76,"y":263,"width":855,"height":11}},{"id":"1ab27bef-c53d-4329-83cc-68e1293d541c","block_type":"box","text":"government intervention in the market may have a negative impact on market sentiment, which may in turn affect the performance of the","page_number":92,"box":{"x":76,"y":277,"width":880,"height":11}},{"id":"397f2b54-0376-43c1-86b8-1b8f64533822","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":92,"box":{"x":76,"y":291,"width":850,"height":11}},{"id":"0ef25b01-a832-4d71-9b08-fc26325e170c","block_type":"box","text":"information, and political and social instability and may be subject to volatility and pricing anomalies resulting from governmental influence.","page_number":92,"box":{"x":76,"y":305,"width":893,"height":11}},{"id":"cf1ed4a7-23fe-4450-ae77-c708ce21495b","block_type":"box","text":"Chinese companies, such as those in the financial services, technology and potentially other sectors, are also subject to the risk that Chinese","page_number":92,"box":{"x":76,"y":320,"width":905,"height":10}},{"id":"989c79cb-83df-4de7-a944-d35a7066bfb5","block_type":"box","text":"authorities can intervene in their operations and structure, which may negatively affect the value of a Fund’s investments.","page_number":92,"box":{"x":76,"y":334,"width":778,"height":11}},{"id":"cff282a2-478b-4c7a-8866-447b45144da4","block_type":"box","text":"Economic Risk.","page_number":92,"box":{"x":76,"y":357,"width":94,"height":8}},{"id":"82a9b207-c4db-4339-ab6f-9bb0e974a5e4","block_type":"box","text":"The Chinese economy is highly reliant on trade and may be adversely affected by, among other things, a deterioration in","page_number":92,"box":{"x":176,"y":357,"width":766,"height":11}},{"id":"3d6d1ed7-da13-47f3-9a58-4ff7e9b6f195","block_type":"box","text":"global demand and spending for Chinese exports or a contraction in spending on domestic goods by Chinese consumers. The institution of","page_number":92,"box":{"x":76,"y":371,"width":887,"height":11}},{"id":"966c9ecd-1dd1-40d2-b50f-1a46022cfed4","block_type":"box","text":"additional tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to","page_number":92,"box":{"x":76,"y":385,"width":869,"height":11}},{"id":"79352129-ba10-4a7a-942c-4f25b324b2eb","block_type":"box","text":"actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact","page_number":92,"box":{"x":76,"y":400,"width":893,"height":10}},{"id":"cc434319-9eee-467a-a19a-20a1b69ac6cb","block_type":"box","text":"on the Chinese economy and companies in which a Fund invests. The current political climate has intensified concerns about a potential","page_number":92,"box":{"x":76,"y":414,"width":871,"height":11}},{"id":"d9eb8d1b-4ccd-4d4e-8a4d-f090d7163359","block_type":"box","text":"trade war between China and the U.S. as each country has imposed tariffs on the other. These actions and their consequences (which are","page_number":92,"box":{"x":76,"y":428,"width":881,"height":11}},{"id":"9ddc3e42-9433-44fe-ab39-b4b96662d384","block_type":"box","text":"difficult to predict) could have a negative impact on a Fund’s performance. It is unclear whether further tariffs or other escalating actions","page_number":92,"box":{"x":76,"y":442,"width":876,"height":11}},{"id":"80ed821a-f9d4-4bf8-940e-83305efca6a9","block_type":"box","text":"may occur.","page_number":92,"box":{"x":76,"y":459,"width":69,"height":8}},{"id":"3ba4a1ba-8ba1-4959-925e-b83d1e9e36dc","block_type":"box","text":"In addition, certain Chinese companies (which may change from time to time) are directly or indirectly subject to economic or trade","page_number":92,"box":{"x":77,"y":479,"width":840,"height":11}},{"id":"885908b1-4e45-4110-9127-1b22678fab45","block_type":"box","text":"restrictions imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. For","page_number":92,"box":{"x":77,"y":494,"width":872,"height":11}},{"id":"aa961a7f-6410-43b4-bc7a-aab62afeebdc","block_type":"box","text":"example, certain foreign technology companies are subject to export controls as those companies are believed to pose a risk to U.S.","page_number":92,"box":{"x":76,"y":508,"width":848,"height":11}},{"id":"fdf91cc1-da15-4ccf-be97-d546e4beb5c9","block_type":"box","text":"interests. The U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":92,"box":{"x":76,"y":522,"width":893,"height":11}},{"id":"ebc8ffde-7580-404b-9776-a2c0290e031e","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that targets","page_number":92,"box":{"x":76,"y":536,"width":898,"height":11}},{"id":"a8181a19-3a8d-4372-83f4-905be14d41c5","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":92,"box":{"x":76,"y":550,"width":863,"height":11}},{"id":"a212309e-c4b6-44ba-b5eb-0bbb59e253c9","block_type":"box","text":"Fund’s Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed","page_number":92,"box":{"x":77,"y":565,"width":897,"height":10}},{"id":"8108094b-9dc7-497a-8f5d-a9779810e0f6","block_type":"box","text":"by the U.S. or other governments. So long as these restrictions do not include restrictions on investments, a Fund is generally expected to","page_number":92,"box":{"x":76,"y":579,"width":884,"height":11}},{"id":"effd3caf-cc0a-4d9c-972b-00361fe74e09","block_type":"box","text":"invest in such companies, consistent with its objective to track the performance of its Underlying Index. Other economic challenges for China","page_number":92,"box":{"x":76,"y":593,"width":905,"height":11}},{"id":"c9cf7fde-cb3f-43d4-807f-ed7308063704","block_type":"box","text":"include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its","page_number":92,"box":{"x":76,"y":607,"width":893,"height":11}},{"id":"b885b120-7a7b-43b9-a860-c4da5e49931a","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":92,"box":{"x":76,"y":621,"width":578,"height":11}},{"id":"df7c9fa7-67c9-49ce-b261-482bdab2766d","block_type":"box","text":"Expropriation Risk.","page_number":92,"box":{"x":76,"y":645,"width":116,"height":10}},{"id":"8396f69f-5f2c-48b7-8137-08ad1273f8f2","block_type":"box","text":"The Chinese government maintains a major role in economic policymaking, and investing in China involves risk of loss due","page_number":92,"box":{"x":198,"y":644,"width":781,"height":11}},{"id":"df4d761b-a361-47c3-9ccb-d5f0c96ed0bc","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":92,"box":{"x":76,"y":659,"width":841,"height":11}},{"id":"863f8c99-64c2-4f16-aad1-1d2fde8cdb38","block_type":"box","text":"repatriation of capital invested.","page_number":92,"box":{"x":77,"y":673,"width":198,"height":11}},{"id":"e0322887-4b0f-43ca-aac0-2428d36ed01c","block_type":"box","text":"Security Risk.","page_number":92,"box":{"x":76,"y":696,"width":83,"height":11}},{"id":"83aa4ca4-f861-42b2-92b7-0c7305907dfb","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":92,"box":{"x":166,"y":696,"width":770,"height":11}},{"id":"d02f2794-f815-44d5-9123-eab252c01543","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":92,"box":{"x":76,"y":710,"width":848,"height":11}},{"id":"18b32478-d56a-4e12-9684-e94bc7d4b3e1","block_type":"box","text":"sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The Chinese military has conducted military","page_number":92,"box":{"x":76,"y":724,"width":898,"height":11}},{"id":"77a87fb9-02e3-4fdf-9aae-be8b0c7c8bb8","block_type":"box","text":"drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based companies and individuals are significant investors in China.","page_number":92,"box":{"x":76,"y":739,"width":886,"height":10}},{"id":"24e4f987-65ef-4151-a694-b89f0fa427ee","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on their economies and markets and on the value of a Fund’s","page_number":92,"box":{"x":76,"y":753,"width":879,"height":11}},{"id":"bc80185c-5fb1-4d05-8f30-a23b569747af","block_type":"box","text":"investments in China, Taiwan or the region, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may","page_number":92,"box":{"x":76,"y":767,"width":887,"height":11}},{"id":"f89e800e-a543-4c85-a561-89feebf1cba9","block_type":"box","text":"otherwise make such investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a","page_number":92,"box":{"x":76,"y":781,"width":883,"height":11}},{"id":"84a0b5dc-6c6d-4381-82c1-75f95932bda9","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":92,"box":{"x":77,"y":795,"width":353,"height":11}},{"id":"80d8e262-77d8-4b18-a902-36281290170c","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":92,"box":{"x":76,"y":819,"width":866,"height":10}},{"id":"7e962359-5d92-46c3-bd95-104aceaf81c9","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":92,"box":{"x":76,"y":833,"width":876,"height":11}},{"id":"3bbe48d9-5043-4573-b10e-00a363284e57","block_type":"box","text":"controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers in","page_number":92,"box":{"x":76,"y":847,"width":871,"height":11}},{"id":"f868a77b-d927-435d-9d6d-5d89134b5861","block_type":"box","text":"which a Fund invests. It may be impossible or impracticable for a Fund to hold, transact in or value securities of sanctioned companies, and","page_number":92,"box":{"x":76,"y":861,"width":891,"height":11}},{"id":"2f091712-a818-4c8b-8c42-b64bd1c22118","block_type":"box","text":"there may be a significant decrease in the valuation of such securities. Relations between China’s Han ethnic majority and other ethnic","page_number":92,"box":{"x":76,"y":875,"width":863,"height":11}},{"id":"a2629849-5e00-4d61-b3da-6cacfd297fa5","block_type":"box","text":"17","page_number":92,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"71fb43b4-49e4-4de9-baa6-7716a280b234","block_type":"box","text":"groups in China, including Tibetans and Uighurs, are also strained and have been marked, historically, by protests and violence. These","page_number":93,"box":{"x":76,"y":23,"width":855,"height":11}},{"id":"97d5293a-0321-498d-a5b8-9876becaba27","block_type":"box","text":"situations may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy. In addition, conflict on the Korean","page_number":93,"box":{"x":76,"y":37,"width":893,"height":11}},{"id":"b5c8c402-c732-4dae-8d26-48473a9cab05","block_type":"box","text":"Peninsula could adversely affect the Chinese economy. Such risks, among others, may adversely affect the value of a Fund’s investments.","page_number":93,"box":{"x":77,"y":51,"width":879,"height":11}},{"id":"57ea73f5-fbe5-43bf-81a8-12dfc6703e03","block_type":"box","text":"Chinese Equity Markets.","page_number":93,"box":{"x":76,"y":75,"width":151,"height":10}},{"id":"b3865714-c1a7-4cb0-8e62-73570aace0d3","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or","page_number":93,"box":{"x":233,"y":75,"width":709,"height":11}},{"id":"01230cdb-7740-44b6-b1f9-99b73aecc5ad","block_type":"box","text":"P-Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or","page_number":93,"box":{"x":77,"y":89,"width":885,"height":11}},{"id":"bcbad094-3dd1-44d4-bff4-810b24acac7a","block_type":"box","text":"P-Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":93,"box":{"x":77,"y":103,"width":899,"height":11}},{"id":"78d48ac8-21e7-4299-95cf-7547bd6f0e5b","block_type":"box","text":"Chinese company issues Red-Chips or P-Chips to obtain quick access to international listing and international capital. These share","page_number":93,"box":{"x":76,"y":117,"width":834,"height":11}},{"id":"d5f14cb8-d1d3-49b9-8fc9-b1e5d69ce0fa","block_type":"box","text":"mechanisms are subject to the political and economic policies in China. In the Chinese securities markets, a small number of issuers may","page_number":93,"box":{"x":76,"y":131,"width":880,"height":11}},{"id":"852370ef-7265-450f-b9e6-34d9f1c243c4","block_type":"box","text":"represent a large portion of the entire market. The Chinese securities markets also may be subject to more frequent trading halts, low trading","page_number":93,"box":{"x":77,"y":146,"width":905,"height":10}},{"id":"044988e3-1d08-41d3-b596-9b4431356162","block_type":"box","text":"volume and price volatility.","page_number":93,"box":{"x":76,"y":160,"width":170,"height":11}},{"id":"287e22dc-c1c2-4d6c-a47c-1f0321bb0211","block_type":"box","text":"Hong Kong Political Risk.","page_number":93,"box":{"x":76,"y":183,"width":154,"height":11}},{"id":"25967c60-0279-4a8a-9427-4c06ee035b92","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":93,"box":{"x":237,"y":183,"width":692,"height":11}},{"id":"2cf3a95f-a5b7-4b83-9d4f-b48de9a82558","block_type":"box","text":"People’s Republic of China (“PRC”) under the principle of “one country, two systems.” Although China is obligated by treaty to maintain the","page_number":93,"box":{"x":77,"y":197,"width":887,"height":11}},{"id":"4cffde5a-8709-4c48-9fcd-91fc38eddb13","block_type":"box","text":"current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms","page_number":93,"box":{"x":76,"y":211,"width":861,"height":11}},{"id":"6294fff4-2dba-42bc-8410-c28ab17b0322","block_type":"box","text":"enjoyed in Hong Kong is dependent on the government of China. Hong Kong has experienced protests and unrest related to China’s control,","page_number":93,"box":{"x":76,"y":226,"width":895,"height":10}},{"id":"787d89f1-1a03-4207-a1ec-c14b563e1490","block_type":"box","text":"and tensions have increased between China and Hong Kong. Due to the interconnected nature of the Hong Kong and Chinese economies,","page_number":93,"box":{"x":76,"y":240,"width":881,"height":11}},{"id":"14d613fc-2661-48f2-903a-bf975b90532c","block_type":"box","text":"instability in Hong Kong may adversely affect the Hong Kong and Chinese markets. Other countries’ perceptions of the degree of","page_number":93,"box":{"x":76,"y":254,"width":823,"height":11}},{"id":"5a95265d-6ee9-4765-b6c6-766a8959cb6d","block_type":"box","text":"convergence between China and Hong Kong, such as with respect to trade, and resulting actions also may impact both economies. In","page_number":93,"box":{"x":76,"y":268,"width":853,"height":11}},{"id":"4bc25ea8-08a9-46bc-8484-e4c963e1b2ef","block_type":"box","text":"addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or is “pegged” to) the U.S. dollar, which has contributed to the","page_number":93,"box":{"x":76,"y":282,"width":888,"height":11}},{"id":"12e5e949-3a9d-49f1-9fd6-ee9c7a18f059","block_type":"box","text":"growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the","page_number":93,"box":{"x":76,"y":296,"width":838,"height":11}},{"id":"41e4076f-5812-424e-b3fa-f8688bcc70c5","block_type":"box","text":"establishment of an alternative exchange rate system would have on Hong Kong’s economy. Such a change could result in a decline in a","page_number":93,"box":{"x":76,"y":311,"width":869,"height":10}},{"id":"2906d561-fbe0-4298-86ec-8082718aa4fa","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":93,"box":{"x":77,"y":325,"width":384,"height":8}},{"id":"425c90ef-d04d-4dc0-ad33-209c139afb4b","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":93,"box":{"x":76,"y":348,"width":376,"height":11}},{"id":"ab13232d-6f1f-40fa-97eb-7883e2322d9c","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":93,"box":{"x":459,"y":348,"width":462,"height":11}},{"id":"abeddebb-7df0-4b7f-b3df-3e76c09def2b","block_type":"box","text":"exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more","page_number":93,"box":{"x":76,"y":362,"width":896,"height":11}},{"id":"cad6f304-b0e2-4ca3-82fd-ade057e88526","block_type":"box","text":"developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete.","page_number":93,"box":{"x":76,"y":376,"width":855,"height":11}},{"id":"28468c52-e731-4c8f-91a1-e5a726b7e395","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor","page_number":93,"box":{"x":76,"y":391,"width":864,"height":10}},{"id":"e531f3fd-f96b-4122-b897-4e6281aa5c60","block_type":"box","text":"oversight requirements, or for other reasons, which would significantly decrease the liquidity and value of the securities. There may be","page_number":93,"box":{"x":76,"y":405,"width":859,"height":11}},{"id":"5c91ff6b-a0f6-47c4-802c-777449a56d8c","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":93,"box":{"x":76,"y":419,"width":876,"height":11}},{"id":"2ad2db51-9645-4c6b-afb0-83eaf990dc36","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":93,"box":{"x":76,"y":433,"width":738,"height":11}},{"id":"927b4e0e-0162-4fb4-bad7-934549740a3c","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of foreign ownership","page_number":93,"box":{"x":77,"y":456,"width":888,"height":11}},{"id":"ff1a5356-27dc-4b0c-ac3c-803f2b37f8b6","block_type":"box","text":"restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public","page_number":93,"box":{"x":77,"y":470,"width":869,"height":11}},{"id":"56d21509-738d-44ca-a6be-79da0619c232","block_type":"box","text":"shareholders. When a VIE structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity securities of the","page_number":93,"box":{"x":76,"y":485,"width":888,"height":10}},{"id":"bf29c33b-901d-4efe-a7e2-ca9ad12d02eb","block_type":"box","text":"Chinese company, the U.S.-listed shell company directly or indirectly enters into contracts with the Chinese operating company under","page_number":93,"box":{"x":76,"y":499,"width":858,"height":11}},{"id":"322f50de-107d-4a10-bf9d-a894f646fb6f","block_type":"box","text":"Chinese law. These contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":93,"box":{"x":76,"y":513,"width":852,"height":11}},{"id":"fb56bca5-45cc-40f7-b5c0-d0aa6fb59085","block_type":"box","text":"represent equity ownership in the operating company.","page_number":93,"box":{"x":77,"y":527,"width":344,"height":11}},{"id":"6a3d0270-16df-4f3d-b430-ed49e10039ce","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally recognized under","page_number":93,"box":{"x":76,"y":550,"width":888,"height":11}},{"id":"fc643896-0e0d-4a28-9d68-a68b38a7459a","block_type":"box","text":"Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based companies raising capital offshore,","page_number":93,"box":{"x":76,"y":565,"width":906,"height":10}},{"id":"76fceed5-fea8-48fe-a520-41ebc040eab8","block_type":"box","text":"including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE","page_number":93,"box":{"x":76,"y":579,"width":849,"height":11}},{"id":"2343e24e-fcb2-43be-9a8c-975da9c82b61","block_type":"box","text":"structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo","page_number":93,"box":{"x":76,"y":593,"width":890,"height":11}},{"id":"e9d2ff96-ede1-45ed-af38-aff8e2ef4c46","block_type":"box","text":"greater scrutiny and add costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":93,"box":{"x":76,"y":607,"width":855,"height":11}},{"id":"a44753f2-1ba3-4cba-a8de-b64cbaef699e","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s business in China, the","page_number":93,"box":{"x":76,"y":621,"width":898,"height":11}},{"id":"befe34ec-d59c-4ce8-ba87-d61b75fdd000","block_type":"box","text":"enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock.","page_number":93,"box":{"x":76,"y":635,"width":892,"height":11}},{"id":"d1ddd7df-8b13-4501-a38b-662bef7af9ca","block_type":"box","text":"Further, the VIE contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":93,"box":{"x":77,"y":650,"width":879,"height":10}},{"id":"e3b08a92-1206-4080-bc92-7d32617815c4","block_type":"box","text":"shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":93,"box":{"x":76,"y":664,"width":904,"height":11}},{"id":"715deda8-9c2a-4ef4-bfbc-304e4e806072","block_type":"box","text":"arrangements or the legal or regulatory environment in China, generally or with respect to specific industries, could result in significant, and","page_number":93,"box":{"x":76,"y":678,"width":894,"height":11}},{"id":"87a3ee0a-562c-4e41-b9be-f837bde0f683","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":93,"box":{"x":76,"y":692,"width":324,"height":11}},{"id":"07321942-bcad-49d3-b5fd-a2f07fb9a021","block_type":"box","text":"Risk of Investing in the China Bond Market.","page_number":93,"box":{"x":77,"y":715,"width":299,"height":11}},{"id":"a03c35ac-c545-4ebe-bbd7-0592b4abd44f","block_type":"box","text":"A Fund’s investment in the China Interbank Bond Market occurs through the Bond Connect","page_number":93,"box":{"x":381,"y":715,"width":585,"height":11}},{"id":"2ed5de6d-d0d7-4ea8-934e-f72b9a40e7c1","block_type":"box","text":"trading channel, which allows eligible foreign investors to trade electronically between the mainland China and Hong Kong markets. Bonds","page_number":93,"box":{"x":76,"y":730,"width":885,"height":10}},{"id":"16dfcfaa-5af8-40a3-8c3c-d1322d335603","block_type":"box","text":"traded through Bond Connect are settled and custodied through a link between CMU, as an offshore custody agent, and China Central","page_number":93,"box":{"x":76,"y":744,"width":859,"height":11}},{"id":"f7e91ca0-4342-453d-9187-ff2e169debbb","block_type":"box","text":"Depository & Clearing (“CCDC”) and Shanghai Clearing House (“SCH”), as onshore custodians and clearing institutions in the PRC. All bonds","page_number":93,"box":{"x":77,"y":758,"width":897,"height":11}},{"id":"2c268816-e552-4434-9247-fda90515f7b4","block_type":"box","text":"traded by eligible foreign investors through Bond Connect are registered in the name of CMU, which holds such bonds as a nominee owner. A","page_number":93,"box":{"x":76,"y":772,"width":905,"height":11}},{"id":"9a0b4ef7-c56f-4654-b094-96c0c794747c","block_type":"box","text":"Fund is thus exposed to custody risks with respect to CMU. In addition, the relevant filings, registration with the People’s Bank of China, and","page_number":93,"box":{"x":77,"y":786,"width":896,"height":11}},{"id":"42ea0b7b-1a88-4071-957f-b29877065172","block_type":"box","text":"account opening must be carried out by third parties, including CMU, CCDC, and SCH. A Fund is thus subject to the risks of default, errors","page_number":93,"box":{"x":76,"y":800,"width":885,"height":11}},{"id":"4133e46a-a6bd-4e98-94f1-29ae6ccaacfe","block_type":"box","text":"and omissions by such third parties and may have limited remedies or no legal recourse at all to cure any defaults, errors and omissions.","page_number":93,"box":{"x":76,"y":815,"width":873,"height":10}},{"id":"abc943b9-d9ac-4a7d-b24e-b2a6e93889f8","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of bonds traded in the China Interbank Bond Market through CMU as","page_number":93,"box":{"x":76,"y":838,"width":848,"height":11}},{"id":"378df951-eb4b-4fe0-a096-86b2dd713a03","block_type":"box","text":"nominee are relatively new and untested areas of PRC law. The definition of, and distinction between, legal ownership and beneficial","page_number":93,"box":{"x":76,"y":852,"width":844,"height":11}},{"id":"a98157bb-917d-4ce3-85e4-85403396d219","block_type":"box","text":"ownership under PRC law differs from that in the U.S. and other developed market jurisdictions, and there have been few cases involving a","page_number":93,"box":{"x":76,"y":866,"width":886,"height":11}},{"id":"77061ef3-197c-4e1e-8c6f-89a7ebf3dbf3","block_type":"box","text":"18","page_number":93,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"460ac4b5-0976-4b11-a0e9-6a0f82d38b0e","block_type":"box","text":"nominee account structure in the PRC courts. As a result, the rights of beneficial owners are uncertain. The exact nature of a Fund’s","page_number":94,"box":{"x":76,"y":23,"width":844,"height":11}},{"id":"65eaadb8-e4a4-4544-8116-bf80f13e1942","block_type":"box","text":"remedies and methods of enforcement of its rights and interests under PRC law are also uncertain.","page_number":94,"box":{"x":77,"y":37,"width":632,"height":11}},{"id":"941c22b7-d646-4169-b691-3e023952b08f","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market may result in","page_number":94,"box":{"x":77,"y":61,"width":886,"height":10}},{"id":"b61ad57c-1189-41ec-b462-dd62280f55f8","block_type":"box","text":"the prices of certain bonds fluctuating significantly. A Fund that invests in the China Interbank Bond Market is therefore subject to liquidity","page_number":94,"box":{"x":76,"y":75,"width":887,"height":11}},{"id":"001631c6-504d-4f18-aa9c-148f80eb5b32","block_type":"box","text":"and volatility risks. The bid-ask spreads of the prices of securities may be large, and a Fund may therefore incur significant costs and may","page_number":94,"box":{"x":76,"y":89,"width":879,"height":11}},{"id":"9edfed86-2290-4b90-9b64-05e96351366c","block_type":"box","text":"suffer losses when selling such investments. Bonds traded in the China Interbank Bond Market may be difficult or impossible to sell on a","page_number":94,"box":{"x":76,"y":103,"width":872,"height":11}},{"id":"1e120cd4-753f-404b-b3bd-0980534d2af4","block_type":"box","text":"timely basis or at all, which may impact a Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":94,"box":{"x":76,"y":117,"width":766,"height":11}},{"id":"c4164af3-8189-455e-a6cb-bdf5ca87a9a1","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The relevant laws and regulations are","page_number":94,"box":{"x":77,"y":140,"width":899,"height":11}},{"id":"e3149a9c-ad5f-4b18-a735-555c6d4b68ad","block_type":"box","text":"subject to change, which may have retrospective effect. There can be no assurance that Bond Connect or its features or systems will not be","page_number":94,"box":{"x":76,"y":155,"width":895,"height":10}},{"id":"044b7beb-f493-4785-8eb0-eec9fdeb7556","block_type":"box","text":"materially altered, suspended, discontinued or abolished. Furthermore, the securities regulation regimes and legal systems of the PRC and","page_number":94,"box":{"x":76,"y":169,"width":887,"height":11}},{"id":"e453bc45-a8eb-476b-b2a7-59d37ef397fe","block_type":"box","text":"Hong Kong differ significantly, and issues may arise based on these differences. If the relevant authorities were to suspend account opening","page_number":94,"box":{"x":77,"y":183,"width":895,"height":11}},{"id":"626a4f9b-2468-4020-bb63-ff2b827a6c15","block_type":"box","text":"or trading on the China Interbank Bond Market, a Fund’s ability to invest in that market would be adversely affected, limited, or curtailed","page_number":94,"box":{"x":76,"y":197,"width":870,"height":11}},{"id":"c4055c63-58e2-44ae-8cf5-0240f8b91213","block_type":"box","text":"altogether. In such event, the Fund’s ability to achieve its investment objective would be negatively affected and, after exhausting other","page_number":94,"box":{"x":76,"y":211,"width":866,"height":11}},{"id":"5bede845-e027-4ebe-b7d7-ca2a828d8ec8","block_type":"box","text":"trading alternatives, the Fund may suffer substantial losses. Further, if Bond Connect is not operating, a Fund may not be able to acquire or","page_number":94,"box":{"x":76,"y":226,"width":891,"height":10}},{"id":"7bf01146-83bd-410c-994b-f4416a556d7c","block_type":"box","text":"dispose of bonds in a timely manner, which could adversely affect its performance.","page_number":94,"box":{"x":76,"y":240,"width":530,"height":11}},{"id":"58b2056c-f14c-4d74-a956-beb02f9369ed","block_type":"box","text":"There is no assurance that Bond Connect trading platforms and operational systems will function as expected or will continue to be adapted","page_number":94,"box":{"x":76,"y":263,"width":895,"height":11}},{"id":"cf8a549d-4ecd-45b2-b031-31a2698f6942","block_type":"box","text":"to changes and developments in the market. If a relevant system does not function as expected, trading through Bond Connect may be","page_number":94,"box":{"x":76,"y":277,"width":863,"height":11}},{"id":"ab7945ca-f304-4b3b-a52d-c2a3b59591c6","block_type":"box","text":"disrupted, and a Fund’s ability to pursue its investment strategy may therefore be adversely affected. In addition, trading through Bond","page_number":94,"box":{"x":76,"y":291,"width":861,"height":11}},{"id":"8e96dab7-e31a-43bc-9a15-4190de919eb8","block_type":"box","text":"Connect involves the risk of delays inherent in order placing and settlement systems.","page_number":94,"box":{"x":76,"y":305,"width":544,"height":11}},{"id":"0251699b-8c48-4a9d-a753-e9f913dd9184","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the renminbi (“RMB”). This means that a Fund is exposed to currency risk, and it","page_number":94,"box":{"x":77,"y":329,"width":859,"height":10}},{"id":"09ba8e90-bee5-49ef-a60f-a22f60b9abde","block_type":"box","text":"cannot be guaranteed that investors will have timely access to a reliable supply of RMB. The RMB consists of an onshore RMB (“CNY”) and","page_number":94,"box":{"x":76,"y":343,"width":887,"height":11}},{"id":"8c29b2a2-f68a-4f73-b651-95e2d4dcc66b","block_type":"box","text":"an offshore RMB (“CNH”). The CNY is the official currency of the PRC and is the currency of denomination for all financial transactions","page_number":94,"box":{"x":76,"y":357,"width":859,"height":11}},{"id":"c22f7887-3242-4769-8ecf-439300fec0be","block_type":"box","text":"between individuals, the state and corporations in the PRC. The CNH market is traded officially and regulated jointly by the Hong Kong","page_number":94,"box":{"x":76,"y":371,"width":860,"height":11}},{"id":"0d5ac707-5e95-4ad3-a01b-01945857076a","block_type":"box","text":"Monetary Authority and the PBOC. Because CNY and CNH are traded in different and separate markets, they can be subject to different","page_number":94,"box":{"x":77,"y":385,"width":869,"height":11}},{"id":"925262fe-6e37-4da9-ab47-87384ef06145","block_type":"box","text":"liquidity constraints and market forces, and their valuations can vary. Any RMB-denominated bonds included in a Fund’s Underlying Index use","page_number":94,"box":{"x":77,"y":400,"width":904,"height":10}},{"id":"74fa1db7-5a44-4be1-964d-e22d091609c9","block_type":"box","text":"CNY as the base currency. As a result, to the extent that a Fund holds RMB-denominated instruments in CNH, it could be subject to tracking","page_number":94,"box":{"x":76,"y":414,"width":898,"height":11}},{"id":"9d92879f-882f-4d33-8eb2-aaa518802fac","block_type":"box","text":"error and transaction costs associated with converting from CNH to CNY (and vice versa).","page_number":94,"box":{"x":76,"y":428,"width":575,"height":11}},{"id":"556b6ecf-3217-47a4-b95a-4ed0217fcd7d","block_type":"box","text":"Under prevailing tax regulations, a 10% withholding tax is imposed on PRC-sourced dividends and interest from non-government bonds paid","page_number":94,"box":{"x":77,"y":451,"width":892,"height":11}},{"id":"71dd44d1-f0d7-4dce-a0a9-debab12783c8","block_type":"box","text":"to a Fund unless the rate is reduced under an applicable tax treaty. Value added tax (“VAT”) is levied on certain income derived by a Fund,","page_number":94,"box":{"x":76,"y":465,"width":877,"height":11}},{"id":"d170cbb7-1604-4940-9724-a02acb962b4c","block_type":"box","text":"including interest income from non-government bonds and trading gains, unless specifically exempted by the PRC tax authorities. VAT","page_number":94,"box":{"x":76,"y":479,"width":857,"height":11}},{"id":"a2837684-9d3b-47b1-ae26-859af93b8930","block_type":"box","text":"exemptions currently apply to debt securities traded in the China Interbank Bond Market. On November 22, 2018, the PRC’s Ministry of","page_number":94,"box":{"x":76,"y":494,"width":867,"height":10}},{"id":"1b7c77c6-94be-4b86-8a94-2cd7e3de5f68","block_type":"box","text":"Finance and State Administration of Taxation jointly issued Circular 108 providing foreign institutional investors with a temporary exemption","page_number":94,"box":{"x":77,"y":508,"width":894,"height":11}},{"id":"4ab92185-4303-4d3d-9125-31e4ba847830","block_type":"box","text":"from withholding income tax and VAT with respect to interest income derived from non-government bonds in the domestic bond market for","page_number":94,"box":{"x":76,"y":522,"width":890,"height":11}},{"id":"83325b7d-ba6f-4568-9cb6-766ea3f407e8","block_type":"box","text":"the period from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC’s Ministry of Finance and State Administration of","page_number":94,"box":{"x":76,"y":536,"width":893,"height":11}},{"id":"dc3094f8-2ab7-4e18-a6cd-c33cb99ee7a1","block_type":"box","text":"Taxation jointly issued Circular 34 to extend the tax exemption period provided in Circular 108 to December 31, 2025. Circular 108 is silent","page_number":94,"box":{"x":76,"y":550,"width":888,"height":11}},{"id":"4d6bac3b-de57-49e4-8a82-f2e8b8b1533c","block_type":"box","text":"on the PRC tax treatment with respect to non-government bond interest derived prior to November 7, 2018. There is a risk the PRC tax","page_number":94,"box":{"x":76,"y":565,"width":862,"height":10}},{"id":"f4309bd3-9f5b-497b-9503-6c18d879b7c6","block_type":"box","text":"authorities may withdraw the temporary tax exemptions and seek to collect withholding income tax and VAT on interest income from","page_number":94,"box":{"x":76,"y":579,"width":848,"height":11}},{"id":"467384de-0cf7-4b88-b7b1-9453cc73b222","block_type":"box","text":"non-government bonds to a Fund without prior notice. If the tax exemptions are withdrawn, any taxes arising from or to a Fund may be","page_number":94,"box":{"x":76,"y":593,"width":861,"height":11}},{"id":"ed097fd9-cc83-4976-b9f2-a0397c53cd9c","block_type":"box","text":"directly borne by, or indirectly passed on to, the Fund, which may substantially impact its NAV. As with any NAV adjustment, investors may be","page_number":94,"box":{"x":76,"y":607,"width":905,"height":11}},{"id":"6828f85f-21dd-43b3-b557-2d8797944320","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased or sold shares of the Fund. Any changes in PRC tax law, future","page_number":94,"box":{"x":76,"y":621,"width":877,"height":11}},{"id":"cbcfe498-f4af-4d42-a25a-1faa38d8b5ea","block_type":"box","text":"clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax authorities may result in a loss that could be material to a","page_number":94,"box":{"x":76,"y":635,"width":895,"height":11}},{"id":"02620c80-ffc3-4af5-9898-cd80a486db13","block_type":"box","text":"Fund. BFA will keep the provisioning policy for tax liability under review and may, in its discretion from time to time, make a provision for","page_number":94,"box":{"x":77,"y":650,"width":870,"height":10}},{"id":"9c08604d-277d-4153-889e-42bb7b2374f4","block_type":"box","text":"potential tax liabilities if in its opinion such provision is warranted or as further publicly clarified by the PRC.","page_number":94,"box":{"x":76,"y":664,"width":687,"height":11}},{"id":"ed2f88f6-06e2-47b0-9eb8-409cdfb7dc04","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":94,"box":{"x":77,"y":687,"width":285,"height":11}},{"id":"1eb32451-290e-4733-9186-779ed5b6714a","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":94,"box":{"x":368,"y":687,"width":568,"height":11}},{"id":"81e91df4-19af-4317-b621-010483a6fbc2","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":94,"box":{"x":76,"y":701,"width":878,"height":11}},{"id":"36dd292f-ba8c-4baa-8e54-5cbbc091161f","block_type":"box","text":"sectors (","page_number":94,"box":{"x":76,"y":715,"width":55,"height":11}},{"id":"3aae4a36-a59f-4a7c-84d0-9c61412960c1","block_type":"box","text":"e.g.,","page_number":94,"box":{"x":132,"y":718,"width":25,"height":8}},{"id":"993e3565-dee7-4882-bfc4-798962067e82","block_type":"box","text":"the financial services sector) as the primary means of economic growth. A prolonged slowdown in one or more services sectors","page_number":94,"box":{"x":163,"y":715,"width":817,"height":11}},{"id":"cc2c087d-108e-4ebf-ab79-1e165b88c043","block_type":"box","text":"is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can","page_number":94,"box":{"x":76,"y":730,"width":887,"height":10}},{"id":"ed7e79d0-d251-4b42-96ac-1d6a82b8a1f9","block_type":"box","text":"be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic","page_number":94,"box":{"x":76,"y":744,"width":884,"height":11}},{"id":"dd27dcc8-eb24-4c70-924a-1d660511f917","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":94,"box":{"x":76,"y":758,"width":874,"height":11}},{"id":"be138b9d-a269-4b10-8961-a4da0e93a73c","block_type":"box","text":"concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic","page_number":94,"box":{"x":76,"y":772,"width":868,"height":11}},{"id":"533f8cd9-60e6-400b-bddc-3540e5bd23d4","block_type":"box","text":"areas and may adversely affect the performance of the issuers to which a Fund has exposure. Heavy regulation of certain markets, including","page_number":94,"box":{"x":76,"y":786,"width":897,"height":11}},{"id":"462a9c73-c5e4-4ff5-bc2c-36499c4e3f85","block_type":"box","text":"labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause","page_number":94,"box":{"x":77,"y":800,"width":899,"height":11}},{"id":"4558eac3-e019-47b4-8ebc-f8a72e01955b","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":94,"box":{"x":76,"y":815,"width":860,"height":10}},{"id":"c5d5ba58-01d3-4bfc-b947-d8ba33c3b8f0","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":94,"box":{"x":76,"y":829,"width":877,"height":11}},{"id":"e1f5876f-5410-4920-a016-45fe8af22d9b","block_type":"box","text":"country economies.","page_number":94,"box":{"x":76,"y":843,"width":126,"height":11}},{"id":"b3e64862-be29-4422-a406-1d14ecc7108c","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":94,"box":{"x":77,"y":866,"width":266,"height":11}},{"id":"b91da226-e441-4bb7-a2ac-1efbbe300f3a","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":94,"box":{"x":349,"y":866,"width":625,"height":11}},{"id":"23cd2925-2783-4b5e-be39-1d8bf914a8a3","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":94,"box":{"x":76,"y":880,"width":869,"height":11}},{"id":"0e35cbc4-7210-4373-b42f-2868ab9c30f0","block_type":"box","text":"19","page_number":94,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"f397bb0d-2e70-48fb-8cbb-4bc8a4010d3f","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":95,"box":{"x":77,"y":23,"width":836,"height":11}},{"id":"697a47c6-0559-41f1-b812-79e72d3a36da","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":95,"box":{"x":76,"y":37,"width":838,"height":11}},{"id":"b4e7c62d-342d-40f9-bcbe-1c1d215109cf","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":95,"box":{"x":76,"y":61,"width":876,"height":10}},{"id":"726fc4f3-2ff3-4dff-b782-8d18a16ce4e9","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":95,"box":{"x":76,"y":75,"width":856,"height":11}},{"id":"7d81d1e1-17d6-426c-91ab-acb78c0272bc","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":95,"box":{"x":76,"y":89,"width":879,"height":11}},{"id":"05cbf08e-c718-4205-8a28-7489ee0e6ec2","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":95,"box":{"x":76,"y":103,"width":533,"height":11}},{"id":"d76ff30b-f0c6-4ed8-ae02-1e665da7ae09","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":95,"box":{"x":77,"y":126,"width":852,"height":11}},{"id":"d825e036-ae16-4fc5-b62d-656ea55954e0","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":95,"box":{"x":76,"y":140,"width":854,"height":11}},{"id":"243d6a92-a314-4e2a-8bc6-1a1e10194999","block_type":"box","text":"significant investment losses.","page_number":95,"box":{"x":76,"y":155,"width":188,"height":10}},{"id":"53da18e3-5d32-4216-a988-d97ecf1d8afd","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":95,"box":{"x":76,"y":178,"width":863,"height":11}},{"id":"bec7351e-f550-443e-8950-6bc689cff77a","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":95,"box":{"x":76,"y":192,"width":884,"height":11}},{"id":"1e085e68-3ecb-41d8-b340-334007132e37","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":95,"box":{"x":77,"y":206,"width":902,"height":11}},{"id":"2b8bf79d-950f-4e7e-ab26-697ef20dffa3","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":95,"box":{"x":76,"y":220,"width":854,"height":11}},{"id":"13f6728e-9e8b-44c1-b306-51557627d6cb","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":95,"box":{"x":77,"y":235,"width":878,"height":10}},{"id":"9326c4d8-e228-4c72-ae93-b0564814c2cd","block_type":"box","text":"protection considerations.","page_number":95,"box":{"x":76,"y":249,"width":167,"height":10}},{"id":"965ae053-a995-48b6-bf92-f2dc092eef24","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":95,"box":{"x":77,"y":272,"width":851,"height":11}},{"id":"5f44ed6f-24d3-44ec-a3f4-8eb8a1a565ae","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":95,"box":{"x":76,"y":286,"width":892,"height":11}},{"id":"531da1aa-64e9-4e5b-8334-30730a6d8a2b","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":95,"box":{"x":76,"y":300,"width":765,"height":11}},{"id":"a080d040-5fd8-4894-8d06-50f8f821b931","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":95,"box":{"x":77,"y":323,"width":885,"height":11}},{"id":"439c25ea-9046-4d53-a85d-87f5601009f4","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":95,"box":{"x":76,"y":338,"width":857,"height":11}},{"id":"61673987-903c-4c0d-83b8-afcbb9c9609e","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":95,"box":{"x":76,"y":352,"width":875,"height":11}},{"id":"c34f71e9-5c7a-4b34-ab38-ac9f1cf0c56e","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":95,"box":{"x":76,"y":366,"width":870,"height":11}},{"id":"395ea732-6127-4998-8ecb-2bbd8c18b0ee","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":95,"box":{"x":76,"y":380,"width":867,"height":11}},{"id":"f4019bb0-47c8-45cd-a2bd-cf2056fdabdf","block_type":"box","text":"objective.","page_number":95,"box":{"x":76,"y":394,"width":61,"height":11}},{"id":"be0267d1-c18a-4853-9b4c-90fc081b5669","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":95,"box":{"x":76,"y":418,"width":858,"height":10}},{"id":"67417dba-420e-4fe6-91e6-3301b183456f","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":95,"box":{"x":76,"y":432,"width":863,"height":11}},{"id":"9a8c1f48-cfd0-413f-a988-2c6590ffbeed","block_type":"box","text":"generally less available or transparent in these markets.","page_number":95,"box":{"x":76,"y":446,"width":357,"height":11}},{"id":"b3ca97a7-9b7c-4344-8736-1c3c3010aab9","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":95,"box":{"x":77,"y":469,"width":904,"height":11}},{"id":"4eebbde6-884c-4d89-9199-47b8d819b46f","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":95,"box":{"x":76,"y":483,"width":700,"height":11}},{"id":"badf14bc-0d28-4bcd-bf46-5d5ccc09aa8c","block_type":"box","text":"Risk of Investing in Russia.","page_number":95,"box":{"x":77,"y":506,"width":185,"height":11}},{"id":"4a792037-25da-4311-98a9-9542bb191e06","block_type":"box","text":"Investing in Russian securities involves significant risks, in addition to those described under “Risk of Investing","page_number":95,"box":{"x":268,"y":507,"width":708,"height":10}},{"id":"e11d1997-21b4-45a2-910f-ac89bcdcf523","block_type":"box","text":"in Emerging Markets” and “Non-U.S. Securities Risk,” that are not typically associated with investing in U.S. securities, including:","page_number":95,"box":{"x":76,"y":521,"width":825,"height":11}},{"id":"1300c942-8945-441b-91f6-de10ae7bd44f","block_type":"box","text":"The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used","page_number":95,"box":{"x":113,"y":539,"width":857,"height":11}},{"id":"b15b6c6b-787b-46b0-b6d2-aae4ab4d8f14","block_type":"box","text":"in Russia;","page_number":95,"box":{"x":113,"y":553,"width":60,"height":10}},{"id":"f110c23b-8476-4b64-90ec-3d7ad6535f04","block_type":"box","text":"Risks in connection with the maintenance of a Fund’s portfolio securities and cash with foreign sub-custodians and securities","page_number":95,"box":{"x":114,"y":571,"width":800,"height":11}},{"id":"70bbc9bc-f0ef-46b2-9799-f67c3fc5ae6f","block_type":"box","text":"depositories, including the risk that appropriate sub-custody arrangements will not be available to a Fund;","page_number":95,"box":{"x":113,"y":585,"width":677,"height":11}},{"id":"134d5813-f72e-4f1b-b129-247ebe1b8cc0","block_type":"box","text":"The risk that a Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of","page_number":95,"box":{"x":113,"y":603,"width":861,"height":11}},{"id":"44acfcee-9c22-4f22-91cf-ae0985c4d1fd","block_type":"box","text":"Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system;","page_number":95,"box":{"x":114,"y":617,"width":793,"height":11}},{"id":"eecf27cf-daf6-4a15-8194-d744765d261f","block_type":"box","text":"The risk that a Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and","page_number":95,"box":{"x":113,"y":635,"width":838,"height":11}},{"id":"98e939fd-aaf5-4764-9d97-5f7972fda428","block_type":"box","text":"custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and","page_number":95,"box":{"x":113,"y":650,"width":751,"height":10}},{"id":"bab839c3-abac-406b-99ee-ef12e7489fe5","block_type":"box","text":"The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian","page_number":95,"box":{"x":113,"y":668,"width":827,"height":11}},{"id":"85768890-7a8a-4e54-b00f-4f511a089cd1","block_type":"box","text":"issuers of securities in which a Fund invests.","page_number":95,"box":{"x":113,"y":682,"width":283,"height":8}},{"id":"73d05146-191d-4d28-96a0-ee8dd2bca6b1","block_type":"box","text":"Russian invasion of Ukraine","page_number":95,"box":{"x":76,"y":705,"width":172,"height":9}},{"id":"bc8de8e5-b879-481d-90f6-66d0c9ad9888","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":95,"box":{"x":249,"y":705,"width":720,"height":11}},{"id":"78ef19a5-000d-4f95-a2e9-a392d1477b4d","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":95,"box":{"x":76,"y":719,"width":893,"height":11}},{"id":"18b8e1a2-9fd7-45fc-930c-9c36e4675ee6","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":95,"box":{"x":76,"y":733,"width":887,"height":11}},{"id":"3ccdb45d-6d32-46e9-b24f-70ffa2113d60","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":95,"box":{"x":76,"y":748,"width":886,"height":10}},{"id":"d29ecd5e-dcec-4998-aef5-24c5c42d6340","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":95,"box":{"x":76,"y":762,"width":894,"height":11}},{"id":"07a9162e-631b-47ce-bcbc-5d23d835e737","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":95,"box":{"x":76,"y":776,"width":891,"height":11}},{"id":"0fc0c268-2597-46e9-ba98-3acbb0bc3ce4","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":95,"box":{"x":76,"y":790,"width":885,"height":11}},{"id":"a5921aa1-d24d-4895-b91e-bce53e5510c5","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":95,"box":{"x":76,"y":804,"width":892,"height":11}},{"id":"522a5611-dd55-41c6-adfd-25f5e5ff2444","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":95,"box":{"x":77,"y":819,"width":431,"height":10}},{"id":"93315710-60ea-408b-84e9-eaa3650c8a64","block_type":"box","text":"Russia Sanctions.","page_number":95,"box":{"x":76,"y":842,"width":109,"height":8}},{"id":"810d57ae-e596-477b-92b1-04fb368c1bd8","block_type":"box","text":"Governments, including the U.S., the E.U., the U.K., and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":95,"box":{"x":191,"y":842,"width":783,"height":11}},{"id":"33073701-c773-4b4e-bf36-3f3910dea7ab","block_type":"box","text":"imposed economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities, including","page_number":95,"box":{"x":76,"y":856,"width":866,"height":11}},{"id":"e37fb0c8-3451-46b0-beae-6f9787412965","block_type":"box","text":"banning Russia from global payments systems that facilitate cross-border payments. In an effort to curtail Russia’s ability to finance its war","page_number":95,"box":{"x":76,"y":870,"width":891,"height":11}},{"id":"78ba93e9-bbcb-4deb-ae05-8edf71615255","block_type":"box","text":"effort, the Sanctioning Bodies continue to elevate these measures and may, going forward, institute broader sanctions on Russia. These","page_number":95,"box":{"x":76,"y":884,"width":869,"height":11}},{"id":"ee8e5017-2d57-4500-8e0b-dcfb85fa77c6","block_type":"box","text":"20","page_number":95,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"4809ee28-164d-460b-9b94-acaf26932e09","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the","page_number":96,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"e8ee9d16-63c7-4b69-8335-455f3f8f332e","block_type":"box","text":"ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian","page_number":96,"box":{"x":77,"y":37,"width":840,"height":11}},{"id":"75822042-01c1-4a1a-a2b2-bcc14b4f9533","block_type":"box","text":"securities and/or funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":96,"box":{"x":76,"y":51,"width":884,"height":11}},{"id":"c328a13b-ccaa-47e9-a2f8-5af53ba15231","block_type":"box","text":"assets.","page_number":96,"box":{"x":76,"y":67,"width":44,"height":7}},{"id":"b7aded8c-ae0f-4bbc-add0-55057ca2a3c2","block_type":"box","text":"The sanctions against certain Russian issuers include broad asset freezes and prohibitions on transacting or otherwise dealing in select","page_number":96,"box":{"x":76,"y":89,"width":866,"height":11}},{"id":"1260247f-8f22-4377-b741-30e352452292","block_type":"box","text":"issuances of debt or equity of such issuers, among others. Compliance with each of these sanctions measures has impaired, and may","page_number":96,"box":{"x":76,"y":103,"width":855,"height":11}},{"id":"914f1aba-9ac7-4669-bfac-d108c833f55b","block_type":"box","text":"continue to impair, the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. A Fund","page_number":96,"box":{"x":76,"y":117,"width":898,"height":11}},{"id":"9f5fbc19-d09f-4d91-a586-ca522b4a81b0","block_type":"box","text":"may also be legally required to block (i.e., freeze) assets in a blocked account and report the accompanying exposure to Sanctioning Bodies.","page_number":96,"box":{"x":76,"y":131,"width":898,"height":11}},{"id":"38263622-c891-4ae4-8409-1cddce17d96c","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity of Russian","page_number":96,"box":{"x":76,"y":155,"width":861,"height":10}},{"id":"499b431e-bb23-4df7-b9a0-ed544d1506b8","block_type":"box","text":"securities. These retaliatory measures include the immediate freeze of Russian assets held by a Fund. Due to the freeze of these assets,","page_number":96,"box":{"x":76,"y":169,"width":870,"height":11}},{"id":"05e56a73-13b8-49c5-b61f-c378f116e8cd","block_type":"box","text":"including depositary receipts, a Fund may need to liquidate non-restricted assets in order to satisfy any Fund redemption orders. The","page_number":96,"box":{"x":76,"y":183,"width":850,"height":11}},{"id":"8343a9c0-acbe-4a21-b9bd-aede883d30af","block_type":"box","text":"liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. Russia may","page_number":96,"box":{"x":77,"y":197,"width":861,"height":11}},{"id":"f270f8e1-651b-4028-a2ac-509fbf2979ba","block_type":"box","text":"implement additional retaliatory measures, which may further impair the value and liquidity of Russian securities and the ability of a Fund to","page_number":96,"box":{"x":76,"y":211,"width":894,"height":11}},{"id":"5480b1f0-6f39-45f3-9a7c-0bd6d491a954","block_type":"box","text":"receive dividend payments. Russia has issued a number of countersanctions, some of which restrict the distribution of profits by limited","page_number":96,"box":{"x":77,"y":226,"width":867,"height":10}},{"id":"1a4acd7c-1a30-42c3-85f0-780398065030","block_type":"box","text":"liability companies (e.g., dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly","page_number":96,"box":{"x":77,"y":240,"width":895,"height":11}},{"id":"4c914195-675a-4afa-8d7a-250a8d8c8f38","block_type":"box","text":"states” as well as the export of raw materials or other products from Russia to certain sanctioned persons. Russian companies may be","page_number":96,"box":{"x":76,"y":254,"width":861,"height":11}},{"id":"ccbe7d1f-e0df-49c7-932c-1fec62e2b55c","block_type":"box","text":"unable to pay dividends and, if they pay dividends, a Fund may be unable to receive them.","page_number":96,"box":{"x":77,"y":268,"width":572,"height":11}},{"id":"0e7f2ae0-7867-4532-a08c-b7bce95bedf3","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident investors from","page_number":96,"box":{"x":76,"y":291,"width":860,"height":11}},{"id":"6462eb2c-1fca-4204-8ae7-39924290ef79","block_type":"box","text":"executing security sales, and other events have led index providers to remove Russian securities from indexes. Each Fund is currently","page_number":96,"box":{"x":76,"y":305,"width":855,"height":11}},{"id":"b134432b-9a81-4821-a15d-711fa073b96e","block_type":"box","text":"restricted from trading in Russian securities, including those in its portfolio (if any), and the Underlying Indexes have removed Russian","page_number":96,"box":{"x":77,"y":320,"width":855,"height":10}},{"id":"91addc1a-9ec3-453a-8e8c-1fdc23399bd0","block_type":"box","text":"securities (if any). This disparity will also lead to increased tracking error. The inability of a Fund to trade in Russian securities may adversely","page_number":96,"box":{"x":76,"y":334,"width":896,"height":11}},{"id":"d2766f2a-6560-4527-900a-3e573c071046","block_type":"box","text":"affect the Fund’s ability to meet its investment objective. It is unknown when, or if, sanctions may be lifted or a Fund’s ability to trade in","page_number":96,"box":{"x":76,"y":348,"width":867,"height":11}},{"id":"3ad26c75-44fb-426d-bf96-712b530095a7","block_type":"box","text":"Russian securities will resume.","page_number":96,"box":{"x":77,"y":362,"width":195,"height":9}},{"id":"1034df07-0d04-4fdc-b1dc-146359f7cb7d","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":96,"box":{"x":77,"y":385,"width":227,"height":11}},{"id":"af09a65d-a0f8-42cb-b212-d273abd25179","block_type":"box","text":"Investing in Saudi Arabian issuers involves legal, regulatory, political, currency, security, and economic","page_number":96,"box":{"x":310,"y":385,"width":657,"height":11}},{"id":"7f7bd462-fc43-44c8-845f-bac7cb75d382","block_type":"box","text":"risks that are specific to Saudi Arabia. Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other countries","page_number":96,"box":{"x":77,"y":400,"width":870,"height":10}},{"id":"3b731c02-d6d8-4ef2-858f-8d13edeb8e27","block_type":"box","text":"involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the petroleum market. A","page_number":96,"box":{"x":76,"y":414,"width":901,"height":11}},{"id":"c5cf7208-39f8-44b1-a63e-9cc9a404b03b","block_type":"box","text":"sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. In addition, Saudi Arabia’s economy","page_number":96,"box":{"x":76,"y":428,"width":875,"height":11}},{"id":"34a11d12-9e78-40cd-b150-34cd5ca95f71","block_type":"box","text":"relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":96,"box":{"x":77,"y":442,"width":857,"height":11}},{"id":"3b493ee4-2df0-4f74-b170-69f13f2851ae","block_type":"box","text":"Investments in the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":96,"box":{"x":77,"y":465,"width":892,"height":11}},{"id":"8c8abfb8-50a9-4d32-8305-d1a05f708f8d","block_type":"box","text":"developed countries, which may negatively affect the value of a Fund’s investments. Such heightened risks may include, among others, the","page_number":96,"box":{"x":76,"y":479,"width":889,"height":11}},{"id":"c592c605-0d64-4f2b-a6db-9d98403b71d3","block_type":"box","text":"expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation,","page_number":96,"box":{"x":76,"y":494,"width":869,"height":11}},{"id":"d0e23636-3e36-4db1-8e38-6bb658ff10ef","block_type":"box","text":"political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, crime and instabi","page_number":96,"box":{"x":76,"y":508,"width":886,"height":11}},{"id":"a65f7dd6-2d15-4b13-a8f3-50369f51612f","block_type":"box","text":"lity","page_number":96,"box":{"x":964,"y":508,"width":18,"height":11}},{"id":"683d258e-bbb6-404d-bf9e-415650a8bb5c","block_type":"box","text":"as a result of religious, ethnic and/or socioeconomic unrest. The government of Saudi Arabia exercises substantial influence over many","page_number":96,"box":{"x":76,"y":522,"width":868,"height":11}},{"id":"a4d7e649-81cd-421f-baea-5bdd37cf215c","block_type":"box","text":"aspects of the private sector, and its actions could significantly impact the value of Saudi Arabian securities. Although some economic","page_number":96,"box":{"x":76,"y":536,"width":860,"height":11}},{"id":"86a562a7-caf5-4ad1-88ca-dc0f80045cf7","block_type":"box","text":"reforms (","page_number":96,"box":{"x":77,"y":550,"width":56,"height":11}},{"id":"97d2a391-1e5f-495a-9473-fe9887c972d3","block_type":"box","text":"e.g.,","page_number":96,"box":{"x":135,"y":553,"width":24,"height":8}},{"id":"c452d218-6c16-4a7b-bfc6-278458b3dc0e","block_type":"box","text":"privatization) are underway, restrictions on foreign ownership persist, and the government has an ownership stake in many key","page_number":96,"box":{"x":166,"y":550,"width":812,"height":11}},{"id":"1a88acba-cd95-4db0-a214-905cfdcca8bc","block_type":"box","text":"industries. Saudi Arabia has experienced strained relations with economic partners worldwide, including other countries in the Middle East,","page_number":96,"box":{"x":76,"y":565,"width":891,"height":10}},{"id":"2bac3ae0-8601-4153-8099-608674a75adb","block_type":"box","text":"due to geopolitical events. Economic sanctions (or the threat of them) on Saudi Arabian individuals or Saudi Arabian corporate entities may","page_number":96,"box":{"x":76,"y":579,"width":891,"height":11}},{"id":"c3713be6-7f4b-4d69-860a-426c4d3db796","block_type":"box","text":"have an adverse impact on the Saudi Arabian economy and securities.","page_number":96,"box":{"x":77,"y":593,"width":447,"height":11}},{"id":"1d419c69-62c8-4789-8aca-a9df99c33a84","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian issuers could be restricted by the Saudi Arabian government at any","page_number":96,"box":{"x":76,"y":616,"width":901,"height":11}},{"id":"345dd96c-bf4e-4615-b065-490f96d4850d","block_type":"box","text":"time, and unforeseen risks could materialize with respect to foreign ownership of such securities. In addition, the Saudi Arabian government","page_number":96,"box":{"x":76,"y":630,"width":896,"height":11}},{"id":"4f417f70-7629-411c-9bac-3ef3c0c9525b","block_type":"box","text":"places investment limitations on the ownership of Saudi Arabian issuers by foreign investors. Such limits may prevent a Fund from investing","page_number":96,"box":{"x":76,"y":644,"width":895,"height":11}},{"id":"4200256e-ba5d-4100-8b76-6f2ea2e74a67","block_type":"box","text":"in accordance with its strategy and result in tracking error for a Fund that tracks an index.","page_number":96,"box":{"x":76,"y":659,"width":574,"height":11}},{"id":"ef7892c7-a046-4029-9639-8d00c377a44f","block_type":"box","text":"Saudi Arabia Broker Risk","page_number":96,"box":{"x":76,"y":682,"width":155,"height":8}},{"id":"991456fe-41f9-4155-92bc-0802115503ab","block_type":"box","text":". There are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. A Fund","page_number":96,"box":{"x":231,"y":682,"width":699,"height":11}},{"id":"e9004531-2508-432d-9562-5b55ae10d440","block_type":"box","text":"generally expects to transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a","page_number":96,"box":{"x":76,"y":696,"width":882,"height":11}},{"id":"20f44463-ebd9-440f-815d-3e87723fd665","block_type":"box","text":"limited number of brokers who can provide services to a Fund, which may have an adverse impact on the prices, quantity or timing of Fund","page_number":96,"box":{"x":77,"y":710,"width":886,"height":11}},{"id":"25542834-ccea-4c3a-94b7-6e5b23a32b8d","block_type":"box","text":"transactions. A limited number of brokers may impact a Fund’s ability to achieve best execution on transactions. In addition, a Fund may be","page_number":96,"box":{"x":76,"y":724,"width":892,"height":11}},{"id":"caf350d5-a045-4322-a91c-a5457ff35723","block_type":"box","text":"more susceptible to credit loss or trading disruptions in the event of a default or business disruption among the available brokers. If a Fund’s","page_number":96,"box":{"x":76,"y":739,"width":899,"height":10}},{"id":"1f61997f-f0c4-47cb-a403-d99220fb8703","block_type":"box","text":"use of a broker is disrupted, there could be an adverse impact on the Fund’s operations and, if applicable, its ability to track the Underlying","page_number":96,"box":{"x":77,"y":753,"width":888,"height":11}},{"id":"b73546b0-dabf-47fb-bfa2-d9d6ab3909d5","block_type":"box","text":"Index, and the Fund’s shares could trade at a premium or discount to NAV. A Fund may also incur losses due to the acts or omissions of its","page_number":96,"box":{"x":77,"y":767,"width":885,"height":11}},{"id":"1bc99308-fa33-48e8-9297-e30a2e33a7bb","block_type":"box","text":"brokers in the execution or settlement of transactions or in the transfer of funds or securities.","page_number":96,"box":{"x":76,"y":781,"width":599,"height":9}},{"id":"a8f9b812-877a-4afc-be9d-f2fecc331e66","block_type":"box","text":"Risk of Investing in the U.S.","page_number":96,"box":{"x":77,"y":804,"width":190,"height":11}},{"id":"4185d2c5-9e03-404e-8d55-e9954781601c","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":96,"box":{"x":273,"y":804,"width":683,"height":11}},{"id":"a1cce0cd-8149-4f1e-8d91-573e73a73157","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":96,"box":{"x":76,"y":819,"width":897,"height":10}},{"id":"e11fafa0-af63-4396-a22d-98cd75769248","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":96,"box":{"x":76,"y":833,"width":902,"height":11}},{"id":"89930332-8dd5-456e-827b-2af3627a3f14","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":96,"box":{"x":76,"y":847,"width":887,"height":11}},{"id":"134b5159-b3fd-47be-9953-ab2f231c683e","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":96,"box":{"x":76,"y":861,"width":894,"height":11}},{"id":"b6fba79d-dc56-4b97-8f02-bcd28597a760","block_type":"box","text":"financial markets or issuers.","page_number":96,"box":{"x":76,"y":875,"width":179,"height":9}},{"id":"8a215942-730e-4ea7-959d-d906ae5c7042","block_type":"box","text":"21","page_number":96,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"9ed54c44-3365-4d4e-af01-74259dd8822a","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":97,"box":{"x":76,"y":23,"width":868,"height":11}},{"id":"095e5d7b-7bfd-4a4c-bdd3-ed15f034125a","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":97,"box":{"x":77,"y":37,"width":867,"height":11}},{"id":"c5b514dd-c276-4cce-a7fc-71ed7ecd21cd","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":97,"box":{"x":76,"y":51,"width":868,"height":11}},{"id":"ca6aac48-f34b-4ba0-85e7-959af67e133b","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":97,"box":{"x":77,"y":66,"width":899,"height":11}},{"id":"67c870ab-21cb-4807-8b87-cc0250a63172","block_type":"box","text":"system.","page_number":97,"box":{"x":76,"y":81,"width":49,"height":10}},{"id":"ab8dfbf6-4a07-4a6c-aae9-4c5f2b0b437d","block_type":"box","text":"Securities Lending Risk.","page_number":97,"box":{"x":76,"y":103,"width":166,"height":11}},{"id":"bb3cf762-953c-4606-a55b-b23f139a9e40","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":97,"box":{"x":247,"y":103,"width":730,"height":11}},{"id":"6ebc2def-4dcc-4767-97e7-0ef0d1f4989f","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":97,"box":{"x":76,"y":117,"width":898,"height":11}},{"id":"65ddae8c-2fb8-4991-8012-67c18a5f2a62","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":97,"box":{"x":76,"y":131,"width":892,"height":11}},{"id":"4ffd4be2-e2c3-4114-bc02-9cc3fdf033ce","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":97,"box":{"x":76,"y":146,"width":403,"height":10}},{"id":"07d012bd-847c-4e19-81af-624e740f41b5","block_type":"box","text":"Small Fund Risk.","page_number":97,"box":{"x":76,"y":169,"width":114,"height":8}},{"id":"6a68d569-4a72-49d6-9c3b-9668174cc78c","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":97,"box":{"x":195,"y":169,"width":704,"height":11}},{"id":"601154ef-14c7-42c3-bca5-3c097ad8e16e","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. A Fund that holds","page_number":97,"box":{"x":76,"y":183,"width":898,"height":11}},{"id":"f7f8a45f-6fb3-4393-91d1-e395da909886","block_type":"box","text":"fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or sold at a discount to similar “round","page_number":97,"box":{"x":76,"y":197,"width":880,"height":11}},{"id":"f61a3474-b874-4e29-9f2a-d1e678c72215","block_type":"box","text":"lot” bonds. The prices used by the Fund may differ from the value that would be realized if these securities were sold, and the impact of such","page_number":97,"box":{"x":77,"y":211,"width":898,"height":11}},{"id":"e10e52e4-8cb5-4d57-b1a0-6362d6eb0b41","block_type":"box","text":"pricing differences on a Fund’s performance may be heightened when the Fund’s size is small. In addition, a Fund may face the risk of being","page_number":97,"box":{"x":76,"y":226,"width":894,"height":10}},{"id":"759986b3-a72e-465d-8157-d1b3f763b47b","block_type":"box","text":"delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from the listing exchange, the","page_number":97,"box":{"x":76,"y":240,"width":890,"height":11}},{"id":"22e0e299-c185-464f-bb01-9a72af006170","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a Fund could lead to elevated","page_number":97,"box":{"x":77,"y":254,"width":893,"height":11}},{"id":"e8bbe6de-2937-4a51-9aaf-f0b9d7d2e082","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":97,"box":{"x":76,"y":268,"width":530,"height":11}},{"id":"aa0765eb-6141-496f-ada7-05a80072a40b","block_type":"box","text":"Sovereign and Quasi-Sovereign Obligations Risk","page_number":97,"box":{"x":76,"y":291,"width":335,"height":11}},{"id":"947c88b9-83a7-4cc5-9731-7d85a41895cf","block_type":"box","text":". Sovereign obligations may differ from other securities in their interest rates, maturities,","page_number":97,"box":{"x":412,"y":291,"width":568,"height":11}},{"id":"5c09a5de-cece-4d7f-b6d1-6095bd0b275a","block_type":"box","text":"times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Quasi-sovereign","page_number":97,"box":{"x":76,"y":305,"width":841,"height":11}},{"id":"84e08784-6bf9-48d3-b80b-925ac7ffd1dc","block_type":"box","text":"obligations are typically less liquid and less standardized than sovereign obligations. Bonds issued by government agencies or","page_number":97,"box":{"x":76,"y":320,"width":805,"height":10}},{"id":"b246c679-013c-4e24-af17-0bf460363a89","block_type":"box","text":"instrumentalities generally are backed only by the issuing entity’s creditworthiness and reputation and may not be backed by the full faith","page_number":97,"box":{"x":76,"y":334,"width":878,"height":11}},{"id":"b7de5df8-c1fb-4a30-8506-759f213c3e84","block_type":"box","text":"and credit of the government. Changes to a government’s financial condition or credit rating may cause a decline in the value of its sovereign","page_number":97,"box":{"x":76,"y":348,"width":902,"height":11}},{"id":"08090863-8ae3-454a-a168-cd9132de7d09","block_type":"box","text":"obligations as well as quasi-sovereign obligations issued by the government’s agencies or instrumentalities. The governmental entity that","page_number":97,"box":{"x":76,"y":362,"width":877,"height":11}},{"id":"c623e91a-a6eb-4b3e-b723-fc22079267bc","block_type":"box","text":"controls the repayment of such debt may be unable or unwilling to repay principal or pay interest when due. A governmental entity may be","page_number":97,"box":{"x":76,"y":376,"width":884,"height":11}},{"id":"8803a69a-cef4-476c-8feb-abae716bf2c5","block_type":"box","text":"affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange when","page_number":97,"box":{"x":76,"y":391,"width":904,"height":10}},{"id":"b69a7611-eb34-4d63-84a8-6e90923f20dc","block_type":"box","text":"a payment is due, the relative size of the debt service burden to the economy as a whole, the government’s policy toward multilateral","page_number":97,"box":{"x":76,"y":405,"width":851,"height":11}},{"id":"90b20d0f-4917-4c90-af40-cd768267d8ec","block_type":"box","text":"financial organizations, and other political or economic constraints.","page_number":97,"box":{"x":76,"y":419,"width":430,"height":11}},{"id":"78a9b51d-4ab2-464f-af45-9aee4a6c8e9c","block_type":"box","text":"In addition, governmental entities may depend on expected disbursements from other governments, multilateral agencies and other parties","page_number":97,"box":{"x":77,"y":442,"width":892,"height":11}},{"id":"434eb344-c8d9-4e2b-822a-5f460046040b","block_type":"box","text":"to reduce principal and interest arrearages on their debt. Such commitments of financial assistance may be conditioned on the","page_number":97,"box":{"x":76,"y":456,"width":812,"height":11}},{"id":"1e8f99f5-1a83-4d54-abd2-d4204de3d17c","block_type":"box","text":"implementation of economic reforms, economic performance and/or the timely service of debt. The failure to implement such reforms,","page_number":97,"box":{"x":76,"y":470,"width":866,"height":11}},{"id":"421109ca-06a5-4c1b-9267-645a197602ce","block_type":"box","text":"achieve certain economic performance or repay principal or interest when due may result in the cancellation of such third parties’","page_number":97,"box":{"x":76,"y":485,"width":830,"height":10}},{"id":"ac8de532-9027-4b11-94c6-2537b0c1ad48","block_type":"box","text":"commitments to lend funds to the governmental entity, which may further impair its ability or willingness to timely service its debt.","page_number":97,"box":{"x":76,"y":499,"width":835,"height":11}},{"id":"14a78df2-800a-4a2d-8100-a3099ea9b999","block_type":"box","text":"Certain countries have experienced downgrades of, or have defaulted on, their sovereign debt, and they or other countries may default or","page_number":97,"box":{"x":76,"y":522,"width":880,"height":11}},{"id":"6f527080-f8fb-4883-b7c2-ef035ea63991","block_type":"box","text":"face the risk of downgrades in the future. Any restructuring of sovereign debt will likely have a significant adverse effect on the debt’s value.","page_number":97,"box":{"x":76,"y":536,"width":895,"height":11}},{"id":"d636d418-b945-4775-a7b0-d2529ff47b76","block_type":"box","text":"In the event of a default on sovereign or quasi-sovereign debt, a Fund may have limited legal recourse against the issuer and/or guarantor","page_number":97,"box":{"x":77,"y":550,"width":883,"height":11}},{"id":"61e93f48-e8b8-48cb-9367-2e4b61b5eef8","block_type":"box","text":"and may not be able to access collateral securing the debt.","page_number":97,"box":{"x":76,"y":565,"width":377,"height":10}},{"id":"c4a3c36a-617d-4f06-b4b7-4d202caa92f1","block_type":"box","text":"Sustainability Risk.","page_number":97,"box":{"x":76,"y":588,"width":132,"height":11}},{"id":"06c63fcc-46e9-4f19-8fdc-f289d472f721","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":97,"box":{"x":214,"y":588,"width":762,"height":11}},{"id":"397f26d7-0f33-43a6-b0ff-5fc994218471","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":97,"box":{"x":77,"y":602,"width":732,"height":11}},{"id":"d83db9b4-5c96-40d5-9b15-86236664a65c","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":97,"box":{"x":76,"y":625,"width":874,"height":11}},{"id":"94e4ebf2-1145-4423-93ca-31bd8921044f","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":97,"box":{"x":76,"y":639,"width":875,"height":11}},{"id":"c302034b-5bce-4a81-8018-14b96a74b23b","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":97,"box":{"x":76,"y":654,"width":901,"height":10}},{"id":"d024c07d-ebfe-4316-8d7d-83800a6af515","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":97,"box":{"x":76,"y":668,"width":883,"height":11}},{"id":"287d0c41-4f07-4508-97ab-3e9aa2fcd769","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":97,"box":{"x":76,"y":682,"width":863,"height":11}},{"id":"0288794a-069e-4186-94f2-23dc184f93ae","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":97,"box":{"x":76,"y":696,"width":864,"height":11}},{"id":"85c82e64-9c39-4d46-b595-61b02aface6c","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":97,"box":{"x":76,"y":710,"width":886,"height":11}},{"id":"37cc8b38-8d0f-4090-8922-b84f02944e11","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":97,"box":{"x":76,"y":733,"width":905,"height":11}},{"id":"e3ec9c61-2df6-451b-ab6a-d26dc1c17147","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":97,"box":{"x":76,"y":748,"width":851,"height":10}},{"id":"cea63cde-34f0-49a7-9a52-97563f22f83c","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":97,"box":{"x":76,"y":771,"width":875,"height":11}},{"id":"56bbb119-3ecf-4d82-9b15-691b8f75a2e1","block_type":"box","text":"edit","page_number":97,"box":{"x":952,"y":771,"width":24,"height":8}},{"id":"25ca8b86-8360-4983-859e-dda6f4d7ace0","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":97,"box":{"x":76,"y":785,"width":890,"height":11}},{"id":"206864d9-4dd4-43c5-b799-73c318aefa7b","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":97,"box":{"x":76,"y":799,"width":343,"height":11}},{"id":"59f1128c-36d7-4163-81aa-421f02729622","block_type":"box","text":"e.g","page_number":97,"box":{"x":420,"y":802,"width":19,"height":8}},{"id":"375fe709-eeb0-4843-ae76-533fbde2a5ec","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":97,"box":{"x":440,"y":799,"width":534,"height":11}},{"id":"65718ffd-d007-4d18-af6c-589415d02b2a","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":97,"box":{"x":76,"y":813,"width":468,"height":11}},{"id":"ba78498e-6377-49c6-961d-39973069b1cd","block_type":"box","text":"e.g","page_number":97,"box":{"x":545,"y":816,"width":19,"height":8}},{"id":"90c1d19e-9d08-43cb-a988-583d32965a6d","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":97,"box":{"x":565,"y":813,"width":410,"height":11}},{"id":"22b74926-6d9a-4372-8125-038c275fc89c","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":97,"box":{"x":76,"y":828,"width":845,"height":10}},{"id":"7fe60b55-464d-4115-9b04-bf384bc12a5c","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":97,"box":{"x":76,"y":842,"width":777,"height":11}},{"id":"e4874bef-15f0-429a-b4d8-4a576228b3d6","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":97,"box":{"x":76,"y":865,"width":903,"height":11}},{"id":"0dddd102-4961-448c-a3d7-5da7885ebe43","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":97,"box":{"x":76,"y":879,"width":840,"height":11}},{"id":"2d9ea9eb-8613-4353-a60d-db3b2acc2f09","block_type":"box","text":"22","page_number":97,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"35ba5e29-a765-41a0-858f-6ff5ed6fc701","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":98,"box":{"x":76,"y":23,"width":898,"height":11}},{"id":"e9cd335c-7b66-41b0-8242-00f5c68dce18","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":98,"box":{"x":77,"y":37,"width":873,"height":11}},{"id":"8ad4190d-4501-476f-a8c7-97e7f9d54706","block_type":"box","text":"transition risks.","page_number":98,"box":{"x":76,"y":52,"width":98,"height":8}},{"id":"d7d7ef04-dc15-4cd7-a441-786621665145","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":98,"box":{"x":76,"y":75,"width":869,"height":11}},{"id":"10984266-331f-43ac-84db-a2822ebf7e0e","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":98,"box":{"x":76,"y":89,"width":443,"height":11}},{"id":"c1e25c28-fcf1-4040-b9af-1d4321b73492","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":98,"box":{"x":76,"y":112,"width":850,"height":11}},{"id":"3e0ab58c-af36-4bfe-a50c-fe9d803ac3d0","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":98,"box":{"x":76,"y":126,"width":889,"height":11}},{"id":"66e33329-9695-4a85-96ce-993bf7ad8186","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":98,"box":{"x":76,"y":140,"width":903,"height":11}},{"id":"78f80ab6-4b5a-44cf-a769-8838a87bfd00","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":98,"box":{"x":76,"y":155,"width":252,"height":10}},{"id":"a512fbbd-e166-40ee-bf62-106b45b0b159","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":98,"box":{"x":76,"y":178,"width":829,"height":11}},{"id":"adc8f89f-b931-404d-87eb-cabdf4260e96","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":98,"box":{"x":76,"y":192,"width":477,"height":11}},{"id":"6e4e853c-0bad-4228-bba8-88e997995855","block_type":"box","text":"Technology Companies Risk.","page_number":98,"box":{"x":76,"y":215,"width":198,"height":11}},{"id":"75d4161b-9050-4760-8324-1ea2204e122b","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":98,"box":{"x":278,"y":215,"width":693,"height":11}},{"id":"8f4e32c6-5855-482e-bbcb-5003360a638d","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":98,"box":{"x":77,"y":229,"width":882,"height":11}},{"id":"a036760a-1a7c-4ed1-b2b4-8cc950712a6d","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":98,"box":{"x":76,"y":244,"width":888,"height":10}},{"id":"179a06f8-dab0-4cb4-87f3-954f0b278e0f","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":98,"box":{"x":76,"y":258,"width":905,"height":11}},{"id":"ab306ea1-1f80-4aa0-83a8-e6187887a278","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":98,"box":{"x":76,"y":272,"width":891,"height":11}},{"id":"b79217b7-289c-458a-b4b7-8d42173947b1","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":98,"box":{"x":76,"y":286,"width":868,"height":11}},{"id":"99a2002c-59a7-4c7a-aaa0-ba29e9684429","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":98,"box":{"x":76,"y":300,"width":898,"height":11}},{"id":"bf8cdf1b-0e4e-4210-aa67-9cd975dc3178","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":98,"box":{"x":76,"y":314,"width":738,"height":11}},{"id":"77d6e510-a174-4e6b-94d9-0cd196783aac","block_type":"box","text":"Tracking Error Risk.","page_number":98,"box":{"x":76,"y":338,"width":135,"height":10}},{"id":"00f5a4dc-ee0e-4859-971a-68bf9d351555","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":98,"box":{"x":216,"y":338,"width":749,"height":11}},{"id":"a447598e-44a9-42b5-b900-36d40e6b6164","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":98,"box":{"x":76,"y":352,"width":871,"height":11}},{"id":"2acab74f-c1be-4608-a34d-65a6f3643706","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":98,"box":{"x":76,"y":366,"width":897,"height":11}},{"id":"8c7daa09-5a80-4d76-b30d-9d45a157226d","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":98,"box":{"x":76,"y":380,"width":868,"height":11}},{"id":"016468f9-e12e-463f-ae0c-7abe79c28988","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":98,"box":{"x":77,"y":394,"width":823,"height":11}},{"id":"361c1452-f7b2-4529-b129-65ede30c6d28","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":98,"box":{"x":76,"y":409,"width":905,"height":10}},{"id":"d29aa6a8-9e21-462b-b7b4-51350aad35ee","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain","page_number":98,"box":{"x":77,"y":423,"width":862,"height":11}},{"id":"eea941bb-8a41-406e-a38c-a3eff8c7647a","block_type":"box","text":"pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":98,"box":{"x":76,"y":437,"width":904,"height":11}},{"id":"f5836a8c-7167-45ea-a167-9a5a31703770","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":98,"box":{"x":76,"y":451,"width":884,"height":11}},{"id":"da26db67-f8e6-4bee-a1bc-e6b728e0f4d0","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":98,"box":{"x":76,"y":465,"width":844,"height":11}},{"id":"9726b70e-ba87-415a-a625-f9ca1ff6de51","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":98,"box":{"x":76,"y":479,"width":851,"height":11}},{"id":"d83e72ee-1ebf-4c85-aebd-f88b60ff9823","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":98,"box":{"x":76,"y":494,"width":401,"height":10}},{"id":"513be3ca-7fe0-47aa-8581-78046a347256","block_type":"box","text":"U.S. Agency Mortgage-Backed Securities Risk","page_number":98,"box":{"x":77,"y":517,"width":316,"height":11}},{"id":"f0f11665-8d88-47dd-856b-e9f0e76a4f48","block_type":"box","text":". MBS may be issued or guaranteed by the U.S. government or one of its agencies or","page_number":98,"box":{"x":394,"y":517,"width":542,"height":11}},{"id":"42427478-d168-400d-8175-68e7ffe912a7","block_type":"box","text":"sponsored entities. While securities guaranteed by Ginnie Mae are backed by the full faith and credit of the U.S. government, securities","page_number":98,"box":{"x":76,"y":531,"width":864,"height":11}},{"id":"ea64e32e-4a8a-4470-811c-7653ef27071a","block_type":"box","text":"issued by Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. Debt that is not backed by the full","page_number":98,"box":{"x":76,"y":545,"width":892,"height":11}},{"id":"6c465756-d021-4c20-afd1-a505a0c5354a","block_type":"box","text":"faith and credit of the U.S. government has more credit risk than debt that is supported by the full faith and credit of the U.S. government.","page_number":98,"box":{"x":76,"y":559,"width":883,"height":11}},{"id":"b47ff615-579a-40d7-b060-92dd90ca0306","block_type":"box","text":"There can be no assurance that the U.S. government will provide financial support to its agencies or sponsored entities, even if it has done so","page_number":98,"box":{"x":76,"y":574,"width":905,"height":10}},{"id":"de663305-927a-4d4a-8cb6-a9b55fd43234","block_type":"box","text":"in the past. If a U.S. government agency or sponsored entity that is the issuer of securities in which a Fund invests is unable to meet its","page_number":98,"box":{"x":76,"y":588,"width":864,"height":11}},{"id":"9697d4d3-57d3-4b9a-8db5-5ab23f61eec1","block_type":"box","text":"obligations or ceases to exist and no plan is made for the repayment of securities, the performance of the Fund will be adversely affected.","page_number":98,"box":{"x":76,"y":602,"width":882,"height":11}},{"id":"3864eccb-9612-4311-a1f2-02d063b59cc8","block_type":"box","text":"MBS represent interests in “pools” of mortgages and are subject to the risk of default on the underlying mortgage loans, particularly during","page_number":98,"box":{"x":77,"y":625,"width":889,"height":11}},{"id":"097db46a-5587-4ce2-b3df-ddbb5af16f9d","block_type":"box","text":"periods of economic downturn. MBS are also subject to prepayment and extension risk. Prepayment risk is the risk that, during periods of","page_number":98,"box":{"x":76,"y":639,"width":883,"height":11}},{"id":"c6c56642-3053-413f-a23c-3a8a056eb659","block_type":"box","text":"falling interest rates, a debt issuer may repay principal prior to the security’s maturity. As a result, a Fund may have to reinvest in securities","page_number":98,"box":{"x":76,"y":654,"width":890,"height":10}},{"id":"344fd4f7-87c4-4800-88a9-56d98c79bf00","block_type":"box","text":"with a lower yield or a higher risk of default, which could adversely impact the Fund’s income or return.","page_number":98,"box":{"x":76,"y":668,"width":658,"height":11}},{"id":"6715ace3-1102-41b4-bc6f-e13626be7f29","block_type":"box","text":"MBS are also subject to extension risk, which is the risk that when interest rates rise, certain MBS may be paid off substantially more slowly","page_number":98,"box":{"x":77,"y":691,"width":896,"height":11}},{"id":"e38e8db8-a71c-4333-9c4f-4bce784c885b","block_type":"box","text":"than originally anticipated, and the value of those securities may fall sharply, resulting in a decline in income and potentially in the value of","page_number":98,"box":{"x":76,"y":705,"width":885,"height":11}},{"id":"78b51a48-97a8-4620-9870-575709df1779","block_type":"box","text":"the investment. Because of prepayment and extension risks, MBS react differently than other bonds to changes in interest rates. Small","page_number":98,"box":{"x":76,"y":719,"width":863,"height":11}},{"id":"54a8dac7-2764-4246-8803-04c26bbd9eb0","block_type":"box","text":"movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS.","page_number":98,"box":{"x":76,"y":733,"width":786,"height":11}},{"id":"f78ea58a-1714-4658-9f2f-12e1c6c53c97","block_type":"box","text":"A Fund may seek to obtain exposure to the fixed-rate portion of U.S. agency mortgage pass-through securities primarily through","page_number":98,"box":{"x":76,"y":757,"width":820,"height":10}},{"id":"27552955-1a4c-4a38-913c-dcedde83dc36","block_type":"box","text":"to-be-announced transactions, or TBAs. TBAs involve forward or delayed settlement in which the buyer does not know the actual MBS to be","page_number":98,"box":{"x":76,"y":771,"width":894,"height":11}},{"id":"0e1b267b-d131-45cd-827f-2462a2d993fe","block_type":"box","text":"delivered until 48 hours before the settlement date. Losses may arise in TBAs due to changes in the value of the securities or if the","page_number":98,"box":{"x":76,"y":785,"width":836,"height":11}},{"id":"09970833-3233-4371-ad6a-6dc4e6001bf4","block_type":"box","text":"counterparty does not perform under the terms of the agreement. If the TBA counterparty files for bankruptcy or becomes insolvent, a Fund’s","page_number":98,"box":{"x":76,"y":799,"width":905,"height":11}},{"id":"a4213ca5-efe5-489a-ac33-0f07ffccd30c","block_type":"box","text":"right to repurchase or sell the securities involved in the transaction may be limited and the Fund may experience losses.","page_number":98,"box":{"x":77,"y":813,"width":766,"height":11}},{"id":"1406add7-353e-4646-8e03-049923b52742","block_type":"box","text":"A Fund may invest cash pending settlement of TBA transactions in money market instruments, repurchase agreements, or other high-quality,","page_number":98,"box":{"x":76,"y":837,"width":902,"height":10}},{"id":"44c218f4-6b3e-4781-b88a-7ff1e0227246","block_type":"box","text":"liquid short-term instruments, including money market funds advised by BFA. A Fund will pay its pro rata share of fees and expenses of any","page_number":98,"box":{"x":77,"y":851,"width":888,"height":11}},{"id":"d1071ccf-f22a-47d1-93f5-85cb2a4ca4f7","block_type":"box","text":"money market fund that it may invest in, in addition to the Fund’s own fees and expenses.","page_number":98,"box":{"x":76,"y":865,"width":574,"height":11}},{"id":"b22da62b-1e9c-4272-863c-e0b974f71b92","block_type":"box","text":"23","page_number":98,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"5e8ecc54-75ec-4f7c-8f9f-5781875b1503","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":99,"box":{"x":77,"y":23,"width":211,"height":11}},{"id":"5359194c-bb40-4937-8b1a-a10642939f6e","block_type":"box","text":"U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of","page_number":99,"box":{"x":294,"y":23,"width":638,"height":11}},{"id":"57a534ef-5bbc-49a4-bf26-749d532f8045","block_type":"box","text":"issuance and other characteristics. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to","page_number":99,"box":{"x":76,"y":37,"width":876,"height":11}},{"id":"39ed5bfc-645d-43c5-b0cc-df1471b78f5c","block_type":"box","text":"maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the","page_number":99,"box":{"x":76,"y":51,"width":891,"height":11}},{"id":"05f829c8-9f66-4727-85e9-86330820cb5b","block_type":"box","text":"full faith and credit of the United States, circumstances (","page_number":99,"box":{"x":76,"y":66,"width":362,"height":10}},{"id":"59ff9ebd-58d4-4aac-bd64-ce333f11a38c","block_type":"box","text":"e.g","page_number":99,"box":{"x":439,"y":68,"width":19,"height":9}},{"id":"1eec70e6-94c0-4373-a199-9d25bb2f7d37","block_type":"box","text":"., reaching the legislative “debt ceiling”) could arise that could prevent the timely","page_number":99,"box":{"x":459,"y":66,"width":515,"height":11}},{"id":"4843f608-64d0-453e-bb92-107ba74ac43c","block_type":"box","text":"payment of interest or principal. An actual or threatened failure of the U.S. government to pay its obligations would result in losses to a Fund","page_number":99,"box":{"x":76,"y":80,"width":899,"height":11}},{"id":"53bf2315-6704-4efa-915e-1084ec96f0cf","block_type":"box","text":"holding such securities as well as substantial negative consequences for the U.S. economy and the global financial system.","page_number":99,"box":{"x":77,"y":94,"width":786,"height":11}},{"id":"38e2c9a0-43bd-485b-9f1c-3d792b0a300b","block_type":"box","text":"Changes in the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Because","page_number":99,"box":{"x":76,"y":117,"width":881,"height":11}},{"id":"feb82042-dc4b-4e92-82d0-066fafddc1ef","block_type":"box","text":"U.S. government debt obligations are often used as a benchmark for other borrowing arrangements, a downgrade to the credit rating of the","page_number":99,"box":{"x":77,"y":131,"width":891,"height":11}},{"id":"b31cd0d8-ff27-4022-a06f-d1cfbcadc781","block_type":"box","text":"U.S. could result in higher interest rates for a range of borrowers, cause disruptions in the international bond markets and have a substantial","page_number":99,"box":{"x":77,"y":146,"width":898,"height":10}},{"id":"a42bdb0c-c859-44fb-9b82-e691e1603312","block_type":"box","text":"adverse effect on the U.S. and global economies.","page_number":99,"box":{"x":76,"y":160,"width":313,"height":11}},{"id":"518ebe88-8ffb-4181-8df1-ed99b28f0793","block_type":"box","text":"A high national debt level may increase market pressures to meet government funding needs, which may drive debt costs higher and lead the","page_number":99,"box":{"x":76,"y":183,"width":904,"height":11}},{"id":"5e7feec1-2f1e-453a-8913-13a61b835655","block_type":"box","text":"government to issue additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that the U.S. government","page_number":99,"box":{"x":76,"y":197,"width":896,"height":11}},{"id":"d406ae16-52b7-4bc0-b3e9-122a802c5571","block_type":"box","text":"will not be able to make principal or interest payments when they are due. If market participants determine that U.S. sovereign debt levels","page_number":99,"box":{"x":76,"y":211,"width":884,"height":11}},{"id":"1c230218-6b71-4856-a111-52bda5304a76","block_type":"box","text":"are unsustainable, the value of the U.S. dollar could decline, thus increasing inflationary pressures and constraining the U.S. government’s","page_number":99,"box":{"x":76,"y":226,"width":885,"height":10}},{"id":"89b1089e-8da1-4ae0-ba36-c5c186719cf9","block_type":"box","text":"ability to implement effective countercyclical fiscal policy in economic downturns.","page_number":99,"box":{"x":76,"y":240,"width":523,"height":11}},{"id":"6c41d64c-84c8-4e96-a1ef-da04762895b8","block_type":"box","text":"Utility Companies Risk.","page_number":99,"box":{"x":77,"y":263,"width":160,"height":11}},{"id":"8dd452eb-59c0-4e5a-8c37-e4e9973150cd","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":99,"box":{"x":243,"y":263,"width":717,"height":11}},{"id":"15bd9e00-04c7-46da-a1f1-4c68a6ebbf31","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":99,"box":{"x":76,"y":277,"width":878,"height":11}},{"id":"2983b8b5-5c12-4c3e-b373-9dededf22f11","block_type":"box","text":"experience difficulty in obtaining regulatory approval of new technologies. Utility operations may be disrupted by events that target or","page_number":99,"box":{"x":76,"y":291,"width":856,"height":11}},{"id":"d066891c-ed5d-4019-8a64-de37458f5222","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. 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There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":99,"box":{"x":76,"y":357,"width":842,"height":11}},{"id":"82210547-0d7b-4aa3-a8c6-dd548acacf38","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":99,"box":{"x":76,"y":371,"width":899,"height":11}},{"id":"0ab126d2-c70d-489b-aa43-8b213e6157b0","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. 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Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":99,"box":{"x":76,"y":508,"width":898,"height":11}},{"id":"49495f8a-86ad-41b5-809b-8e726f21450a","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":99,"box":{"x":76,"y":522,"width":849,"height":11}},{"id":"2e12d682-72c3-465a-a25d-9b302b75f377","block_type":"box","text":"purchase or sell Fund shares.","page_number":99,"box":{"x":76,"y":536,"width":187,"height":11}},{"id":"bfaae659-faa9-41b6-911d-b12cd437f297","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":99,"box":{"x":77,"y":559,"width":886,"height":11}},{"id":"f7c7a236-0ab9-4c17-94fc-680c1bda1319","block_type":"box","text":"dollars at the prevailing market rates. 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The ability to value","page_number":99,"box":{"x":77,"y":630,"width":857,"height":11}},{"id":"df2b9638-9c66-4c38-b735-e0e37785108d","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":99,"box":{"x":76,"y":645,"width":772,"height":10}},{"id":"5eefe57b-4330-4727-9c83-867476aa0b04","block_type":"box","text":"Portfolio Holdings Information","page_number":99,"box":{"x":78,"y":673,"width":296,"height":17}},{"id":"286f2369-c195-4780-a9dc-33a6ded34e2c","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":99,"box":{"x":76,"y":703,"width":896,"height":10}},{"id":"eadeeec1-b757-41f1-91a5-113a922d4ec0","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). 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The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":102,"box":{"x":76,"y":169,"width":851,"height":11}},{"id":"be39df81-77d6-49a3-a918-f117774b5cd4","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":102,"box":{"x":76,"y":183,"width":440,"height":11}},{"id":"e02610c7-6a2f-4c4f-b609-39716ab88d77","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":102,"box":{"x":76,"y":206,"width":901,"height":11}},{"id":"f144e51c-724f-4fc2-9671-36939d2c790b","block_type":"box","text":"such restrictions.","page_number":102,"box":{"x":76,"y":220,"width":110,"height":9}},{"id":"eba74810-aaf3-48af-920d-6b4436bda133","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":102,"box":{"x":77,"y":244,"width":863,"height":10}},{"id":"7856df0d-e103-43ed-8853-605188782ffa","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. 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In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":102,"box":{"x":77,"y":286,"width":876,"height":11}},{"id":"cbbd17bc-5d9b-4b78-987f-09a33d34dbdf","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":102,"box":{"x":76,"y":300,"width":363,"height":11}},{"id":"48832045-c51c-4a04-a2c1-42092b56d208","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":102,"box":{"x":77,"y":323,"width":894,"height":11}},{"id":"5dd4af72-b0c8-49a7-8b94-d23dca8dee07","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":102,"box":{"x":76,"y":338,"width":860,"height":11}},{"id":"098ee4e6-094f-4ac8-974c-fef716f7267f","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":102,"box":{"x":77,"y":352,"width":854,"height":11}},{"id":"b6e83449-188a-4d11-b0f2-08b7b1ba6186","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":102,"box":{"x":76,"y":366,"width":894,"height":11}},{"id":"d3afea65-2e45-43fb-ad54-c5f2efe96ec5","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":102,"box":{"x":76,"y":380,"width":871,"height":11}},{"id":"931a7860-8839-4366-a006-b04b8710f22b","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":102,"box":{"x":76,"y":394,"width":848,"height":11}},{"id":"d92dc51a-c2f3-44c4-87af-d5081aa6614a","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":102,"box":{"x":77,"y":409,"width":342,"height":10}},{"id":"5b7ce098-10d5-4b79-b986-e3924dc1d677","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":102,"box":{"x":77,"y":432,"width":893,"height":11}},{"id":"692b8e1e-9eb5-4f62-80d3-137e13275dfb","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":102,"box":{"x":76,"y":446,"width":885,"height":11}},{"id":"c8a7715f-b205-4f51-b51e-4975cb53ce2d","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":102,"box":{"x":76,"y":460,"width":897,"height":11}},{"id":"5941f8d6-295e-4560-bdfb-1c5146bf7305","block_type":"box","text":"licensees.","page_number":102,"box":{"x":77,"y":474,"width":61,"height":9}},{"id":"b9e85f92-d332-48fa-8e14-ad77e87951a2","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":102,"box":{"x":76,"y":498,"width":875,"height":10}},{"id":"782c0e4d-074a-4488-8ece-3493cb6c8f14","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":102,"box":{"x":76,"y":512,"width":886,"height":11}},{"id":"879b9cda-509c-4e3c-bbb8-baf1920286b6","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":102,"box":{"x":76,"y":526,"width":326,"height":8}},{"id":"953ad9d6-a38f-4187-92c7-4a90ce66f228","block_type":"box","text":"Shareholder Information","page_number":102,"box":{"x":77,"y":555,"width":240,"height":13}},{"id":"63e51e56-60b1-4ebb-92f4-2c69cd48a9af","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":102,"box":{"x":75,"y":584,"width":821,"height":11}},{"id":"33957790-5183-4074-8b4e-dffe23aeab4b","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":102,"box":{"x":78,"y":598,"width":383,"height":11}},{"id":"50447555-b9fa-4c93-bebe-8847296f506b","block_type":"box","text":"Buying and Selling Shares","page_number":102,"box":{"x":77,"y":621,"width":180,"height":11}},{"id":"9e010714-c82a-4b9f-aff1-f4d521684eb1","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":102,"box":{"x":76,"y":644,"width":839,"height":11}},{"id":"0a4ce0ac-1d9a-4b7d-86c5-b2aa6121da49","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":102,"box":{"x":76,"y":659,"width":584,"height":10}},{"id":"d501d25d-5e83-4832-871f-be05ea2c0877","block_type":"box","text":"i.e","page_number":102,"box":{"x":661,"y":659,"width":14,"height":8}},{"id":"9914534f-77a7-4acb-ab57-e41514c5770a","block_type":"box","text":"., financial institutions that are authorized to","page_number":102,"box":{"x":677,"y":659,"width":282,"height":10}},{"id":"7e8bbe1f-b657-4037-b2c8-628b468c907a","block_type":"box","text":"participate in such transactions), as described in the","page_number":102,"box":{"x":76,"y":673,"width":335,"height":11}},{"id":"b0709b2a-819e-4994-95d5-a9ea9e545058","block_type":"box","text":"Creations and Redemptions","page_number":102,"box":{"x":417,"y":673,"width":173,"height":11}},{"id":"273922c4-533d-48cd-9f48-0e03a2131f50","block_type":"box","text":"section below.","page_number":102,"box":{"x":595,"y":673,"width":90,"height":8}},{"id":"b30c1412-1592-40b2-afac-696867d877dc","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":102,"box":{"x":77,"y":696,"width":904,"height":11}},{"id":"0ae17cac-dffa-494c-99ee-d968f18efc2d","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":102,"box":{"x":77,"y":710,"width":860,"height":11}},{"id":"31054160-0f2d-4be2-9dbf-de92abae43c4","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":102,"box":{"x":76,"y":724,"width":857,"height":11}},{"id":"5d26773d-ae60-480a-a2b0-ec90c3c42adf","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":102,"box":{"x":76,"y":739,"width":598,"height":10}},{"id":"6012e668-18be-4df1-99b0-2b64204370b6","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":102,"box":{"x":77,"y":762,"width":899,"height":11}},{"id":"b113d57d-b4b9-4b77-843e-7e4b505f530b","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":102,"box":{"x":76,"y":776,"width":869,"height":11}},{"id":"96f2cf86-04de-4c27-8d56-f1e71b32aac8","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":102,"box":{"x":76,"y":790,"width":888,"height":11}},{"id":"e990d48e-bf4c-4959-bd3a-ed3495c328f9","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":102,"box":{"x":76,"y":804,"width":884,"height":11}},{"id":"21979a48-d0cf-4f18-9d76-cd2150d1f7b1","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":102,"box":{"x":76,"y":819,"width":904,"height":10}},{"id":"85434a4c-78cc-4605-a339-a09628700f93","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":102,"box":{"x":76,"y":833,"width":897,"height":11}},{"id":"a8adaefa-0dfe-4cf7-8dca-62231dc283d7","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":102,"box":{"x":76,"y":847,"width":887,"height":11}},{"id":"b6e645b4-5880-4e60-aafd-6e9d8696c155","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":102,"box":{"x":76,"y":861,"width":713,"height":11}},{"id":"24c7e003-d49f-416c-ba27-43f10b708323","block_type":"box","text":"27","page_number":102,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"538a2a11-d53c-4fca-b1de-78f68a5f3ad2","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":103,"box":{"x":76,"y":23,"width":902,"height":11}},{"id":"1fd77ca4-caaf-4fe4-a278-004ff34c8b93","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":103,"box":{"x":76,"y":37,"width":856,"height":11}},{"id":"c9e26e21-f127-48c6-98ff-a226f5f07353","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":103,"box":{"x":77,"y":52,"width":612,"height":10}},{"id":"c49b6d54-3812-482d-a3af-f0fec35b26ea","block_type":"box","text":"Investments in Investment Companies","page_number":103,"box":{"x":77,"y":75,"width":268,"height":10}},{"id":"82a6646f-d61c-42f6-9c46-7dce24d63fe9","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":103,"box":{"x":76,"y":98,"width":873,"height":11}},{"id":"7b648358-8ea3-4132-9cef-aba4015797d4","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":103,"box":{"x":76,"y":112,"width":889,"height":11}},{"id":"b9ba7eb7-5bd0-41fb-a6ce-52c1d888c39b","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":103,"box":{"x":76,"y":126,"width":847,"height":11}},{"id":"c75c83d7-75b7-44dc-84c2-7b2ac4c34c7e","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":103,"box":{"x":76,"y":140,"width":897,"height":11}},{"id":"4c64c2e6-ce58-402a-a9c2-b852d62c96c7","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":103,"box":{"x":76,"y":155,"width":890,"height":10}},{"id":"177be640-7663-473e-aa45-d12c9d85d621","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":103,"box":{"x":76,"y":169,"width":904,"height":11}},{"id":"5fed42f7-9374-4bd2-89a4-dab81c5f710e","block_type":"box","text":"investment companies and companies controlled by them.","page_number":103,"box":{"x":76,"y":183,"width":374,"height":11}},{"id":"3fb9bd44-934c-45a8-8b50-864064459438","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in","page_number":103,"box":{"x":77,"y":206,"width":815,"height":11}},{"id":"3c2604d8-00f0-4fe7-861f-5342163e9301","block_type":"box","text":"Section 12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an","page_number":103,"box":{"x":76,"y":220,"width":864,"height":11}},{"id":"a1763f49-f137-4ec7-96d9-75efac028092","block_type":"box","text":"Acquired Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund","page_number":103,"box":{"x":76,"y":235,"width":868,"height":10}},{"id":"2fe8f6e9-02e7-4958-a436-c7a6cd817f0f","block_type":"box","text":"invests significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on","page_number":103,"box":{"x":76,"y":249,"width":890,"height":11}},{"id":"39dbb794-c198-499b-acd1-15db7ece84d3","block_type":"box","text":"Rule 12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund","page_number":103,"box":{"x":77,"y":263,"width":876,"height":11}},{"id":"064a0d6c-a6fc-472c-9fbb-a730f5d38f6c","block_type":"box","text":"beyond the limits set forth in Section 12(d)(1) should contact BFA.","page_number":103,"box":{"x":76,"y":277,"width":418,"height":11}},{"id":"88dfb90c-d48c-4058-bcd0-894342ea21a2","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":103,"box":{"x":77,"y":300,"width":883,"height":11}},{"id":"9664fa7e-f297-4e04-82de-000fcad2d49d","block_type":"box","text":"SEC no-action relief.","page_number":103,"box":{"x":76,"y":314,"width":130,"height":9}},{"id":"709e51f7-4f04-4d59-acb2-14aaa3643b87","block_type":"box","text":"Book Entry","page_number":103,"box":{"x":77,"y":338,"width":76,"height":10}},{"id":"53b8883e-d9e4-432a-81e2-e9db4d5846d7","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":103,"box":{"x":76,"y":361,"width":892,"height":11}},{"id":"3c28a21c-ce98-41f8-93ac-c7d424a0b85a","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":103,"box":{"x":76,"y":375,"width":832,"height":11}},{"id":"3cc727e4-6b74-466f-98c4-872652055fed","block_type":"box","text":"outstanding shares of the Funds.","page_number":103,"box":{"x":76,"y":389,"width":209,"height":11}},{"id":"7b4a785a-43e7-4f81-849d-30dc534004ce","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":103,"box":{"x":77,"y":412,"width":885,"height":11}},{"id":"3656c082-1e3a-4fb0-a373-bdbc8eb99501","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":103,"box":{"x":76,"y":427,"width":863,"height":10}},{"id":"fb0d948c-48d1-43aa-bb97-51d710d490e1","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":103,"box":{"x":77,"y":441,"width":888,"height":11}},{"id":"ee5d511b-9735-4358-bcf7-d6cffe559942","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":103,"box":{"x":76,"y":455,"width":874,"height":11}},{"id":"7c9be230-c20a-40fd-9ea6-97d085c9a12d","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":103,"box":{"x":77,"y":469,"width":899,"height":11}},{"id":"6a4cef29-72cf-4d82-ae06-cd11cfe46dba","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":103,"box":{"x":76,"y":483,"width":330,"height":11}},{"id":"99f4f344-cf05-4bdc-9b9a-efd588f10f74","block_type":"box","text":"Share Prices","page_number":103,"box":{"x":76,"y":507,"width":87,"height":8}},{"id":"b2d9653f-4aa2-43c0-8283-83171f5180a3","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":103,"box":{"x":76,"y":530,"width":894,"height":11}},{"id":"149e3562-f99e-4e14-a537-b3c3788773f1","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":103,"box":{"x":76,"y":544,"width":876,"height":11}},{"id":"2497c52d-8fed-4af0-8f89-c810214dec37","block_type":"box","text":"conditions.","page_number":103,"box":{"x":76,"y":558,"width":69,"height":9}},{"id":"dcf2133b-b480-4fdd-8642-626468a5610b","block_type":"box","text":"Determination of Net Asset Value","page_number":103,"box":{"x":77,"y":581,"width":233,"height":9}},{"id":"c3080d01-9a8c-4010-9a7d-98e281b4e911","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":103,"box":{"x":76,"y":605,"width":872,"height":10}},{"id":"753aee8a-ea01-43e4-992f-882093d1c83b","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":103,"box":{"x":76,"y":619,"width":904,"height":11}},{"id":"2d3e56ad-eab2-4f41-afb6-bb4fa3d30699","block_type":"box","text":"on prices at the time of closing.","page_number":103,"box":{"x":76,"y":633,"width":201,"height":11}},{"id":"04736d2f-b0e8-4535-a9c1-81767fe8b287","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":103,"box":{"x":76,"y":656,"width":883,"height":11}},{"id":"270d5c07-f79f-40c0-a24e-a6aedbf5758d","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":103,"box":{"x":76,"y":670,"width":554,"height":11}},{"id":"596716e3-7dd9-4049-83b0-fa523a4a2194","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":103,"box":{"x":76,"y":693,"width":501,"height":11}},{"id":"691fc36a-43c6-42ed-bc53-31a586d79032","block_type":"box","text":"i.e","page_number":103,"box":{"x":578,"y":694,"width":14,"height":8}},{"id":"6704c908-ad0f-4efa-903d-807e5efa585f","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":103,"box":{"x":594,"y":693,"width":353,"height":11}},{"id":"2a9bfc10-9c8e-4f4d-831b-286f667f1556","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":103,"box":{"x":77,"y":708,"width":857,"height":11}},{"id":"f4d6dbf0-850a-4805-8620-c580376a5989","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":103,"box":{"x":77,"y":722,"width":883,"height":11}},{"id":"d7892ee1-22af-43d0-b835-a16f7a8cce46","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":103,"box":{"x":77,"y":736,"width":881,"height":11}},{"id":"2fd90edb-6db1-4f39-84ca-980a903fd63d","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":103,"box":{"x":77,"y":759,"width":867,"height":11}},{"id":"9aaf1e1a-b7a9-40ff-88dc-e6873ccd9baf","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":103,"box":{"x":76,"y":773,"width":896,"height":11}},{"id":"b7a944aa-0702-4759-a42e-1009fd8f12bd","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":103,"box":{"x":77,"y":788,"width":903,"height":10}},{"id":"f476aa49-722d-4e01-a253-8156c48c28e9","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":103,"box":{"x":76,"y":802,"width":897,"height":11}},{"id":"ed4c52e4-1637-4a0c-bd71-38f2f30f775e","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":103,"box":{"x":76,"y":816,"width":887,"height":11}},{"id":"cb1b7807-af48-4b7c-bd47-9972455deae1","block_type":"box","text":"price.","page_number":103,"box":{"x":76,"y":830,"width":35,"height":11}},{"id":"b8912041-1bec-4ead-b704-eccd2b2ffc69","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":103,"box":{"x":77,"y":853,"width":904,"height":11}},{"id":"ca3e3476-1b8d-43a8-a399-dce2d8410739","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":103,"box":{"x":76,"y":868,"width":891,"height":10}},{"id":"62e6b129-8a3c-498a-95a7-8bb2d33c585d","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":103,"box":{"x":76,"y":882,"width":861,"height":11}},{"id":"5c257707-71fe-4d9b-8058-1e1bf325b0b8","block_type":"box","text":"28","page_number":103,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"624da938-97e9-4837-92a9-0005d6c4c8e3","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":104,"box":{"x":76,"y":23,"width":901,"height":11}},{"id":"60f4ebb5-9e25-4433-bf9d-47c4e84b560d","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":104,"box":{"x":77,"y":37,"width":904,"height":11}},{"id":"34377cf5-7ae3-452f-bdb0-d770f54cf4f3","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":104,"box":{"x":77,"y":51,"width":899,"height":11}},{"id":"1352ef65-a248-4655-a151-23e7a3837789","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":104,"box":{"x":77,"y":66,"width":902,"height":11}},{"id":"c851adde-f108-473b-94e7-a968a0f17529","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":104,"box":{"x":77,"y":80,"width":491,"height":11}},{"id":"219ecdda-ba31-4022-b6fc-230fdb55b144","block_type":"box","text":"Generally, trading in certain instruments (","page_number":104,"box":{"x":76,"y":103,"width":265,"height":11}},{"id":"6092279c-4149-4fa0-a3c5-a009619acbde","block_type":"box","text":"e.g","page_number":104,"box":{"x":343,"y":105,"width":19,"height":9}},{"id":"c5c77e48-4837-42d3-98dc-59521601c9d6","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":104,"box":{"x":362,"y":103,"width":599,"height":11}},{"id":"84e3ee36-f315-4aca-80f4-1aadc63cfe58","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":104,"box":{"x":76,"y":117,"width":869,"height":11}},{"id":"e48f710b-8c94-4ce8-9668-e5734149a733","block_type":"box","text":"determined as of such times.","page_number":104,"box":{"x":76,"y":131,"width":185,"height":9}},{"id":"92a3ad6a-21e9-40f9-b4ea-29170354d7ed","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":104,"box":{"x":77,"y":155,"width":885,"height":10}},{"id":"1abf134d-efae-4368-9327-3b676235f0b0","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":104,"box":{"x":76,"y":169,"width":901,"height":11}},{"id":"df620b2b-3c5f-429d-86fb-b01755603e4f","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":104,"box":{"x":76,"y":183,"width":904,"height":11}},{"id":"bb0fc090-3bac-42a6-a1c6-f998b6a9de5b","block_type":"box","text":"a Fund’s pricing time.","page_number":104,"box":{"x":76,"y":197,"width":136,"height":11}},{"id":"935c73df-b52b-4998-83f8-ea9d6659378b","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":104,"box":{"x":76,"y":220,"width":877,"height":11}},{"id":"f84985b9-b804-45db-b316-853c3d796dfa","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":104,"box":{"x":76,"y":235,"width":392,"height":10}},{"id":"aa5ba086-451e-41a4-8c7e-58bc2d8f38ba","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":104,"box":{"x":76,"y":258,"width":837,"height":11}},{"id":"59ec0ace-15ac-4423-977b-a8d503c0635f","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":104,"box":{"x":76,"y":272,"width":874,"height":11}},{"id":"7e6e876c-84d4-41ef-a180-ad7bd3493e52","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an","page_number":104,"box":{"x":76,"y":286,"width":834,"height":11}},{"id":"40b6740b-1212-4a25-a902-c1bff0f41792","block_type":"box","text":"arm’s-length transaction.","page_number":104,"box":{"x":76,"y":300,"width":160,"height":11}},{"id":"09bd9179-f019-41c8-a52f-dbe5a9363d66","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":104,"box":{"x":77,"y":323,"width":531,"height":11}},{"id":"768eaa00-c16b-4145-b525-afbc32dda8f4","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":104,"box":{"x":113,"y":342,"width":582,"height":10}},{"id":"b72a29e9-3142-4303-a4b2-9f5d26331176","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":104,"box":{"x":113,"y":360,"width":767,"height":10}},{"id":"748d74d7-0dec-4775-881d-d58a4b7c62bf","block_type":"box","text":"An asset or liability is thinly traded;","page_number":104,"box":{"x":113,"y":378,"width":223,"height":10}},{"id":"32d56da3-297b-4bd0-987d-d6f3fa5ac940","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":104,"box":{"x":113,"y":396,"width":508,"height":11}},{"id":"63a67d34-f693-4959-b98a-266deeb0106f","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":104,"box":{"x":113,"y":414,"width":853,"height":11}},{"id":"b7249fb2-19e4-47f8-bcb8-a45f6f036130","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":104,"box":{"x":76,"y":437,"width":874,"height":11}},{"id":"8dce626e-e005-4e1e-9195-59acffdbe8c8","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":104,"box":{"x":76,"y":451,"width":876,"height":11}},{"id":"54232c06-9294-4935-87bc-06cf8b9c1a99","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":104,"box":{"x":76,"y":465,"width":246,"height":9}},{"id":"ce0d6b8b-be14-4b8c-8871-f98c8170558f","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":104,"box":{"x":76,"y":489,"width":890,"height":10}},{"id":"4d0590df-0384-4326-85e8-35617cfdb396","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":104,"box":{"x":76,"y":503,"width":888,"height":11}},{"id":"0ce23f57-c629-4302-9ea0-35ab128dea97","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":104,"box":{"x":76,"y":517,"width":896,"height":11}},{"id":"27115d7c-7660-4a30-b5df-61419689751f","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":104,"box":{"x":77,"y":531,"width":870,"height":11}},{"id":"76cf3dc8-7dbf-415b-bdfb-4c9e33cf956e","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":104,"box":{"x":77,"y":545,"width":414,"height":11}},{"id":"dd59d90c-205b-433a-8aa6-285e3abb1e06","block_type":"box","text":"Dividends and Distributions","page_number":104,"box":{"x":77,"y":568,"width":192,"height":9}},{"id":"c2f9a105-c5fe-4a54-880e-08e4008a2cb9","block_type":"box","text":"General Policies.","page_number":104,"box":{"x":76,"y":592,"width":103,"height":8}},{"id":"158cf183-218f-45dd-8ebc-3981709edd4c","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":104,"box":{"x":185,"y":592,"width":782,"height":10}},{"id":"267c2724-95b5-4985-9404-f169a9a9bbfc","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":104,"box":{"x":77,"y":606,"width":887,"height":11}},{"id":"3c19fb40-84bc-4926-a5e9-ae9b2c0e817a","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":104,"box":{"x":76,"y":620,"width":904,"height":11}},{"id":"dedb5338-2e01-4d0d-a044-368c7ad7cd4c","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":104,"box":{"x":76,"y":634,"width":893,"height":11}},{"id":"3468edbf-461d-4436-8c70-b97b2ebce415","block_type":"box","text":"or realized gains.","page_number":104,"box":{"x":76,"y":648,"width":107,"height":11}},{"id":"ea561005-0b50-4a3c-a18b-3bf089156a3d","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":104,"box":{"x":77,"y":672,"width":885,"height":10}},{"id":"a01e0f15-10a2-4864-9e6d-b805e3415e9a","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":104,"box":{"x":76,"y":686,"width":856,"height":11}},{"id":"0c4e5d4a-3a32-4c94-aaa4-1bf061808d34","block_type":"box","text":"received from the Funds.","page_number":104,"box":{"x":77,"y":700,"width":157,"height":8}},{"id":"1dee7a9c-84c7-4dbc-bb21-2a33468101b2","block_type":"box","text":"Dividend Reinvestment Service.","page_number":104,"box":{"x":76,"y":723,"width":197,"height":9}},{"id":"0d82f941-ceea-458b-a2b4-afca178c1522","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":104,"box":{"x":280,"y":723,"width":667,"height":11}},{"id":"8b6e8a0c-8902-43f4-ad1c-c6a132a99253","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":104,"box":{"x":77,"y":737,"width":899,"height":11}},{"id":"c0cb8164-ba3a-4b2e-a608-906cde9e53f0","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":104,"box":{"x":76,"y":751,"width":869,"height":11}},{"id":"62f470a9-b155-4a59-97ce-47f64f822243","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":104,"box":{"x":76,"y":766,"width":895,"height":11}},{"id":"3149026f-bad3-422c-9372-bd22dbba501b","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":104,"box":{"x":76,"y":780,"width":617,"height":11}},{"id":"1f7c237d-42a7-4f3d-a075-584fa1f51200","block_type":"box","text":"Note on Tax Information.","page_number":104,"box":{"x":76,"y":803,"width":167,"height":9}},{"id":"4d220ec6-5656-43c8-a09b-2053485a0266","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":104,"box":{"x":249,"y":803,"width":723,"height":11}},{"id":"bea79a1a-97cb-4150-8222-0bd3a23e105f","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":104,"box":{"x":76,"y":817,"width":905,"height":11}},{"id":"93757c90-c845-4c62-b1ab-6913d59dc4a9","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":104,"box":{"x":76,"y":831,"width":893,"height":11}},{"id":"6661c787-c902-4027-899f-c8729374979b","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":104,"box":{"x":76,"y":846,"width":893,"height":10}},{"id":"11375a36-39c0-4826-a6dc-8cc6c4ba4454","block_type":"box","text":"laws.","page_number":104,"box":{"x":76,"y":860,"width":30,"height":8}},{"id":"9815356e-66d2-4f2a-aad4-58d6ae6ae764","block_type":"box","text":"29","page_number":104,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"c131530b-63a1-497e-96e9-48ef78432221","block_type":"box","text":"Taxes","page_number":105,"box":{"x":76,"y":23,"width":38,"height":9}},{"id":"28b777ba-2ffb-4d99-97a4-ae999cc168cf","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":105,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"c463530b-2b3c-42dc-9405-a82cdef0971c","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":105,"box":{"x":76,"y":61,"width":877,"height":10}},{"id":"e0cd8d65-0611-4a41-bc42-f415eda231c0","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":105,"box":{"x":76,"y":75,"width":895,"height":11}},{"id":"3c25522f-5edc-49d7-a97a-2091ead0aa3b","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":105,"box":{"x":76,"y":89,"width":594,"height":11}},{"id":"42944f80-777c-45cd-81a1-116f760ce917","block_type":"box","text":"Taxes on Fund Distributions","page_number":105,"box":{"x":76,"y":112,"width":194,"height":9}},{"id":"234ecefb-5e4e-4908-a765-36418473a703","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":105,"box":{"x":76,"y":135,"width":863,"height":11}},{"id":"d9845151-1847-40e4-b186-34657747abb7","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":105,"box":{"x":76,"y":149,"width":873,"height":11}},{"id":"1fed12e6-73ba-4230-925b-a74b08e4a466","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":105,"box":{"x":76,"y":164,"width":713,"height":10}},{"id":"df3d70d8-7560-434e-a5c1-6dcf5e608ce5","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":105,"box":{"x":77,"y":187,"width":902,"height":11}},{"id":"c6d3bf61-0b8c-433d-a635-f32324f517ca","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":105,"box":{"x":76,"y":201,"width":365,"height":11}},{"id":"c689528a-a965-42ed-b4d9-e649694e9546","block_type":"box","text":"Capital Gains.","page_number":105,"box":{"x":76,"y":224,"width":86,"height":11}},{"id":"d5e1596f-4a15-49c9-94c9-5cf1ef7167ff","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":105,"box":{"x":169,"y":224,"width":785,"height":11}},{"id":"045257fc-ffb0-4a50-9156-ced21cb56553","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":105,"box":{"x":76,"y":238,"width":857,"height":11}},{"id":"4858d763-f654-44cc-bbe2-fbb3f5932f9c","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":105,"box":{"x":76,"y":253,"width":878,"height":10}},{"id":"4f9c80e1-7b9a-41e3-8bbc-66e3592d8e3e","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":105,"box":{"x":77,"y":267,"width":871,"height":11}},{"id":"2d27a005-374e-4582-ac2f-4265febda7b4","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":105,"box":{"x":76,"y":281,"width":892,"height":11}},{"id":"380db4e4-99d9-48ff-a5c1-0e31bc7dee29","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":105,"box":{"x":76,"y":295,"width":878,"height":11}},{"id":"7ecb33cc-ca82-4939-8793-cf196e18c5a5","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":105,"box":{"x":77,"y":309,"width":289,"height":11}},{"id":"59bb006f-be44-4a9b-a138-5f0b2652727e","block_type":"box","text":"Return of Capital.","page_number":105,"box":{"x":76,"y":333,"width":108,"height":10}},{"id":"f2eab181-e42e-4700-b65b-a5118dd8c692","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":105,"box":{"x":191,"y":333,"width":775,"height":10}},{"id":"03c49e53-9af1-4ec7-bbf5-92d5e4c4b460","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":105,"box":{"x":76,"y":347,"width":904,"height":11}},{"id":"410371c5-300e-4e5e-910a-e21e27c64a3f","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":105,"box":{"x":76,"y":361,"width":888,"height":11}},{"id":"e8fdbe6d-633d-492b-94c9-ddc8330c542c","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":105,"box":{"x":76,"y":375,"width":843,"height":11}},{"id":"85d777f6-aa8b-4c74-a56c-4b02a07784b9","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":105,"box":{"x":76,"y":389,"width":874,"height":11}},{"id":"7fe3f5c4-ab35-43e6-ad11-195133dcc4e8","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":105,"box":{"x":76,"y":403,"width":803,"height":11}},{"id":"6e586cd1-6201-4bd1-8434-92c0a561a3dc","block_type":"box","text":"Qualified Dividend Income.","page_number":105,"box":{"x":76,"y":427,"width":167,"height":8}},{"id":"d21e0cd8-451c-49be-a874-63b2bbafa146","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":105,"box":{"x":249,"y":427,"width":702,"height":10}},{"id":"1eeabb8e-0e9c-4b4e-9e7e-417a42ffaeaa","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":105,"box":{"x":76,"y":441,"width":848,"height":11}},{"id":"6062fbb6-e6cd-4b0f-9df2-064a32016d77","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":105,"box":{"x":76,"y":455,"width":846,"height":11}},{"id":"4beb4b82-fafb-4c48-bb9d-fdb8196cf576","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":105,"box":{"x":76,"y":469,"width":872,"height":11}},{"id":"935aafc1-ce2b-4fef-94e1-5175c07e6878","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":105,"box":{"x":76,"y":483,"width":892,"height":11}},{"id":"559b410d-8cc4-46e0-8118-864b0236beea","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":105,"box":{"x":76,"y":498,"width":886,"height":10}},{"id":"8a5688d6-55a8-4802-a753-117f2b31328c","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":105,"box":{"x":76,"y":512,"width":854,"height":11}},{"id":"2ca19795-f2af-431b-8cf0-e464d80bee2a","block_type":"box","text":"company.","page_number":105,"box":{"x":76,"y":528,"width":60,"height":9}},{"id":"1e185842-3840-46f4-9696-f18f958ea7ff","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":105,"box":{"x":77,"y":549,"width":904,"height":11}},{"id":"ef5b7a01-0e6f-41b9-a7e8-b9fd3ce00ccc","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":105,"box":{"x":76,"y":563,"width":901,"height":11}},{"id":"02ee097e-344c-44c7-8e73-cc603514a19c","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":105,"box":{"x":76,"y":577,"width":865,"height":11}},{"id":"7379c365-f60d-4de8-bec6-6bdcd0247071","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":105,"box":{"x":76,"y":592,"width":895,"height":10}},{"id":"f11ea50a-ccd0-4ebe-a625-0a596d63affb","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":105,"box":{"x":76,"y":606,"width":428,"height":11}},{"id":"bb93680b-ac51-470f-956a-3c4c8ff0a59e","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":105,"box":{"x":77,"y":629,"width":891,"height":11}},{"id":"b52866f5-2172-4862-8f66-c1cd8d31aa39","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":105,"box":{"x":77,"y":643,"width":861,"height":11}},{"id":"a843825c-130e-46b6-a55d-2140c1f63dac","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":105,"box":{"x":76,"y":657,"width":883,"height":11}},{"id":"d5b322f2-99ab-4346-b52b-8a1666cf7c85","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":105,"box":{"x":76,"y":672,"width":682,"height":10}},{"id":"d93b64a1-2c05-4ba2-8063-01d6f0550499","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":105,"box":{"x":77,"y":695,"width":872,"height":11}},{"id":"edc4c0dc-1c5e-481a-a3c3-a2d6414f78e1","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":105,"box":{"x":77,"y":709,"width":603,"height":11}},{"id":"03d8bccc-6b44-4bae-9faf-6141a7999f66","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":105,"box":{"x":76,"y":732,"width":876,"height":11}},{"id":"57c6a589-2922-41a6-b606-a8ef80205118","block_type":"box","text":"Medicare Tax.","page_number":105,"box":{"x":76,"y":755,"width":85,"height":9}},{"id":"72410b8c-9977-4fbf-b704-880d5bcc59f7","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":105,"box":{"x":167,"y":755,"width":791,"height":11}},{"id":"5dbf19f2-d6da-4052-8916-df42e86d45e7","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":105,"box":{"x":76,"y":769,"width":876,"height":11}},{"id":"1e76d9a8-8dc6-4679-92d1-4c0bcfd97e67","block_type":"box","text":"trusts.","page_number":105,"box":{"x":76,"y":785,"width":40,"height":7}},{"id":"370bd395-daa7-4f34-be19-61838bb85934","block_type":"box","text":"Alternative Minimum Tax.","page_number":105,"box":{"x":75,"y":807,"width":157,"height":8}},{"id":"ea36cbbb-5e57-4ae7-a03d-49538a21bda7","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":105,"box":{"x":238,"y":807,"width":738,"height":11}},{"id":"8f6c3392-3236-4514-a1fd-84dec481d046","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":105,"box":{"x":76,"y":821,"width":833,"height":11}},{"id":"b5787851-fbf6-4e40-a6f3-a58283f5467f","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":105,"box":{"x":76,"y":835,"width":877,"height":11}},{"id":"979ba581-e514-4928-a435-cd4a5ba77f9b","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":105,"box":{"x":77,"y":849,"width":903,"height":11}},{"id":"4cc04841-5acf-40b0-afb2-612303e942f5","block_type":"box","text":"liability and the regular income tax liability.","page_number":105,"box":{"x":77,"y":864,"width":271,"height":10}},{"id":"b7fa8d52-457f-4a89-bea8-e507c0d2d99c","block_type":"box","text":"30","page_number":105,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"95e8f8e3-1bed-415e-a9e5-4cb8799b4d26","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":106,"box":{"x":76,"y":23,"width":406,"height":11}},{"id":"3be0a327-0dee-461f-8a94-d596bc033547","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":106,"box":{"x":76,"y":46,"width":892,"height":11}},{"id":"f6b8f9dd-8b0e-4687-ae22-75be5353c160","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":106,"box":{"x":76,"y":61,"width":874,"height":10}},{"id":"e044e054-8c69-47fb-8d7f-b80d0beb2445","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":106,"box":{"x":76,"y":75,"width":864,"height":11}},{"id":"f0c5c42f-4abe-4558-8743-075ce6ccbdd2","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":106,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"8c80cd94-c039-49f4-ad2a-bba3d6a34322","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":106,"box":{"x":77,"y":103,"width":896,"height":11}},{"id":"272b10a6-1259-4e1a-86b4-b07f10752346","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":106,"box":{"x":76,"y":117,"width":905,"height":11}},{"id":"3894d05f-c80d-43ba-b14e-ae78ba624c0f","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":106,"box":{"x":76,"y":131,"width":707,"height":11}},{"id":"8d5b2ca8-f497-43d3-b8a4-fa7a9c7c7a7f","block_type":"box","text":"Market Discount Bonds","page_number":106,"box":{"x":77,"y":155,"width":162,"height":8}},{"id":"318fb3eb-542d-498d-b176-edfde1af842f","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":106,"box":{"x":76,"y":178,"width":898,"height":11}},{"id":"32db9c04-b158-49a8-8ffd-f4c61610e235","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":106,"box":{"x":76,"y":192,"width":903,"height":11}},{"id":"f22862cf-50c1-4d4c-b32f-d3ecfd201478","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":106,"box":{"x":76,"y":206,"width":898,"height":11}},{"id":"42bfb715-0a62-474e-aabc-4d22de44d91d","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":106,"box":{"x":76,"y":220,"width":626,"height":11}},{"id":"5dfc1a5b-60cf-4c4b-858f-f05505552917","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":106,"box":{"x":77,"y":244,"width":307,"height":10}},{"id":"8f072748-9fe0-4c99-a25e-9bccf4710f36","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":106,"box":{"x":76,"y":267,"width":874,"height":11}},{"id":"37755852-e5f2-4cb0-b369-f71e1a7077ab","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":106,"box":{"x":76,"y":281,"width":860,"height":11}},{"id":"665b3c0c-83ca-4f36-8a7b-88a098991c0a","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":106,"box":{"x":77,"y":295,"width":852,"height":11}},{"id":"117e164b-f213-412f-ab74-72a132224818","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":106,"box":{"x":76,"y":309,"width":863,"height":11}},{"id":"28130355-f3f1-4532-b541-41b56b48c485","block_type":"box","text":"Non-U.S. Income Taxes","page_number":106,"box":{"x":77,"y":333,"width":158,"height":8}},{"id":"238bfe6e-34fe-46eb-af1b-a49ec20aa7cf","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":106,"box":{"x":77,"y":356,"width":837,"height":11}},{"id":"daebd1f7-40b0-43ef-a61d-7040c4881a66","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":106,"box":{"x":76,"y":370,"width":863,"height":11}},{"id":"5057f7e3-fcea-47dc-8576-9da3d889a5af","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":106,"box":{"x":77,"y":384,"width":865,"height":11}},{"id":"0afd0be3-e21a-4e42-b8f4-3afa1ecb968e","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":106,"box":{"x":77,"y":398,"width":875,"height":11}},{"id":"b88abada-9fc0-4d7a-a5cd-efdb9e96f87f","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":106,"box":{"x":77,"y":412,"width":895,"height":11}},{"id":"b7cfaecb-440a-456a-89f1-610c28179aa6","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":106,"box":{"x":76,"y":427,"width":888,"height":10}},{"id":"21d1ca1f-42c0-40dd-aacb-31825aacb038","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":106,"box":{"x":76,"y":441,"width":875,"height":11}},{"id":"1cb251d4-0a23-48bc-a3e4-bbf253342a77","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":106,"box":{"x":76,"y":455,"width":896,"height":11}},{"id":"1724ee86-fa98-46d0-adfa-9ae3c9be97c2","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":106,"box":{"x":76,"y":469,"width":635,"height":11}},{"id":"bb28ca00-5802-45db-8573-3d8f0e69b431","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":106,"box":{"x":77,"y":492,"width":896,"height":11}},{"id":"74aa83ba-78c2-4bed-8384-2f437bb21fd9","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":106,"box":{"x":76,"y":507,"width":903,"height":10}},{"id":"cb5269ca-bc86-4011-83ee-45c2fcdc2c30","block_type":"box","text":"could be reduced.","page_number":106,"box":{"x":76,"y":521,"width":114,"height":8}},{"id":"e8cfa948-9462-4938-b94d-9af310c168e1","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":106,"box":{"x":77,"y":544,"width":853,"height":11}},{"id":"feb43560-fe77-47c2-8616-615f2cef5ae7","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":106,"box":{"x":76,"y":558,"width":900,"height":11}},{"id":"184fbaf1-c5d7-4f88-892c-84a38eb0339c","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":106,"box":{"x":76,"y":572,"width":876,"height":11}},{"id":"b573b828-0d5f-4dd6-b7df-508691bac88d","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":106,"box":{"x":76,"y":586,"width":509,"height":11}},{"id":"2c2bf276-dcd1-4734-9a41-d0c55669cc73","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":106,"box":{"x":77,"y":610,"width":879,"height":11}},{"id":"7b9402a6-9871-4dbe-b77a-cc1a5551ad96","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":106,"box":{"x":76,"y":624,"width":407,"height":11}},{"id":"c948ac05-764e-4152-8cca-648d5e936a51","block_type":"box","text":"Non-U.S. Shareholders","page_number":106,"box":{"x":77,"y":647,"width":156,"height":9}},{"id":"d884e0a2-798b-4c14-b2b8-163fbc36172d","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":106,"box":{"x":77,"y":670,"width":888,"height":11}},{"id":"92b17696-47e8-4538-99ff-244e0df76ddf","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":106,"box":{"x":77,"y":684,"width":904,"height":11}},{"id":"c709fa4e-80c6-436f-8ed2-552195e58f84","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":106,"box":{"x":77,"y":699,"width":868,"height":10}},{"id":"f053301b-cb85-472b-9dc7-ec86f8b600c7","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by a Fund as capital gain","page_number":106,"box":{"x":76,"y":713,"width":903,"height":11}},{"id":"473fdfc0-8c43-403d-b873-d20ac607e222","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":106,"box":{"x":76,"y":727,"width":468,"height":11}},{"id":"7771de17-4a5d-4ac8-9a04-800325fd5edc","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":106,"box":{"x":76,"y":750,"width":896,"height":11}},{"id":"79945f35-49e2-4bfc-9801-53fc89e50b88","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":106,"box":{"x":76,"y":764,"width":894,"height":11}},{"id":"70ca55f2-319a-4a36-a103-59668a25c45c","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":106,"box":{"x":77,"y":779,"width":262,"height":10}},{"id":"cedfc167-1c6a-446a-bbcc-d52dbe23943e","block_type":"box","text":"Backup Withholding","page_number":106,"box":{"x":77,"y":802,"width":139,"height":11}},{"id":"04a2007d-0cdb-4e15-bde9-59c7e99b3c82","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":106,"box":{"x":77,"y":825,"width":890,"height":11}},{"id":"3835b837-ba63-4d4a-9df3-d7ad59f6b754","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":106,"box":{"x":76,"y":839,"width":789,"height":11}},{"id":"b551d1f5-e0b6-4339-9449-86818d1e5edc","block_type":"box","text":"31","page_number":106,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"309c5156-fbcf-44ec-8916-9ad72b61da23","block_type":"box","text":"Securities Lending","page_number":107,"box":{"x":76,"y":23,"width":129,"height":11}},{"id":"cf837919-3e25-4e03-bb47-6784440cfaf4","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":107,"box":{"x":77,"y":46,"width":901,"height":11}},{"id":"48869e70-0779-471e-b75f-013852378cba","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":107,"box":{"x":76,"y":61,"width":892,"height":10}},{"id":"b55d646c-ab77-4f87-a6b1-edb30f570833","block_type":"box","text":"through by the Fund.","page_number":107,"box":{"x":76,"y":75,"width":132,"height":11}},{"id":"188a7888-d9cd-4cf5-ab54-374a7f08f266","block_type":"box","text":"Fund of Funds","page_number":107,"box":{"x":77,"y":98,"width":98,"height":8}},{"id":"dd8a0d9d-dda0-4f7d-88e7-3ef0adac15df","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":107,"box":{"x":77,"y":121,"width":844,"height":11}},{"id":"25013b03-0146-4794-929d-a3e3b7333494","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":107,"box":{"x":76,"y":135,"width":870,"height":11}},{"id":"7b233e70-80a1-438f-b64f-82ac13f497b0","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":107,"box":{"x":77,"y":149,"width":864,"height":11}},{"id":"ed9b89b8-475c-4e2c-914b-e4473f7be765","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":107,"box":{"x":76,"y":164,"width":643,"height":10}},{"id":"066a93f7-d38c-4656-9b1d-c0c83007e54b","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":107,"box":{"x":76,"y":187,"width":350,"height":11}},{"id":"327a0a60-8cd6-4cd9-b537-a334c7b7d29f","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":107,"box":{"x":76,"y":210,"width":876,"height":11}},{"id":"6d7dbfa6-8db9-4be2-8c11-36b841181960","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":107,"box":{"x":77,"y":224,"width":896,"height":11}},{"id":"0a57d51f-4dab-43fd-9792-b6f2411628fc","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":107,"box":{"x":76,"y":238,"width":870,"height":11}},{"id":"db1a51ab-24d7-45ef-b17a-219c426bd775","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":107,"box":{"x":77,"y":253,"width":892,"height":10}},{"id":"b664005e-eef7-43e9-a47a-ff3385312fbe","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":107,"box":{"x":76,"y":267,"width":892,"height":11}},{"id":"261c41e5-a2aa-4933-80ad-819cee47371e","block_type":"box","text":"contribution tax mentioned above.","page_number":107,"box":{"x":76,"y":281,"width":219,"height":8}},{"id":"2b6fdff2-459b-4c2e-8221-5ab2f004863c","block_type":"box","text":"Creations and Redemptions","page_number":107,"box":{"x":76,"y":304,"width":193,"height":11}},{"id":"79268a33-56ac-45ea-a908-51f8c771daea","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":107,"box":{"x":77,"y":327,"width":693,"height":11}},{"id":"cedea8bf-b7a1-4a7b-b73e-0bc6fee39852","block_type":"box","text":"i.e.","page_number":107,"box":{"x":771,"y":327,"width":17,"height":9}},{"id":"fb2eb93e-ffb7-485b-9714-c38fe5399a80","block_type":"box","text":", market makers, large","page_number":107,"box":{"x":790,"y":327,"width":143,"height":11}},{"id":"9b77f3f4-5e36-4313-9566-b02a40363337","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":107,"box":{"x":76,"y":342,"width":866,"height":10}},{"id":"9f1a606d-4dff-44dd-b57e-5b679a0985fd","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":107,"box":{"x":76,"y":356,"width":650,"height":11}},{"id":"b1496f1b-d33e-4aea-bdf3-7d9b91569e2e","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":107,"box":{"x":77,"y":379,"width":832,"height":11}},{"id":"84e692b5-6468-4094-bd98-b641241e4d68","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":107,"box":{"x":76,"y":393,"width":891,"height":11}},{"id":"f013873f-649d-48b0-814a-710f4d9c6533","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":107,"box":{"x":76,"y":407,"width":874,"height":11}},{"id":"79d4f6d4-dc1c-4f5a-bef8-ea48d6f2bc07","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":107,"box":{"x":76,"y":421,"width":904,"height":11}},{"id":"c85d9c58-8fd8-4b40-93cc-4d6aaffcc3a5","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":107,"box":{"x":76,"y":445,"width":875,"height":11}},{"id":"57a9de32-056c-4cd1-8b1a-471fd0172ee1","block_type":"box","text":"cash.","page_number":107,"box":{"x":76,"y":459,"width":33,"height":8}},{"id":"0145709b-51fe-443e-970b-989154dfc268","block_type":"box","text":"In-Kind","page_number":107,"box":{"x":76,"y":482,"width":45,"height":9}},{"id":"8e676c10-33da-4555-b2aa-9d3141986cd3","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":107,"box":{"x":122,"y":482,"width":860,"height":11}},{"id":"f84fbbc9-498e-4871-ba13-75e7b88dbdc3","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":107,"box":{"x":76,"y":496,"width":898,"height":11}},{"id":"68ec1473-283e-4426-8812-279834294f21","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":107,"box":{"x":77,"y":510,"width":851,"height":11}},{"id":"3c3eb09a-e63e-4f16-8246-5e6dd0d97054","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":107,"box":{"x":76,"y":525,"width":686,"height":10}},{"id":"76653819-e846-41f0-8f47-cd4df370732b","block_type":"box","text":"Partial Cash","page_number":107,"box":{"x":76,"y":548,"width":74,"height":8}},{"id":"4fdbe4d9-290d-4259-84e1-a8cca867836c","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":107,"box":{"x":152,"y":548,"width":806,"height":11}},{"id":"726cac2a-f520-425e-9195-6de13bca92c2","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":107,"box":{"x":76,"y":562,"width":870,"height":11}},{"id":"0b3d1dde-4754-46e3-af47-de687bcd3790","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":107,"box":{"x":77,"y":576,"width":870,"height":11}},{"id":"e0daa438-1d57-443a-bceb-f29a76774ec7","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":107,"box":{"x":77,"y":590,"width":380,"height":11}},{"id":"ddc64742-2784-4027-9943-c55dae14dc7b","block_type":"box","text":"All Cash","page_number":107,"box":{"x":75,"y":614,"width":51,"height":8}},{"id":"a2b452e6-14fe-4b57-a1d8-0ef103b47378","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":107,"box":{"x":128,"y":614,"width":833,"height":10}},{"id":"6c5e3967-e371-49c4-8221-e431d6c45b08","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":107,"box":{"x":76,"y":628,"width":869,"height":10}},{"id":"93676496-4b58-43f7-bbee-3c17bc777e8f","block_type":"box","text":"specified amount of cash.","page_number":107,"box":{"x":76,"y":642,"width":164,"height":11}},{"id":"340a48ee-5308-41a9-a188-768d994921c0","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":107,"box":{"x":76,"y":665,"width":845,"height":11}},{"id":"2bc9cc5c-34f4-48d5-a389-009226e06fc7","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":107,"box":{"x":76,"y":679,"width":408,"height":11}},{"id":"49535341-98c9-4ce9-a0ef-54bdde97e893","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":107,"box":{"x":77,"y":703,"width":855,"height":10}},{"id":"78155ac8-0c8b-4cad-b4a3-f28a22a9dec9","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":107,"box":{"x":76,"y":717,"width":455,"height":11}},{"id":"574c9282-dec0-42f0-8234-8a5e58793c3d","block_type":"box","text":"e.g.","page_number":107,"box":{"x":532,"y":719,"width":21,"height":9}},{"id":"77b997d3-2d01-4f6e-aba8-024d33fd5e4e","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":107,"box":{"x":555,"y":717,"width":354,"height":11}},{"id":"39c0811d-bddd-4859-9f6f-9171518bc011","block_type":"box","text":"Fund","page_number":107,"box":{"x":87,"y":748,"width":33,"height":8}},{"id":"3d00d631-54f1-45d4-9cae-342b59977021","block_type":"box","text":"In-Kind Partial All Cash","page_number":107,"box":{"x":621,"y":748,"width":296,"height":8}},{"id":"1fa80fc6-fc3d-4d42-b1c0-b0423976c169","block_type":"box","text":"iShares Broad USD Floating Rate Loan ETF","page_number":107,"box":{"x":87,"y":766,"width":272,"height":11}},{"id":"575f7e6d-940d-4966-bf22-7ec6919531eb","block_type":"box","text":"iShares Core 5-10 Year USD Bond ETF","page_number":107,"box":{"x":87,"y":784,"width":243,"height":9}},{"id":"622f64e8-3d8f-4469-a85a-939e1362d311","block_type":"box","text":"iShares Core 10+ Year USD Bond ETF","page_number":107,"box":{"x":87,"y":802,"width":239,"height":9}},{"id":"160e4cb4-e322-45f3-a236-9aa9e1a607aa","block_type":"box","text":"iShares Core U.S. Aggregate Bond ETF","page_number":107,"box":{"x":87,"y":820,"width":245,"height":11}},{"id":"2d2d7627-d874-4a2c-8868-9b98859945ed","block_type":"box","text":"iShares ESG Advanced Universal USD Bond ETF","page_number":107,"box":{"x":87,"y":838,"width":305,"height":9}},{"id":"3218f648-4168-4898-bc9f-44c622ba77fb","block_type":"box","text":"iShares ESG Aware U.S. Aggregate Bond ETF","page_number":107,"box":{"x":87,"y":856,"width":286,"height":11}},{"id":"da34a79d-e600-474a-9266-376a082f8a69","block_type":"box","text":"iShares Government/Credit Bond ETF","page_number":107,"box":{"x":87,"y":874,"width":242,"height":10}},{"id":"18372195-d2c5-4458-9f4c-1c772866fc12","block_type":"box","text":"32","page_number":107,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"4439f1b4-a491-46fb-9f58-76efac4e1b52","block_type":"box","text":"Fund","page_number":108,"box":{"x":87,"y":31,"width":33,"height":9}},{"id":"3e396209-365f-48ff-b77d-72cfbb7ff662","block_type":"box","text":"In-Kind Partial All Cash","page_number":108,"box":{"x":621,"y":31,"width":296,"height":9}},{"id":"263769ef-ca63-4a9f-81b6-0b4dfcf93d72","block_type":"box","text":"iShares Intermediate Government/Credit Bond ETF","page_number":108,"box":{"x":87,"y":49,"width":328,"height":10}},{"id":"fe667eee-431b-48cb-bcba-817227d488bc","block_type":"box","text":"iShares Total USD Fixed Income Market ETF","page_number":108,"box":{"x":87,"y":67,"width":280,"height":9}},{"id":"d23350eb-40aa-4516-a778-47e24d5dd111","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":108,"box":{"x":76,"y":97,"width":897,"height":11}},{"id":"a746d8d4-8e16-4c85-914f-48e34ffac6e5","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":108,"box":{"x":76,"y":111,"width":905,"height":11}},{"id":"14c0c549-4726-4a07-8102-143d6ce3b6f8","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":108,"box":{"x":76,"y":126,"width":849,"height":10}},{"id":"022ce003-c8df-4a49-b273-4472962c078a","block_type":"box","text":"instructions or may not be executed at all.","page_number":108,"box":{"x":76,"y":140,"width":269,"height":11}},{"id":"91b6bb11-a2e4-40d0-b2b7-72deedd4babe","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":108,"box":{"x":76,"y":163,"width":854,"height":11}},{"id":"f8ec987b-cbed-4a5e-bcdd-0528d14ce95c","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":108,"box":{"x":77,"y":177,"width":310,"height":11}},{"id":"845841fd-bcde-4fcb-9829-f583817268c1","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":108,"box":{"x":76,"y":200,"width":848,"height":11}},{"id":"da789f7d-ab75-4433-a4d3-ea433d405373","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":108,"box":{"x":76,"y":215,"width":876,"height":10}},{"id":"60130d75-7b31-4c9f-845b-271a1caea3b7","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":108,"box":{"x":76,"y":229,"width":894,"height":11}},{"id":"612c4ffd-d9c5-482d-a48f-a63001313d33","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":108,"box":{"x":76,"y":243,"width":898,"height":11}},{"id":"8dc289bf-fb4b-4661-9460-9dc1c52fcfce","block_type":"box","text":"taken certain measures (","page_number":108,"box":{"x":76,"y":257,"width":158,"height":11}},{"id":"153ca73f-f95a-4f00-82fc-cab9c58b6e7f","block_type":"box","text":"e.g.","page_number":108,"box":{"x":235,"y":260,"width":21,"height":8}},{"id":"5b9cb56c-34fa-4a96-88db-9390ee2b5d8b","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":108,"box":{"x":259,"y":257,"width":694,"height":11}},{"id":"156c8b24-0a27-4471-9ccc-84d4b214b3f8","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":108,"box":{"x":76,"y":271,"width":835,"height":11}},{"id":"03179de4-cb93-4511-97c4-4f72631e3eee","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":108,"box":{"x":77,"y":285,"width":894,"height":11}},{"id":"8768e3e7-539f-4970-bc3b-972e215cbbfe","block_type":"box","text":"increased transaction costs. 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